Core Viewpoint - The automotive industry in Liuzhou, Guangxi, is undergoing a transformation towards new energy vehicles, with financial institutions like Postal Savings Bank playing a crucial role in supporting this transition through innovative financial services [1][5]. Group 1: Financial Support and Services - Postal Savings Bank's Guangxi branch has focused on the automotive industry's transformation and the rapid development of the new energy vehicle market, providing tailored financial services to support the creation of a trillion-yuan automotive industry cluster in Liuzhou [1]. - As of March 2025, the bank has issued a total of 35.8 billion yuan in manufacturing loans, with a loan balance exceeding 25.7 billion yuan, including 10.336 billion yuan in medium and long-term loans and 9.872 billion yuan in credit loans [1]. - The bank has implemented measures to enhance service efficiency, such as optimizing review materials and adopting a one-level review and approval system, which shortens the business chain [1]. Group 2: Company Developments - Songsen Company, the only domestic brand automotive fuel pump manufacturer in Liuzhou, has expanded its customer base from a single supplier to include major automakers like Great Wall, Volkswagen, and SAIC, leading to a significant increase in its working capital needs [2][3]. - The company has received financial support from Postal Savings Bank, increasing its credit limit from 5 million yuan in 2022 to 45 million yuan in 2023, with plans to further increase it to 50 million yuan by 2025 [3]. - Songsen Company is focusing on both traditional fuel vehicle components and optimizing its production capacity by relocating its assembly operations from Shanghai to Liuzhou, creating a collaborative model of "R&D in Shanghai, manufacturing in Liuzhou" [2]. Group 3: New Energy Vehicle Production - Liuzhou Wuling New Energy Co., Ltd. has invested 2.469 billion yuan in its factory, which is designed to produce high-cost performance pure electric and plug-in hybrid vehicles, with an annual production capacity of 200,000 units [4]. - The company has reported a sales target of over 14,000 units and revenue exceeding 1 billion yuan in 2024, with significant year-on-year growth in the first quarter of this year [4]. - Postal Savings Bank has been a key financial partner for Liuzhou Wuling New Energy, providing a credit line of 500 million yuan and supporting its initial R&D and production line upgrades with a loan of 250 million yuan [5].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 5.35 CNY and 4.85 HKD respectively [1][10]. Core Insights - Postal Savings Bank's Q1 2025 report shows stable revenue at 893.6 billion CNY, with a slight year-over-year decline of 0.1%. The net profit attributable to shareholders is 252.5 billion CNY, down 2.6% year-over-year [2][3]. - The bank's non-interest income has increased its contribution to total revenue, rising to 22.9%, up 4.9 percentage points from the previous year [3][4]. - The bank's loan and interest income growth rates are 9.8% and -3.8% respectively, indicating a shift towards non-interest income sources [3][4]. Financial Performance - For Q1 2025, the bank's net interest margin decreased to 1.71%, down 16 basis points from 2024, primarily due to lower asset yields [6][10]. - Non-interest income grew by 14.8% year-over-year, reaching 205.1 billion CNY, with significant contributions from fees and commissions [7][10]. - The bank's non-performing loan ratio remains low at 0.91%, with a slight increase from the previous year [8][10]. Asset and Liability Management - As of Q1 2025, the bank's interest-earning assets and loans grew by 8% and 9.8% year-over-year, respectively, with loans making up 56.5% of interest-earning assets [4][5]. - The bank's deposit growth was robust, with total deposits increasing by 9.2% year-over-year, reflecting strong core funding capabilities [5][10]. Capital Adequacy - The risk-weighted assets (RWA) increased by 6.9% year-over-year, with a decline in capital adequacy ratios, indicating higher capital consumption due to increased lending [9][10]. - The bank's core tier 1 capital ratio stood at 9.21%, down from the previous year, but is expected to improve following a planned capital increase of 130 billion CNY [9][10]. Earnings Forecast and Valuation - The report projects a slight decline in earnings per share (EPS) for 2025-2027, adjusting the forecast to 0.74, 0.75, and 0.78 CNY respectively [10][11]. - The current price-to-book (P/B) ratios for A-shares and H-shares are estimated at 0.7 and 0.55 respectively for 2025 [10][11].

Investment Rating - The report maintains a "Recommendation" rating for Postal Savings Bank of China (601658) with a target price of 6.24 CNY, compared to the current price of 5.35 CNY [4][8]. Core Views - The bank's liabilities continue to show advantages, while retail business is expected to recover gradually. The first quarter of 2025 saw a slight decline in operating income by 0.07% year-on-year, and a decrease in net profit by 2.62% year-on-year. The non-performing loan ratio increased slightly to 0.91%, and the provision coverage ratio decreased by 20 percentage points to 266% [2][3][8]. Financial Performance Summary - **Operating Income and Profit**: In Q1 2025, the bank achieved operating income of 893.63 billion CNY, with a year-on-year decline of 0.07%. The net profit attributable to shareholders was 252.46 billion CNY, down 2.62% year-on-year [2][3]. - **Loan and Deposit Growth**: The bank's loans and deposits grew by 9.8% and 9.2% year-on-year, respectively. Corporate loans increased by 15.2%, while retail loans grew by 4.3% [8]. - **Interest Margin**: The net interest margin decreased by 10 basis points to 1.69% in Q1 2025, primarily due to a significant drop in asset yield [8]. - **Asset Quality**: The non-performing loan ratio rose to 0.91%, with an annualized net generation rate of 0.94%. The bank is expected to maintain manageable levels of retail loan non-performing rates as the economy recovers [8]. Financial Forecast Summary - **Revenue and Profit Growth**: The forecast for revenue growth from 2025 to 2027 is 1.0%, 3.6%, and 6.4%, respectively. Net profit growth is projected at 1.1%, 2.0%, and 5.0% for the same period [8][9]. - **Valuation Metrics**: The current valuation is at 0.6 times the 2025 price-to-book ratio, with a target price set at 6.24 CNY based on a projected price-to-book ratio of 0.7 times [4][8].

Core Viewpoint - The 27th China Beijing International Science and Technology Industry Expo will be held from May 8 to 11, 2025, showcasing Postal Savings Bank of China's Beijing branch's innovations in financial technology, including HarmonyOS ecosystem experiences, MR metaverse, digital human interaction, and smart cloud printing [1] Group 1: Digital Financial Infrastructure - The Postal Savings Bank of China's Beijing branch will focus on "Technology Finance" at the expo, highlighting green finance, inclusive finance, pension finance, and digital finance, while integrating HarmonyOS elements [2] - Visitors will experience various interactive projects, including personalized laser engraving services, MR metaverse explorations of financial products, and digital human interaction machines for financial consulting [2][3] Group 2: Innovation and Service Efficiency - The bank's innovations leverage HarmonyOS for seamless interconnectivity across devices, enhancing customer service experiences and operational efficiency [3] - In January 2025, the bank launched the HarmonyOS ecological bank, enabling a closed-loop service scenario with multiple devices for various banking functions [3] Group 3: Comprehensive Service System - The bank is focusing on the financial needs of technology enterprises, developing an evaluation system for innovation capabilities and enhancing its analysis methods to support high-growth tech companies [4] - The "Easy Enterprise" product offers a one-stop solution for small and medium-sized enterprises, integrating financial functions into various management applications [4] Group 4: Diverse Financial Products - The Uyi Chuang and Sci-Tech Loan product systems cater to different financing needs, with Uyi Chuang offering a range of services for capital operation and wealth management [5] - The Sci-Tech Loan addresses financing challenges for tech startups, while the Small Micro Easy Loan provides flexible online and offline financing options without requiring financial statements [5] Group 5: Commitment to Innovation - The bank's leadership emphasizes a commitment to innovation and optimizing service models, aiming to integrate technology and finance to support high-quality economic development [5]

会议由陈跃军监事长主持，出席会议的监事审议并表决通过了以 下议案： 关于中国邮政储蓄银行 2025 年第一季度报告的议案 议案表决情况：有效表决票 5 票，同意 5 票，反对 0 票，弃权 0 票。 本行监事会认为，本行 2025 年第一季度报告的编制和审议程序 符合法律、行政法规和监管规定，报告的内容真实、准确、完整地反 映了本行的实际情况。 特此公告。 证券代码：601658 证券简称：邮储银行 公告编号：临 2025-034 中国邮政储蓄银行股份有限公司 监事会决议公告 中国邮政储蓄银行股份有限公司监事会及全体监事保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 中国邮政储蓄银行股份有限公司（以下简称本行）监事会于 2025 年 4 月 14 日以书面形式发出会议通知，于 2025 年 4 月 29 日在北京 以现场方式召开会议。会议应出席监事 5 名，亲自出席 4 名，委托出 席 1 名；陈世敏监事由于其他公务安排，书面委托白建军监事出席会 议并代为行使表决权。会议的召开符合《中华人民共和国公司法》等 有关法律、行政法规、部门规章、规范性文 ...

会议由郑国雨董事长主持，出席会议的董事审议并表决通过了以 下议案： 一、关于中国邮政储蓄银行 2024 年绿色金融工作情况及 2025 年发展计划的议案 议案表决情况：有效表决票 15 票，同意 15 票，反对 0 票，弃权 0 票。 证券代码：601658 证券简称：邮储银行 公告编号：临 2025-033 二、关于中国邮政储蓄银行 2025 年第一季度报告的议案 中国邮政储蓄银行股份有限公司 董事会决议公告 中国邮政储蓄银行股份有限公司董事会及全体董事保证本公告内容不存在 任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整 性承担法律责任。 中国邮政储蓄银行股份有限公司（以下简称本行）董事会于 2025 年 4 月 14 日以书面形式发出会议通知，于 2025 年 4 月 29 日在北京 以现场方式召开会议。会议应出席董事 15 名，亲自出席董事 15 名， 部分监事及高级管理人员列席会议。会议的召开符合《中华人民共和 国公司法》（以下简称《公司法》）等有关法律、行政法规、部门规 章、规范性文件和《中国邮政储蓄银行股份有限公司章程》（以下简 称《公司章程》）的有关规定。 四、关于《中国 ...

Financial Performance - Net profit for Q1 2025 was RMB 25,362 million, down 2.29% from RMB 25,957 million in Q1 2024[6] - The company achieved operating income of 89.363 billion yuan and net profit attributable to shareholders of 25.246 billion yuan[23] - The company achieved operating income of CNY 89.363 billion, a decrease of 0.07% year-on-year, and net profit of CNY 25.362 billion, down 2.29% year-on-year[36] - The total comprehensive income for the group was RMB 20,879 million, a decrease of 23.9% from RMB 27,402 million in the previous year[57] - The bank's profit before tax for Q1 2025 was 27.252 billion RMB, compared to 28.760 billion RMB in Q1 2024[56] Assets and Liabilities - Total assets increased to RMB 17,689,399 million, a growth of 3.54% compared to the end of 2024[4] - The bank's total liabilities as of March 31, 2025, amounted to 16,693.0 billion RMB, up from 16,053.3 billion RMB at the end of 2024[55] - The total available stable funding is RMB 15,038,926 million as of March 31, 2025, an increase from RMB 14,555,976 million as of December 31, 2024[61] - Total on-balance sheet assets (excluding derivatives and securities financing transactions) increased to RMB 17,685,791 million as of March 31, 2025, from RMB 17,103,062 million as of December 31, 2024, representing a growth of 3.39%[69] Customer Loans and Deposits - Total customer loans reached RMB 9,356,188 million, reflecting a 4.97% increase year-on-year[4] - Customer deposits rose to RMB 15,976,534 million, marking a 4.51% increase from the previous year[4] - Retail loans showed resilience, with an increase of 3,619.93 billion yuan, representing a year-on-year growth of 9.92%[23] - Total deposits increased by 688.993 billion yuan, with a year-on-year increase of 169.09 billion yuan, improving the deposit-to-liability ratio by 0.48 percentage points[23] Capital Adequacy and Ratios - Core Tier 1 capital adequacy ratio stood at 9.21%, down from 9.56% at the end of 2024[13] - The total capital adequacy ratio stands at 13.34% as of March 31, 2025, compared to 14.44% as of December 31, 2024[61] - The liquidity coverage ratio is 224.63% as of March 31, 2025, a decrease from 287.28% as of December 31, 2024[61] - The leverage ratio is 5.34% as of March 31, 2025, compared to 5.72% as of December 31, 2024[66] Income and Expenses - Operating cash flow decreased significantly by 66.38%, totaling RMB 75,695 million compared to RMB 225,146 million in the same period last year[11] - The bank's net interest income for Q1 2025 was 68.857 billion RMB, a decrease from 71.573 billion RMB in Q1 2024[56] - The company reported a net interest income of CNY 68.857 billion, a decline of 3.79% year-on-year, with a net interest margin of 1.71%[37] - The bank's credit impairment losses increased to 10.717 billion RMB in Q1 2025 from 6.984 billion RMB in Q1 2024[56] Shareholder Information - The number of ordinary shareholders reached 182,920, including 180,558 A-share shareholders and 2,362 H-share shareholders[14] - The bank's equity attributable to shareholders decreased by 3.44% to RMB 994,297 million[4] - Basic and diluted earnings per share were RMB 0.24, a decline of 4.00% compared to RMB 0.25 in Q1 2024[6] - The total cash dividend for the fiscal year 2024 is approximately 25.941 billion RMB, with a final cash dividend of 1.139 RMB per 10 shares[50] Risk Management - The non-performing loan ratio remained at 0.91%, with a provision coverage ratio of 266.13%[23] - The company’s credit impairment losses rose by 53.45% year-on-year to CNY 10.717 billion, indicating increased credit risk[41] - The non-performing loan balance increased to CNY 85.294 billion, with a non-performing loan ratio of 0.91%, up 0.01 percentage points from the previous year[46] Digital Transformation and Innovation - The company is focusing on enhancing its digital transformation and integrating innovative technologies to improve service efficiency and customer experience[32] - The company has opened over 10 million personal pension accounts, promoting personal pension business rapidly[26] Additional Financial Activities - The company plans to issue CNY 30 billion of additional tier 1 capital bonds to strengthen its capital base[48] - The bank plans to fully redeem the 800 billion RMB perpetual capital bonds issued in 2020 by March 2025[49] - The bank's A-share issuance plan aims to raise 130 billion RMB to supplement its core Tier 1 capital, pending regulatory approval[49]

Core Insights - Postal Savings Bank of China reported a total asset of 17.69 trillion yuan for Q1 2025, representing a year-on-year growth of 3.54% [1] - The bank achieved an operating income of 89.363 billion yuan and a net profit attributable to shareholders of 25.246 billion yuan [1] - Net fee and commission income reached 10.306 billion yuan, showing a year-on-year increase of 8.76%, while other non-interest income grew by 21.70% [1] - The net interest margin stood at 1.71%, maintaining an excellent level within the industry [1] - As of the end of Q1, the bank's non-performing loan ratio was 0.91%, indicating solid asset quality, with a provision coverage ratio of 266.13% and a capital adequacy ratio of 13.34%, reflecting sufficient risk-bearing capacity [1]

4月29日，中国邮政储蓄银行股份有限公司（下称"邮储银行"，股票代码：601658.SH，1658.HK）公布了2025年一季 度报告。数据显示，邮储银行绿色金融再上台阶，绿色贷款余额9,107.12亿元，较上年末增长6.01%，增速持续多年高 于各项贷款平均水平。 实际上，深入推进绿色金融建设只是邮储银行做好"五篇大文章"的一个缩影。面对经济结构调整升级带来的金融需求 变化，邮储银行全方位融入经济社会发展大局，聚焦实体经济所需，在"五篇大文章"中做出邮储特色。 争做服务乡村振兴主力军，坚定不移把服务乡村振兴摆在突出位置，加快模式创新和重点突围，启动"服务强县富镇 行动"，不断推动涉农信贷业务发展。打造普惠金融标杆行，深化小微金融场景化、集约化转型，加速线上业务流程 重塑及模式转型创新，依托"脱核"产业链融资新模式，提高获客精准度；落实落细小微企业融资协调工作机制，向推 荐清单内小微企业授信超5,700亿元，累计放款超4,400亿元。推动成为客户个人金融首选行，加快个人金融"五全"（即 全客户、全旅程、全产品、全渠道、全场景）体系升级，强化客户经营、优化客户流程、打造优势产品、完善触达网 络、融合生态场景，截 ...

邮储银行（601658）公告，2025年一季度营业收入89.36亿元，同比增长0.07%，一季净利润25.36亿 元，同比增长2.29%。 ...