Core Viewpoint - Qilu Bank's stock price increased by 1.37% to 6.64 yuan as of May 30, 2025, with a total market capitalization of 32.105 billion yuan, ranking 11th among city commercial banks and 439th in the A-share market [1] Company Announcements - The company announced a cash dividend distribution of 2.66 yuan per 10 shares (including tax) for the fiscal year 2024, representing a 20.91% increase compared to the previous year [1] - A notice was issued regarding the suspension of the conversion of "Qilu Convertible Bonds" during the dividend distribution period, from June 5, 2025, until the record date for the dividend distribution [1] - The 2024 annual general meeting approved the profit distribution plan, which will be based on the total number of ordinary shares registered on the record date, with a cash dividend of 1.39 yuan per 10 shares (including tax) [1] - The company will disclose the implementation announcement of the 2024 dividend distribution and the adjustment of the conversion price for "Qilu Convertible Bonds" on June 6, 2025 [1]

Core Viewpoint - The announcement details the suspension of the conversion of "Qilu Convertible Bonds" during the implementation of the 2024 annual equity distribution by Qilu Bank, with specific dates and dividend amounts outlined [1][2][3]. Group 1: Equity Distribution Plan - The 2024 annual profit distribution plan was approved on May 23, 2025, with a cash dividend of RMB 1.39 per 10 shares (tax included) to be distributed to all shareholders, totaling RMB 2.66 per 10 shares for the year, which is an increase of 20.91% compared to the previous year [3]. - The actual cash dividend amount for the "Qilu Convertible Bonds" will be determined based on the total share capital registered on the equity distribution record date [3]. Group 2: Suspension of Conversion - The "Qilu Convertible Bonds" will suspend conversion from June 5, 2025, until the equity distribution record date, with resumption of conversion on the first trading day after the record date [2][4]. - Holders of "Qilu Convertible Bonds" wishing to benefit from the equity distribution must convert their bonds by June 4, 2025 [4]. Group 3: Communication and Disclosure - The company will disclose the implementation announcement and the adjustment of the conversion price for "Qilu Convertible Bonds" on June 6, 2025, through various financial news outlets and the Shanghai Stock Exchange website [4].

证券代码：601665 证券简称：齐鲁银行 公告编号：2025-020 可转债代码：113065 可转债简称：齐鲁转债 齐鲁银行股份有限公司关于实施 2024 年度权益分派 时"齐鲁转债"停止转股的提示性公告 本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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年度权益分派,齐鲁银行股份有限公司（以下简称"公司"）的 相关证券停复牌情况如下：自 2024 年度权益分派实施公告前一交易日（2025 年 6 月 5 日）至本次权益分派股权登记日期间，"齐鲁转债"将停止转股；本次权 益分派股权登记日后的第一个交易日起，"齐鲁转债"恢复转股。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113065 | 齐鲁转债 | 可转债转股停牌 | 2025/6/5 | | | | 注：停牌终止日及复牌日可在公司后续发布的"齐鲁转债"转股价格调 ...

Core Insights - Qilu Bank has positioned itself as a key player in providing financial services to technology-driven SMEs in the Jinan region, with a credit balance of 67.1 billion yuan for innovation enterprises as of March 2025, serving over 3,870 companies [1] - The bank's "Research Loan" product addresses the financing challenges faced by technology companies, particularly those with long R&D cycles and insufficient collateral [2][3] Group 1: Financial Products and Services - The "Research Loan" product offers a maximum credit term of 10 years and supports various flexible collateral options, including credit and intellectual property pledges, covering ten categories of funding uses [2] - Qilu Bank has disbursed over 4 billion yuan through the "Research Loan" product, with 30% of these being medium to long-term loans, significantly reducing the capital turnover costs for enterprises [3] Group 2: Industry Impact and Collaboration - The establishment of the "Qilu Investment and Loan Cooperation Alliance" aims to provide comprehensive services for innovation enterprises by integrating resources from various stakeholders [3] - Other financial institutions, such as the Bank of Communications and Jinan Rural Commercial Bank, have introduced their own specialized products, creating a differentiated competitive landscape in the technology finance sector [3] Group 3: Regional Development and Future Outlook - The Jinan region has been recognized as the first national pilot area for technology finance reform, with local financial institutions actively exploring new financing pathways for technology enterprises [1][2] - Future efforts will focus on enhancing support for financial institutions in Jinan to deepen their understanding of the value of innovation enterprises and continuously improve financial products and services [2]

Investment Rating - The report maintains a "Positive" investment rating for the banking sector, particularly favoring high-quality city commercial banks [11]. Core Insights - In the current macroeconomic environment, government leverage expansion is the clearest direction for bank operations, with state-owned banks and city commercial banks focusing on government-related business as a core strategy for balance sheet expansion [2][7]. - Leading city commercial banks are accelerating their market share acquisition, with their performance growth consistently outpacing the banking industry, driven primarily by relatively high-speed balance sheet expansion [6][10]. - The asset quality of city commercial banks, primarily engaged in government-related business, is currently the most stable, with expectations for a decline in the net generation rate of non-performing loans this year [2][9]. Summary by Sections Macroeconomic Environment - The current macroeconomic environment favors government-related business, with city commercial banks focusing on local government, urban construction, and local state-owned enterprises [7]. - The demand for government-led financing continues to expand in key economic regions, such as the Chengdu-Chongqing area and Shandong province, despite concerns about export pressures in the Yangtze River Delta [7][8]. Competitive Landscape - The competitive dynamics between state-owned banks and leading city commercial banks are evolving, with state-owned banks experiencing a significant increase in credit market share due to macro policy guidance [8]. - Regulatory measures are being implemented to protect the net interest margins of state-owned banks, indirectly slowing their loan issuance and creating a more favorable competitive environment for city commercial banks [8][9]. Asset Quality and Loan Performance - City commercial banks have maintained low non-performing loan rates due to their focus on government-related loans, which have seen reduced risk following recent debt restructuring efforts [9]. - The tightening of risk control and loan issuance in retail banking is expected to lead to a slight decrease in the net generation rate of non-performing loans this year [9]. Investment Outlook - The report is optimistic about city commercial banks becoming the core focus for institutional investors in the banking sector, with expectations for their valuations to rise above 1x PB [10]. - Specific banks, such as Hangzhou Bank, are anticipated to lead in valuation increases due to their regional economic strength, asset quality, and performance growth [10].

Summary of Qilu Bank Conference Call Company Overview - **Company**: Qilu Bank - **Industry**: Banking, specifically regional commercial banking in Shandong Province, China Key Points Expansion Strategy - Qilu Bank is actively expanding its branch network with a goal to cover all counties in Shandong Province, currently achieving approximately 30% county coverage with a target of 100% [2][3] - The bank's strategy focuses on enhancing asset scale and competitiveness in low-cost deposits through branch expansion, particularly in county markets [2][3] Economic Environment - The economic structure of Shandong is stable, with a diverse industrial base and strong agricultural foundations, leading to economic growth rates that exceed the national average [2][4] - Shandong's overall social financing and credit growth rates are higher than the national average, providing opportunities for Qilu Bank to capture market share [4] Credit Growth Expectations - Qilu Bank anticipates maintaining a credit growth rate of 12%-13% in 2025, which is significantly higher than the national average of 6.5%-7% [2][5] - The bank's focus on seizing market share is expected to drive double-digit growth in credit [5][7] Loan Composition and Quality - The bank has a high proportion of corporate loans, with government-related loans in broad infrastructure accounting for approximately 42% [2][6] - Qilu Bank has minimal exposure to real estate loans, with only 1% of its loans in this category, contributing to its strong asset quality [6][9][10] - The bank's non-performing loan (NPL) generation rate has been declining, currently at 0.63%, indicating improving asset quality [9][10] Profitability and Margin - Qilu Bank's net interest margin is relatively low due to a higher proportion of financial investments compared to loans, but it maintains strong profitability due to low credit costs [8][11] - The bank's profit growth is primarily driven by declining credit costs and improving asset quality, with profit growth rates between 15%-17% expected [11][12] Investment Outlook - Qilu Bank's investment logic is supported by its branch expansion, focus on county markets, and improving asset quality, which are expected to enhance its market share and profitability [12][14] - The bank's capital adequacy ratio is approximately 10.5%, indicating no immediate capital pressure, and it is recommended for continued investment due to its growth potential [14] Additional Insights - The bank's conservative pricing strategy and low deposit interest rates compared to peers provide a competitive advantage [8] - The bank's focus on small and micro enterprises aligns with the economic structure of Shandong, enhancing its market relevance [6][12] This summary encapsulates the key insights from the Qilu Bank conference call, highlighting its strategic initiatives, economic context, credit growth expectations, loan quality, profitability, and investment outlook.

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - Qilu Bank has demonstrated strong performance in recent years, with significant growth in net profit and total assets, attracting investor interest despite its relatively low profile in the industry [2][3][4]. Financial Performance - In 2024, Qilu Bank achieved operating income of 12.496 billion yuan, a year-on-year growth of 4.55%, while net profit attributable to shareholders reached 4.986 billion yuan, with a remarkable year-on-year growth of 17.77%, ranking 4th among 42 A-share listed banks [4][6]. - The bank's total assets amounted to 689.539 billion yuan, reflecting a year-on-year increase of 14.01% [4][5]. - For Q1 2024, the bank's net profit growth was 16.47%, placing it 2nd among listed banks [2][6]. Stock Performance - As of May 23, 2024, Qilu Bank's stock price closed at 6.55 yuan per share, with a cumulative increase of 19.96% year-to-date, significantly outperforming the banking sector's average increase of 7.26% [2][6]. Loan Structure and Asset Quality - The bank's loan structure shows a shift towards corporate loans, which accounted for 73.23% of total loans as of Q1 2024, while personal loans decreased to 23.37% [12][13]. - The non-performing loan (NPL) ratio stood at 1.19%, with a year-on-year improvement of 0.07 percentage points, indicating a positive trend in asset quality [4][16]. - The bank's corporate NPL ratio improved from 1.51% in 2022 to 0.95% in 2024, while the personal loan NPL ratio increased from 0.96% to 2.00% during the same period, highlighting a divergence in asset quality between loan types [16][17]. Market Position and Growth Potential - Qilu Bank, established in 1996 and listed in 2021, has positioned itself as a significant player in the Shandong region, benefiting from the economic growth of the area [3][4]. - The bank's total assets and profit growth are supported by strong market demand, indicating potential for further expansion in the future [3][4].

可转债代码：113065 可转债简称：齐鲁转债 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 23 日 (二)股东大会召开的地点：济南市历下区经十路 10817 号总行大厦四楼一会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 证券代码：601665 证券简称：齐鲁银行 公告编号：2025-018 齐鲁银行股份有限公司 2024年度股东大会决议公告 本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。 重要内容提示： 本次会议是否有否决议案：无 | 1、出席会议的股东和代理人人数 | 277 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 3,080,775,638 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份 | 69.7329 | | 总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会采用现场投票和网络投票相结合的方式，符合《中华人民共和 国公司法》等国家相 ...

北京大成（济南）律师事务所 关于齐鲁银行股份有限公司 2024 年度股东大会法律意见书 致：齐鲁银行股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国公 司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东会规则》 （以下简称"《股东会规则》"）等法律、法规和其他有关规范性文件的要求，北京大成 （济南）律师事务所（以下简称"本所"）接受齐鲁银行股份有限公司（以下简称"公司"） 的委托，指派律师参加公司 2024 年度股东大会（以下简称"本次股东大会"）。 山东省济南市历下区龙奥北路 8 号 北京大成（济南）律师事务所 玉兰广场 4 号楼 7-8 层 邮编：250101 7-8/F, Building 4 Yulan Plaza No.8, LongAo north Road Lixia District 250101,Jinan,Shandong,China dacheng.com dentons.cn 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序及表决结果发表法律意见，并不对本次股东大会所审议的议案、 ...