Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's revenue for Q1 2025 was 33.1 billion yuan, a year-on-year decrease of 4.06%, while the net profit attributable to shareholders was 12.5 billion yuan, showing a slight increase of 0.31% year-on-year [1][2] - The decline in net interest margin has narrowed, primarily due to improvements in the cost of interest-bearing liabilities [2] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 174.44% [3] Performance Summary - Revenue and net profit growth rates for Q1 2025 were -4.06% and 0.31%, respectively, showing a narrowing decline compared to 2024 [2] - Net interest income decreased by 6.84% year-on-year, but the decline was less severe than in 2024, attributed to improved costs of interest-bearing liabilities [2] - Fee and commission income grew by 3.27% year-on-year, with a significant increase in growth rate compared to 2024 [2] - Other non-interest income increased by 1.52% year-on-year, with a notable rise in investment net income by 302.96% [2] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, reflecting a slight decrease from the previous year [3] - The credit cost for Q1 2025 was 0.86%, down by 21 basis points year-on-year [3] Asset and Liability Management - Total assets and loans at the end of Q1 2025 were 72.3 trillion yuan and 41.1 trillion yuan, respectively, showing year-on-year growth of 4.80% and 5.24% [4] - The bank's focus on technology finance, manufacturing finance, green finance, and inclusive finance led to significant increases in loans to these sectors [4] - Total deposits reached 42.7 trillion yuan, reflecting a year-on-year growth of 3.49% [4] Investment Recommendation - The report suggests that the narrowing decline in net interest margin and growth in fee income indicate potential for better performance in the medium to long term, maintaining the previous "Buy" rating [4]

Core Viewpoint - The company reported a 4.1% year-on-year decrease in revenue for Q1 2025, while net profit attributable to shareholders increased by 0.3%, aligning with expectations [1] Development Trends - The improvement in funding costs accelerated, with a net interest margin (NIM) of 1.39%, down 16 basis points year-on-year and 14 basis points quarter-on-quarter [2] - The cost of interest-bearing liabilities decreased by 39 basis points year-on-year and 12 basis points quarter-on-quarter to 1.99%, indicating a significant improvement in funding costs [2] - Total assets, loans, and deposits grew by 3.9%, 4.5%, and 5.8% respectively compared to the beginning of the year, with loan growth primarily from technology and green loans [2] - The bank's non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 174.44%, down 6.15 percentage points from the beginning of the year [3] Fee Income and Non-Interest Revenue - Net fee income increased by 3.3% year-on-year, a significant recovery from a 19.5% decline in 2024 [3] - The wealth management business stabilized, with retail AUM reaching 3.05 trillion yuan [3] - Other non-interest income grew by 1.5% year-on-year, supported by high investment income that offset losses from fair value changes [3] Profit Forecast and Valuation - The company maintains its profit forecast and valuation, with A-shares trading at 0.4x P/B for 2025E and 2026E, and a target price of 4.58 yuan, indicating a 20.2% upside [4] - H-shares are trading at 0.4x P/B for 2025E and 0.3x for 2026E, with a target price of 3.56 HKD, reflecting a 9.2% upside [4]

Core Viewpoints - The bank's Q1 2025 operating income, PPOP, and net profit attributable to shareholders showed year-on-year growth rates of -4.06%, -4.38%, and 0.31% respectively, with changes of +2.99 percentage points, +5.26 percentage points, and -1.91 percentage points compared to Q4 2024 [1] Group 1: Highlights - Loan growth rebounded with a year-on-year increase of 5.24% by the end of Q1 2025, up 1.36 percentage points from Q4 2024, driven by targeted credit allocation in key sectors such as technology, green finance, and inclusive finance [2] - Deposit growth showed recovery with a year-on-year increase of 3.49% by the end of Q1 2025, up 4.92 percentage points from Q4 2024, resulting in an additional 202.7 billion yuan in deposits for the quarter [2] - The bank's fee and commission income grew by 3.27% year-on-year in Q1 2025, marking the first positive growth in this area since 2021, with expectations for continued growth throughout the year as macroeconomic conditions improve [2] - Investment income saw a significant increase, with net investment income rising by 303.0% year-on-year, despite a 212.6% negative change in fair value gains and losses [2] Group 2: Concerns - The net interest margin continued to narrow, measuring 1.39% in Q1 2025, down 14 basis points from Q4 2024, with asset yield under pressure [3] - The bank's non-performing loan ratio remained stable at 1.25%, while the provision coverage ratio decreased to 174.44%, indicating a need for further strengthening of the provision buffer [3] Group 3: Investment Recommendations - The bank announced a total dividend of 0.189 yuan per share for 2024, with a payout ratio of 30.14%, reflecting a 1.73 percentage point increase from 2023, suggesting ongoing investment value [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [5] Core Views - The company shows recovery in credit growth and deposit growth, with loans increasing by 5.24% year-on-year and deposits by 3.49% year-on-year as of Q1 2025 [2][3] - The non-interest income has turned positive for the first time since 2021, with a 3.27% increase in net fee and commission income [2] - Investment income has significantly increased, although fair value changes showed a negative growth of 212.6% [2] Summary by Sections Performance - Q1 2025 operating revenue, PPOP, and net profit growth rates are -4.06%, -4.38%, and 0.31% respectively, showing a decline compared to the previous year [1][12] - The company’s net interest margin for Q1 2025 is estimated at 1.39%, a decrease of 14 basis points from Q4 2024 [3][12] Non-Interest Income - The company reported a 3.27% year-on-year increase in net fee and commission income in Q1 2025, marking a positive turnaround [2][31] - Other non-interest income increased by 1.52% year-on-year, despite significant losses in fair value changes [2][31] Asset Quality - The non-performing loan ratio remains stable at 1.25%, with a provision coverage ratio of 174.44%, which has decreased by 6.15 percentage points [3][12] - The company’s new non-performing loan generation rate is estimated at 1.01%, showing stability in new bad loans [3][12] Capital and Shareholder Information - The company plans to distribute a total dividend of 0.189 CNY per share for 2024, with a dividend payout ratio of 30.14% [3] - The latest closing price corresponds to a dynamic dividend yield of 4.96% for both A and H shares [3]

股票代码：601818 股票简称：光大银行 公告编号：临 2025-022 中国光大银行股份有限公司 第九届董事会第二十七次会议决议公告 本行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。 中国光大银行股份有限公司（简称本行）第九届董事会第二十七 次会议于2025年4月18日以书面形式发出会议通知，并于2025年4月25 日以书面传签方式召开。本次会议应参与表决董事16名，实际参与表 决董事16名。会议的召开符合法律、法规、规章和《中国光大银行股 份有限公司章程》的有关规定。 本次会议审议并通过以下议案： 一、关于《中国光大银行股份有限公司2025年第一季度报告（A 股、H股）》的议案 表决情况：有效表决票16票，同意16票，反对0票，弃权0票。 董事会审计委员会已审议通过该项议案，并同意将其提交董事会 审议。 本行2025年A股第一季度报告具体内容详见上海证券交易所网站 （www.sse.com.cn）及本行网站（www.cebbank.com），A股第一季度 报告亦登载于4月26日《中国证券报》《上海证券报》《证券时报》 《证券 ...

Financial Performance - The company reported a basic earnings per share of 0.1900 yuan for Q1 2025, reflecting a 5.56% increase compared to 0.1800 yuan in Q1 2024, and unchanged from Q1 2023 [1] - The total revenue for Q1 2025 was 33.086 billion yuan, down 4.06% from 34.487 billion yuan in Q1 2024, and down from 38.158 billion yuan in Q1 2023 [1] - The net profit for Q1 2025 was 12.464 billion yuan, a slight increase of 0.31% from 12.426 billion yuan in Q1 2024, and up from 12.378 billion yuan in Q1 2023 [1] - The net asset return rate for Q1 2024 was 2.36%, down from 2.61% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 46,826,544.4 million shares, accounting for 79.26% of the circulating shares, with an increase of 29,942.65 million shares compared to the previous period [1] - China Everbright Group holds 2,613,272.15 million shares, representing 44.23% of the total share capital, with an increase of 4,132.36 million shares [2] - Hong Kong Central Clearing (Agent) Limited holds 523,858.61 million shares, accounting for 8.87% of the total, with a slight increase of 17.50 million shares [2] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [3]

Core Viewpoint - China Everbright Bank has demonstrated a commitment to high-quality development by actively managing risks and enhancing financial services to support the real economy in the first quarter of 2025 [1] Group 1: Financial Performance - As of the end of Q1, the total assets of China Everbright Bank reached 72,289 billion yuan, a 3.9% increase from the end of the previous year, successfully surpassing the 70 trillion yuan mark [3] - The total loan amount was 41,110 billion yuan, an increase of 1,770 billion yuan (4.5% growth) compared to the end of the previous year, marking a new milestone of over 40 trillion yuan [3] - The bank's total liabilities reached 66,399 billion yuan, a 4.3% increase from the previous year, with deposits growing by 2,328 billion yuan (5.8% growth) [3] - The bank achieved an operating income of 330.9 billion yuan, a 4.1% year-on-year decline, while net profit was 125.3 billion yuan, reflecting a 0.3% year-on-year growth [3] Group 2: Service to the Real Economy - China Everbright Bank has focused on serving the real economy, with technology enterprise loans reaching 4,158 billion yuan (9.6% growth), green loans at 4,609 billion yuan (11.6% growth), and inclusive loans at 4,487 billion yuan (3.0% growth) by the end of Q1 [2] - The bank has established 64 "Pension Financial Service Centers" and provided over 760 pension financial products [2] - The bank is enhancing its online, mobile, intelligent, and ecological service capabilities, particularly in payment and financing scenarios [2] Group 3: Business Development - The bank is advancing its six key specialty businesses, including technology finance and wealth management, with a wealth management scale reaching 17 trillion yuan and retail AUM surpassing 30 trillion yuan for the first time [4] - The "Cloud Payment" service achieved a transaction amount exceeding 2,000 billion yuan, reflecting an 8.8% year-on-year growth [4] - The bank's bond underwriting reached 1,093 billion yuan, and it issued merger loans of 81.8 billion yuan in Q1 [4] Group 4: Asset Quality and Capital Adequacy - As of the end of Q1, the non-performing loan ratio was stable at 1.25%, with improvements in attention and overdue rates [5] - The capital adequacy ratio, tier 1 capital adequacy ratio, and core tier 1 capital adequacy ratio were 13.50%, 11.48%, and 9.40%, respectively, all meeting regulatory requirements [5]

Loan Balances and Growth - The balance of loans to technology enterprises reached RMB 415.77 billion, an increase of RMB 36.24 billion, representing a growth of 9.55% compared to the end of the previous year[5] - The balance of green loans (new caliber) was RMB 460.88 billion, an increase of RMB 47.85 billion, reflecting a growth of 11.59% year-on-year[5] - The balance of inclusive loans stood at RMB 448.69 billion, with an increase of RMB 13.25 billion, marking a growth of 3.04% from the previous year[6] - The total amount of loans and advances issued was RMB 4,034,690 million, up from RMB 3,857,693 million at the end of 2024, indicating an increase of about 4.58%[44] Financial Performance - The company achieved a net profit of 12.53 billion RMB in Q1 2025, representing a year-on-year increase of 0.28%[20] - Operating revenue for Q1 2025 was 33.09 billion RMB, a decrease of 4.06% compared to the same period last year[20] - The net interest income decreased by 6.84% year-on-year to 22.54 billion RMB, while net fee and commission income increased by 3.27% to 5.68 billion RMB[20] - The weighted average return on equity (ROE) was 9.11%, down by 0.34 percentage points from the previous year[20] - The group reported a net profit of RMB 12,530 million for the three months ended March 31, 2025, slightly up from RMB 12,495 million in the same period of 2024, an increase of 0.28%[53] Asset and Liability Management - Total assets reached 7,228.86 billion RMB, reflecting a growth of 3.88% from the end of the previous year[19] - The total liabilities increased by 4.26% to 6,639.86 billion RMB, with deposits rising by 5.77% to 4,268.44 billion RMB[19] - The liquidity coverage ratio was 138.97% as of March 31, 2025, down from 151.17% at the end of 2024[17] - The leverage ratio was 7.00%, a decrease of 0.28 percentage points from the end of last year[22] Customer and Retail Banking - The bank established 64 "Pension Financial Service Centers" and provided over 760 pension financial products, serving approximately 2.40 million customers[6] - The retail customer base increased, with assets under management (AUM) steadily growing, indicating improved customer quality[23] - The retail loan scale increased, maintaining stable asset quality, while the company focused on enhancing online financing service capabilities[23] - The company is enhancing its digital retail banking capabilities, focusing on customer-centric strategies and improving service quality across channels[23] Investment and Capital Management - The company declared a preferred stock dividend of 1.516 billion RMB during the reporting period[11] - The group's capital adequacy ratio was 13.50%, with a Tier 1 capital adequacy ratio of 11.48% and a core Tier 1 capital adequacy ratio of 9.40%, all meeting regulatory requirements[22] - The group’s total equity attributable to shareholders of the bank was RMB 586,401 million as of March 31, 2025, a slight decrease from RMB 587,700 million as of December 31, 2024[48] Cash Flow and Investments - The company reported a net cash flow from operating activities of 57.08 billion RMB, a significant recovery from a negative cash flow of 158.53 billion RMB in the previous year[19] - The net cash flow from operating activities was RMB 57,080 million, a recovery from a net outflow of RMB 158,530 million in the same period last year[57] - Cash inflow from investment activities totaled RMB 387,575 million, up from RMB 233,412 million year-over-year[59] - The cash outflow for investment activities was RMB 431,380 million, compared to RMB 143,420 million in the previous year, indicating increased investment[59] Digital Transformation and Risk Management - The balance of digital financial services expanded significantly, enhancing customer acquisition and retention through integrated online and offline channels[9] - The bank's focus on risk management included strengthening compliance and monitoring of large credit clients to mitigate new non-performing loans[9] - The bank's digital transformation efforts included the application of large model technology in key business areas to improve operational efficiency[9] Shareholder Information - The number of shareholders at the end of the reporting period was 24, with the largest shareholder holding 20.37% of the shares[31] - The largest shareholder, Huabao Trust Co., Ltd., holds 40,740,000 shares, representing 20.37% of the total shares[31] - The second-largest shareholder, Shanghai Everbright Securities Asset Management Co., Ltd., holds 24,200,000 shares, accounting for 12.10%[31]

股票代码：601818 股票简称：光大银行 公告编号：临2025-023 中国光大银行股份有限公司 关联交易公告 本行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： 交易简要内容 中国光大银行股份有限公司（简称本行）拟为东方证券股份有 限公司（简称东方证券）核定人民币 80 亿元综合授信额度，期限 12 个月，信用方式。 一、关联交易概述 本行拟为东方证券核定人民币 80 亿元综合授信额度，期限 12 1 东方证券成立于 1998 年 3 月，注册地上海市，注册资本 84.97 亿元，主营业务包括证券、期货、资产管理、理财、投行、投资咨 询及证券研究等综合金融服务。截至 2024 年末，东方证券总资产 4,177.36 亿元，总负债 3,363.36 亿元，净资产 814.00 亿元。 本行主要股东申能（集团）有限公司（简称申能集团）持有东方 证券26.63%股份，向东方证券派出的监事同时担任本行监事，本 次交易构成关联交易。 本次交易不构成重大资产重组。 本次交易已经本行董事会关联交易控制委员会及独立董事专门会 议 ...

China Everbright Bank Company Limited 6818 董事名單與其角色和職能 中國光大銀行股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 董事長，非執行董事 吳利軍 副董事長，非執行董事 崔勇 執行董事 郝成 齊曄 楊兵兵 非執行董事 曲亮 朱文輝 姚威 張銘文 李巍 獨立非執行董事 邵瑞慶 洪永淼 李引泉 劉世平 黃志凌 黃振中 - 1 - 下表提供各董事會成員在董事會委員會中所擔任職務之信息。 | 董事╱ | | 風險管理 | | | | 關聯交易 | 社會責任、 普惠金融 發展和 消費者權益 | | --- | --- | --- | --- | --- | --- | --- | --- | | 董事會委員會 | 戰略委員會 | 委員會 | 審計委員會 | 提名委員會 | 薪酬委員會 | 控制委員會 | 保護委員會 | | 吳利軍 | C | | | M | | | | | 崔勇 | M | | | | | | | | 郝成 | M | M | | | | | C | | 齊曄 | | | | | | | M | | 楊兵兵 | | M | | | | | ...