Core Viewpoint - Zhengzhou Bank's 2025 mid-year report indicates stable growth in assets and income, but faces challenges from narrowing net interest margins and potential asset quality pressures [1][2][4]. Financial Performance - As of June 30, 2025, total assets reached 719.738 billion yuan, a 6.41% increase from the previous year [1] - Operating income was 6.690 billion yuan, up 4.64% year-on-year [1] - Net profit attributable to shareholders was 1.627 billion yuan, reflecting a 2.10% increase [1] - Net interest income was 5.351 billion yuan, a slight increase of 1.04% [1][2] - Non-interest income totaled 1.339 billion yuan, a significant increase of 22.02% [1][3] Asset Quality - The non-performing loan (NPL) ratio stood at 1.76%, a decrease of 0.03 percentage points from the previous year [1][4] - Credit impairment losses increased by 10.86% year-on-year, indicating a cautious approach to potential risks [1][2] - The total amount of non-performing loans rose by 2.42 million yuan to 7.165 billion yuan [4][5] - Overdue loans increased by 1.550 billion yuan to 21.088 billion yuan, with an overdue loan ratio of 5.19% [5] Revenue Structure - Interest income accounted for 79.98% of total income, indicating a traditional banking model [3] - Non-interest income growth was primarily driven by investment income, which surged by 111.10% to 1.229 billion yuan [3] - Fee and commission income decreased by 11.94%, highlighting challenges in traditional intermediary business [3] Regulatory Indicators - The bank's provision coverage ratio was 179.20%, and the loan provision ratio was 3.16%, both within industry standards [1][4] - The bank's capital adequacy ratios met regulatory requirements, indicating a stable financial position [1] Strategic Outlook - The bank's future growth is closely tied to its ability to adapt to digital transformation and optimize its asset and client structure [6] - Current market valuations are low, reflecting pessimism about industry challenges, but may offer opportunities for long-term investors [6]

郑州银行股份有限公司 BANK OF ZHENGZHOU CO., LTD. 会议材料 股东大会议程 召开时间：2025年9月18日（星期四）上午9点 目 录 一、2025 年第一次临时股东大会议案 特别决议案 二、2025 年第一次 A 股类别股东大会议案 特别决议案 关于修订《郑州银行股份有限公司章程》及 不再设立监事会的议案 各位股东： 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司章程指引》 《关于新 <公司法> 配套制度规则实施相关过渡期安排》 《国家金融监督管理总局关于公司治理监管规定与公司法衔接有关事项 的通知》等法律法规及监管规定，结合郑州银行股份有限公司（以下简称 "本行"）公司治理实际，拟对《郑州银行股份有限公司章程》（以下简 称"《公司章程》"）进行修订。本次修订主要涉及不再设立监事会及其 专门委员会并由董事会审计委员会承接监事会职责、股东会及董事会职权 调整、落实《公司法》等其他相关要求等。具体内容请参见本行 2025 年 （http://www.zzbank.cn）披露的《 <郑州银行股份有限公司章程> 修订对比 表》。 同时，自《公司章程》获国家金融监督管理总 ...

Meeting Overview - Zhengzhou Bank will hold its first extraordinary general meeting of shareholders, first A-share class meeting, and first H-share class meeting on September 18, 2025, starting at 9:00 AM [1][2] - The meetings will be conducted in compliance with relevant laws, regulations, and the bank's articles of association [2] Voting Details - The meetings will allow both on-site voting and online voting through the Shenzhen Stock Exchange's internet voting system, with voting times from 9:15 AM to 3:00 PM on the same day [2][3] - A-share shareholders can choose one voting method: on-site, trading system, or internet voting, with the first valid vote being counted in case of duplicates [2][3] Attendance and Registration - The record date for shareholders to attend the meeting is September 15, 2025 [3] - All registered A-share ordinary shareholders can attend, and they may appoint a proxy to represent them [3][6] - Registration for attendance will take place from September 15 to September 18, 2025, at the bank's headquarters [6] Agenda Items - The agenda includes two special resolutions that require approval from at least two-thirds of the voting rights held by attending shareholders [5][4] - The specific content of the proposals will be disclosed on the bank's official website prior to the meeting [5][4] Contact Information - For inquiries, shareholders can contact the bank's representatives via provided phone numbers and email [6]

Core Viewpoint - Zhengzhou Bank demonstrated strong growth in both assets and profitability in the first half of 2025, achieving a total asset of 719.738 billion yuan, a year-on-year increase of 11.47%, along with continuous growth in operating income and net profit [1][2]. Group 1: Scale and Efficiency - As of mid-2025, Zhengzhou Bank's total assets reached 719.738 billion yuan, an increase of 43.373 billion yuan from the end of the previous year, marking a growth rate of 6.41% [2]. - The year-on-year growth rate of 11.47% is the highest since 2018, indicating a significant acceleration in the bank's growth trajectory [2]. - The bank's operating income for the first half of 2025 was 6.690 billion yuan, a year-on-year increase of 4.64%, while net profit reached 1.627 billion yuan, up 2.10% [1][3]. Group 2: Strategic Transformation and Business Optimization - Zhengzhou Bank's retail business revenue reached 1.236 billion yuan in the first half of 2025, a year-on-year increase of 3.56%, reflecting successful retail transformation efforts [4]. - Personal deposits surged to 258.098 billion yuan, an increase of 39.918 billion yuan from the end of the previous year, with a growth rate of 18.3% [4]. - The bank's total loans and advances amounted to 406.094 billion yuan, an increase of 18.404 billion yuan, with personal consumption loans reaching 20.695 billion yuan, up 20.72% [5][6]. Group 3: Asset Quality and Risk Management - As of June 2025, Zhengzhou Bank's non-performing loan balance was 7.165 billion yuan, with a non-performing loan ratio of 1.76%, down 0.11 percentage points year-on-year [7]. - The bank's provision coverage ratio stood at 179.20%, with capital adequacy ratios meeting regulatory requirements, indicating strong risk resilience [7].

Core Viewpoint - Zhengzhou Bank has demonstrated strong performance in the first half of 2025, achieving simultaneous growth in both revenue and profit, amidst a complex economic environment [1][3]. Financial Performance - The bank reported operating income of 6.69 billion yuan, an increase of 4.64% year-on-year, and a net profit attributable to shareholders of 1.63 billion yuan, up 2.1% year-on-year [3]. - This marks the second consecutive quarter of year-on-year growth in both operating income and net profit, indicating a stable and sustainable growth trajectory for the bank's profitability [3]. Asset Growth - As of the end of June 2025, Zhengzhou Bank's total assets reached 719.74 billion yuan, an increase of 43.37 billion yuan from the end of the previous year [5]. - The bank's asset growth has accelerated, with the latest "billion" growth cycle taking only two years, compared to three years previously, reflecting the bank's robust capacity to support regional economic development [5]. Loan and Deposit Performance - The total amount of loans and advances issued by Zhengzhou Bank reached 406.09 billion yuan, an increase of 18.40 billion yuan, or 4.75%, from the end of the previous year [6]. - Personal deposits grew significantly, with a balance of 258.10 billion yuan, an increase of 39.92 billion yuan, or 18.3%, positioning the bank among the top performers in the domestic city commercial bank sector [8]. Risk Management - As of June 2025, the non-performing loan balance stood at 7.17 billion yuan, with a non-performing loan ratio of 1.76%, down 0.11 percentage points year-on-year, indicating stable asset quality [10]. - The bank's provision coverage ratio was 179.20%, and its capital adequacy ratio was 11.85%, demonstrating strong risk management capabilities and compliance with regulatory requirements [10].

Market Overview - The city commercial bank sector experienced a decline of 0.92% on August 29, with Suzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Xi'an Bank saw a significant increase of 10.00%, closing at 4.18, with a trading volume of 1.51 million shares and a transaction value of 623 million yuan [1] - Qingdao Bank and Xiamen Bank also reported slight increases of 1.03% and 0.75%, respectively [1] - Conversely, Suzhou Bank experienced a decline of 2.40%, closing at 8.12, with a trading volume of 744,000 shares and a transaction value of 612 million yuan [2] Capital Flow Analysis - The city commercial bank sector had a net outflow of 1.793 billion yuan from institutional investors, while retail investors saw a net inflow of 913 million yuan [2] - The capital flow data indicates that retail investors are showing interest in the sector despite the overall decline [2] Detailed Capital Flow by Stock - Xi'an Bank had a net inflow of 99.76 million yuan from institutional investors, while it faced a net outflow of 42.89 million yuan from retail investors [3] - Hangzhou Bank also saw a net inflow of 61.29 million yuan from institutional investors, but retail investors withdrew 35.94 million yuan [3] - In contrast, Qilu Bank experienced a significant net outflow of 62.93 million yuan from institutional investors, while retail investors had a net inflow of 35.68 million yuan [3]

Core Viewpoint - Zhengzhou Bank has achieved simultaneous growth in scale and quality in the first half of 2025, marking the second consecutive financial reporting period of revenue and profit growth [1]. Financial Performance - As of June 30, 2025, Zhengzhou Bank's total assets reached 719.738 billion yuan, a year-on-year increase of 11.47% [1]. - The bank reported operating income of 6.690 billion yuan, up 4.64% year-on-year, and a net profit attributable to shareholders of 1.627 billion yuan, reflecting a 2.1% increase [1]. - The bank's personal deposit balance reached 258.098 billion yuan, with a year-on-year growth of 29.35%, marking a historical high [1]. Growth in Assets and Loans - Zhengzhou Bank's total assets surpassed 700 billion yuan in the first quarter of 2025, achieving a significant growth cycle of 100 billion yuan in just two years [3]. - As of June 30, 2025, the total amount of loans and advances was 406.094 billion yuan, an increase of 18.404 billion yuan, representing a growth rate of 4.75% [3]. Investment Income and Cost Management - The bank achieved an investment income of 1.229 billion yuan, a remarkable year-on-year increase of 111.10% [5]. - Business and management expenses were reduced to 1.468 billion yuan, a decrease of 1.07 billion yuan, reflecting a decline of 6.82% [5]. Risk Management - As of June 30, 2025, the non-performing loan balance was 7.165 billion yuan, with a non-performing loan ratio of 1.76%, down 0.11 percentage points year-on-year [7]. - The bank's provision coverage ratio stood at 179.20%, with a capital adequacy ratio of 11.85% [7]. Retail Business Development - Zhengzhou Bank's retail business generated an income of 1.236 billion yuan, a historical high with a year-on-year growth of 3.56% [10]. - Personal consumption loan balance reached 20.695 billion yuan, with a year-on-year increase of 20.72% and a non-performing loan ratio of 0.67%, significantly lower than the industry average [10]. Future Outlook - The bank aims to strengthen its capital base through internal accumulation and timely external capital supplementation to better serve the real economy [8].

Core Insights - Zhengzhou Bank reported a strong performance in the first half of 2025, achieving simultaneous growth in both revenue and profit for the second consecutive financial quarter [1][2] - The bank's total assets reached RMB 719.738 billion, a year-on-year increase of 11.47%, with operating income of RMB 6.690 billion, up 4.64%, and net profit attributable to shareholders of RMB 1.627 billion, growing by 2.1% [1] Financial Performance - As of June 30, 2025, Zhengzhou Bank's total deposits amounted to RMB 446.662 billion, an increase of RMB 60.3 billion or 15.61% year-on-year, outpacing the provincial growth rate by 6.41 percentage points [1] - Personal deposits saw significant growth, reaching RMB 258.098 billion, up RMB 39.918 billion from the end of the previous year, marking an 18.3% increase, positioning the bank among the leaders in the domestic city commercial bank sector [1] Investment and Revenue Growth - Despite a narrowing net interest margin, the bank optimized its investment portfolio, achieving investment income of RMB 1.229 billion, a remarkable year-on-year growth of 111.10% [2] - The bank's retail business revenue reached RMB 1.236 billion, the highest for the same period, reflecting a 3.56% increase compared to the previous year [2] Retail Strategy and Services - Zhengzhou Bank has successfully deepened its retail transformation strategy, focusing on citizen and rural finance, and has developed four key service areas: "Citizen Manager," "Financing Manager," "Wealth Manager," and "Rural Manager" [2] - The bank's inclusive finance initiatives are evident, with a balance of inclusive micro-loans reaching RMB 52.578 billion and a customer base of 70,839 clients with outstanding loans [2]

Core Viewpoint - Zhengzhou Bank has achieved simultaneous growth in scale and quality, with revenue and profit increasing for the second consecutive financial quarter, reflecting its commitment to serving the local economy and small and medium-sized enterprises [2][4]. Group 1: Steady Growth in Scale - As of June 30, 2025, Zhengzhou Bank's total assets reached 719.738 billion yuan, a year-on-year increase of 11.47%, marking the highest growth rate since 2018 [2][4]. - The bank's loan and advance total reached 406.094 billion yuan, with a year-on-year increase of 4.75%, driven by both corporate and retail lending [4]. Group 2: Continuous Improvement in Efficiency - Zhengzhou Bank's investment income reached 1.229 billion yuan, a year-on-year increase of 111.10%, indicating successful diversification in its business operations [6]. - The bank reduced its business and management expenses to 1.468 billion yuan, a decrease of 6.82% year-on-year, achieved through various efficiency-enhancing measures [6]. Group 3: Effective Risk Management - As of June 30, 2025, Zhengzhou Bank's non-performing loan balance was 7.165 billion yuan, with a non-performing loan ratio of 1.76%, down 0.11 percentage points from the previous year [8]. - The bank's provision coverage ratio stood at 179.20%, demonstrating strong risk resistance capabilities [8]. Group 4: Retail Business Development - Zhengzhou Bank's retail business generated 1.236 billion yuan in revenue, a historical high with a year-on-year growth of 3.56% [10]. - Personal deposit balances reached 258.098 billion yuan, with an increase of 39.918 billion yuan, reflecting an 18.3% growth rate [10].

Core Viewpoint - Insurance capital has shown a sustained enthusiasm for increasing holdings in bank stocks since 2025, with notable examples including Su Nong Bank and Wuxi Bank, indicating a trend of insurance companies focusing on regional banks [1][5][14]. Group 1: Insurance Capital Involvement - Hongkang Life Insurance has become one of the top ten shareholders of Su Nong Bank, holding over 100 million shares, which is approximately 4.95% of the total shares, nearing the threshold for a significant stake [1][2]. - In 2023 and 2024, Wuxi Bank was also a target for insurance capital, with Changcheng Life Insurance increasing its stake to 4.95% by the end of 2023 [6][7]. - In 2025, Hongkang Life has been actively increasing its stake in Zhengzhou Bank, with its holdings exceeding 20% after multiple rounds of purchases [9][10]. Group 2: Financial Performance of Su Nong Bank - For the first half of 2025, Su Nong Bank reported a slight revenue increase, achieving an operating income of 2.28 billion yuan, a year-on-year growth of 0.21%, and a net profit of 1.178 billion yuan, up 5.23% [8]. - As of June 30, 2025, Su Nong Bank's total assets reached 223.249 billion yuan, reflecting a growth of 4.33% since the beginning of the year, with a non-performing loan ratio stable at 0.90% [8]. - The bank's mid-year profit distribution plan includes a cash dividend of 0.09 yuan per share, totaling approximately 182 million yuan, which represents 15.42% of the net profit attributable to shareholders [8]. Group 3: Market Trends and Valuation - The banking sector has become a popular investment target for capital markets, particularly for insurance capital, due to its high dividend yield and stable operational characteristics [14][15]. - As of August 26, 2025, the banking sector's dividend yield was 3.69%, making it an attractive investment compared to other high-dividend sectors [15]. - The implementation of new accounting standards allows insurance funds to account for profits when they acquire bank stocks above certain thresholds, further incentivizing investments in undervalued bank stocks [16].