Investment Rating - Buy (maintained) with a current price of 3.71 RMB [1] Core Views - Qingdao Bank's revenue and net profit maintained double-digit growth, with revenue reaching 10.49 billion RMB, up 8.1% YoY, and net profit attributable to shareholders reaching 3.46 billion RMB, up 15.6% YoY [4] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.17% and a provision coverage ratio of 245.7% [10] - The bank's net interest margin (NIM) narrowed slightly to 1.75%, down 2bps from the first half of 2024, but cost control measures helped mitigate the impact [9] - The bank's capital adequacy ratios remained strong, with core Tier 1 capital adequacy at 8.9%, Tier 1 capital adequacy at 10.5%, and total capital adequacy at 13.2% [10] Financial Performance - Revenue growth slowed slightly, with pre-provision operating profit (PPOP) and net profit growing at 8.5% and 15.6% YoY, respectively [6] - Net interest income grew by 5.6% YoY, while non-interest income grew by 14.4% YoY, though the growth rate of non-interest income slowed compared to the first half of 2024 [6] - The cost-to-income ratio improved to 28.3%, down 1 percentage point YoY, reflecting effective cost control measures [6] Asset and Liability Structure - Total assets grew by 15.1% YoY, with interest-earning assets and loans growing by 12.6% and 11.3% YoY, respectively [3] - Corporate loans (including discounts) grew by 14.9% YoY, while retail loans decreased by 6 billion RMB, reflecting pressure in the retail lending sector [6] - Deposits grew by 12.9% YoY, with corporate and personal deposits increasing by 79 billion RMB and 90 billion RMB, respectively, in the third quarter [6] Credit and Risk Management - The bank's NPL ratio remained stable at 1.17%, with a provision coverage ratio of 245.7%, indicating strong risk resilience [10] - The bank's risk-weighted assets (RWA) growth slowed to 7.3% YoY, reducing capital consumption and enhancing capital safety margins [10] Strategic Focus - Qingdao Bank is focusing on structural adjustment, customer base strengthening, synergy optimization, and capability enhancement as part of its 2023-2025 strategic plan [11] - The bank aims to become a leading value bank with superior efficiency, distinctive features, and flexible mechanisms [11] Valuation and Forecast - The bank's EPS for 2024-2026 is forecasted at 0.68, 0.74, and 0.79 RMB, respectively, with a current PB ratio of 0.6x and a PE ratio of 5.45x [11] - The bank's ROE is expected to remain stable at around 11.5% over the next three years [12]

Financial Performance - In Q3 2024, Qingdao Bank reported operating income of RMB 3,358,104 thousand, a year-on-year increase of 0.80%[2] - Net profit attributable to shareholders of the parent company for Q3 2024 was RMB 814,011 thousand, representing a 24.65% increase compared to the same period last year[2] - Basic earnings per share for Q3 2024 was RMB 0.10, up 42.86% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2024 was RMB 779,649 thousand, a 27.45% increase year-on-year[2] - Net profit attributable to shareholders was CNY 3.46 billion, an increase of CNY 466 million or 15.60% year-over-year[17] - Operating income for the first three quarters was CNY 10.49 billion, up CNY 789 million or 8.14% year-over-year[17] - Non-interest income grew to CNY 3.22 billion, an increase of CNY 405 million or 14.40% year-over-year[17] - The bank's operating profit for the nine months ended September 30, 2024, was RMB 4,191,691 thousand, an increase from RMB 3,491,656 thousand in the same period of 2023[32] Assets and Liabilities - Total assets as of September 30, 2024, reached RMB 668,981,907 thousand, a 10.03% increase from the end of 2023[3] - Total liabilities increased by 10.10% year-on-year, amounting to RMB 625,436,134 thousand as of September 30, 2024[3] - Total assets as of September 30, 2024, amounted to RMB 668,981,907 thousand, a rise from RMB 607,985,372 thousand at the end of 2023[31] - Total liabilities amounted to CNY 625.44 billion, up CNY 57.39 billion or 10.10% from the previous year[16] - The bank's total equity increased to RMB 43,545,773 thousand from RMB 39,939,243 thousand year-on-year[31] Customer Loans and Deposits - Total customer loans reached CNY 331.13 billion, a 10.34% increase from CNY 300.09 billion at the end of 2023[9] - Total customer deposits increased to CNY 428.19 billion, reflecting a 10.91% growth from CNY 386.06 billion at the end of 2023[9] - Customer loans totaled CNY 331.13 billion, increasing by CNY 31.04 billion or 10.34%, accounting for 49.50% of total assets[16] - Customer deposits reached CNY 428.19 billion, a rise of CNY 42.13 billion or 10.91%, representing 68.46% of total liabilities[16] - The bank's loans and advances stood at RMB 322,713,424 thousand, up from RMB 292,992,926 thousand, reflecting a growth of approximately 10.1%[27] Ratios and Coverage - The weighted average return on equity for Q3 2024 was 8.42%, an increase of 0.92 percentage points compared to the previous year[2] - The capital adequacy ratio is 13.15%, an increase from 12.79% at the end of 2023[7] - The non-performing loan ratio is 1.17%, a slight decrease from 1.18% at the end of 2023[11] - The liquidity coverage ratio improved to 188.03%, up from 158.11% at the end of 2023[12] - The provision coverage ratio stands at 245.71%, an increase from 225.96% at the end of 2023[7] - The average return on total assets is 0.74%, up from 0.65% at the end of 2023[7] - The coverage ratio for provisions reached 245.71%, an increase of 19.75 percentage points year-over-year[18] Cash Flow - The bank's cash flow from operating activities for the first nine months of 2024 was RMB 23,050,276 thousand, a significant increase of 192.69% compared to the same period last year[6] - Operating cash inflow totaled CNY 91,284,873 thousand, compared to CNY 60,886,953 thousand in the previous year, marking an increase of about 50.0%[35] - Net cash flow from operating activities was CNY 23,050,276 thousand, significantly up from CNY 7,875,407 thousand, indicating a growth of approximately 192.0%[35] - Cash and cash equivalents at the end of the period amounted to CNY 28,776,910 thousand, compared to CNY 18,127,361 thousand at the end of the same period last year, reflecting an increase of about 58.5%[37] - The net increase in cash and cash equivalents was CNY 13,180,138 thousand, compared to CNY 6,618,364 thousand in the previous year, indicating a growth of approximately 99.0%[37] Other Financial Metrics - The bank recognized non-recurring gains of RMB 34,362 thousand in Q3 2024, primarily from government subsidies[5] - The bank's cash and deposits with the central bank amounted to RMB 45,808,417 thousand, up from RMB 31,043,664 thousand, indicating a significant increase of about 47.7%[27] - Financial investments at fair value through profit or loss reached RMB 66,650,437 thousand, compared to RMB 58,269,523 thousand, indicating an increase of about 14.8%[27] - The bank's interest, fees, and commissions received amounted to CNY 15,417,546 thousand, up from CNY 13,702,079 thousand, reflecting an increase of about 12.5%[35]

证券代码：002948 证券简称：青岛银行 公告编号：2024-031 二、审议通过了《青岛银行股份有限公司 2024 年三季度第三支柱信息披露 报告》 本议案同意票 14 票，反对票 0 票，弃权票 0 票。 青岛银行股份有限公司董事会决议公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司（以下简称"本行"）于2024年10月14日以电子邮件方 式向董事发出关于召开第九届董事会第五次会议的通知，于2024年10月21日以电 子邮件方式向董事发出本次会议的补充通知，会议于2024年10月28日以通讯表决 方式召开，应参与表决董事14名，实际表决董事14名。本次会议召开符合《公司 法》《深圳证券交易所股票上市规则》和《青岛银行股份有限公司章程》的规定。 会议审议通过了以下议案： 一、审议通过了《青岛银行股份有限公司关于 2024 年第三季度报告的议案》 本议案同意票 14 票，反对票 0 票，弃权票 0 票。 本议案已经本行董事会审计委员会事前认可，由该委员会全体委员审议通过， 同意将其提交董事会审议。本行 2024 年第三季度报告同日在《中 ...

证券代码：002948 证券简称：青岛银行 公告编号：2024-032 青岛银行股份有限公司监事会决议公告 本行 2024 年第三季度报告同日在《中国证券报》《上海证券报》《证券时报》 《证券日报》和巨潮资讯网（http://www.cninfo.com.cn/）披露，供投资者查阅。 备查文件 经与会监事签字的通讯表决书及加盖监事会印章的监事会决议。 特此公告。 青岛银行股份有限公司监事会 2024 年 10 月 28 日 青岛银行股份有限公司（以下简称"本行"）于 2024 年 10 月 17 日以电子邮件 方式向监事发出关于召开第九届监事会第三次会议的通知，会议于 2024 年 10 月 28 日以通讯表决方式召开，应参与表决监事 6 名，实际表决监事 6 名。本次会议召开 符合《公司法》《深圳证券交易所股票上市规则》和《青岛银行股份有限公司章程》 的规定。 会议审议通过了《青岛银行股份有限公司关于 2024 年第三季度报告的议案》 本议案同意票 6 票，反对票 0 票，弃权票 0 票。 经审核，监事会认为：董事会编制和审核青岛银行股份有限公司2024年第三 季度报告的程序符合法律、行政法规和中国证监会的 ...

Investment Rating - The report assigns a "Buy" rating for Qingdao Bank, indicating an expected relative price increase of over 15% compared to the CSI 300 index in the next six months [6][7]. Core Insights - Qingdao Bank's 2024 mid-year report shows a revenue of 7.128 billion yuan, a year-on-year increase of 11.98%, and a net profit attributable to shareholders of 2.641 billion yuan, up 13.07% year-on-year [4]. - The bank's loan balance reached 324.394 billion yuan by the end of H1 2024, reflecting an 8.10% increase from the end of the previous year, with strong growth in corporate loans [4]. - The net interest margin remained stable at 1.77%, with a year-on-year increase of 8 basis points, indicating a stabilization of profit margins [4]. - Non-interest income saw a significant increase of 54.80% year-on-year, driven by strategic investments in public funds and favorable conditions in the bond market [4]. - The bank's asset quality improved, with a non-performing loan ratio of 1.17% and a provision coverage ratio of 234.43% as of H1 2024 [4]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 13.451 billion yuan, with a growth rate of 7.85% [5]. - Net profit for 2024 is estimated at 3.985 billion yuan, reflecting a growth rate of 12.31% [5]. - The bank's book value per share (BVPS) is expected to be 7.31 yuan in 2024, with a price-to-book (PB) ratio of 0.50 [5]. Loan Structure and Quality - Corporate loans increased by 12.22% year-on-year, with significant growth in key sectors such as technology and green finance [4]. - Retail loans decreased by 1.37%, with specific declines in mortgage and consumer loans [4]. - The bank's non-performing loan ratio for corporate loans improved to 0.92%, while the retail loan non-performing ratio increased to 1.95% [4]. Capital Adequacy - As of H1 2024, the core tier one capital adequacy ratio was 9.07%, reflecting a 0.65 percentage point increase from the previous year [4].

特此公告。 青岛银行股份有限公司 境内同步披露公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 * H 3866 董事會會議通告 青島銀行股份有限公司（「本行」）董事會（「董事會」）謹此宣佈，本行將於2024年10月28日 （星期一）舉行董事會會議，藉以考慮及批准本行及其附屬公司截至2024年9月30日止九個 月的第三季度業績及其他事宜。 青岛银行股份有限公司董事会 2024 年 10 月 16 日 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Ba ...

北京市金杜律师事务所 关于青岛银行股份有限公司 2024 年第一次临时股东大会 之法律意见书 致：青岛银行股份有限公司 北京市金杜律师事务所（以下简称本所）接受青岛银行股份有限公司（以 下简称公司）委托，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》）、中国证券监督管理委员会（以下 简称中国证监会）《上市公司股东大会规则》（以下简称《股东大会规则》）等中 华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国 香港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行 政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了 公司于 2024 年 10 月 14 日召开的 2024 年第一次临时股东大会（以下简称本 次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限 于： 1. 经公司 2023 年度股东大会审议通过的《青岛银行股份有限公司章程》 （以下简称《公司章程》）； 2. 公司于《中国证券报》《证券时报》《上海证券报》《证券日报》、巨 潮资讯网 ...

证券代码：002948 证券简称：青岛银行 公告编号：2024-030 （一）召开时间 1.现场会议召开时间：2024年10月14日（星期一） 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 10 月 14 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过互联网投票系统投票的 时间为 2024 年 10 月 14 日 9:15-15:00。 （二）会议地点：山东省青岛市崂山区秦岭路 6 号青岛银行总行 青岛银行股份有限公司 2024 年第一次临时股东大会决议公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述 或者重大遗漏。 特别提示： 1.本次股东大会无否决议案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 （三）召开方式：采取现场投票与网络投票相结合的方式 （四）召集人：青岛银行股份有限公司（以下简称"本行"）董事会 （五）主持人：本行董事长景在伦先生 （六）本次股东大会的召开符合《中华人民共和国公司法》《上市公司股 东大会规则》等有关法律、行政法规、部门规章及《青岛银行股份有限公 ...

青岛银行股份有限公司 根据《深圳证券交易所股票上市规则》关于上市公司在境内外证券交易所同 步披露公告的规定，特将该公告在深圳证券交易所网站（http://www.szse.cn/）同 步披露，供参阅。 特此公告。 境内同步披露公告 本行及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或者重大遗漏。 青岛银行股份有限公司根据《香港联合交易所有限公司证券上市规则》规定， 已在香港联合交易所有限公司披露易网站（https://www.hkexnews.hk/）披露后附 公告。 青岛银行股份有限公司董事会 2024 年 9 月 30 日 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 青島銀行股份有限公司 呈交日期: 2024年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- ...

证券代码：002948 证券简称：青岛银行 1 青岛银行股份有限公司投资者关系活动记录表 编号：2024-14 | --- | --- | |-------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...