Financial Data and Key Indicators Changes - In 2024, the total net profit increased by 4.8% to RMB222.7 billion, while operating income rose by 2.3% to RMB711.4 billion [4] - Interest income reached RMB580.7 billion, reflecting a growth of 1.6% [4] - Newly added loans amounted to RMB2.29 trillion, marking a significant increase of 10.13% [4] - The non-performing loan (NPL) ratio improved to 1.3%, down by 3 basis points from the previous year [5] - The capital adequacy ratio (CAR) increased by 1.05%, with the Common Equity Tier 1 (CET1) CAR at 11.42% [6] Business Line Data and Key Indicators Changes - The growth of corporate and individual loans outpaced peers, with individual loans showing a discrepancy of 0.42% [5] - The loan balance for county-level growth exceeded RMB1 trillion, accounting for over 40% of the domestic loan balance [9] - Agricultural loans surpassed RMB1 trillion, with a growth rate exceeding 15% [10] - The balance of inclusive finance loans increased by over 30% for six consecutive years, reaching RMB4.66 trillion [15] Market Data and Key Indicators Changes - The stock price of A shares and H shares increased by 55% and 58% respectively, ranking first among comparable peers [7] - The county-level loan balance reached RMB9.85 trillion, with a growth rate of 12.3% [68] - The personal loan balance reached RMB9 trillion, leading among peers [98] Company Strategy and Development Direction - The company focuses on enhancing financial services in agriculture and rural areas, aligning with government strategies [8] - Emphasis on digital transformation and fintech innovation to improve service delivery and customer experience [12][25] - Plans to strengthen risk management and maintain stability in asset quality while supporting the real economy [29][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining profitability growth in 2025, driven by supportive macroeconomic policies and consumption boosting measures [27][40] - The outlook for asset quality remains stable, with expectations of maintaining a good level of NPL ratios [81] - The company aims to enhance customer satisfaction and improve reform and innovation in its operations [30] Other Important Information - The company plans to hire 32,000 employees in 2024, focusing on risk control and development [22] - The provision coverage ratio stands at 299%, indicating strong risk resilience [6] - The company has implemented measures to support small and micro borrowers, enhancing its inclusive finance initiatives [14] Q&A Session Summary Question: What is the reason behind the operating income and profit growth in 2024, and what is the expectation for sustainability? - Management attributed the growth to improved credit structure, pricing optimization, and effective risk cost control, with confidence in maintaining profitability growth in 2025 [35][40] Question: What is the outlook for deposit growth in 2024? - Management expects balanced deposit growth, supported by favorable monetary policies and customer base expansion [49][54] Question: What are the reasons for the increase in credit growth in 2024? - The increase is attributed to strategic focus on key areas, with corporate loans growing by 10.6% and individual loans by 9.4% [68][70] Question: What measures will be taken to manage asset quality risks? - Management emphasized stringent risk management practices, focusing on customer eligibility and proactive risk mitigation strategies [78][83] Question: What is the strategy for retail business development? - The company aims to enhance customer management, digital transformation, and expand personal loan offerings to meet growing consumer demand [90][98]

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