2020 年 4 月 29 日，中国农业银行股份有限公司（以下 简称"本行"）在全国银行间债券市场簿记发行规模为人民 币 400 亿元的 10 年期二级资本债券（以下简称"本期债券"）， 并于 2020 年 5 月 6 日发布了《中国农业银行股份有限公司 关于二级资本债券发行完毕的公告》。根据本期债券募集说 明书相关条款规定，本期债券设有发行人赎回权，发行人有 权在本期债券第五年末（即 2025 年 5 月 6 日），全额赎回本 期债券。 截至本公告日，经国家金融监督管理总局认可，本行已 行使赎回权，全额赎回了本期债券。 特此公告。 中国农业银行股份有限公司董事会 证券代码：601288 证券简称：农业银行 公告编号：临 2025-021 号 中国农业银行股份有限公司 关于赎回二级资本债券的公告 中国农业银行股份有限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。 二〇二五年五月七日 ...

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank of China (601288.SH) with a current price of 5.42 CNY [1]. Core Insights - Agricultural Bank of China reported a revenue of 186.7 billion CNY for Q1 2025, with a year-on-year growth rate of 0.4%, and a net profit attributable to shareholders of 71.9 billion CNY, reflecting a 2.2% increase year-on-year [4][5]. - The bank's net interest margin (NIM) was 1.34%, showing a decline of 8 basis points compared to 2024, but the rate of decline has narrowed [9]. - Non-interest income grew by 11.1% year-on-year, contributing to 25% of total revenue, indicating a positive trend in non-interest revenue streams [10]. Summary by Sections Financial Performance - Q1 2025 revenue and net profit growth rates were 0.4% and 2.2% respectively, with a year-on-year decline in the annualized return on average equity (ROAE) to 10.82% [4][5]. - The bank's net interest income decreased by 2.7%, while non-interest income increased by 11.1% compared to the previous year [5]. Loan and Deposit Growth - As of Q1 2025, the bank's interest-earning assets and loans grew by 6.3% and 9.8% year-on-year, respectively [6]. - The bank's loan growth was driven by high demand in key sectors, with significant increases in loans to strategic emerging industries and rural areas [7]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased to 1.28%, the lowest in history, with a total NPL balance of 334.6 billion CNY [11]. - The bank's provision coverage ratio was 297.8%, indicating strong risk mitigation capabilities [11]. Capital Adequacy and Valuation - The core tier 1 capital adequacy ratio stood at 11.2%, reflecting a slight decrease from the previous year [11]. - The report forecasts earnings per share (EPS) of 0.83, 0.85, and 0.87 CNY for 2025, 2026, and 2027 respectively, with corresponding price-to-book (PB) ratios of 0.68, 0.63, and 0.59 [12][13].

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a 6-month outlook maintained [7] Core Views - Agricultural Bank reported a revenue of approximately 186.7 billion yuan for Q1 2025, showing a year-over-year increase of 0.35%. The net profit attributable to shareholders was 71.9 billion yuan, up 2.20% year-over-year. The non-performing loan ratio stood at 1.28% with a provision coverage ratio of 298% [1][2] - The bank's net interest income was 140.6 billion yuan, down 2.74% year-over-year, accounting for 75.3% of total revenue. Non-interest income reached 46.1 billion yuan, marking a significant growth of 24.7% year-over-year, driven by a 95.77% increase in investment net income [2][3] - The bank's net interest margin recorded at 1.34%, reflecting a decline of 8 basis points quarter-over-quarter and 10 basis points year-over-year due to the impact of loan repricing following the reduction in LPR [3] Financial Performance Summary - For Q1 2025, the total interest-earning assets amounted to 43.92 trillion yuan, a year-over-year growth of 6.3%. Loan and financial investment growth rates were 10.0% and 12.7% respectively [3] - The bank's interest-bearing liabilities reached 40.96 trillion yuan, increasing by 8.0% year-over-year, with deposits growing by 3.0% [3] - The core Tier 1 capital adequacy ratio was reported at 11.23%, down 19 basis points, attributed to high credit growth leading to risk-weighted asset expansion [4] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 2.25%, 4.12%, and 5.08% respectively, with corresponding book values per share (BPS) of 7.95, 8.50, and 8.99 yuan [5] - The projected revenue for 2025 is approximately 719.2 billion yuan, with a growth rate of 1.21% [6]

Investment Rating - The investment rating for Agricultural Bank is "Buy" (maintained) [1] Core Views - Agricultural Bank's profit growth continues to lead among state-owned banks, with a focus on deepening its county-level financial strategy [4][9] - As of the end of Q1 2025, Agricultural Bank's revenue and net profit attributable to shareholders grew by 0.35% and 2.19% year-on-year, respectively, maintaining the leading position among state-owned banks [4] - The bank's non-interest income ratio increased to 24.69%, with significant growth in investment income and foreign exchange gains [4][5] Financial Performance Summary - As of Q1 2025, Agricultural Bank's total assets, loans, and financial investments grew by 6.31%, 10.03%, and 12.69% year-on-year, respectively [5] - The bank's net interest margin was 1.34%, with a slight decrease compared to the previous year, but the decline was significantly narrowed [6] - The non-performing loan ratio was 1.28%, showing a slight improvement, and the provision coverage ratio was 297.18%, indicating strong risk mitigation capabilities [8] Investment Recommendations - The bank's focus on county-level financial services is expected to benefit from the accelerated integration of urban and rural economies [9] - The bank's profitability forecasts for 2025-2027 indicate a slight decline in revenue growth, with expected net profit growth of 1.26%, 1.36%, and 2.37% respectively [9][11]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The profit growth of Agricultural Bank continues to lead among state-owned banks, with a focus on deepening county financial strategies [4][9] - As of the end of Q1 2025, Agricultural Bank's revenue and net profit attributable to shareholders grew by 0.35% and 2.19% year-on-year, respectively, ranking first among state-owned banks [4][5] - The bank's non-interest income ratio increased to 24.69%, with significant growth in investment income and foreign exchange gains, reflecting strong financial investment capabilities [4][5] Financial Performance Summary - As of Q1 2025, total assets, loans, and financial investments of Agricultural Bank grew by 6.31%, 10.03%, and 12.69% year-on-year, respectively, indicating robust expansion [5] - The bank's net interest margin was 1.34%, with a slight decline compared to 2024, but the decrease was significantly narrowed year-on-year [6] - The non-performing loan ratio was 1.28%, down 2 basis points from 2024, indicating continued improvement in asset quality [8] Investment Recommendations - The bank's focus on county-level financial strategies is expected to benefit from accelerated urban-rural integration and high financial demand in rapidly developing central and western regions [9] - Profit growth and provisioning safety margin are leading among state-owned banks, with projected revenue growth of -0.96%, 1.81%, and 4.53% for 2025-2027 [9][11]

Investment Rating - The investment rating for Agricultural Bank is "Buy" with a 6-month outlook maintained [7]. Core Insights - Agricultural Bank reported Q1 2025 revenue of approximately 186.7 billion RMB, a year-over-year increase of 0.35%, and a net profit attributable to shareholders of 71.9 billion RMB, up 2.20% year-over-year [1][2]. - Non-interest income showed significant growth, with a 24.7% year-over-year increase, contributing 46.1 billion RMB to total revenue [2]. - The bank's non-performing loan ratio stood at 1.28%, with a provision coverage ratio of 298% [3]. Financial Performance - In Q1 2025, net interest income was 140.6 billion RMB, down 2.74% year-over-year, accounting for 75.3% of total revenue [2]. - The bank's total interest-earning assets reached 43.92 trillion RMB, growing 6.3% year-over-year, driven by a 10.0% increase in loans and a 12.7% increase in financial investments [3]. - The bank's total liabilities were 40.96 trillion RMB, reflecting an 8.0% year-over-year increase, with deposits growing by 3.0% [3]. Capital Adequacy - As of Q1 2025, the core Tier 1 capital adequacy ratio was 11.23%, down 19 basis points from the previous quarter [4]. Profit Forecast and Valuation - The forecasted growth rates for net profit attributable to shareholders for 2025-2027 are 2.25%, 4.12%, and 5.08%, respectively [5]. - The projected book value per share (BPS) for 2025, 2026, and 2027 is 7.95, 8.50, and 8.99 RMB, respectively [5].

Group 1 - The core viewpoint of the articles emphasizes the proactive measures taken by Agricultural Bank's Baotou branch to support the financing needs of private enterprises, thereby contributing to local economic development [1] - The establishment of a dedicated task force to enhance financial services for private enterprises, which includes regular meetings to analyze financing challenges and develop service solutions [2] - The implementation of a "green channel" for credit services, prioritizing qualified enterprises for faster processing and approval, significantly improving service efficiency and customer satisfaction [4] Group 2 - The Baotou branch has organized regular visits to private enterprises to understand their operational conditions and financing needs, resulting in the collection of nearly 2 billion yuan in effective financing demands [3] - Since 2025, the Baotou branch has issued loans totaling 3.839 billion yuan to private enterprises, with a loan balance of 7.205 billion yuan, reflecting a 14.18% increase since the beginning of the year [4] - The bank's efforts have successfully addressed financing difficulties for over 15,000 private enterprises, reinforcing its role as a key player in supporting the real economy [4]

Investment Rating - The report maintains a "Buy" rating for the company in Hong Kong and an "Overweight" rating for the A-share market [9]. Core Views - The company demonstrates strong profit resilience with a year-on-year increase in net profit of 2.2% and operating income of 0.4% for Q1 2025, alongside a slight decline in annualized ROE and ROA [2]. - The company is expected to benefit from its unique county-level financial characteristics, justifying a valuation premium [6]. - The report predicts stable profit growth with net profit forecasts of RMB 289.3 billion, RMB 298.1 billion, and RMB 314.0 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 2.6%, 3.0%, and 5.3% [6]. Summary by Sections Financial Performance - For Q1 2025, the company reported a net profit of RMB 289.3 billion and operating income of RMB 721.3 billion, with respective year-on-year growth rates of 2.2% and 0.4% [2]. - The annualized ROE and ROA for Q1 2025 were 10.82% and 0.66%, showing a decrease of 0.57 percentage points and 0.04 percentage points year-on-year [2]. Asset and Loan Growth - As of March 2025, total assets, loans, and deposits grew by 6.3%, 9.8%, and 3.1% respectively compared to the end of 2024 [3]. - The company maintained a steady credit issuance with retail and corporate loans increasing by RMB 443.2 billion and RMB 703.5 billion respectively in Q1 2025 [3]. Non-Interest Income and Cost Management - Non-interest income increased by 11.1% year-on-year in Q1 2025, driven by strong growth in other non-interest income, particularly from investment gains and foreign exchange [4]. - The effective tax rate improved to 7.1%, down 3.7 percentage points year-on-year, contributing to profit release [4]. Asset Quality and Capital Adequacy - The non-performing loan ratio and provision coverage ratio as of March 2025 were 1.28% and 298% respectively, indicating a slight improvement [5]. - The capital adequacy ratio and core tier one capital adequacy ratio were 17.79% and 11.23%, showing a minor decrease from the end of 2024 [5]. Valuation Metrics - The report assigns a target price of RMB 6.40 and HKD 6.02 for the company's A/H shares, corresponding to PB ratios of 0.80 and 0.70 for 2025 [6]. - The company is expected to trade at a premium compared to its peers, with the average PB for comparable A-shares at 0.62 and H-shares at 0.47 for 2025 [6].

Investment Rating - The report maintains a strong recommendation for Agricultural Bank of China, indicating a robust performance relative to peers and a positive outlook for future growth [4]. Core Insights - Agricultural Bank of China reported a year-on-year revenue growth of 0.4%, a slight decline in PPOP of 0.3%, and a net profit increase of 2.2% for Q1 2025, showcasing resilience in a challenging environment [1]. - The bank's other non-interest income surged by 45.3% in Q1 2025, contrasting with the broader banking sector, which faced declines in this area due to market adjustments [2]. - The bank's total assets grew at a rate of 6.3% as of Q1 2025, the lowest among the six major state-owned banks, attributed to a significant reduction in interbank assets and a slowdown in financial investment growth [3]. Summary by Sections Performance Metrics - For Q1 2025, Agricultural Bank of China achieved a total revenue of 186.67 billion, with a net profit of 72.12 billion, reflecting a year-on-year growth of 2.2% [12]. - The bank's net interest margin decreased to 1.34%, while the return on equity (ROE) was reported at 10.82% [12][29]. Non-Interest Income - The bank's non-interest income growth was primarily driven by a significant increase in other non-interest income, which rose by 45.3% compared to the previous year [2][30]. - Fee income showed a decline of 3.5% in Q1 2025, indicating challenges in this revenue stream despite overall positive performance [4]. Asset Quality - Agricultural Bank of China maintained a non-performing loan (NPL) ratio of 1.28%, with a provision coverage ratio of 297.81%, indicating strong asset quality management [12][30]. Capital and Shareholder Information - The bank's total market capitalization is approximately 1956.4 billion, with a current share price of 5.59 yuan and a price-to-earnings (PE) ratio of 7.1 for 2025 [4][12].

证券代码：601288 证券简称：农业银行 公告编号：临 2025-019 号 中国农业银行股份有限公司 监事会决议公告 中国农业银行股份有限公司监事会及全体监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。 中国农业银行股份有限公司（以下简称"本行"）监事会 2025 年第二次会议于 2025 年 4 月 18 日以电子邮件方式发出会议通知， 于 2025 年 4 月 29 日在北京以现场会议方式召开。会议应出席监 事 6 名，亲自出席监事 6 名。会议的召开符合法律法规、《中国农 业银行股份有限公司章程》及《中国农业银行股份有限公司监事 会议事规则》的有关规定。因本行监事长空缺，经全体监事推举， 会议由汪学军监事主持，本次监事会会议审议并通过以下议案： 中国农业银行股份有限公司 2025 年第一季度报告。 议案表决情况：本议案有效表决票 6 票，同意 6 票，反对 0 票，弃权 0 票。 监事会认为，本行 2025 年第一季度报告的编制和审议程序符 合法律、行政法规和监管规定，报告的内容真实、准确、完整地 反映了本行的实际情况。 特此公告。 ...