证券代码：601288 证券简称：农业银行 公告编号：临 2024-039 号 中国农业银行股份有限公司董事会 二〇二四年九月六日 中国农业银行股份有限公司 关于赎回2019年无固定期限资本债券（第二期） 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。 2019 年 9 月 3 日，中国农业银行股份有限公司（以下简称 "本行"）簿记发行规模为人民币 350 亿元的无固定期限资本债 券（以下简称"本期债券"），并于 2019 年 9 月 6 日发布了《中 国农业银行股份有限公司关于无固定期限资本债券（第二期）发 行完毕的公告》。根据本期债券募集说明书相关条款的规定，本 期债券设有发行人赎回权，发行人有权在本期债券第五个计息年 度的付息日（即 2024 年 9 月 5 日），全额赎回本期债券。 截至本公告日，本行已行使赎回权，全额赎回了本期债券。 特此公告。 ...

会杜律师事务所 KING&WCDD MALIESONS 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编：100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaoyang District Bejiina. 100020 P.R. China [ +86 10 5878 5588 +86 10 5878 5566 北京市金杜律师事务所 关于中国农业银行股份有限公司 2024年度第二次临时股东大会的 法律意见书 致:中国农业银行股份有限公司 北京市金杜律师事务所(以下简称金杜)接受中国农业银行股份有限公司(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 《上市公司股东大会规则》（2022年修订）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 有效的经 2021年年度股东大 ...

Investment Rating - The report indicates a positive investment outlook for Agricultural Bank of China, highlighting its resilience and ability to adapt to market changes [18]. Core Insights - Agricultural Bank of China has demonstrated strong financial resilience with key performance indicators showing positive growth despite industry challenges [19][23]. - The bank's net interest margin has stabilized and is expected to remain steady, supporting its profitability and ability to serve the real economy [10][26]. - The bank's asset quality is robust, with a declining non-performing loan ratio and strict recognition standards, indicating strong risk management [11][27]. - The bank's capital adequacy ratio is well above regulatory requirements, providing a solid buffer against potential risks [30][44]. Financial Resilience - Agricultural Bank's operating income for the first half of 2024 reached RMB 367.1 billion, a year-on-year increase of 0.4%, while net profit grew by 2% to RMB 136.5 billion [19]. - The net interest income was RMB 290.8 billion, reflecting a slight increase of 0.1% year-on-year, supported by a stable net interest margin of 1.45% [19][8]. - The bank's non-performing loan ratio stood at 1.32%, down by 1 basis point from the end of the previous year, indicating improved asset quality [11][14]. Organizational Resilience - As of June 30, 2024, Agricultural Bank's total customer deposits reached RMB 34.1 trillion, with personal deposits averaging RMB 17.5 trillion, leading the industry in growth [46]. - The bank has strategically expanded its network, with 70% of new branches located in rural and suburban areas, enhancing customer reach [15][34]. - The bank's customer base continues to grow, with personal customers totaling 870 million and corporate customers reaching 11.57 million [32]. Business Resilience - Agricultural Bank has increased its focus on rural revitalization, with its "Huinong e-loan" balance reaching RMB 1.4 trillion, a 29.5% increase from the beginning of the year [49]. - The bank has also made significant strides in green finance, with a green credit balance exceeding RMB 4.8 trillion, growing faster than the average loan growth rate [37]. - In the digital finance sector, the bank's mobile banking monthly active users reached 230 million, maintaining a leading position in the industry [51].

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國農業銀行股份有限公司 呈交日期: 2024年9月4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 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01288 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 30,738,823,096 | RMB | | 1 RMB | | 30,738,823,096 | | 2. 股份分類 | 普通股 | 股份 ...

Investment Rating - The report maintains an "Overweight" rating for Agricultural Bank of China (ABC) with 2024E, 2025E, and 2026E PB ratios of 0.64X, 0.59X, and 0.55X respectively [3][52] Core Views - ABC's 2024 H1 revenue increased by 0.2% YoY, turning positive from -1.9% in Q1 2024, while net profit grew by 2.0% YoY, up from -1.6% in Q1 2024 [1][63] - Net interest income rose by 0.1% YoY, driven by stabilized net interest margin (NIM), while non-interest income increased by 0.6% YoY, with fee income declining at a slower pace and other non-interest income showing significant growth [1][63] - The bank's asset quality remained stable, with a non-performing loan (NPL) ratio of 1.32% in H1 2024, unchanged from Q1 2024 [47][49] Financial Performance - ABC's H1 2024 net interest margin (NIM) increased by 1bp to 1.45% compared to Q1 2024, with asset yield declining by 11bp to 3.08% and liability cost decreasing by 10bp to 1.83% [10] - The bank's net fee income declined by 7.9% YoY in H1 2024, an improvement from the 10.8% decline in Q1 2024, while other non-interest income surged by 20.8% YoY, up from 11.2% in Q1 2024 [46][63] - ABC's H1 2024 net profit growth was primarily driven by revenue recovery and lower management expense growth [1][63] Asset and Liability Structure - ABC's loan growth slowed in Q2 2024, with total loans increasing by RMB 526.48 billion, down by RMB 83.08 billion YoY [11][13] - Corporate loans grew by RMB 148.33 billion in Q2 2024, down by RMB 363.34 billion YoY, while retail loans increased by RMB 49.38 billion, down by RMB 24.23 billion YoY [11][13] - The bank's deposit growth slowed significantly, with Q2 2024 deposits declining by 5.3% QoQ and decreasing by RMB 1.6 trillion, down by RMB 2.2 trillion YoY [40][43] Asset Quality - ABC's NPL ratio remained stable at 1.32% in H1 2024, with a quarterly annualized NPL formation rate of 0.55%, up by 5bp QoQ [47][49] - The bank's overdue loan ratio stood at 1.07% in H1 2024, down by 1bp from the beginning of the year, while the overdue 90+ days ratio increased by 7.9 percentage points to 52.31% [21][49] - ABC's provision coverage ratio rose slightly to 303.94% in Q2 2024, up by 0.72 percentage points QoQ [21][49] Capital Position - ABC's capital adequacy ratio improved in Q2 2024, with core tier 1 capital adequacy ratio, tier 1 capital adequacy ratio, and total capital adequacy ratio standing at 11.13%, 13.76%, and 18.45% respectively, with changes of -24bp, -1bp, and +5bp QoQ [50] Industry and Market Context - The report highlights ABC's strong fundamentals, including cheap valuation, high dividend yield, excellent asset-liability management, and steady profitability, with ongoing resolution of legacy risks and improving asset quality [3][52]

Investment Rating - Investment Rating: Buy (Maintain) for 1288 HK, Accumulate (Maintain) for 601288 CH with target prices of HKD 4.48 and RMB 5.58 respectively [5][20]. Core Views - The report indicates a recovery in operational performance and stable asset quality for the company, with a notable increase in net profit and revenue growth compared to peers [29][30]. - The company is expected to maintain a valuation premium due to its unique characteristics in county-level finance, despite uncertainties in the macroeconomic recovery [7][8]. Financial Performance Summary - For the first half of 2024, the company's net profit, revenue, and pre-provision operating profit (PPOP) growth rates were +2.0%, +0.3%, and flat respectively, outperforming peers [7]. - The annualized ROA and ROE for the first half of 2024 were 0.67% and 10.75%, showing a slight decline from the previous year [7]. - The company’s total assets, loans, and deposits as of June increased by 10.4%, 11.9%, and 4.4% year-on-year, with a significant focus on county-level loans [8][10]. Asset Quality and Risk Indicators - The non-performing loan (NPL) ratio stood at 1.12% as of June, down 12 basis points from the end of 2023, indicating improved asset quality [8][10]. - The company’s provision coverage ratio was stable at 304%, reflecting a solid buffer against potential loan losses [10][14]. Earnings Forecast - The forecasted EPS for 2024, 2025, and 2026 are RMB 0.79, 0.80, and 0.82 respectively, with a projected book value per share (BVPS) of RMB 7.44 for 2024 [11][42]. - The report anticipates a steady growth in net interest income and a slight recovery in non-interest income, with a focus on improving the net interest margin [9][11]. Valuation Metrics - The company is trading at a projected price-to-earnings (PE) ratio of 5.76 for 2024 and a price-to-book (PB) ratio of 0.61 [11][42]. - The target PB ratios for A/H shares are set at 0.75 and 0.55 for 2024, reflecting the company's expected valuation premium [7][8].

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank of China with a current price of 4.52 CNY [1]. Core Insights - The bank's revenue for the first half of 2024 reached 366.8 billion CNY, with a year-on-year growth rate of 0.3%, while net profit attributable to shareholders was 135.9 billion CNY, reflecting a 2% increase [1]. - The annualized weighted average return on equity (ROAE) stands at 10.75%, down by 0.7 percentage points year-on-year [1]. - The bank's net interest margin (NIM) improved slightly to 1.45%, indicating a stabilization in the interest margin trend [2]. - Non-interest income showed a positive growth of 0.9% year-on-year, contributing 760 billion CNY, which is 21% of total revenue [23]. - The bank's capital adequacy ratios remain robust, with a core Tier 1 capital ratio of 11.1% and a total capital adequacy ratio of 18.5% as of the end of Q2 2024 [3][11]. Revenue and Profitability - The bank's net interest income for the first half of 2024 was 571.75 billion CNY, while non-interest income was 123.08 billion CNY, showing a slight increase compared to previous periods [27]. - The bank's EPS is projected to be 0.78 CNY for 2024, with a stable dividend payout ratio of 30% [26][27]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.32%, with a decrease of 1 basis point from the beginning of the year [6]. - The bank's provision coverage ratio is at 303.9%, indicating a strong ability to absorb potential losses [24][42]. Capital Position - The bank issued 500 billion CNY in TLAC non-capital bonds to enhance its capital structure and meet regulatory requirements [3]. - The bank's total assets are projected to grow from 39.87 trillion CNY in 2023 to 60.92 trillion CNY by 2026 [27].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][20]. Core Views - The company achieved a revenue of 366.8 billion yuan in the first half of 2024, a year-on-year increase of 0.3%, with a net profit attributable to shareholders of 135.9 billion yuan, up 2.0% year-on-year. The performance improved in the second quarter after a decline in the first quarter [1]. - The net interest margin stabilized, with a slight increase of 1 basis point quarter-on-quarter, resulting in a net interest income growth of 0.1% year-on-year. The net interest margin for the first half of the year was reported at 1.45%, down 21 basis points year-on-year [1]. - The company maintained a strong loan growth, with total loans reaching 24.3 trillion yuan, a 7.8% increase from the beginning of the year. However, the deposit scale decreased by 5.2% in the second quarter due to the ban on manual interest compensation [1]. - The asset quality remained robust, with a non-performing loan ratio of 1.32%, stable compared to the end of March and down 1 basis point from the beginning of the year. The provision coverage ratio stood at 304% [1]. Summary by Relevant Sections Financial Performance - Revenue for 2024 is forecasted at 712.7 billion yuan, with a year-on-year growth of 2.6%. The net profit attributable to shareholders is projected to be 279.5 billion yuan, reflecting a growth of 3.8% [11]. - The company’s total assets reached 42.0 trillion yuan, with a loan-to-asset ratio of 55.8%, an increase of 1.4 percentage points from the beginning of the year [1]. Loan and Deposit Growth - The company’s total loans increased by 7.8% year-to-date, with corporate loans and personal loans growing by 12.1% and 7.3%, respectively. However, the personal mortgage loans decreased by 1.9% [1]. - The total deposits reached 29.5 trillion yuan, a 1.9% increase from the beginning of the year, although there was a decline in the second quarter [1]. Asset Quality and Risk Management - The company reported a non-performing loan generation rate of 0.52%, indicating a low level of new non-performing loans. The overdue loan ratio was stable at 1.07% [1]. - The provision coverage ratio of 304% indicates a strong buffer against potential loan losses [1].

Financial Data and Key Indicators Changes - The net profit for the first half of the year was RMB 136.5 billion, a 2% increase year-on-year [2] - Operating income reached RMB 3,075 billion, up by 4% [2] - Interest income was RMB 290 billion, reflecting a 1% increase [2] - The net interest margin (NIM) stabilized at 1.45%, with a 1 basis point increase compared to the first quarter [3] - The non-performing loan (NPL) ratio was 1.32%, down by 0.01% from the end of the previous year [4] Business Line Data and Key Indicators Changes - Total loans amounted to RMB 24.4 trillion, with an increase of RMB 1.77 trillion, representing a growth of 7.8% [3] - Client deposits reached RMB 34.1 trillion, an increase of RMB 1.5 trillion [3] - Individual clients numbered approximately 870 million, leading among peers [5] - Agricultural-related loans increased by 94.5%, with significant growth in various innovative loan types [7] Market Data and Key Indicators Changes - The domestic corporate balance was about RMB 11.9 trillion [4] - The balance of green credit exceeded RMB 4.8 trillion, with green M&A loans and bonds exceeding RMB 200 billion, marking a 30% increase [8] - Inclusive finance loans reached RMB 450 million, ranking first in terms of amount and growth [8] Company Strategy and Development Direction - The company aims to serve the three agricultures and promote rural revitalization, focusing on integrating urban and rural development [6] - Emphasis on digital transformation and enhancing financial services for agriculture and rural areas [10] - Plans to maintain stability and optimize credit structure while supporting the real economy [12] Management's Comments on Operating Environment and Future Outlook - The management expressed confidence in maintaining stable growth and improving operational quality in the second half of the year [15] - The focus will be on optimizing the credit structure and enhancing risk control measures [20] - The management highlighted the resilience of the Chinese economy and the potential for continued growth [11] Other Important Information - The company has developed a multi-level pension scheme and optimized elderly support financial services [9] - Digital financial services have seen significant innovations, with a mobile active user base of 223 million [10] Q&A Session All Questions and Answers Question: What are the drivers for the good performance in the first half of the year? - The management attributed the performance to effective strategies and initiatives, with a focus on serving the real economy and maintaining a balance between speed and quality [15] Question: What will be the future top priority areas for loans to serve the real economy? - The focus will be on key areas such as rural revitalization, inclusive finance, and green transformation, with a balanced credit structure [31] Question: How does the company plan to address credit risks in inclusive finance? - The management emphasized the importance of optimizing credit structure and expanding coverage while maintaining low risk levels [65] Question: What are the development priorities for retail banking? - The company aims to enhance services for personal clients, focusing on inclusive finance and supporting new citizens and the elderly [70]

Financial Performance - The bank's net profit for the first half of 2024 was RMB 2.02 per share, compared to RMB 1.66 per share in the same period of 2023, reflecting a growth of 21.56%[22] - The company achieved operating revenue of 366.8 billion RMB and net profit of 136.5 billion RMB for the first half of 2024, representing year-on-year growth of 0.3% and 2.0% respectively[27] - Net profit for the first half of 2024 was RMB 136,494 million, an increase of 1.0% compared to RMB 133,831 million in the same period of 2023[50] - In the first half of 2024, the company achieved a net profit of CNY 136.49 billion, an increase of CNY 2.66 billion or 2.0% year-on-year[58] - The total comprehensive income for the first half of 2024 was RMB 146,028 million, compared to RMB 132,660 million in the first half of 2023, marking an increase of 10.06%[136] Asset and Loan Growth - Total assets reached RMB 42 trillion by the end of June 2024, an increase of 5.3% compared to the end of the previous year, with total loans and advances amounting to 24.4 trillion RMB, up 7.8%[27] - Total assets reached CNY 41.16 trillion, reflecting a year-on-year growth of 7.3%[58] - The balance of loans to strategic emerging industries was RMB 2.63 trillion, growing by 25.0% compared to the end of 2023[53] - The balance of inclusive finance loans was RMB 4.51 trillion, with a growth rate of 25.8% compared to the end of 2023[53] - The total amount of loans and advances to customers increased by RMB 1,769,286 million for the six months ended June 30, 2024, compared to RMB 2,015,241 million for the same period in 2023, showing a decrease of approximately 12.2%[165] Non-Performing Loans and Risk Management - The non-performing loan ratio was 1.32% as of June 30, 2024, slightly improved from 1.37% at the end of 2023[23] - The non-performing loan ratio improved to 1.32%, a decrease of 0.01 percentage points from the end of the previous year, while the overdue loan ratio also decreased to 1.07%[27] - The company is focused on strengthening its risk management framework to mitigate financial risks, particularly in real estate and local government debt sectors[29] - The company's non-performing loan ratio stood at 1.56% as of June 2024, with a provision coverage ratio of 209.32%[58] - The provision coverage ratio stood at 303.94% and the capital adequacy ratio was 18.45% as of June 2024[27] Capital and Dividend - The board of directors proposed a cash dividend of RMB 1.164 per share for the 2024 interim period, totaling RMB 40.738 billion[3] - The company's capital adequacy ratio was reported at 15.53% as of June 2024, indicating a strong capital position[58] - The core Tier 1 capital adequacy ratio was 11.13%, compared to 10.72% in the previous year[68] Operational Efficiency - The cost-to-income ratio was reported at 27.44%, indicating ongoing improvements in operational efficiency[27] - The average return on total assets was 0.67% and the weighted average return on equity was 10.75% for the first half of 2024[27] - The average return on total assets was 0.67% for the first half of 2024, down from 0.74% in the same period of 2023[51] - The company reported a cost-to-income ratio of 27.44% for the first half of 2024, slightly higher than 27.37% in the first half of 2023[51] Digital Transformation and Technology - The bank aims to enhance its financial technology capabilities to improve service efficiency and customer experience[12] - The company is focusing on digital transformation and enhancing its technological capabilities to improve service efficiency and customer satisfaction[54] - The monthly active users of mobile banking reached 231 million, reflecting the bank's enhanced digital financial service capabilities[71] Future Outlook and Strategic Initiatives - The outlook for the second half of 2024 remains positive, with expectations of stable economic performance and proactive fiscal and monetary policies from the government[31] - The bank is focusing on expanding its cross-border financial services to capture more international market opportunities[12] - The bank plans to invest in green finance initiatives to support environmental sustainability projects[12] - The bank aims to strengthen financial services for the real economy and support major project construction and green finance initiatives[74] Cash Flow and Investment Activities - The net cash flow from operating activities for the group was RMB 291,380 million for the six months ended June 30, 2024, compared to RMB 1,353,499 million for the same period in 2023, representing a decrease of approximately 78.5%[165] - The total cash inflow from investment activities was RMB 2,044,872 million for the six months ended June 30, 2024, up from RMB 1,232,914 million in the same period of 2023, indicating an increase of about 65.8%[167] - The cash outflow from investment activities amounted to RMB 3,529,167 million for the first half of 2024, compared to RMB 1,621,007 million for the same period in 2023, reflecting a significant increase of approximately 117.7%[167]