Core Viewpoint - Agricultural Bank of China (601288.SH) announced that non-executive director Li Wei will no longer serve as a non-executive director due to the expiration of his term [1] Group 1 - Li Wei also stepped down from his positions on the board's "Three Rural" Financial and Inclusive Finance Development Committee, Nomination and Remuneration Committee, and Audit Committee [1]

Group 1 - Agricultural Bank conducted a block trade of 4 million shares on March 31, with a transaction value of 26.8 million yuan, accounting for 0.68% of the total trading volume for the day [1] - The transaction price was 6.7 yuan per share, which was flat compared to the market closing price of 6.7 yuan [1]

银行 2026 年 3 月 31 日 农业银行(601288.SH) 盈利持续领跑大行，息差降幅收窄 推荐（维持） 股价：6.49 元 行情走势图 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 研究助理 | | | 李灵琇 | 一般证券从业资格编号 | | --- | --- | | | S1060124070021 | | | LILINGXIU785@pingan.com.cn | 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.abchina.com;www.abchina.com | | | .cn | | 大股东/持股 | 中央汇金投资有限责任公司/40.14% | | 实际控制人 | | | 总股本(百万股) | 349,983 | | 流通 A 股(百万股) | 319,244 | | 流通 B/H 股(百万股) | 30,739 | | 总市值（亿元） | 22,186 | | 流通 A 股市值(亿元) | 20 ...

证券研究报告 农业银行 (601288 CH/1288 HK) 港股通 扩表与中收增长亮眼 华泰研究 年报点评 2026 年 3 月 31 日│中国内地/中国香港 国有大型银行 农业银行于 3 月 30 日发布 2025 年年报，2025 年归母净利润、营业收入分 别同比+3.2%、+2.1%，较 1-9 月+0.1pct、+0.1pct，基本符合我们此前预 期（25E 利润、营收增速 3.85%、2.18%）。2025 年拟每股派息 0.25 元， 年度现金分红比例为 30%（2024 年:30%），25 年 AH 股息率分别为 3.84%、 5.25%。公司利润和扩表增速领跑大行，中收增长亮眼，风险整体稳定，维 持 A/H 增持/买入评级。 扩表领先大行，息差降幅收窄 25 年末总资产、贷款、存款增速分别为+12.8%、+9.0%、+7.7%，较 9 月 末+2.3pct、-0.4pct、+0.3pct，扩表速度为六大行第 1。25 年末对公、零售 贷款分别同比+9.2%、+5.0%。县域贷款增速持续高于全行，2025 年末县 域贷款余额 10.9 万亿元，增速 11.0%，余额占境内贷款比重 41.0% ...

农行去年纯利同比增长3.2%至2,910亿元人民币(下同)，较该行预期低0.9%。核心盈利同比微跌0.1%， 较预期低1.8%。去年股本回报率跌0.3个百分点至10.2%，核心一级资本充足率跌35个基点至11.08%。派 息比率大致稳定，每股派息同比增3.1%至0.2495元，H股及A股股息率分别为5.2%及3.8%，在同行中相 对较低。 智通财经APP获悉，美银证券发布研报称，考虑到盈利预测下调及股本成本上调50个基点，下调农业银 行(01288,601288.SH)2026及2027年盈利预测1%至2%，H股目标价由6.32港元下调至5.8港元，农行A股 目标价由7.32元人民币下调至6.4元人民币，维持H股"中性"及A股"跑输大市"评级。 该行表示，农业银行去年第四季净息差按季跌7个基点至1.2%，表现较同业弱。手续费收入同比增长 16.6%，受惠于代理佣金急增88%。其他非利息收入受债务证券处置及外汇收益带动，同比增长22%。 收入同比增长1.7%，经营成本增长4.9%，成本收入比率升1.1个百分点至37.3%。 ...

Core Viewpoint - The A-share market saw a collective rise in bank stocks, with Agricultural Bank of China and Bank of China leading the gains, both increasing by over 3% [1] Group 1: Stock Performance - Agricultural Bank of China and Bank of China rose by more than 3%, leading the banking sector [1] - Ningbo Bank, Huaxia Bank, and Shanghai Pudong Development Bank increased by over 2% [1] - Shanghai Rural Commercial Bank, Qingdao Bank, Jiangsu Bank, and Hangzhou Bank saw nearly 2% gains [1] Group 2: Technical Indicators - A MACD golden cross signal has formed, indicating a positive trend for these bank stocks [1]

Core Viewpoint - Agricultural Bank of China reported a resilient financial performance in 2025, achieving a revenue of 725.31 billion yuan and a net profit of 292.00 billion yuan, both showing year-on-year growth of 2.1% and 3.3% respectively, maintaining a "double growth" trend [1][8] Financial Performance - The bank's net interest income was 569.59 billion yuan, accounting for 78.5% of total revenue, despite a 1.9% year-on-year decline due to LPR adjustments and low market interest rates [2][11] - Non-interest income, including fees and commissions, reached 88.09 billion yuan, marking a significant year-on-year increase of 16.6%, contributing notably to revenue growth [2][11] - The bank's net profit growth has outpaced comparable peers for six consecutive years, with revenue also leading among peers [2][11] Dividend Distribution - The board proposed a final dividend of 1.3 yuan per 10 shares (tax included) for 2025, totaling 87.32 billion yuan in cash dividends, maintaining a payout ratio of 30% [10] Asset Quality - As of the end of 2025, the non-performing loan (NPL) ratio was 1.27%, a decrease of 0.03 percentage points year-on-year, continuing a five-year downward trend [4][13] - The overdue loan ratio was 1.25%, the lowest in the industry, with the bank being the only one with an overdue rate lower than the NPL rate [5][13] Credit Growth and Strategy - The bank's credit growth is expected to remain stable in 2026, focusing on four key areas: rural revitalization, supporting domestic demand, modern industrial system construction, and enhancing inclusive financial services [15][16] - The bank's inclusive finance services have seen significant growth, with inclusive loan balances reaching 4.35 trillion yuan, an increase of 749.9 billion yuan in 2025 [16] Wealth Management - The bank's wealth management business has shown remarkable growth, with total wealth management income reaching 35.7 billion yuan and fee income from wealth management at 25.1 billion yuan, driven by a substantial increase in agency business [3][12] Risk Management - The bank emphasizes the importance of risk management as a differentiating factor in the banking industry, with a strong risk coverage capability reflected in a provision coverage ratio of 292.55% [4][13]

Group 1 - The core point of the article is that Agricultural Bank of China has obtained a patent for a data query method, device, computer equipment, and storage medium, with the patent announcement number CN114911841B and an application date of April 2022 [1] - Agricultural Bank of China was established in 1986 and is located in Beijing, primarily engaged in monetary financial services [1] - The registered capital of Agricultural Bank of China is approximately 34.998 billion RMB [1] Group 2 - According to data analysis from Tianyancha, Agricultural Bank of China has invested in 16 enterprises and participated in 25,096 bidding projects [1] - The bank has 1,325 trademark information entries and 5,000 patent information entries, along with 121 administrative licenses [1]

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank of China (601288.SH) [1] Core Insights - Agricultural Bank of China achieved a revenue of 725.3 billion yuan in 2025, with a year-on-year growth rate of 2.1%, and a net profit attributable to shareholders of 291 billion yuan, reflecting a growth of 3.2% [5] - The bank's annualized weighted average return on equity (ROAE) stands at 10.16%, a slight decrease of 0.3 percentage points year-on-year [5] - The bank's net interest income and non-interest income growth rates were -1.9% and 19.9%, respectively, indicating a narrowing decline in net interest income and sustained double-digit growth in non-interest income [6] - The bank's cost-to-income ratio and credit impairment losses as a percentage of revenue were 35.2% and 17.5%, respectively, showing a slight increase in operational costs while maintaining good risk management [6] Summary by Sections Financial Performance - In 2025, Agricultural Bank's revenue and net profit growth rates were 2.1% and 3.2%, respectively, with net profit growth leading among state-owned banks [6] - The bank's financial investments and interbank assets grew by 18.2% and 16.9%, respectively, contributing to a total asset growth of 12.7% [7] Loan and Deposit Growth - The bank added 2.2 trillion yuan in loans during the year, with corporate, retail, and bill loans contributing 1.34 trillion, 0.45 trillion, and 0.44 trillion yuan, respectively [8] - The bank's deposits grew by 13.9% year-on-year, with average daily deposits showing a stable growth rate of 7.1% [9] Interest Margin and Non-Interest Income - The net interest margin (NIM) for the year was 1.28%, with a slight decline compared to previous periods, but showing signs of stabilization [10] - Non-interest income reached 155.7 billion yuan, growing by 19.9% year-on-year, with fee and commission income contributing significantly [11] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained low at 1.27%, with a provision coverage ratio of 293%, indicating robust risk mitigation capabilities [12] - The bank's capital adequacy ratios were strong, with a core tier 1 capital ratio of 11.08% and a total capital ratio of 17.93% [12] Earnings Forecast and Valuation - The report adjusts the earnings per share (EPS) forecasts for 2026-2028 to 0.89, 0.92, and 0.96 yuan, respectively, reflecting an increase of 4.2% and 6.1% for 2026 and 2027 [13] - The current stock price corresponds to price-to-book (PB) ratios of 0.76, 0.71, and 0.66 for 2026, 2027, and 2028, respectively [13]

Financial Performance - The bank achieved a net profit of RMB 2,920.03 billion for the year 2025, reflecting its strong financial performance[3] - Net profit for 2023 was RMB 269,820 million, with projections of RMB 282,671 million in 2024 and RMB 292,003 million in 2025[25] - The company achieved a net profit of CNY 292.003 billion in 2025, an increase of CNY 9.332 billion or 3.3% year-on-year[72] - The net interest income for 2025 was RMB 569,594 million, slightly down from RMB 580,692 million in 2024, indicating a decrease of 1.9%[28] - The company's income tax expense for 2025 was RMB 31.69 billion, a decrease of RMB 4.84 billion or 13.3%, with an effective tax rate of 9.79%[97] Asset and Liability Management - As of the end of 2025, the total assets of Agricultural Bank of China amounted to RMB 487,846.74 billion, with total loans and advances of RMB 271,348.34 billion and total deposits of RMB 326,499.47 billion[3] - The total liabilities reached RMB 45,541,303 million in 2025, an increase from RMB 40,140,862 million in 2024, marking a growth of 13.5%[28] - The total amount of deposits from domestic customers was RMB 31,973.99 billion, representing 99.5% of total deposits[121] - The balance of corporate deposits in the domestic market was CNY 10,286.01 billion, while the balance of corporate loans and bill discounts totaled CNY 17,438.53 billion, an increase of CNY 178.66 billion from the previous year[135] Capital Adequacy and Risk Management - The capital adequacy ratio stood at 17.93%, indicating a solid capital position[3] - The capital adequacy ratio stood at 303.87% in 2023, projected to decrease to 299.61% in 2024 and 292.55% in 2025[24] - The bank's credit rating includes an A/A-1 from S&P and A1/P-1 from Moody's, reflecting its strong creditworthiness[4] - The bank's focus on risk management has led to a comprehensive risk management system, ensuring stability and compliance across all operations[50] Dividends and Shareholder Returns - The bank plans to distribute a final dividend of RMB 1.300 per 10 shares, totaling RMB 454.98 billion, along with an interim dividend, bringing the total annual dividend to RMB 2.495 per 10 shares, amounting to RMB 873.21 billion[7] - The cash dividend proposed for 2025 is RMB 2.495 per 10 shares, with a total cash dividend of RMB 87.32 billion, maintaining a payout ratio of 30%[41] Loan and Deposit Growth - Total loans and advances amounted to RMB 27,134,834 million in 2023, expected to grow to RMB 24,906,187 million in 2024 and RMB 22,614,621 million in 2025[17] - Total deposits increased to RMB 32,649,947 million in 2023, with forecasts of RMB 30,305,357 million in 2024 and RMB 28,898,468 million in 2025[18] - The balance of loans for rural revitalization reached RMB 10.9 trillion, growing at a rate of 11.0%, accounting for 41.0% of domestic loans[36] - The balance of personal consumer loans, including credit cards, was RMB 1.45 trillion, with a growth rate of 9.0%[38] Digital Transformation and Customer Engagement - The company’s mobile banking monthly active users exceeded 276 million, maintaining a leading position in the industry[39] - The monthly active users of the mobile banking app are projected to exceed 276 million by the end of 2025, an increase of 26.3 million users[176] - The number of corporate banking clients signed up for the mobile banking platform is expected to reach 12.59 million by the end of 2025, an increase of 1.14 million clients[180] Green Finance and Sustainable Development - The bank aims to provide over CNY 430 billion in financing for green industries in 2025[174] - The balance of green loans reached CNY 5.93 trillion, growing at 18.7%[38] - The bank has established a green finance committee to oversee the implementation of its green finance strategy[173] International Operations and Trade Financing - The international settlement business volume is projected to be USD 1,640.4 billion in 2025, with international trade financing business volume at USD 170.36 billion[186] - The bank's cross-border financial services related to the Belt and Road Initiative will reach a total of $339.58 billion by 2025, covering 153 countries[187] Customer Base and Market Position - The number of personal customers reached 896 million, with financial assets managed totaling CNY 24.7 trillion, an increase of CNY 2.4 trillion from the previous year[48] - The total number of personal customers is expected to reach 896 million, maintaining the industry lead[143] - The bank's personal deposit balance reached 20.76 trillion yuan, an increase of 2.07 trillion yuan from the previous year, maintaining industry leadership[145]