Investment Rating - The report maintains a "Strong Buy" rating for Agricultural Bank of China (601288.SH) [5][9]. Core Views - The bank's total asset growth rate rebounded, with stable growth in loans and investments. In Q2, the growth rate of interest-earning assets increased by 5.34 percentage points to 11.60%, primarily driven by short-term liquidity assets [2]. - Deposit growth has recovered, with a year-on-year increase of 8.29% in the first half of the year, showing significant improvement compared to the first quarter [3]. - Non-interest income growth turned positive, with a 10.1% year-on-year increase in Q2, supported by a recovery in capital markets [3]. - Asset quality remains stable, with a non-performing loan ratio of 1.28% at the end of Q2, unchanged from the previous quarter [4]. - The bank announced an interim dividend of 1.195 yuan per 10 shares, accounting for 30% of net profit [4]. Summary by Sections Performance - In the first half of 2025, the bank's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 0.85%, 0%, and 2.66% year-on-year, respectively [1][15]. - The growth rates for total assets, loans, and deposits were 11.60%, 9.63%, and 8.29%, respectively, indicating a stable performance [15]. Non-Interest Income - Non-interest income saw a year-on-year growth of 23.2% in the first half, with significant contributions from various services such as agency sales and custody [3][16]. Interest Margin and Asset-Liability Management - The bank's net interest margin has shown a slight decline, with a reported value of 1.32% [15]. The bank's strategy of asset expansion in a high-interest environment has been effective, although future asset growth may need to align with deposit growth [2][4]. Asset Quality - The non-performing loan ratio remained stable at 1.28%, with a provision coverage ratio of 295% [4]. The bank has effectively managed the increase in retail non-performing loans, which rose by 15 basis points to 1.18% [4]. Capital and Shareholder Returns - The bank's interim dividend reflects a commitment to returning value to shareholders, with a payout ratio of 30% of net profit [4]. The bank's capital adequacy ratios remain strong, supporting its growth strategy [15].

Core Insights - Agricultural Bank reported a net profit of 139.9 billion yuan for the first half of the year, representing a year-on-year growth of 2.53% [1] - The bank's operating income reached 369.8 billion yuan, with a year-on-year increase of 0.72% [1] - Both net profit and operating income showed positive growth, with an improvement in growth rates compared to the first quarter [1] Financial Performance - The bank's net interest margin is expected to stabilize marginally in the second half of the year, contributing to steady profit growth [1] - The bank aims to achieve stable profit growth and shareholder returns while serving the real economy [1] Strategic Focus - The bank plans to deepen revenue generation efforts to ensure a solid financial foundation [1] - There will be a focus on rural markets to strengthen competitive advantages and provide quality financial services for rural revitalization [1] - Continuous optimization of financial supply is a priority, with efforts to support economic recovery [1] - Emphasis on reform and solidifying operational foundations is highlighted [1] - The bank will enhance risk prevention in key areas to maintain stable performance [1]

2025年上半年，农行净利息收益率为1.32%，净利差为1.20%，同比分别下降13个和10个基点。农行 称，净利息收益率和净利差同比下降主要是由于受该行支持实体经济发展、LPR下调等影响，生息资产 收益率下降。 净利息收入是农行营业收入的最大组成部分，占其2025年上半年营业收入的76.4%。2025年上半年，农 行实现净利息收入2824.73亿元，同比减少83.75亿元，其中规模增长导致净利息收入增加205.27亿元， 利率变动导致净利息收入减少289.02亿元。 格隆汇8月29日丨农业银行(601288.SH)发布中报，2025上半年实现营业总收入3699.37亿元，同比增长 0.85%；归属母公司股东净利润1395.1亿元，同比增长2.66%；基本每股收益为0.37元。此外，拟对全体 股东每10股派发现金红利1.195元(含税)。 ...

Core Viewpoint - Agricultural Bank of China Limited reported a stable performance in the first half of 2025, with a net profit of RMB 1,399.43 billion, reflecting a year-on-year growth of 2.5% [10][14][40]. Financial Overview - Total assets reached RMB 46.8558 trillion, an increase of RMB 361.774 billion or 8.4% compared to the end of the previous year [14][15]. - The total liabilities amounted to RMB 43.7066 trillion, up by RMB 356.577 billion or 8.9% from the previous year [15]. - Shareholder equity totaled RMB 3.1492 trillion, with a net asset value per share of RMB 7.65, an increase of RMB 0.25 [16]. Dividend Distribution - The bank proposed a mid-term cash dividend of RMB 1.195 per 10 shares, totaling RMB 418.23 billion, which is 30% of the net profit attributable to shareholders for the first half of 2025 [2][40][42]. Business Performance - The bank's loan and advance total reached RMB 26.73 trillion, an increase of RMB 1.82 trillion or 7.5% from the previous year [10][14]. - The non-performing loan ratio was 1.28%, a decrease of 0.02 percentage points from the end of the previous year [10]. - The bank's capital adequacy ratio stood at 17.45%, with a return on assets (ROA) of 0.62% and a return on equity (ROE) of 10.16% [10][14]. Support for Agriculture and Rural Development - Loans to rural areas increased by RMB 916.4 billion, with a total balance of RMB 10 trillion, accounting for 40.9% of domestic loans [11]. - The bank provided RMB 1.24 trillion in loans related to food security, with a growth rate of 23.7% [11]. Risk Management - The bank emphasized risk prevention, maintaining a stable asset quality and enhancing market risk management capabilities [14][21].

Core Insights - Agricultural Bank of China (601288.SH) reported a total operating revenue of 369.937 billion yuan for the first half of 2025, representing a year-on-year increase of 0.85% [1] - The net profit attributable to shareholders reached 139.51 billion yuan, up 2.66% year-on-year, with basic earnings per share at 0.37 yuan [1] - The bank proposed a cash dividend of 1.195 yuan per 10 shares (tax included) for all shareholders [1] Revenue Composition - Net interest income constitutes the largest portion of the bank's operating revenue, accounting for 76.4% of total revenue in the first half of 2025 [1] - The bank achieved net interest income of 282.473 billion yuan, a decrease of 8.375 billion yuan year-on-year, with growth in scale contributing an increase of 20.527 billion yuan, while interest rate changes led to a reduction of 28.902 billion yuan [1] Interest Metrics - The net interest yield for the first half of 2025 was 1.32%, and the net interest margin was 1.20%, both down by 13 and 10 basis points year-on-year, respectively [1] - The decline in net interest yield and net interest margin is attributed to the bank's support for the real economy and the reduction in the Loan Prime Rate (LPR), which impacted the yield on interest-earning assets [1]

Core Insights - Agricultural Bank of China (601288.SH) reported a total operating income of 369.937 billion RMB for the first half of 2025, with a net profit attributable to shareholders of 139.51 billion RMB, reflecting a year-on-year growth of 2.66% [1][2] - The bank's board proposed a cash dividend of 1.195 RMB per share, totaling 41.823 billion RMB, to be distributed to ordinary shareholders [1] Financial Performance - As of June 30, total assets reached 46.9 trillion RMB, an increase of 3.6 trillion RMB from the end of the previous year, with total loans and advances amounting to 26.73 trillion RMB, up by 1.82 trillion RMB [2] - The bank's liabilities totaled 43.7 trillion RMB, with customer deposits increasing by 2.6 trillion RMB, maintaining a deposit deviation rate below 3% for five consecutive quarters [2] - The non-performing loan (NPL) ratio stood at 1.28%, a decrease of 0.02 percentage points from the end of the previous year, while the overdue loan ratio was 1.22% [2] - The bank's provision coverage ratio was 295%, indicating a robust risk management framework [2] Loan Growth and Sector Focus - County loans increased by 916.4 billion RMB, with the total balance stabilizing at 10 trillion RMB, accounting for 40.9% of domestic loans [3] - Loans related to food security and essential agricultural products reached a balance of 1.24 trillion RMB, growing at a rate of 23.7% [3] - The bank supported rural revitalization efforts, with loan balances for key poverty alleviation counties and "three regions and three states" areas at 475.8 billion RMB and 479.7 billion RMB, respectively, both exceeding the overall loan growth rate [3] - Loans for rural industries and construction amounted to 2.7 trillion RMB and 2.44 trillion RMB, with growth rates of 21.3% and 8.5%, respectively, surpassing the bank's overall growth rates [3] - The "Huinong e-loan" product for farmers reached a balance of 1.79 trillion RMB, with a growth rate of 19.9% [3]

截至6月末，集团资产总计46.9万亿元，较上年末增加3.6万亿元，其中发放贷款和垫款总额26.73万亿 元，较上年末增加1.82万亿元，融资供给保持同业前列。负债合计43.7万亿元，其中全口径客户存款新 增2.60万亿元，存款偏离度连续5个季度在3%以下，为服务实体经济提供了有力资金保障。不良贷款率 1.28%，比上年末下降0.02个百分点;逾期贷款率1.22%，保持较低水平，逾期不良比95.11%，不良贷款 认定标准严格;拨备余额持续增长，拨备覆盖率295%。上半年实现营业收入3,699亿元、净利润1,399亿 元，同比分别增长0.8%、2.5%，保持"双正增长"势头;资本实力不断增强，资本充足率17.45%;平均总资 产回报率(ROA)0.62%，加权平均净资产收益率(ROE)10.16%，成本收入比27.81%。 上半年，县域贷款增加9,164亿元，余额站稳10万亿元，县域贷款占境内贷款比重升至40.9%。全力服务 保障国家粮食安全，大力拓展粮食全产业链金融服务，粮食和重要农产品保供相关领域贷款余额1.24万 亿元，增速23.7%。聚焦重点地区助力巩固拓展脱贫攻坚成果，160个国家乡村振兴重点帮扶县、" ...

Core Viewpoint - Agricultural Bank of China disclosed its 2025 semi-annual report and announced a profit distribution plan, indicating a strong financial performance with a significant cash dividend payout to shareholders [1] Financial Performance - The bank reported a total cash dividend of 41.823 billion yuan (including tax) to ordinary shareholders, which represents 30.0% of the net profit attributable to shareholders for the first half of 2025 [1] - The proposed dividend distribution amounts to 1.195 yuan (including tax) for every 10 shares [1]

农业银行统筹推进服务实体经济与业务发展，经营质效稳步提升。数据显示，上半年，农行净利润、营 业收入保持"双正增长"。其中，净利润1399亿元，同比增长2.53%；营业收入3698亿元，同比增长 0.72%。 农业银行行长王志恒在业绩发布会上表示，农行将努力做好规模、定价、风险、效益等全方位的统筹平 衡，在服务好实体经济的同时，力争实现跨越周期的稳定盈利增长和股东回报。（记者李延霞） 精准高效支持实体经济发展。截至6月末，农行科技贷款余额4.7万亿元，新增超8000亿元，增速超 20%；制造业贷款余额3.8万亿元，新增5553亿元，增速17%；民营企业贷款余额7.39万亿元，新增8573 亿元；普惠贷款余额4.24万亿元，新增6431亿元。 中国农业银行8月29日发布的2025年中期业绩报告显示，今年以来，农行持续优化和提升金融供给，精 准滴灌经济发展重点领域。截至6月末，农行贷款总额达26.73万亿元，较年初新增1.82万亿元，增速 7.3%。 有力服务"三农"和乡村振兴。数据显示，截至6月末，农行县域贷款余额10.77万亿元，新增9164亿元， 余额占境内贷款比重达40.9%。乡村产业、乡村建设领域贷款余额 ...

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公告的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因本公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。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：1288） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 根據中華人民共和國的有關法律法規，中國農業銀行股份有限公司在上海證券交易所網 站刊登《中國農業銀行股份有限公司2025年度中期利潤分配方案公告》。 於本公告日期，本行的執行董事為谷澍先生、王志恒先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生和張奇先生；本行的獨立非執行董事為梁高美懿女士、吳聯生先生、汪昌雲先生、鞠建東先生、 莊毓敏女士和張琦先生。 证券代码：601288 证券简称：农业银行 公告编号：临 2025-040 号 中国农业银行股份有限公司 2025 年度中期利润分配方 ...