Core Viewpoint - Agricultural Bank of China reported a net profit of 292 billion yuan for 2025, reflecting a year-on-year growth of 3.3%, and total assets reached 48.8 trillion yuan, with a loan total of 27.13 trillion yuan, showing an 8.9% increase in new loans [1] Group 1: Financial Performance - In 2025, Agricultural Bank achieved an operating income of 725.3 billion yuan, which is a 2.1% increase year-on-year [1] - The total loan amount reached 27.13 trillion yuan, with an increase of 2.23 trillion yuan, marking an 8.9% growth [1] Group 2: 2026 Credit Strategy - For 2026, the bank plans to maintain a credit growth rate similar to that of 2025, aligning with the government's GDP growth target of 4.5%-5% [1] - The bank aims to support the real economy through credit, focusing on major projects and reforms outlined in the government work report [1] Group 3: Key Focus Areas for Credit Allocation - The bank will emphasize support for agriculture and rural revitalization, enhancing financial services across the entire grain supply chain and promoting rural construction [2] - It will also focus on expanding domestic demand by supporting key projects in transportation and energy, as well as boosting consumer finance in traditional and new consumption sectors [2] - The bank plans to support the construction of a modern industrial system by providing financing for traditional industry upgrades and fostering new industries through innovative financial services [3] - Additionally, it will deepen inclusive financial services for small and micro enterprises, ensuring stable growth in loans for these sectors [3]

对于2026年的经营前景，王志恒明确表示管理层充满信心。他透露，从今年前两个月情况看，农业银行 业务经营继续保持稳中向好态势，实体贷款增加1.1万亿，实现同比多增；财务运行方面，息差企稳趋 势明显，利息净收入增速同比转正，有望在一季度迎来拐点，进一步印证了息差积极变动的态势。"在 此背景下，营业收入继续向好的态势是很明显的，为全行盈利增长打下了坚实的基础。" 为延续当前良好发展态势，王志恒介绍，下一阶段农业银行将保持战略定力，在持续优化金融服务的基 础上，更好统筹量价显效，深入推进增收节支降本增效，把当前良好发展态势努力延续下去，着重做好 三个方面的工作。 一是巩固利息净收入的增速转正，加强量价协同管理，努力推动利息净收入正增长。一方面在规模方 面，深挖有效的信贷需求，加大实体贷款的投放，持续调优资产结构，推动生息资产总量结构协调发 展。同时加强精细化的定价管理，提升资产的边际收益，进一步夯实客户基础，做好低成本稳定性资金 的组织，灵活安排主动负债，推动存款成本的进一步下降。 北京商报讯（记者 孟凡霞 周义力）3月30日，农业银行召开2025年度业绩发布会，该行行长王志恒在会 上详细介绍了该行2025年经营业 ...

EF002 免責聲明 | 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 | | | --- | --- | | 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。 | | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 中國農業銀行股份有限公司 | | 股份代號 | 01288 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 建議派發截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 10 股 1.3 RMB | | 股東批准日期 | 有待公佈 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | HKD， 金額有待公佈 | | 匯率 ...

Core Viewpoint - Agricultural Bank emphasizes its commitment to rural revitalization as a core responsibility and strategic focus, highlighting it as a competitive advantage [1][4]. Group 1: Performance Highlights - In the past year, Agricultural Bank has significantly contributed to rural financing, with daily deposits and loan increments in county areas exceeding 1 trillion yuan, with increases of 10.5% and 1.4% respectively compared to the previous year [1][4]. - The balance of loans to farmers has surpassed 1.8 trillion yuan, with an increase of 337.7 billion yuan, reflecting a growth rate of 22.4%. Loans in key areas such as rural industries have grown at a rate significantly higher than the overall loan growth [1][4]. - The non-performing loan ratio in county areas has decreased by 0.08 percentage points since the beginning of the year, indicating stable asset quality [1][4]. Group 2: Future Goals and Strategies - For 2026, Agricultural Bank aims to align closely with national rural work directives and plans, setting goals to consolidate the proportion of county loans and maintain service advantages in these areas [1][5]. - The bank plans to increase policy resource investment to enhance financial service capabilities, focusing on five key areas: 1. Strengthening services for key rural revitalization projects, targeting a net increase of over 1 trillion yuan in county loans [2][6]. 2. Improving financial service capabilities at the village and township levels, with a goal to relocate 180 inefficient branches and establish 3,000 agricultural service stations by year-end [2][6]. 3. Innovating financial products and models in agriculture, including the use of AI and advanced data systems [3][7]. 4. Maintaining regular financial support, particularly for vulnerable populations and underdeveloped areas [3][7]. 5. Enhancing risk compliance management in county operations to ensure sustainable development [3][7].

Core Viewpoint - Agricultural Bank emphasizes that risk management will be the critical differentiator for commercial banks in the next 2-3 years, maintaining overall asset quality stability [1][2]. Risk Management Strategy - The bank focuses on five key areas for risk management: prudent and steady operations, systemic thinking, quality and efficiency in development, problem-oriented approaches, and bottom-line thinking [1][2]. - Agricultural Bank aims to enhance its risk control framework for inclusive retail banking, improve management mechanisms, strengthen its digital risk control center, and accelerate the development of smart disposal platforms [1][2]. Focus Areas for Risk Control - In the real estate sector, the bank will avoid blind withdrawal, pressure, or cessation of loans, while increasing support for quality projects and adhering to the red line of not increasing hidden local government debt [1][2]. - The bank plans to optimize credit structure by reducing loans to outdated capacities and inefficient clients, while managing risks associated with emerging capacity excess [1][2].

Core Viewpoint - The management of Agricultural Bank of China expresses confidence in better performance for 2026, driven by a stable economic environment and the foundation laid during the 14th Five-Year Plan [1][2]. Economic Environment - The economic operation is improving, creating a favorable macro environment for the bank's development. The "14th Five-Year" plan provides fundamental guidance for the next five years [1][2]. - China's economic fundamentals remain stable, with strong resilience and potential, supporting a long-term positive trend. Economic growth is expected to maintain a reasonable range, with a stronger momentum towards improvement [1][2]. Development Foundation - The high-quality development during the "14th Five-Year" period has laid a solid foundation for the bank to embark on a new journey and achieve breakthroughs [1][2]. - 2026 marks the beginning of the "15th Five-Year" plan, calling for new responsibilities and actions. The bank aims to strengthen party leadership, establish a correct view of performance, and refine its development positioning [1][2]. Strategic Implementation - Agricultural Bank of China plans to deepen strategic implementation and provide high-quality financial services to contribute to the successful start of the "15th Five-Year" plan [1][2]. - The bank emphasizes its commitment to resonate with national strategies, align with millions of customers, and share value with investors, celebrating its 75th anniversary this year [1][2].

Core Insights - Agricultural Bank of China reported a total operating income of RMB 725.131 billion for the year ending December 31, 2025, representing a year-on-year increase of 1.92% [1][3] - The net profit attributable to shareholders of the parent company was RMB 291.041 billion, reflecting a year-on-year growth of 3.18% [1][3] - Basic earnings per share stood at RMB 0.78 [1][3] Financial Performance Summary - Operating income: RMB 725.131 billion in 2025, up from RMB 711.416 billion in 2024 [2][4] - Net interest income: RMB 569.594 billion in 2025, down from RMB 580.692 billion in 2024 [2][4] - Net fee and commission income: RMB 88.085 billion in 2025, an increase from RMB 75.567 billion in 2024 [2][4] - Operating expenses: RMB 275.371 billion in 2025, compared to RMB 261.180 billion in 2024 [2][4] - Credit impairment losses: RMB 127.189 billion in 2025, slightly down from RMB 130.840 billion in 2024 [2][4] - Total profit before tax: RMB 323.689 billion in 2025, up from RMB 319.201 billion in 2024 [2][4] - Net profit: RMB 292.003 billion in 2025, compared to RMB 282.671 billion in 2024 [2][4] - Cash flow from operating activities: RMB 2,112.907 billion in 2025, significantly higher than RMB 1,353.042 billion in 2024 [2][4]

Financial Data and Key Indicators Changes - ABC's net profit reached CNY 292 billion, with a growth rate of 3.3%, while operating income was CNY 725 billion, growing by 2.1% [3] - Total assets increased to CNY 48.8 trillion, reflecting a growth rate of 12.8% [3] - The net interest margin (NIM) stood at 1.28%, among the top in the industry, with an average return on total assets of 0.63% and a weighted average return on net assets of 10.16% [3] Business Line Data and Key Indicators Changes - New loans and financial investments totaled CNY 4.7 trillion, with a loan growth rate of 8.9% [4] - The balance of loans from county-level regions reached CNY 10.9 trillion, accounting for over 40% of total loans, with a doubling of the balance during the 14th Five-Year Plan period [8] - The balance of technology finance loans, foreign finance loans, and inclusive finance loans reached CNY 4.7 trillion, CNY 5.93 trillion, and CNY 4.35 trillion respectively, with growth rates of 10%, 20.1%, and 18.7% [14] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio for domestic banks decreased to 1.7%, with ABC's NPL ratio at 1.27%, down by 0.03% from the previous year [5][43] - The special mention loan ratio was 1.39%, and the overdue loan ratio was 1.25%, maintaining a low level compared to peers [5][43] - The balance of inclusive retail loans was CNY 9.26 trillion, with an NPL ratio of 1.34% [45] Company Strategy and Development Direction - ABC aims to strengthen its service to the real economy, focusing on agricultural areas and rural revitalization, while enhancing its competitive advantages [7][11] - The company plans to continue expanding its client base and improving service capabilities, with a focus on digital transformation and wealth management [16][61] - ABC is committed to risk management and control, enhancing its comprehensive risk management system to maintain financial stability [20][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stable economic performance and growth, supported by the 15th Five-Year Plan [20][21] - The company anticipates continued positive growth in net interest income and operating performance in 2026, driven by strategic focus and market opportunities [27][30] - Management highlighted the importance of risk management as a key differentiator among commercial banks [41][53] Other Important Information - The board proposed a final dividend distribution of CNY 1.3 per share, with a dividend payout ratio of 30% [6][7] - ABC has developed 43 products across various industries and 208 regional characteristic products to support rural revitalization [10] Q&A Session All Questions and Answers Question: What is the outlook of ABC in next year, such as in NIM and net profit? - Management indicated that despite a complex business environment, revenue growth has remained resilient, with net profit on an upward trajectory [25][26] Question: Could you walk us through the plans or growth targets for credit loans in 2026? - Management stated that they will maintain the current intensity of credit to support the real economy, with a focus on agricultural and rural areas, and expect growth rates similar to the previous year [32][34] Question: What measures have you taken to manage and prevent risks? - Management emphasized the importance of risk management, highlighting a proactive approach to control risks and ensure good asset quality, with a focus on maintaining a low NPL ratio [39][41][44] Question: Could you elaborate on the innovative measures in wealth management and future plans? - Management outlined a strategy focused on customer-centric asset allocation, comprehensive service capabilities, and digital transformation to enhance wealth management services [59][61][67] Question: How will ABC support key foreign trade enterprises to go global? - Management highlighted the growth in international trade financing and the establishment of a comprehensive service system to support businesses in going global, particularly in Belt and Road countries [75][77]

Financial Data and Key Indicators Changes - ABC's net profit reached CNY 292 billion, with a growth rate of 3.3%, while operating income was CNY 725 billion, growing by 2.1% [3] - Total assets increased to CNY 48.8 trillion, reflecting a growth rate of 12.8% [3] - The net interest margin (NIM) stood at 1.28%, among the top in the industry, with an average return on total assets of 0.63% and a weighted average return on net assets of 10.16% [3] Business Line Data and Key Indicators Changes - New loans and financial investments totaled CNY 4.7 trillion, with a loan growth rate of 8.9% [4] - The balance of loans from county-level regions reached CNY 1 trillion for four consecutive years, contributing significantly to the overall loan balance of CNY 10.9 trillion [8] - The balance of technology finance loans, foreign finance loans, and inclusive finance loans reached CNY 4.7 trillion, CNY 5.93 trillion, and CNY 4.35 trillion respectively, with growth rates of 10%, 20.1%, and 18.7% [14] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio for domestic banks decreased to 1.7%, with ABC maintaining a lower NPL ratio of 1.27% [5] - The provision coverage ratio was 292.5%, ranking first among comparable peers [6] - The balance of inclusive retail loans was CNY 9.26 trillion, with an NPL ratio of 1.34% [45] Company Strategy and Development Direction - ABC aims to strengthen its service to the real economy, focusing on agricultural areas and rural revitalization [7][11] - The company plans to enhance its wealth management services and digital transformation, positioning itself as a reliable financial advisor for clients [61][67] - ABC is committed to risk management and control, emphasizing a proactive approach to maintaining asset quality [20][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stable economic performance and growth, supported by the 15th Five-Year Plan [20][21] - The company anticipates continued positive growth in net interest income and operating performance in 2026, driven by strategic focus and market opportunities [27][30] - Management highlighted the importance of aligning with national strategies and supporting key sectors such as agriculture and technology [34][36] Other Important Information - The board proposed a final dividend of CNY 1.3 per share, with a dividend payout ratio of 30% [6][7] - ABC has expanded its client base to 896 million personal clients, maintaining the largest number in the industry [16][17] Q&A Session All Questions and Answers Question: What is the outlook of ABC in next year, such as in NIM and also in the net profit? - Management indicated that despite a complex business environment, revenue growth has remained resilient, with net profit on an upward trajectory [25][26] Question: Could you walk us through the plans or growth targets for credit loans in 2026? - Management plans to maintain credit intensity to support the real economy, focusing on agricultural and rural revitalization loans, with an expected growth rate similar to last year [33][35] Question: What measures have you taken to manage and prevent risks? - ABC has emphasized risk prevention and management as a core theme, maintaining a strong asset quality with a proactive approach to risk control [41][43] Question: Could you elaborate on the innovative measures in wealth management and future plans? - Management highlighted the importance of wealth management in enhancing financial service efficiency and customer engagement, with plans to expand product offerings and improve service capabilities [61][66] Question: How will ABC support key foreign trade enterprises to go global? - ABC has been optimizing its cross-border financial services and supporting international cooperation projects, with significant growth in international trade financing [77][78]

Financial Data and Key Indicators Changes - ABC's net profit reached CNY 292 billion, with a growth rate of 3.3%, while operating income was CNY 725 billion, growing by 2.1% [3] - Total assets increased to CNY 48.8 trillion, reflecting a growth rate of 12.8% [3] - The net interest margin (NIM) stood at 1.28%, among the top in the industry, with an average return on total assets of 0.63% and a weighted average return on net assets of 10.16% [3] Business Line Data and Key Indicators Changes - New loans and financial investments totaled CNY 4.7 trillion, with a loan growth rate of 8.9% [4] - The balance of loans from county-level regions reached CNY 10.9 trillion, accounting for over 40% of total loans [8] - The balance of technology finance loans, foreign finance loans, and inclusive finance loans reached CNY 4.7 trillion, CNY 5.93 trillion, and CNY 4.35 trillion respectively, with growth rates of 10%, 20.1%, and 18.7% [14] Market Data and Key Indicators Changes - The non-performing loan (NPL) ratio remained low at 1.7%, with a special mention loan ratio of 1.39% and an overdue loan ratio of 1.25% [5] - The provision coverage ratio was 292.5%, ranking first among peers [6] - The balance of inclusive retail loans was CNY 9.26 trillion, with an NPL ratio of 1.34% [43] Company Strategy and Development Direction - ABC aims to strengthen its service to the real economy, focusing on agricultural areas and rural revitalization [7][12] - The company plans to enhance its digital transformation and integrate technology into its operations to improve efficiency and customer service [20][66] - ABC is committed to supporting national strategies and promoting high-quality development while maintaining a strong risk management framework [21][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in stable economic growth and the implementation of the 15th Five-Year Plan, which is expected to provide a favorable macro environment for ABC [21][22] - The company anticipates continued positive growth in net interest income and operating performance in 2026, driven by strategic focus and improved efficiency [28][29] - Management highlighted the importance of risk management and control as a long-term task to maintain financial stability [40][52] Other Important Information - ABC proposed a final dividend of CNY 1.3 per share for 2025, with a dividend payout ratio of 30% [6][7] - The company has expanded its client base to 896 million personal clients, maintaining the largest number in the industry [17][18] - ABC's wealth management income reached CNY 35.7 billion, with financial management fee income at CNY 251 billion, indicating strong market resilience [70] Q&A Session All Questions and Answers Question: What is the outlook of ABC in next year, such as in NIM and also in the net profit? - Management indicated that despite a complex business environment, revenue growth has remained resilient, with net profit on an upward trajectory [26][27] Question: Could you walk us through the plans or growth targets for credit loans in 2026? - Management stated that they will maintain the current intensity of credit to support the real economy, with a focus on agricultural and rural revitalization loans [31][33] Question: What measures have you taken to manage and prevent risks? - Management emphasized the importance of risk management, highlighting a comprehensive risk management system and proactive risk control measures [38][40]