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。 ...

中国农业银行股份有限公司 董事会决议公告 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。 中国农业银行股份有限公司（以下简称"本行"）董事会于 2025 年 4 月 11 日以书面形式发出会议通知，于 2025 年 4 月 29 日在北京以现场方式召开会议。会议应出席董事 13 名，亲自出 席董事 13 名。会议召开符合法律法规、《中国农业银行股份有限 公司章程》（以下简称"《公司章程》"）及《中国农业银行股份 有限公司董事会议事规则》的规定。 会议由谷澍董事长主持，审议并通过了以下议案： 证券代码：601288 证券简称：农业银行 公告编号：临 2025-018 号 一、中国农业银行股份有限公司 2025 年第一季度第三支柱 信息披露报告 议案表决情况：有效表决票 13 票，同意 13 票，反对 0 票， 弃权 0 票。 具体内容见上海证券交易所网站（www.sse.com.cn）。 二、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：有效表决票 13 票，同意 13 票，反对 0 票， ...

Financial Performance - The total operating income for the first quarter of 2025 was RMB 186,674 million, representing a year-on-year increase of 0.35%[8] - The net profit attributable to shareholders of the parent company reached RMB 71,931 million, with a year-on-year growth of 2.20%[8] - For the three months ending March 31, 2025, the group achieved a net profit of RMB 72.116 billion, an increase of 1.80% year-on-year[21] - Net profit for the first quarter of 2025 was RMB 72,116 million, compared to RMB 70,839 million in the same period of 2024, reflecting a year-on-year increase of about 1.8%[36] - The total comprehensive income for the group for the three months ended March 31, 2025, was RMB 50,505 million, a decrease from RMB 66,038 million in the same period of 2024[37] - The group’s basic earnings per share remained stable at RMB 0.19, unchanged from the same period last year[21] - The group’s basic and diluted earnings per share remained at RMB 0.19 for the three months ended March 31, 2025, unchanged from the same period in 2024[37] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 44,818,957 million, reflecting a 3.66% increase from the end of the previous year[8] - Total assets as of March 31, 2025, amounted to RMB 44,818.957 billion, reflecting a growth of 3.66% compared to the end of the previous year[22] - As of March 31, 2025, total liabilities were RMB 41,675.952 billion, an increase of 3.82% from the previous year-end[22] - The total liabilities amounted to RMB 41,675,952 million as of March 31, 2025, up from RMB 40,140,862 million at the end of 2024, indicating an increase of about 3.83%[35] - The total amount of loans and advances reached RMB 26,187.372 billion, increasing by 5.14% from the previous year-end[22] - The bank's loan and advance to customers reached RMB 25,221,001 million, an increase from RMB 23,977,013 million year-on-year, representing a growth of approximately 5.2%[34] Cash Flow - The net cash flow from operating activities was negative at RMB (768,830) million, a significant decrease of 198.12% compared to the same period last year[11] - The net cash inflow from financing activities for the group was RMB 374,422 million for the three months ended March 31, 2025, up from RMB 63,340 million in the same period of 2024[39] - The net cash outflow from investment activities for the group was RMB 145,817 million for the three months ended March 31, 2025, compared to RMB 1,187,549 million in the same period of 2024[39] - The group's cash and cash equivalents at the end of the period were RMB 1,309,593 million, down from RMB 2,170,383 million at the end of March 31, 2024[40] - The group recorded a net decrease in cash received from operating activities of RMB 2,407,213 million for the three months ended March 31, 2025, compared to RMB 1,835,462 million in the same period of 2024[39] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 495,130, with the top ten shareholders holding a significant portion of the shares[12] - Central Huijin Investment Ltd. held 40.14% of the shares, while the Ministry of Finance of the People's Republic of China held 35.29%[12] - The equity attributable to shareholders of the parent company increased to RMB 3,137,261 million, a rise of 1.50% from the previous year-end[8] - The bank's capital adequacy ratio remained stable, with total equity attributable to shareholders of the parent company at RMB 3,137,261 million as of March 31, 2025, compared to RMB 3,090,808 million at the end of 2024[35] - The capital adequacy ratio was reported at 17.79%, with a core tier 1 capital ratio of 11.23%[27] Income and Expenses - The group reported a net interest margin of 1.34%, with net interest income of RMB 140.577 billion, down 2.74% year-on-year[21] - The net interest income decreased to RMB 140,577 million in Q1 2025 from RMB 144,535 million in Q1 2024, a decline of approximately 2.7%[36] - The bank's fee and commission income decreased slightly to RMB 31,430 million in Q1 2025 from RMB 32,505 million in Q1 2024, a decline of about 3.3%[36] - Investment income surged to RMB 7,173 million in Q1 2025, compared to RMB 3,664 million in the same period of 2024, marking an increase of approximately 96.5%[36] Non-Performing Loans - The non-performing loan balance was RMB 334.644 billion, with a non-performing loan ratio of 1.28%, a decrease of 0.02 percentage points from the previous year-end[24] - The bank's non-performing loan ratio remained stable, indicating effective risk management strategies in place despite the increase in total loans[36] Other Information - The company reported non-recurring losses totaling RMB (60) million for the quarter, primarily due to fixed asset disposal losses[9] - The company has not disclosed any new product developments or market expansion strategies in this report[1] - The group experienced a foreign exchange impact on cash and cash equivalents of RMB 3,206 million for the three months ended March 31, 2025, compared to a negative impact of RMB 1,696 million in the same period of 2024[40]

中国农业银行股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： 证券代码：601288 证券简称：农业银行 公告编号：临 2025-020 号 拟续聘的会计师事务所名称：毕马威华振会计师事务所（特殊 普通合伙）和毕马威会计师事务所 中国农业银行股份有限公司（以下简称"本行"）董事会拟续聘毕 马威华振会计师事务所（特殊普通合伙）和毕马威会计师事务所为 本行2025年度会计师事务所。本次续聘事项尚需提交本行股东大会 审议。 一、拟续聘会计师事务所的基本情况 （一）毕马威华振会计师事务所（特殊普通合伙） 1.基本信息 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业， 1 更名为毕马威华振会计师事务所（特殊普通合伙）（以下简称"毕马威 华振"），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地 ...

Core Insights - Agricultural Bank of China (601288) reported Q1 2025 earnings with operating income of 186.735 billion yuan, a year-on-year increase of 0.32% [1] - Net interest income was 140.577 billion yuan, showing a year-on-year decline of 2.74% [1] - Net profit attributable to shareholders was 71.931 billion yuan, up 2.2% year-on-year, with basic earnings per share at 0.19 yuan [1] Financial Performance - Annualized average total asset return rate was 0.66%, down 0.03 percentage points year-on-year [1] - Annualized weighted average return on equity was 10.82%, down 0.57 percentage points year-on-year [1] - Total assets reached 4,481.8957 billion yuan, an increase of 158.0822 billion yuan or 3.66% from the end of the previous year [1] Loan and Deposit Growth - Total customer loans and advances amounted to 26,187.372 billion yuan, increasing by 128.1185 billion yuan or 5.14% [1] - Breakdown of loans: corporate loans at 15,221.415 billion yuan, personal loans at 9,273.742 billion yuan, bill discounting at 1,254.232 billion yuan, and overseas and other loans at 386.336 billion yuan [1] - Total deposits reached 32,017.351 billion yuan, up 171.1994 billion yuan or 5.65% [2] Asset Quality - Non-performing loan balance was 334.644 billion yuan, an increase of 12.479 billion yuan from the end of the previous year [2] - Non-performing loan ratio stood at 1.28%, a decrease of 0.02 percentage points year-on-year [2] - Provision coverage ratio was 297.81%, down 1.80 percentage points from the end of the previous year [2]

Financial Performance - The operating revenue for the first quarter of 2025 was RMB 186,735 million, representing a year-on-year increase of 0.32%[7] - The net profit attributable to shareholders of the parent company was RMB 71,931 million, reflecting a year-on-year growth of 2.20%[7] - The group achieved a net profit of RMB 72.116 billion for the three months ending March 31, 2025, representing a year-on-year growth of 1.80%[18] - The net profit for the period was RMB 72,116 million, representing an increase of 1.8% compared to RMB 70,839 million in the previous year[30] - Pre-tax profit for the three months ended March 31, 2025, was RMB 77,643 million, a decrease of 2.3% from RMB 79,439 million in the same period of 2024[34] Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 44,818,957 million, an increase of 3.66% from the end of the previous year[7] - Total assets reached RMB 44,818.957 billion, an increase of RMB 158.082 billion or 3.66% compared to the end of the previous year[19] - The total liabilities increased to RMB 41,675.952 billion, up RMB 153.509 billion or 3.82% from the end of the previous year[20] - The bank's total liabilities were RMB 41,675,952 million, compared to RMB 40,140,862 million at the end of 2024[32] Shareholder Information - The equity attributable to shareholders of the parent company was RMB 3,137,261 million, up by 1.50% from the previous year[7] - The bank's equity attributable to shareholders was RMB 3,137,261 million, an increase from RMB 3,090,808 million at the end of 2024[32] - The total number of ordinary shareholders at the end of the reporting period was 495,130, with 475,578 A-share shareholders and 19,552 H-share shareholders[10] - The top shareholder, Central Huijin Investment Ltd., held 40.14% of the shares, while the Ministry of Finance of the People's Republic of China held 35.29%[10] Cash Flow - The net cash flow from operating activities was RMB (768,830) million, a significant decrease of 198.12% compared to the same period last year[9] - Cash flow from operating activities showed a net outflow of RMB 768,830 million, compared to a net inflow of RMB 783,563 million in the previous year[34] - Cash flow from investment activities resulted in a net outflow of RMB 145,817 million, significantly improved from a net outflow of RMB 1,187,549 million in the same period last year[35] - Cash flow from financing activities generated a net inflow of RMB 374,422 million, up from RMB 63,340 million in the previous year[35] Loans and Advances - Customer loans and advances totaled RMB 26,187.372 billion, up RMB 128.1185 billion or 5.14% from the end of the previous year[19] - Customer loans and advances in rural areas reached RMB 10,581.049 billion, an increase of RMB 72.6095 billion or 7.37% from the end of the previous year[22] - The net change in customer loans and advances was a decrease of RMB 1,284,220 million, compared to a decrease of RMB 1,245,191 million in the same period last year[34] Income and Expenses - The net interest income was RMB 140.577 billion, a decrease of 2.74% year-on-year, with a net interest margin of 1.34%[18] - For the three months ended March 31, 2025, the net interest income was RMB 140,577 million, a decrease of 2.7% from RMB 144,535 million in the same period of 2024[29] - The bank reported a decrease in net trading income to RMB 7,326 million from RMB 9,445 million year-on-year[29] - The bank's total interest expenses on issued debt securities were RMB 17,306 million, slightly down from RMB 17,467 million in the previous year[34] Dividends - The group distributed a cash dividend of RMB 40.738 billion to ordinary shareholders, with a per-share dividend of RMB 0.1164[25] Other Comprehensive Income - Other comprehensive income for the period was a loss of RMB 21,611 million, compared to a loss of RMB 4,801 million in the previous year[30] Capital Adequacy - The capital adequacy ratio was reported at 17.79%, with a Tier 1 capital ratio of 13.36% and a core Tier 1 capital ratio of 11.23%[24] Non-Performing Loans - Non-performing loans amounted to RMB 334.644 billion, with a non-performing loan ratio of 1.28%, a decrease of 0.02 percentage points from the end of the previous year[21]

Financial Performance - The bank achieved a net profit of RMB 282.671 billion for the year 2024, reflecting its strong financial performance[4] - Net profit for 2024 is projected to grow, with a cost-to-income ratio of 30.46% in 2023, down from 34.40% in 2022, indicating improved efficiency[17] - The company achieved a net profit of RMB 282.67 billion in 2024, representing a year-on-year growth of 4.8%[24] - Operating income for 2024 was RMB 711.42 billion, an increase of 2.3% compared to the previous year[24] - The average return on total assets was 0.68% in 2024, down from 0.73% in 2023[21] - The weighted average return on equity was 10.46%, a decrease from 10.91% in the previous year[21] - The company reported a net cash flow from operating activities of RMB 1,353.04 billion for the year[20] Asset and Loan Growth - As of the end of 2024, the total assets of Agricultural Bank of China amounted to RMB 43,238.135 billion, with total customer loans and advances reaching RMB 24,906.187 billion[4] - Total assets reached RMB 43,238,135 million in 2024, up from RMB 39,872,989 million in 2023, representing a growth of 8.6%[18] - Customer loans and advances totaled RMB 24,906,187 million in 2024, an increase of 10.7% from RMB 22,614,621 million in 2023[18] - Total deposits increased to RMB 30,305,357 million in 2024, a rise of 4.8% from RMB 28,898,468 million in 2023[18] - The balance of loans in rural areas reached CNY 9.85 trillion, with loans related to food security and important agricultural products exceeding CNY 1 trillion[27] - The balance of "Huinong e-loans" stood at CNY 1.49 trillion, with a loan growth rate of 14.7% in 160 key rural revitalization counties[27] - Personal loan balance increased by CNY 754.3 billion to CNY 8.81 trillion, leading the industry in both growth and growth rate[27] - The balance of loans to private enterprises reached CNY 6.53 trillion, with an annual increase of CNY 1.08 trillion and 7.46 million borrowers, also leading the industry[27] Capital and Credit Quality - The capital adequacy ratio stood at 18.19%, indicating a solid capital position[4] - The bank's capital adequacy ratio is expected to remain strong at 16.59% in 2024, up from 16.43% in 2023[17] - The non-performing loan ratio improved to 1.30% in 2024, compared to 1.37% in 2023, reflecting better asset quality[17] - The provision coverage ratio stood at 299.61%, maintaining a leading position among peers[26] - The capital adequacy ratio improved to 18.19%, up by 1.05 percentage points from the previous year[26] Digital Transformation and Innovation - The bank plans to enhance its market expansion strategies, focusing on digital banking and fintech innovations to attract younger customers[19] - The company aims to enhance digital transformation and improve customer service experience through technology[38] - The mobile banking app 10.0 version was launched, achieving over 250 million monthly active users (MAU) by the end of 2024, an increase of 37.21 million users compared to the previous year[182] - The bank's digital RMB project is being applied to optimize fund management quality, enhancing the efficiency of small and micro enterprise loans[188] Green Finance and Social Responsibility - Agricultural Bank of China is committed to developing green finance to support environmental improvement and resource-efficient economic activities[11] - The balance of green credit business reached CNY 4.97 trillion, an increase of 22.9% compared to the end of the previous year[52] - The company’s self-operated green bond investment scale reached CNY 165.63 billion by the end of 2024, an increase of 14.8% year-over-year[180] - The bank received multiple awards for its green banking initiatives, including recognition as a "Model Demonstration Base for ESG" and the "Annual Green Finance Award" from the International Financial Forum[183] Customer Base and Market Position - The number of personal customers exceeded 880 million, while corporate customers increased to 12.13 million, with private banking assets reaching CNY 3.15 trillion[28] - The bank's stock price increased by 55% for A-shares and 58% for H-shares compared to the end of the previous year, leading the industry in growth rates[30] - The total number of corporate clients reached 12.13 million, with 607,500 clients having loan balances, an increase of 85,200 clients year-on-year[147] Risk Management and Compliance - The bank's non-performing loan ratio remains at a competitive level compared to peers, with proactive measures in place for risk management[29] - The liquidity ratio for RMB was 85.34%, significantly above the regulatory requirement of ≥25%[145] - The maximum single customer loan ratio was 2.64%, well below the regulatory limit of ≤10%[145] International Operations - Agricultural Bank of China (Moscow) reported total assets of $235 million and net assets of $103 million as of the end of 2024, achieving a net profit of $14.99 million for the year[191] - Agricultural Bank of China (UK) is currently undergoing closure procedures with a capital of $100 million[192] - The bank's overseas subsidiary in Luxembourg reported total assets of $73 million and a net profit of $710,000 by the end of 2024[190] Wealth Management and Investment - The bank's wealth management product sales reached 1.6025 trillion yuan, with a 68.5% increase in physical precious metal sales[157] - The bank's private banking client base reached 256,000, managing assets totaling 31.5 trillion yuan as of the end of 2024[160] - The bank's asset management business includes a total of 302.24 billion yuan in direct and indirect investment assets, with non-standardized debt assets accounting for 30.3%[169]