Core Insights - The article discusses the launch of the "Yun Tong Guan Zhang" payment and settlement service by the Bank of Communications, aimed at enhancing financial support for the real economy and facilitating enterprise transformation in Hubei province [1][3]. Group 1: Service Overview - "Yun Tong Guan Zhang" service addresses key pain points for enterprises, such as complex settlement tools, low reconciliation efficiency, and difficult fund supervision, by providing three core capabilities: smart and convenient payment and settlement, precise and efficient reconciliation, and secure and visible fund supervision [4]. - The service focuses on four major ecological scenarios: real economy, livelihood services, platform economy, and park economy, effectively responding to the customized and agile financial needs of enterprises in the new economy and new business formats [4]. Group 2: Technological Integration - The service emphasizes the integration of scenarios, customers, accounts, and funds to build a data-driven management system for enterprise financial and operational integration, supporting refined operations and strategic decision-making [4]. - The article highlights the shift of the Bank of Communications from a traditional settlement service provider to a "scene ecological enabler" that deeply engages in business scenarios and drives value creation [4]. Group 3: Collaborative Partnerships - During the event, the Bank of Communications awarded titles to 15 enterprises as "Technology Navigation Strategic Partners" and 12 enterprises as "Yun Tong Treasury Strategic Partners," indicating a new paradigm of cooperation between banks and enterprises [5]. - The article mentions that the Bank of Communications has established treasury business cooperation with 91 central enterprises and their subsidiaries, achieving a coverage rate of 91% among central enterprises [6]. Group 4: Financial Innovation - The Bank of Communications has launched a series of innovative service models and products driven by financial technology, such as the "Knowledge Value Credit Loan," which quantifies intangible assets like patents and R&D investments into credit [7]. - As of the end of August, the bank has disbursed 3.3 billion yuan to support nearly 1,000 technology enterprises in Hubei province [7].

Group 1 - The core idea of the article is the promotion of financial knowledge through various educational activities organized by the Bank of Communications Hebei Branch, focusing on the theme "Protecting Financial Rights and Supporting a Better Life" [1] - The integration of financial education with traditional culture and non-heritage arts is highlighted, exemplified by the creation of educational videos that warn consumers about risks such as fraud and illegal fundraising while promoting traditional culture [1][2] - The bank's collaboration with local tourism and consumer sectors is emphasized, showcasing financial knowledge alongside regional scenic spots through posters and digital displays, thereby enhancing both financial literacy and local tourism promotion [2] Group 2 - Special attention is given to vulnerable groups, with tailored financial education activities for visually and hearing-impaired individuals, including the distribution of braille financial knowledge manuals and interactive classes for hearing-impaired youth [3] - The innovative approach of combining "cultural tourism," "non-heritage empowerment," and "public welfare" in financial education activities is noted, breaking away from traditional single-mode financial promotion and effectively enhancing public financial literacy [3] - The bank plans to continue exploring deeper integration of financial promotion with local culture and social welfare, aiming to enhance the effectiveness and engagement of financial education initiatives [3]

交通银行辽宁省分行：多维升级无障碍金融教育暖心举措让金融知识"看得见" 近日，为扎实推进金融教育全覆盖，切实保障每一位消费者的受教育权，交通银行辽宁省分行推出了一系列创新性无障碍金融知识普及举措。通过提供多格 式、可感知的金融教育材料，有效打破了信息壁垒，让金融知识传播更具温度与包容性。 在各营业网点，传统的金融知识宣传材料迎来了贴心升级。除了常规版本，网点配备了大字版·盲文版金融消保手册，方便视弱人群轻松阅读。更值得一提 的是，每一本手册的醒目位置还设置了音频二维码，金融消费者只需用手机扫码，即可"听"到涵盖防范电信诈骗、识别非法集资、金融消费者八项基本权 益、防范非法金融中介、保护个人信息等内容的完整音频讲解。此外，为方便携带，还同步推出的盲文版宣传折页，确保金融知识及风险提示能够无障碍地 触达视弱、视障群体。 这一系列举措通过盲文、大字、音频三种载体形成互补，构建起一个立体的、无障碍的信息传播网络，确保不同需求的群体都能以最适合自己的方式获取急 需的金融知识，从而提升风险防范意识和能力，获得了前来办理业务的市民的积极评价。 未来，交通银行辽宁省分行将继续探索更多元化的教育形式，努力确保金融知识教育能够公 ...

Core Viewpoint - The Bank of Communications actively participates in the 2025 Financial Education Promotion Week, focusing on consumer rights protection and financial knowledge dissemination through innovative projects and community engagement [1][2][3] Group 1: Financial Education Initiatives - The bank launched a series of engaging financial education projects during the promotion week, aiming to make financial knowledge accessible and relatable to the public [1] - A new financial education ambassador named "Jiao Jiao" was introduced, symbolizing the bank's commitment to customer-centric service and professional support [1] - The bank collaborated with Xinhua News to produce a financial education video series featuring "Jiao Jiao," who will travel to various cities to promote practical financial knowledge [2] Group 2: Community Engagement Activities - The bank organized diverse financial education activities at popular tourist sites across multiple provinces, including interactive quizzes and engaging experiences to educate visitors [3] - Specific initiatives included the "Jiao Jiao Happiness Bus" in Guangdong, which served as a mobile classroom for different demographics, and themed events in Yunnan that incorporated local cultural elements [3] - A total of 73 scenic spots across 28 provinces participated in the "Risk Warning Delivered" campaign, effectively bringing financial services and education directly to consumers [3]

Group 1 - The core viewpoint of the article is the progress report on the rectification of issues identified during the third round of inspections by the Central Committee of the Communist Party of China at the Bank of Communications, emphasizing the importance of political responsibility and comprehensive reform [1][2][3] - The bank's party committee has taken significant steps to implement rectification measures, integrating them with deepening reforms and strict governance of the party [1][2] - A leadership group was established to oversee the rectification process, focusing on key issues such as enhancing party building, improving service to the real economy, and risk prevention [1][2][3] Group 2 - The bank is committed to promoting high-quality development by aligning with the central financial work conference's directives and enhancing its operational efficiency [2][3] - Specific measures include optimizing customer service strategies and improving the management of financial policies to ensure compliance and effectiveness [3][4] - The bank has implemented a special governance plan to address key business areas, ensuring proper data management and loan allocation [4][5] Group 3 - The bank aims to enhance its service capabilities to the real economy by improving institutional frameworks and management practices [5][6] - It is actively supporting regional development strategies, particularly in Shanghai, to strengthen its financial service functions [5][6] - The bank is also focusing on providing financial services to key sectors, including small and micro enterprises and green finance initiatives [6][7] Group 4 - The bank has intensified its efforts in credit risk management and is committed to addressing risks in key areas through comprehensive governance [7][8] - It is implementing measures to manage and mitigate risks effectively, including post-loan management and emergency response planning [8][9] Group 5 - The bank is reinforcing its commitment to strict party governance and accountability, ensuring that all levels of leadership are held responsible for compliance and performance [12][13] - It has established mechanisms for internal supervision and accountability, focusing on preventing corruption and ensuring ethical conduct [15][16] Group 6 - The bank is enhancing its leadership and management capabilities by focusing on talent development and effective governance structures [18][19] - It is committed to fostering a culture of integrity and accountability within its operations, ensuring that all employees adhere to ethical standards [15][16]

2025中期報告 創造共同 價 值 交 通 銀 行 股 份 有 限 公 司 2 0 2 5中期報 告 交 通 銀 行 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 地址及郵編 中國（上海）自由貿易試驗區銀城中路188號 200120 www.bankcomm.com www.bankcomm.cn 交通銀行股份有限公司 二零二五年中期報告H股 重要提示 一、本行董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實、準確、完整，不存在虛假 記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、本行第十屆董事會第二十四次會議於2025年8月29日審議批准了2025年半年度報告和業績公告。出席會議 應到董事16名，親自出席董事16名。 三、本行董事長任德奇先生、主管會計工作負責人周萬阜先生及會計機構負責人陳隃先生聲明：保證半年度報 告中財務報告的真實、準確、完整。 四、本半年度報告未經審計。 五、經董事會審議的2025年半年度利潤分配預案：以報告期末本行已發行普通股總股份883.64億股為基數， 向本行登記在冊的A股和H股股東，每10股派發現金股利人民幣1.563元（含稅） ...

Group 1 - The Central Inspection Team conducted a routine inspection of Bank of Communications from April 15 to July 20, 2024, and provided feedback on October 19, 2024 [1] - The bank's Party Committee has taken political responsibility for the inspection rectification, integrating it with reform and strict governance [2][3] - A rectification leadership group was established to oversee the implementation of corrective measures, focusing on enhancing party building and risk prevention [2][3] Group 2 - The bank is committed to high-quality development by aligning with national financial policies and improving service efficiency [5][6] - The bank has implemented measures to protect consumer rights, including revising seven related regulations to enhance complaint handling [8][34] - The bank aims to strengthen its service to the real economy by improving financial resource allocation and supporting key sectors [9][10][12] Group 3 - The bank has intensified its efforts in credit risk management and is actively addressing risks in key areas [13][14][15] - The bank is focused on preventing corruption in the credit sector and has strengthened oversight mechanisms [21][22] - The bank is committed to enhancing the political responsibility of party governance and has established a comprehensive accountability system [18][19][20] Group 4 - The bank plans to continue its long-term rectification efforts by setting phased timelines and ensuring thorough implementation [32] - The bank emphasizes the importance of political construction and the integration of party leadership in corporate governance [41][42] - The bank aims to consolidate the results of rectification and prevent the recurrence of issues through continuous monitoring and improvement [43]

Group 1 - The third National Vocational Skills Competition opened in Zhengzhou, Henan, with the participation of the president of the Bank of Communications, Zhang Baojiang [1] - The Bank of Communications has partnered with the competition for the third time, actively supporting the event and contributing to the talent strategy of the country [1] - Prior to the event, the bank engaged with the competition organizers to address financing needs for venue construction, ensuring timely delivery of the facilities [1] Group 2 - At the event, the bank showcased its theme booth "Show Your Skills to Support Youth with Talent," utilizing multimedia displays and immersive interactions to highlight its financial services supporting the real economy and entrepreneurship [1] - Attendees could interact with remote customer service through the "Cloud Bank of Communications" smart screen, experiencing digital financial services [1] - The bank collaborated with the competition organizers to launch the "Follow the National Competition for Research and Learning" initiative, innovating a model that combines on-site learning with extended practical experiences for youth [1]

Group 1 - The core viewpoint of the articles highlights the effective implementation of consumption-boosting policies in China, leading to stable growth in the consumer market and the emergence of new consumption drivers [1][2] - The Bank of Communications has launched a new online credit product called "Guobudai," specifically designed for merchants participating in national subsidy programs, with a maximum credit limit of 3 million yuan [1] - "Guobudai" addresses the urgent funding needs of distributors in the home appliance, digital, and home improvement sectors, enhancing their confidence and ability to seize market opportunities during peak sales seasons [1] Group 2 - The bank has developed a smart operational model for "Guobudai," utilizing a unified system to efficiently connect local data and meet regional needs, with plans to expand the product's availability nationwide [2]

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The Board approved the 2025 interim report and performance announcement, and the report is unaudited - The Board of Directors approved the 2025 semi-annual report and performance announcement on August 29, 2025, with all **16 directors** present[5](index=5&type=chunk) - The report is unaudited[5](index=5&type=chunk) - 2025 semi-annual profit distribution plan: based on **88.364 billion shares**, a cash dividend of **RMB 1.563 per 10 shares** (tax inclusive) will be distributed to registered A and H shareholders, totaling **RMB 13.811 billion**[5](index=5&type=chunk) - No bonus share or capital reserve to share capital conversion plan for this half-year period[5](index=5&type=chunk) - The Group primarily faces credit risk, market risk, operational risk, and compliance risk in its operations, and has taken measures for effective control[5](index=5&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms used in the report, including the Bank, the Group, and the "Five Key Initiatives" in financial services - Defines "The Bank / Bank of Communications" as Bank of Communications Co., Ltd., and "The Group" as the Bank and its subsidiaries[10](index=10&type=chunk) - Lists and explains the "Five Key Initiatives": Technology Finance, Green Finance, Inclusive Finance, Elderly Care Finance, and Digital Finance[10](index=10&type=chunk) - Introduces several Bank of Communications financial service brands, such as "Yuntong Wealth" for corporate and interbank wealth management, "Wode Wealth" as the main retail brand, and "Jiaoyin Zhanyetong" and "Jiaoyin Yinongtong" for inclusive finance services[10](index=10&type=chunk) [Company Profile](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Bank of Communications, established in 1908, is a globally systemically important bank ranked 9th by Tier 1 capital, offering comprehensive financial services worldwide - Bank of Communications was founded in 1908 and restructured in 1987 as China's first national state-owned joint-stock commercial bank[20](index=20&type=chunk) - Listed on the Hong Kong Stock Exchange in 2005 and Shanghai Stock Exchange in 2007, it was designated a Global Systemically Important Bank in 2023, ranking **9th globally by Tier 1 capital**[20](index=20&type=chunk) - Its strategic goal is to "build a world-class banking group with distinctive advantages," focusing on green finance, inclusive finance, trade finance, technology finance, and wealth finance, while implementing the "Five Key Initiatives"[20](index=20&type=chunk) - Provides comprehensive financial services, including deposits, loans, supply chain finance, cash management, international settlement, and wealth management, to **2.95 million corporate clients** and **202 million retail clients** through over **2,800 domestic branches** and **24 overseas branches/subsidiaries and representative offices**[20](index=20&type=chunk) - The Group engages in financial leasing, funds, wealth management, trusts, insurance, overseas securities, and debt-to-equity swaps through wholly-owned or controlled subsidiaries[20](index=20&type=chunk) [Financial Highlights](index=7&type=section&id=%E8%B4%A2%E5%8A%A1%E6%91%98%E8%A6%81) This section presents key financial data and indicators for the first half of 2025, showing growth in net profit and total assets, alongside improved asset quality 2025 First Half Key Accounting Data and Financial Indicators | Indicator | 2025 Jan-Jun (RMB million) | 2024 Jan-Jun (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 85,247 | 84,234 | 1.20 | | Net Fee and Commission Income | 20,458 | 21,000 | (2.58) | | Net Operating Income | 133,498 | 132,550 | 0.72 | | Credit Impairment Losses | 32,814 | 33,021 | (0.63) | | Operating Expenses | 39,933 | 39,621 | 0.79 | | Profit Before Tax | 46,910 | 47,678 | (1.61) | | Net Profit (Attributable to Parent Company Shareholders) | 46,016 | 45,287 | 1.61 | | Earnings Per Share (RMB) | 0.59 | 0.56 | 5.36 | | | | | | | **Balance Sheet (Period-end):** | 2025 Jun 30 | 2024 Dec 31 | Change (%) | | Total Assets | 15,435,405 | 14,900,717 | 3.59 | | Customer Loans | 8,998,499 | 8,555,122 | 5.18 | | Total Liabilities | 14,130,635 | 13,745,120 | 2.80 | | Customer Deposits | 9,171,358 | 8,800,335 | 4.22 | | Shareholders' Equity (Attributable to Parent Company Shareholders) | 1,293,989 | 1,144,306 | 13.08 | | Net Asset Per Share (RMB) | 12.67 | 13.06 | (2.99) | | Total Capital | 1,619,956 | 1,508,812 | 7.37 | | Common Equity Tier 1 Capital | 1,115,440 | 964,568 | 15.64 | | | | | | | **Key Financial Ratios (%):** | 2025 Jan-Jun | 2024 Jan-Jun | Change (percentage points) | | Annualized Return on Average Assets | 0.61 | 0.65 | (0.04) | | Annualized Weighted Average Return on Equity | 9.16 | 9.29 | (0.13) | | Net Interest Margin | 1.21 | 1.29 | (0.08) | | Cost-to-Income Ratio | 29.94 | 29.94 | – | | | | | | | **Asset Quality and Capital Adequacy Ratios (%):** | 2025 Jun 30 | 2024 Dec 31 | Change (percentage points) | | Non-performing Loan Ratio | 1.28 | 1.31 | (0.03) | | Provision Coverage Ratio | 209.56 | 201.94 | 7.62 | | Capital Adequacy Ratio | 16.59 | 16.02 | 0.57 | | Tier 1 Capital Adequacy Ratio | 13.21 | 12.11 | 1.10 | | Common Equity Tier 1 Capital Adequacy Ratio | 11.42 | 10.24 | 1.18 | | Leverage Ratio | 7.61 | 6.95 | 0.66 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides a comprehensive review of the Group's financial performance, business operations, and risk management strategies for the first half of 2025 [Financial Statement Analysis](index=8&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E5%88%86%E6%9E%90) The Group's net profit increased by 1.61% and net operating income by 0.72%, driven by net interest income growth, with improved asset quality and increased cash flows from operating and financing activities [Analysis of Key Profit and Loss Statement Items](index=8&type=section&id=%E5%88%A9%E6%B6%A6%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Net interest income grew 1.20%, driving net operating income, despite a decline in net interest margin; net fee and commission income decreased 2.58%, while other non-interest income rose 1.75%, and income tax expense significantly dropped 75.45% 2025 First Half Key Profit and Loss Statement Items Changes | Item | 2025 Jan-Jun (RMB million) | 2024 Jan-Jun (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 85,247 | 84,234 | 1.20 | | Net Non-Interest Income | 48,251 | 48,316 | (0.13) | | Net Fee and Commission Income | 20,458 | 21,000 | (2.58) | | Net Operating Income | 133,498 | 132,550 | 0.72 | | Credit Impairment Losses | (32,814) | (33,021) | (0.63) | | Operating Expenses | (39,933) | (39,621) | 0.79 | | Profit Before Tax | 46,910 | 47,678 | (1.61) | | Income Tax Expense | (455) | (1,853) | (75.45) | | Net Profit | 46,455 | 45,825 | 1.37 | | Net Profit Attributable to Parent Company Shareholders | 46,016 | 45,287 | 1.61 | - Net interest margin was **1.21%**, a **decrease of 8 basis points** year-on-year, primarily due to LPR reductions, adjustments to existing mortgage rates, and market competition, leading to a decline in asset yields, though interest-bearing liability costs decreased year-on-year[28](index=28&type=chunk) - Customer loan interest income was **RMB 138.325 billion**, a year-on-year decrease of **RMB 12.396 billion**, or **8.22%**, mainly due to a **57 basis point** year-on-year decline in the annualized average yield on customer loans[32](index=32&type=chunk) - Net fee and commission income was **RMB 20.458 billion**, a year-on-year decrease of **RMB 542 million**, or **2.58%**, with reductions in investment banking, custody and other entrusted businesses, payment and settlement, and bank card business income[42](index=42&type=chunk) - Income tax expense was **RMB 455 million**, a year-on-year decrease of **75.45%**, with an effective tax rate of **0.97%**, primarily due to tax-exempt interest income from government and local government bonds[48](index=48&type=chunk) [Analysis of Key Balance Sheet Items](index=13&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Total assets reached **RMB 15.44 trillion**, growing 3.59% from year-end, driven by a 5.18% increase in customer loans, while total liabilities rose 2.80% with customer deposits up 4.22% Composition of Total Assets as of June 30, 2025 | Item | 2025 Jun 30 (RMB million) | Share (%) | 2024 Dec 31 (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Customer Loans | 8,777,937 | 56.87 | 8,351,131 | 56.05 | | Financial Investments | 4,421,066 | 28.64 | 4,320,089 | 28.99 | | Cash and Balances with Central Banks | 751,611 | 4.87 | 717,354 | 4.81 | | Deposits with and Loans to Banks and Other Financial Institutions | 971,094 | 6.29 | 974,042 | 6.54 | | Other Assets | 513,697 | 3.33 | 538,101 | 3.61 | | **Total Assets** | **15,435,405** | **100.00** | **14,900,717** | **100.00** | - Corporate loans balance was **RMB 5.931365 trillion**, an increase of **RMB 364.787 billion** from year-end, a **6.55%** growth[52](index=52&type=chunk) - Personal consumption loans balance was **RMB 385.798 billion**, an increase of **RMB 55.538 billion** from year-end, a **16.82%** growth[53](index=53&type=chunk) - Bond investments balance was **RMB 3.955194 trillion**, an increase of **RMB 98.149 billion** from year-end, a **2.54%** growth; the Group will continue to prioritize interest-rate bond investments, strengthen credit bond market analysis, and serve the real economy[60](index=60&type=chunk) Composition of Total Liabilities as of June 30, 2025 | Item | 2025 Jun 30 (RMB million) | Share (%) | 2024 Dec 31 (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Customer Deposits | 9,171,358 | 64.90 | 8,800,335 | 64.03 | | Deposits from and Loans from Banks and Other Financial Institutions | 2,324,674 | 16.45 | 2,431,451 | 17.69 | | Certificates of Deposit Issued | 1,515,200 | 10.72 | 1,384,372 | 10.07 | | Bonds Issued | 711,828 | 5.04 | 691,248 | 5.03 | | Other Liabilities | 407,575 | 2.89 | 437,714 | 3.18 | | **Total Liabilities** | **14,130,635** | **100.00** | **13,745,120** | **100.00** | - Customer deposits balance was **RMB 9.171358 trillion**, an increase of **RMB 371.023 billion** from year-end, a **4.22%** growth[65](index=65&type=chunk) [Analysis of Key Cash Flow Statement Items](index=18&type=section&id=%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E5%88%86%E6%9E%90) Cash and cash equivalents increased by **RMB 52.282 billion**, with operating cash flow net inflow of **RMB 53.479 billion** and financing cash flow net inflow of **RMB 100.143 billion**, while investing cash flow saw a net outflow of **RMB 102.296 billion** - As of the end of the reporting period, cash and cash equivalents balance was **RMB 214.232 billion**, an increase of **RMB 52.282 billion** from year-end[69](index=69&type=chunk) - Net cash flow from operating activities was a net inflow of **RMB 53.479 billion**, a year-on-year increase of **RMB 275.921 billion**, primarily due to increased cash inflows from customer deposits[69](index=69&type=chunk) - Net cash flow from investing activities was a net outflow of **RMB 102.296 billion**, a year-on-year increase in outflow of **RMB 200.338 billion**, mainly due to net cash outflow from bond investments during the period[69](index=69&type=chunk) - Net cash flow from financing activities was a net inflow of **RMB 100.143 billion**, a year-on-year increase in inflow of **RMB 104.339 billion**, primarily due to increased cash inflows from the issuance of additional ordinary shares during the period[69](index=69&type=chunk) [Segment Performance](index=18&type=section&id=%E5%88%86%E9%83%A8%E6%83%85%E5%86%B5) The Yangtze River Delta region led in profit before tax and net operating income, while corporate finance dominated business segments, despite a significant year-on-year decline in personal finance profit before tax 2025 First Half Profit Before Tax and Net Operating Income by Region | Region | 2025 Profit Before Tax (RMB million) | Share (%) | 2025 Net Operating Income (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Yangtze River Delta | 25,385 | 54.11 | 48,610 | 36.41 | | Pearl River Delta | (3,820) | (8.14) | 12,399 | 9.29 | | Bohai Rim Region | 9,152 | 19.51 | 16,254 | 12.18 | | Central Region | 8,346 | 17.79 | 17,854 | 13.36 | | Western Region | 6,317 | 13.47 | 11,476 | 8.60 | | Northeast Region | 2,036 | 4.34 | 3,708 | 2.78 | | Overseas | 7,303 | 15.57 | 10,076 | 7.55 | | Head Office | (7,809) | (16.65) | 13,121 | 9.83 | | **Total** | **46,910** | **100.00** | **133,498** | **100.00** | 2025 First Half Profit Before Tax and Net Operating Income by Business Segment | Business Segment | 2025 Net Operating Income (RMB million) | Share (%) | 2025 Profit Before Tax (RMB million) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Banking Business | 64,662 | 48.44 | 25,101 | 53.51 | | Personal Banking Business | 49,584 | 37.14 | 7,461 | 15.90 | | Treasury Business | 18,632 | 13.96 | 14,273 | 30.43 | | Other Businesses | 620 | 0.46 | 75 | 0.16 | | **Total** | **133,498** | **100.00** | **46,910** | **100.00** | - The Yangtze River Delta region accounted for **28.89%** of loan balances and **27.94%** of deposit balances, ranking first among all regions[74](index=74&type=chunk)[78](index=78&type=chunk) [Business Review](index=20&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B1) The Group advanced its "1-4-5" strategy, achieving significant progress in the "Five Key Initiatives," optimizing credit structure, growing corporate and personal finance, enhancing global services, and accelerating digital transformation [Progress of Development Strategy](index=20&type=section&id=%E5%8F%91%E5%B1%95%E6%88%98%E7%95%A5%E6%8E%A8%E8%BF%9B%E6%83%85%E5%86%B5) The Group made significant strides in its "Five Key Initiatives" and Shanghai home-field development, with technology loans exceeding **RMB 1.5 trillion**, green loans over **RMB 870 billion**, and inclusive loans growing **12.96%** - Technology Finance: Provided technology loan support to **68,000 enterprises**, with loan balances exceeding **RMB 1.5 trillion**[80](index=80&type=chunk) - Green Finance: Green loan balances exceeded **RMB 870 billion**, with energy-saving and carbon reduction industry balances growing **6.58%** from year-end; cumulatively issued **RMB 145 billion** in green financial bonds in mainland China[81](index=81&type=chunk) - Inclusive Finance: Inclusive loan balances reached **RMB 852.401 billion**, an increase of **RMB 97.817 billion** from year-end, a **12.96%** growth[82](index=82&type=chunk) - Elderly Care Finance: Elderly care industry loan balances grew **21.39%** from year-end, with significant increases in social security card and personal pension business volumes[85](index=85&type=chunk) - Digital Finance: Digital economy core industry loan balances exceeded **RMB 286 billion**, with internet loans growing **8.52%** from year-end[86](index=86&type=chunk) - Shanghai Home-field Development: Achieved over **RMB 488 billion** in "Bond Connect" transactions and over **RMB 491 billion** in "Swap Connect" transactions; added over **RMB 2.7 billion** in equity investments in Shanghai-based technology enterprises[87](index=87&type=chunk) [Corporate Banking Business](index=22&type=section&id=%E5%85%AC%E5%8F%B8%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) Corporate loans grew **6.55%** from year-end, with technology, inclusive micro, and elderly care loans exceeding the Group's average growth, while corporate client numbers increased **3.75%** and investment banking actively served national strategies - As of the end of the reporting period, the Group's corporate loans increased by **RMB 364.787 billion** from year-end, a **6.55%** growth[88](index=88&type=chunk) - Loans to technology-based enterprises, inclusive micro and small enterprises, and elderly care industry loans grew by **12.73%**, **11.45%**, and **21.39%** respectively, all exceeding the Group's average loan growth[88](index=88&type=chunk) - The total number of corporate clients in domestic branches was **2.95 million**, an increase of **3.75%** from year-end[89](index=89&type=chunk) - Inclusive micro and small enterprise loan balances reached **RMB 849.317 billion**, an increase of **RMB 87.245 billion** from year-end, a **11.45%** growth; the average interest rate for newly issued inclusive micro and small enterprise loans in the first half was **2.99%**[92](index=92&type=chunk) - Supply chain finance business volume was **RMB 319.163 billion**, a year-on-year increase of **4.90%**; serving **38,200 upstream and downstream enterprises** in the supply chain, a year-on-year increase of **3.99%**[94](index=94&type=chunk) - Underwrote **RMB 77.040 billion** in NAFMII-standard bonds; provided investment and financing services of **RMB 39.344 billion** for technology-based enterprises and related industries[96](index=96&type=chunk) [Personal Banking Business](index=23&type=section&id=%E4%B8%AA%E4%BA%BA%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) Personal deposits, loans, and AUM showed stable growth, with personal consumption loans increasing **16.82%**, private banking clients growing **8.94%**, and elderly care industry loans rising **21.39%** - Personal deposit balances grew **6.18%** from year-end, and personal loan balances grew **2.83%** from year-end[97](index=97&type=chunk) - AUM reached **RMB 5.792553 trillion**, a **5.52%** increase from year-end[98](index=98&type=chunk) - Personal consumption loan balances were **RMB 385.798 billion**, a **16.82%** increase from year-end[101](index=101&type=chunk) - The Group's private banking client count was **102,600**, an **8.94%** increase from year-end; assets under management for private banking clients reached **RMB 1.388874 trillion**, a **7.20%** increase from year-end[103](index=103&type=chunk) - Elderly care industry loan balances grew **21.39%** from year-end[107](index=107&type=chunk) [Interbank and Financial Market Business](index=25&type=section&id=%E5%90%8C%E4%B8%9A%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B8%82%E5%9C%BA%E4%B8%9A%E5%8A%A1) The Group actively supported Shanghai's international financial center development, maintaining leading positions in interbank clearing and settlement, innovating financial market products, and growing asset custody to **RMB 16.84 trillion** - Ranked among the top in the market for Shanghai Clearing House agency clearing volume, Shanghai Gold Exchange agency settlement volume, and settlement volumes for securities, futures, and other factor markets[110](index=110&type=chunk) - Completed the first batch of credit derivative transactions referencing technology-based enterprises and launched the first batch of special interbank loans supporting green businesses[111](index=111&type=chunk) - As of the end of the reporting period, assets under custody reached **RMB 16.84 trillion**[112](index=112&type=chunk) [Integrated Operations](index=26&type=section&id=%E7%BB%BC%E5%90%88%E5%8C%96%E7%BB%8F%E8%90%A5) The Group's integrated operations, led by commercial banking, achieved **RMB 4.561 billion** in net profit attributable to parent company shareholders from subsidiaries, representing **9.91%** of the Group's net profit, with strong performance across financial leasing, wealth management, and insurance - Subsidiaries achieved **RMB 4.561 billion** in net profit attributable to parent company shareholders, accounting for **9.91%** of the Group's net profit[113](index=113&type=chunk) - As of the end of the reporting period, total assets of subsidiaries were **RMB 784.731 billion**, accounting for **5.08%** of the Group's total assets[113](index=113&type=chunk) - BoCom Financial Leasing's total assets were **RMB 467.954 billion**, with shipping leasing assets of **RMB 166.370 billion**, maintaining its position as the **world's largest financial shipowner**; operating income reached **RMB 16.779 billion**, a year-on-year increase of **11.09%**[113](index=113&type=chunk) - BoCom Wealth Management's managed wealth management product balance was **RMB 1.701318 trillion**, a **5.15%** increase from year-end; net profit reached **RMB 773 million**, a year-on-year increase of **8.73%**[120](index=120&type=chunk) - BoComm Life Insurance's insurance service income was **RMB 1.412 billion**, a year-on-year increase of **13.06%**; operating income reached **RMB 4.223 billion**, a year-on-year increase of **21.17%**[121](index=121&type=chunk) [Global Service Capabilities](index=28&type=section&id=%E5%85%A8%E7%90%83%E6%9C%8D%E5%8A%A1%E8%83%BD%E5%8A%9B) The Group expanded its global network across five continents, with overseas banking institutions contributing **RMB 6.152 billion** in net profit, while international settlement volume grew **24.38%** and cross-border RMB settlement volume increased **56.65%** - Overseas banking institutions achieved net profit of **RMB 6.152 billion**, accounting for **13.37%** of the Group's net profit[126](index=126&type=chunk) - As of the end of the reporting period, total assets of overseas banking institutions were **RMB 1.263561 trillion**, accounting for **8.19%** of the Group's total assets[126](index=126&type=chunk) - The Bank's international settlement volume was **USD 299.965 billion**, a year-on-year increase of **24.38%**[129](index=129&type=chunk) - Domestic banking institutions' cross-border RMB settlement volume was **RMB 1.37 trillion**, a year-on-year increase of **56.65%**[131](index=131&type=chunk) - As of the end of the reporting period, offshore business asset balance was **USD 13.719 billion**[133](index=133&type=chunk) [Channel Development and Operations](index=29&type=section&id=%E6%B8%A0%E9%81%93%E5%BB%BA%E8%AE%BE%E4%B8%8E%E7%BB%8F%E8%90%A5) The Group enhanced digital operations, with enterprise online and mobile banking showing increased client numbers and transaction volumes, personal mobile banking MAU growing **8.63%**, and remote video service volume increasing **90.86%** - Enterprise online banking (bank-enterprise direct connection) signed client numbers grew **4.96%** from year-end, with cumulative transaction client numbers increasing **6.85%** year-on-year[135](index=135&type=chunk) - Enterprise mobile banking signed client numbers grew **5.33%** from year-end, with cumulative transaction volume increasing **11.64%** year-on-year[135](index=135&type=chunk) - Personal mobile banking Monthly Active Users (MAU) reached **49.1228 million**, a year-on-year increase of **8.63%**[136](index=136&type=chunk) - "Maidanba" APP accumulated **80.4867 million** linked card users, with **26.5997 million** monthly active users[137](index=137&type=chunk) - Open banking online chain finance services disbursed **RMB 143.564 billion**, a year-on-year increase of **6.32%**[138](index=138&type=chunk) - "Cloud BoCom" remote video service provided **1.29 million transactions**, a year-on-year increase of **90.86%**[139](index=139&type=chunk) - "Huimindai" credit approval efficiency improved by **63%**, and loan disbursement approval efficiency improved by **75%**[141](index=141&type=chunk) [FinTech and Digital Transformation](index=31&type=section&id=%E9%87%91%E8%9E%8D%E7%A7%91%E6%8A%80%E4%B8%8E%E6%95%B0%E5%AD%97%E5%8C%96%E8%BD%AC%E5%9E%8B) The Group strengthened digital infrastructure, data governance, and AI applications, completing front-to-back integration for financial market businesses and launching an online bulk commodity trade finance platform - The phased integration of front, middle, and back offices for financial market businesses was successfully completed, covering interbank lending, repurchase, and bond businesses[143](index=143&type=chunk) - Established an investment and financing client carbon emission measurement system, completing the latest round of measurement and for the first time including retail assets like mortgages and auto loans[175](index=175&type=chunk) - Developed a data asset map and explored building large model-driven data analysis intelligent agents to promote data visualization and intelligent data utilization[144](index=144&type=chunk) - Launched the "BoCom Shipping and Trade Connect" platform, innovating a fully online bulk commodity trade finance model, providing instant financial support[145](index=145&type=chunk) - "Proactive Credit Granting" expanded coverage and efficiency, enhancing the online, batch, and credit-based nature of credit products[145](index=145&type=chunk) [Risk Management](index=32&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group maintained a "prudent, balanced, compliant, innovative" risk appetite, enhancing its risk governance and digital transformation, resulting in improved asset quality with NPL ratio down to **1.28%** and provision coverage ratio up to **209.56%** - The Group's overall risk appetite is "prudent, balanced, compliant, and innovative," with various risk limit indicators set[146](index=146&type=chunk) - Non-performing loan (NPL) balance was **RMB 115.036 billion**, and the NPL ratio was **1.28%**, an increase of **RMB 3.359 billion** and a decrease of **0.03 percentage points** respectively from year-end[150](index=150&type=chunk) - Provision coverage ratio was **209.56%**, an increase of **7.62 percentage points** from year-end[24](index=24&type=chunk) - Accumulated disposal of non-performing loans totaled **RMB 37.83 billion**, a year-on-year increase of **27.9%**, with actual cash recovery of **RMB 20.37 billion**, a year-on-year increase of **54.3%**[149](index=149&type=chunk) - The average daily Liquidity Coverage Ratio (LCR) for Q2 2025 was **135.38%**, and the Net Stable Funding Ratio (NSFR) at the end of Q2 was **113.19%**, both meeting regulatory requirements[169](index=169&type=chunk) - As of the end of the reporting period, the Group's total loans to its largest single customer accounted for **3.77%** of the Group's total capital, and total loans to its top ten customers accounted for **18.44%** of the Group's total capital[162](index=162&type=chunk) [Risk Management Architecture](index=32&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86%E6%9E%B6%E6%9E%84) The Group's risk management architecture features the Board of Directors with ultimate responsibility, supported by a Risk Management and Connected Transactions Control Committee, and a senior management-level comprehensive risk management committee - The Board of Directors bears ultimate responsibility and supreme decision-making authority for risk management, overseeing the Bank's risk profile through the Risk Management and Connected Transactions Control Committee[147](index=147&type=chunk) - Senior management established a Comprehensive Risk Management and Internal Control Committee, along with two types of business review committees: Loan Review and Risk Asset Review[147](index=147&type=chunk) - Provincial branches, overseas branches, and subsidiaries have established corresponding Comprehensive Risk Management and Internal Control Committees, following this framework[147](index=147&type=chunk) [Risk Management Tools](index=32&type=section&id=%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86%E5%B7%A5%E5%85%B7) The Group is advancing digital risk management, building a comprehensive digital system with a robust data foundation, enhancing strategic measurement models, and developing unified model and risk monitoring systems - Continuously advancing digital transformation of risk management, committed to building a full-process, comprehensive digital risk management system[148](index=148&type=chunk) - Strengthening the supply of measurement models in strategic areas, building a unified model management system, and promoting the construction of a risk monitoring system[148](index=148&type=chunk) - Exploring application scenarios for artificial intelligence technology to assist risk management, continuously enhancing the effectiveness of risk management[148](index=148&type=chunk) [Credit Risk Management](index=32&type=section&id=%E4%BF%A1%E7%94%A8%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group strengthened credit risk management, optimizing asset structure and increasing NPL disposal, resulting in an NPL ratio of **1.28%**, a **0.03 percentage point** decrease from year-end, with all loans overdue for over 90 days classified as non-performing - As of the end of the reporting period, non-performing loan (NPL) balance was **RMB 115.036 billion**, and the NPL ratio was **1.28%**, an increase of **RMB 3.359 billion** and a decrease of **0.03 percentage points** respectively from year-end[150](index=150&type=chunk) - Accumulated disposal of non-performing loans totaled **RMB 37.83 billion**, a year-on-year increase of **27.9%**, with actual cash recovery of **RMB 20.37 billion**, a year-on-year increase of **54.3%**[149](index=149&type=chunk) - Overdue loan balance was **RMB 127.102 billion**, an increase of **RMB 9.004 billion** from year-end, with an overdue ratio of **1.41%**, an increase of **0.03 percentage points** from year-end[159](index=159&type=chunk) - All loans overdue for more than 90 days were classified as non-performing loans, accounting for **78.82%** of total non-performing loans[150](index=150&type=chunk) Loan Five-Category Classification Distribution as of June 30, 2025 | Category | Amount (RMB million) | Share (%) | | :--- | :--- | :--- | | Normal Loans | 8,740,366 | 97.13 | | Special Mention Loans | 143,097 | 1.59 | | Substandard Loans | 25,388 | 0.28 | | Doubtful Loans | 27,870 | 0.31 | | Loss Loans | 61,778 | 0.69 | | **Total Non-Performing Loans** | **115,036** | **1.28** | | **Total** | **8,998,499** | **100.00** | - As of the end of the reporting period, the Group's total loans to its largest single customer accounted for **3.77%** of the Group's total capital, and total loans to its top ten customers accounted for **18.44%** of the Group's total capital[162](index=162&type=chunk) [Market Risk Management](index=36&type=section&id=%E5%B8%82%E5%9C%BA%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group primarily manages interest rate and exchange rate risks, aiming to identify, measure, monitor, control, and report market risks within acceptable limits through various tools, while continuously enhancing its risk management system - The Group's primary market risks are **interest rate risk** and **exchange rate risk**[164](index=164&type=chunk) - The objective of market risk management is to proactively identify, measure, monitor, control, and report market risks, keeping them within an acceptable and reasonable range through limit management, risk hedging, and risk transfer methods[164](index=164&type=chunk) - The Group applies the **standardized approach** for market risk capital measurement, while non-bank subsidiaries and the Brazil subsidiary apply the **simplified standardized approach** during the transition period[164](index=164&type=chunk) [Liquidity Risk Management](index=37&type=section&id=%E6%B5%81%E5%8A%A8%E6%80%A7%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group maintained a robust liquidity risk management framework, with a governance structure involving the Board and senior management, and achieved a Q2 2025 average Liquidity Coverage Ratio of **135.38%** and Net Stable Funding Ratio of **113.19%**, both exceeding regulatory requirements - The Group's liquidity risk management governance structure includes decision-making bodies (Board of Directors and its special committees, senior management), supervisory bodies (Board of Supervisors, Audit and Supervision Bureau), and executive bodies (various departments)[167](index=167&type=chunk) - During the reporting period, the Group continuously improved its liquidity risk management system, flexibly adjusting liquidity management strategies and business development structure and pace as appropriate[167](index=167&type=chunk) Liquidity Ratio Indicators as of June 30, 2025 | Indicator | Standard Value | 2025 Jun 30 (%) | 2024 Dec 31 (%) | | :--- | :--- | :--- | :--- | | Liquidity Ratio | ≥25 | 77.06 | 73.34 | - The average daily Liquidity Coverage Ratio (LCR) for Q2 2025 was **135.38%**, the Net Stable Funding Ratio (NSFR) at the end of Q1 was **111.64%**, and at the end of Q2 was **113.19%**, all meeting regulatory requirements[169](index=169&type=chunk) [Operational Risk Management](index=37&type=section&id=%E6%93%8D%E4%BD%9C%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group upheld an "internal control first, compliance-based" philosophy, continuously improving its operational risk management system, enhancing event management, self-assessment, and key indicator tools, and optimizing related systems and outsourcing mechanisms - The Group's operational risk management adheres to the philosophy of "internal control first, compliance-based," continuously improving its operational risk management system[170](index=170&type=chunk) - Strengthening the standardized use of management tools such as operational risk event management, self-assessment, and key indicators[170](index=170&type=chunk) - Optimizing operational risk management system functions, improving outsourcing management mechanisms, and strengthening business continuity management[170](index=170&type=chunk) [Compliance and Anti-Money Laundering](index=38&type=section&id=%E5%90%88%E8%A7%84%E4%B8%8E%E5%8F%8D%E6%B4%97%E9%92%B1) The Group established a compliance management system aligned with its operations, continuously enhancing risk identification, monitoring, prevention, and resolution capabilities, while deepening anti-money laundering reforms and improving customer due diligence - The Group established a compliance management system commensurate with its operating scale, business scope, and risk level, continuously strengthening its capabilities in compliance risk identification, monitoring, prevention, and resolution[171](index=171&type=chunk) - Further improved the internal control and compliance management system, strengthening supervision, inspection, and issue rectification[171](index=171&type=chunk) - Deepened reforms in anti-money laundering systems and mechanisms, enhancing the effectiveness of anti-money laundering customer due diligence and strengthening integrated Group management[171](index=171&type=chunk) [Reputational Risk Management](index=38&type=section&id=%E5%A3%B0%E8%AA%89%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group adhered to a "prevention-first, effective disposal, timely restoration, comprehensive coverage" strategy for reputational risk, strengthening full-process management and normalized construction, with the system operating effectively during the period - The Group adheres to a management strategy of "prevention first, effective disposal, timely restoration, and comprehensive coverage," strengthening full-process management and normalized construction[172](index=172&type=chunk) - Improved and optimized the Group's long-term reputational risk management mechanism, strengthening reputational risk management for overseas institutions[172](index=172&type=chunk) - During the reporting period, the reputational risk management system operated effectively, and reputational risk was properly controlled[172](index=172&type=chunk) [Cross-Industry, Cross-Border, and Country Risk Management](index=38&type=section&id=%E8%B7%A8%E4%B8%9A%E8%B7%A8%E5%A2%83%E4%B8%8E%E5%9B%BD%E5%88%AB%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group established a comprehensive cross-industry, cross-border, and country risk management system, strengthening overseas institution risk management, enhancing consolidated management, and optimizing country-level asset-liability structures - The Group established a cross-industry and cross-border risk management system characterized by "unified management, clear division of labor, complete tools, IT support, quantified risks, and substantive consolidation"[173](index=173&type=chunk) - Strengthened risk management for overseas institutions, improved the institutional framework, optimized risk indicator monitoring tools, and enhanced the formulation and drills of various emergency plans[173](index=173&type=chunk) - Strengthened consolidated management, refined the full lifecycle management of subsidiaries at all levels, and deepened the transmission of Group risk appetite and management measures to subsidiaries[173](index=173&type=chunk) - Strengthened country risk management, conducted country risk assessments, ratings, and stress tests, guiding operating units to optimize asset-liability structures from a country perspective[173](index=173&type=chunk) [Large Exposure Risk Management](index=38&type=section&id=%E5%A4%A7%E9%A2%9D%E9%A3%8E%E9%99%A9%E6%9A%B4%E9%9C%B2%E7%AE%A1%E7%90%86) The Group diligently implemented regulatory requirements for large exposure risk, advancing management system construction, continuously monitoring exposures, and strictly enforcing limits, with all indicators meeting regulatory standards by period-end - The Group diligently implemented regulatory requirements, promoted the construction of management systems, and continuously monitored large exposure risks[174](index=174&type=chunk) - Strictly implemented various limit management measures to enhance the Group's ability to prevent systemic and regional risks[174](index=174&type=chunk) - As of the end of the reporting period, all indicators for the Group's large exposure risks complied with regulatory requirements[174](index=174&type=chunk) [Climate and Environmental Risk Management](index=38&type=section&id=%E6%B0%94%E5%80%99%E5%92%8C%E7%8E%AF%E5%A2%83%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86) The Group actively supported "carbon peak and carbon neutrality" goals, integrating climate and environmental risks into its comprehensive risk management, enhancing carbon data management, and advancing climate risk scenario analysis and stress testing - The Group actively supports the "carbon peak and carbon neutrality" goals, promoting the further integration of climate and environmental risks into its comprehensive risk management system[175](index=175&type=chunk) - Established an investment and financing client carbon emission measurement system, completing the latest round of measurement and for the first time including retail assets like mortgages and auto loans[175](index=175&type=chunk) - Steadily advanced climate risk scenario analysis and stress testing, deepening research into asset portfolio transformation plans[175](index=175&type=chunk) [Outlook](index=39&type=section&id=%E5%B1%95%E6%9C%9B) The Group will continue to serve the real economy and maintain financial stability, focusing on the "Five Key Initiatives," strengthening its Shanghai "home-field" advantage, advancing digitalization, optimizing business structure, enhancing client engagement, and effectively controlling risks - The Group will continue to deeply practice the political and people-centric nature of financial work, serving as the main force for the real economy and the ballast for financial stability[177](index=177&type=chunk) - Future key tasks include: thoroughly implementing the "Five Key Initiatives" to continuously build business characteristics; vigorously consolidating the Shanghai "home-field" advantage; continuously promoting digital construction to empower transformational development[177](index=177&type=chunk)[178](index=178&type=chunk) - Dynamically optimizing and adjusting business structure, maintaining efforts to serve the real economy, improving quality and efficiency, and promoting coordinated volume-price development and structural optimization of asset-liability businesses[178](index=178&type=chunk) - Advancing the client base enhancement project, improving client operation and management systems and mechanisms, deepening online-offline integration, and strengthening G-B-C collaborative development[179](index=179&type=chunk) - Upholding the bottom line and effectively preventing risks, strengthening integrated and penetrative Group management, and effectively controlling risks in key areas such as real estate and local government debt[179](index=179&type=chunk) [Other Disclosures](index=40&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The Group implemented its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan, continuously boosting investor returns through serving the real economy, strategic execution, leveraging Shanghai's advantages, risk control, and stable cash dividends - The Group formulated the "Bank of Communications Valuation Enhancement Plan and 'Quality Improvement, Efficiency Enhancement, and High Returns' Action Plan" to continuously enhance investor returns through high-quality development[180](index=180&type=chunk) - As of the end of the reporting period, the Group's customer loan balance was **RMB 9.00 trillion**, a **5.18%** increase from year-end[180](index=180&type=chunk) - Loan balances in the three major regions (Yangtze River Delta, Greater Bay Area, Beijing-Tianjin-Hebei) grew **5.57%** from year-end, **0.39 percentage points** higher than the Group's average loan growth[180](index=180&type=chunk) - The Group's main asset quality indicators continued to improve, solidifying its asset quality foundation[181](index=181&type=chunk) - The Group completed its 2024 interim and annual dividends, maintaining a dividend payout ratio of over **30%** of net profit attributable to parent company shareholders for **13 consecutive years**[182](index=182&type=chunk) [Corporate Governance](index=41&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%20(一级)) The Group continuously enhanced its corporate governance, completing a private placement of A-shares to supplement capital, and maintaining a stable dividend policy for 13 consecutive years - The Group strictly adheres to laws and regulations such as the "Company Law," "Securities Law," and "Commercial Bank Law," continuously enhancing its corporate governance level[217](index=217&type=chunk) - In June 2025, the Group completed a private placement of **14,101,057,578 A-shares**, increasing total share capital from **74,262,726,645 shares** to **88,363,784,223 shares**[185](index=185&type=chunk) - The 2025 semi-annual profit distribution plan is a cash dividend of **RMB 1.563 per 10 shares** (tax inclusive), totaling **RMB 13.811 billion**, representing **30.0%** of the net profit attributable to parent company shareholders for the first half of 2025[219](index=219&type=chunk) - The Group highly values the continuity and stability of its dividend policy, maintaining a dividend payout ratio of over **30%** of net profit attributable to parent company shareholders for **13 consecutive years**[182](index=182&type=chunk) [Share Changes and Shareholder Information](index=41&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The Group completed a private placement of **14.101 billion A-shares**, increasing total share capital to **88.364 billion shares**, which diluted EPS and NAV per share, with the Ministry of Finance remaining the largest shareholder - As of the end of the reporting period, the Bank's total ordinary shares were **88,363,784,223 shares**, with A-shares accounting for **60.38%** and H-shares for **39.62%**[183](index=183&type=chunk) - In June 2025, the Bank completed a private placement of **14,101,057,578 A-shares**, raising net proceeds of approximately **RMB 119.941 billion** to supplement Common Equity Tier 1 capital[185](index=185&type=chunk)[273](index=273&type=chunk) - This share change resulted in an increase in the Bank's total share capital and net assets, with a dilutive effect on earnings per share and net asset per share[186](index=186&type=chunk) - As of the end of the reporting period, the total number of ordinary shareholders was **263,071**[189](index=189&type=chunk) - The Ministry of Finance is the Bank's controlling shareholder, with a shareholding ratio of **35.02%**[195](index=195&type=chunk)[196](index=196&type=chunk) - The Hongkong and Shanghai Banking Corporation Limited is the second largest shareholder, with a shareholding ratio of **16.00%**[196](index=196&type=chunk) - National Council for Social Security Fund is the third largest shareholder, with a shareholding ratio of **13.77%**[197](index=197&type=chunk) [Corporate Governance](index=46&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%20(二级)) The Group's corporate governance includes dividend distribution, issuance of green, tech innovation, and TLAC non-capital bonds, and redemption of Tier 2 capital bonds, with **95,267 employees** and a consistent A-rating for information disclosure - As of the end of the reporting period, the total number of preferred shareholders was **67**[204](index=204&type=chunk) - The 2025 semi-annual profit distribution plan is a cash dividend of **RMB 1.563 per 10 shares** (tax inclusive), totaling **RMB 13.811 billion**, representing **30.0%** of the net profit attributable to parent company shareholders for the first half of 2025[219](index=219&type=chunk) - In April 2025, **RMB 30 billion** in green financial bonds were issued; in May, **RMB 20 billion** in technology innovation bonds were issued; in June, **RMB 40 billion** in Total Loss-Absorbing Capacity (TLAC) non-capital bonds were issued[215](index=215&type=chunk) - In May 2025, **RMB 40 billion** of 2020 Tier 2 capital bonds were redeemed; in June, **RMB 30 billion** of 2022 special financial bonds for small and micro enterprise loans matured and were repaid[215](index=215&type=chunk) - As of the end of the reporting period, the Group had a total of **95,267 employees**[229](index=229&type=chunk) - The Bank has been rated an **A-class company** for information disclosure by the Shanghai Stock Exchange for **eleven consecutive years**[234](index=234&type=chunk) [Environmental and Social Responsibility](index=53&type=section&id=%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) The Group actively promoted green finance, with green loan balances exceeding **RMB 870 billion**, and fulfilled social responsibilities by resolving **164,400 financial consumer complaints** with a **100%** resolution rate, while supporting rural revitalization - The Group's "14th Five-Year Plan" designates green as the foundation for all business operations, aiming for green loan balances of no less than **RMB 800 billion** by the end of the "14th Five-Year Plan" period[237](index=237&type=chunk)[239](index=239&type=chunk) - As of the end of the reporting period, green loan balances of domestic banking institutions exceeded **RMB 870 billion**[243](index=243&type=chunk) - Underwrote **RMB 7.291 billion** in green bonds and transition bonds[243](index=243&type=chunk) - BoCom Financial Building won the **Gold Award** in the "2024 Shanghai Existing Building Green Low-Carbon Renovation Assessment"[250](index=250&type=chunk) - In the first half, the Bank handled **164,400 financial consumer complaints**, with a **100%** resolution rate[253](index=253&type=chunk) - Agricultural loan balances were **RMB 761.314 billion**, an increase of **RMB 17.165 billion** from year-end, a **2.31%** growth[255](index=255&type=chunk) [Significant Matters](index=57&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The Group reported no material litigation or administrative penalties, disclosed related party loan agreements totaling **USD 12.95 billion**, and confirmed that **RMB 119.941 billion** in raised funds were used to supplement Common Equity Tier 1 capital - During the reporting period, the Group had no litigation or arbitration matters with a significant impact on its operations; pending litigation and arbitration involved approximately **RMB 1.083 billion**[257](index=257&type=chunk) - During the reporting period, the Bank and its directors, supervisors, and senior management were not subject to any significant administrative penalties or investigations[258](index=258&type=chunk) - Signed loan agreements with BoCom Management, BoCom Development, and Ronggang United totaling **USD 5.85 billion**, **USD 4.1 billion**, and **USD 3 billion** respectively[268](index=268&type=chunk) - As of the end of the reporting period, the Bank's loan balance with related natural persons was **RMB 116,700**, and the total credit card overdraft limit was **RMB 8.9559 million**[265](index=265&type=chunk) - Net proceeds of approximately **RMB 119.941 billion** were used to supplement the Bank's Common Equity Tier 1 capital[273](index=273&type=chunk) - All commitments made by the Bank's shareholders and other relevant parties during or continuing into the reporting period were strictly fulfilled[274](index=274&type=chunk) - China Tobacco and Shuangwei Investment participated in the Bank's A-share issuance as strategic investors and signed strategic cooperation agreements with the Bank[275](index=275&type=chunk) [Institutional Directory](index=61&type=section&id=%E6%9C%BA%E6%9E%84%E5%90%8D%E5%BD%95) This section lists the Group's domestic provincial and direct branches, overseas banking institutions across major international financial centers, and key subsidiaries involved in diverse financial services - Domestic provincial and direct branches are categorized by region: Yangtze River Delta, Pearl River Delta, Bohai Rim Region, Central Region, Western Region, and Northeast Region, with specific addresses listed[277](index=277&type=chunk) - Overseas banking institutions include branches and representative offices in Hong Kong, New York, London, Singapore, Tokyo, Frankfurt, Macau, Ho Chi Minh City, Sydney, Taipei, Luxembourg, Brazil, and other locations[278](index=278&type=chunk) - Key subsidiaries include BoCom Schroders Fund Management, BoCom International Trust, BoCom Financial Leasing, BoCom Wealth Management, BoComm Life Insurance, BoCom Financial Asset Investment, BoCom International Holdings, and China BoCom Insurance[279](index=279&type=chunk) [Financial Statements and Others](index=63&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E5%8F%8A%E5%85%B6%E4%BB%96) This section includes the interim financial review report, unaudited condensed consolidated financial statements, detailed notes, and supplementary financial information, providing a comprehensive view of the Group's financial position and performance - The interim financial information is unaudited, prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting and the disclosure requirements of the Hong Kong Listing Rules[284](index=284&type=chunk) - The notes to the financial statements provide detailed disclosures on significant accounting policies, financial risk management, detailed income and expense items, asset and liability composition, changes in share capital, related party transactions, and segment information[281](index=281&type=chunk) - Supplementary financial information includes currency concentration, international claims, overdue and restructured assets, and loan distribution information[282](index=282&type=chunk) [Review Report on Interim Financial Information](index=64&type=section&id=%E4%B8%AD%E6%9C%9F%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99%E7%9A%84%E5%AE%A1%E9%98%85%E6%8A%A5%E5%91%8A) KPMG's review report on the 2025 interim financial information, conducted under International Review Standard 2410, found no material non-compliance with IAS 34, though it does not constitute an audit opinion - The review was conducted in accordance with International Standard on Review Engagements 2410[285](index=285&type=chunk) - The scope of the review is less than that of an audit, and therefore no audit opinion is expressed[285](index=285&type=chunk) - Based on the review, nothing has come to the attention of the reviewers that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard 34 – Interim Financial Reporting[286](index=286&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=65&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E7%9A%84%E7%AE%80%E8%A6%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the Group's unaudited condensed consolidated financial statements for H1 2025, including the income statement, balance sheet, statement of changes in equity, and cash flow statement, providing an overview of financial performance and position Unaudited Condensed Consolidated Income Statement and Other Comprehensive Income (For the six months ended June 30, 2025) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net Interest Income | 85,247 | 84,234 | | Net Fee and Commission Income | 20,458 | 21,000 | | Net Operating Income | 133,498 | 132,550 | | Credit Impairment Losses | (32,814) | (33,021) | | Profit Before Tax | 46,910 | 47,678 | | Net Profit for the Period | 46,455 | 45,825 | | Net Profit Attributable to Parent Company Shareholders | 46,016 | 45,287 | Unaudited Condensed Consolidated Statement of Financial Position (As of June 30, 2025) | Item | 2025 Jun 30 (RMB million) | 2024 Dec 31 (RMB million) | | :--- | :--- | :--- | | Total Assets | 15,435,405 | 14,900,717 | | Customer Loans | 8,777,937 | 8,351,131 | | Total Liabilities | 14,130,635 | 13,745,120 | | Customer Deposits | 9,171,358 | 8,800,335 | | Total Equity Attributable to Parent Company Shareholders | 1,293,989 | 1,144,306 | | Share Capital | 88,364 | 74,263 | Unaudited Condensed Consolidated Cash Flow Statement (For the six months ended June 30, 2025) | Item | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 53,479 | (222,442) | | Net Cash Flow from Investing Activities | (102,296) | 98,042 | | Net Cash Flow from Financing Activities | 100,143 | (4,196) | | Net Change in Cash and Cash Equivalents | 52,282 | (129,677) | | Cash and Cash Equivalents at End of Period | 214,232 | 145,784 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=72&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E7%9A%84%E4%B8%AD%E6%9C%9F%E7%AE%80%E8%A6%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section provides detailed notes to the unaudited condensed consolidated financial statements, covering accounting policies, financial risk management, income/expense details, balance sheet items, equity changes, dividends, and related party transactions - The principal accounting policies and methods of computation used in these interim condensed consolidated financial statements are consistent with those adopted in the Group's 2024 annual consolidated financial statements[304](index=304&type=chunk) - The Group's main financial risks include credit risk, liquidity risk, market risk, and operational risk[313](index=313&type=chunk) - In the first half of 2025, net interest income was **RMB 85.247 billion**, a year-on-year increase of **1.20%**[416](index=416&type=chunk) - In the first half of 2025, net fee and commission income was **RMB 20.458 billion**, a year-on-year decrease of **2.58%**[417](index=417&type=chunk) - As of June 30, 2025, total customer loans were **RMB 8.998499 trillion**, with credit loans accounting for **39.81%** and mortgage loans for **30.79%**[108](index=108&type=chunk)[459](index=459&type=chunk) - As of June 30, 2025, total customer deposits were **RMB 9.171358 trillion**, including corporate demand deposits of **RMB 1.869774 trillion** and individual time deposits of **RMB 2.961890 trillion**[121](index=121&type=chunk)[495](index=495&type=chunk) - As of June 30, 2025, share capital was **RMB 88.364 billion**, and capital reserve was **RMB 217.261 billion**, primarily due to the completion of a private placement of **14.101 billion A-shares** in June 2025[127](index=127&type=chunk)[511](index=511&type=chunk)[513](index=513&type=chunk) - In the first half of 2025, dividends declared to ordinary shareholders were **RMB 14.630 billion**, and interest declared to perpetual bondholders was **RMB 1.685 billion**[537](index=537&type=chunk)[539](index=539&type=chunk) [Unaudited Supplementary Financial Information](index=147&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1%E7%9A%84%E8%A1%A5%E5%85%85%E8%B4%A2%E5%8A%A1%E8%B5%84%E6%96%99) This section provides unaudited supplementary financial information for H1 2025, including currency concentration, international claims, overdue and restructured assets, and loan distribution, detailing the Group's risk exposure and asset quality - As of June 30, 2025, the Group's net (short)/long positions were **(USD 127,125 million)**, **HKD 89,554 million**, and **(6,322 million other currencies)**, totaling **(43,893 million)**[599](index=599&type=chunk) - As of June 30, 2025, total international claims were **RMB 1.541238 trillion**, with the Asia-Pacific region accounting for the largest share at **RMB 1.434962 trillion**[603](index=603&type=chunk) - As of June 30, 2025, overdue customer loan balance was **RMB 127.102 billion**, with an overdue ratio of **1.41%**[604](index=604&type=chunk) - As of June 30, 2025, total restructured loans were **RMB 74.994 billion**, of which restructured loans overdue for more than three months amounted to **RMB 11.267 billion**[605](index=605&type=chunk) - As of June 30, 2025, total impaired customer loans were **RMB 115.018 billion**, including corporate loans of **RMB 77.180 billion** and personal loans of **RMB 37.838 billion**[606](index=606&type=chunk)[611](index=611&type=chunk)