Core Viewpoint - China Construction Bank (00939) announced the resignation of its Chief Financial Officer, Sheng Liuyong, due to age reasons, effective March 31, 2026 [1] Group 1 - Sheng Liuyong's resignation is attributed to age considerations [1] - The resignation will take effect on March 31, 2026 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 本行董事會對生柳榮先生的重要貢獻給予高度評價並深表感謝。 特此公告。 中國建設銀行股份有限公司 00939 關於生柳榮首席財務官辭任的公告 中國建設銀行股份有限公司（「本行」或「建設銀行」）董事會收到生柳榮先生辭呈。 因年齡原因，生柳榮先生提請辭去本行首席財務官職務。生柳榮先生的辭任自 2026年3月31日起生效，具體情況如下： | | | | | | 是否繼續 | 是否存在 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 在本行 | | 未履行 | | | | | 原定任期 | | 及其控股 具體職務 | 完畢的 | | 姓名 | 辭任職務 | 辭任時間 | 到期日 | 辭任原因 | 子公司任職 （如適用） | 公開承諾 | | 生柳榮 | 首席財務官 | 2026年3月 | – | 年齡原因 否 | – | 否 | | | | 31日 ...

Core Insights - The China Construction Bank's Lishi branch was fined 600,000 yuan due to inadequate pre-loan investigations and post-loan management [1] - Key personnel at the bank faced penalties, including a 10-year ban from the banking industry for the branch manager and fines for other responsible individuals [1] Group 1: Penalties and Actions - The Lishi branch of China Construction Bank was fined 600,000 yuan for failing to conduct thorough pre-loan investigations and for poor post-loan management [1] - Niu Run Gui, the then branch manager, received a 10-year ban from the banking industry for similar failures in loan management [1] - Fan Xiao Ying, another branch manager, was warned and fined 60,000 yuan for her role in the inadequate pre-loan investigation [1] - Li Jin Ping, a client manager, was also warned for his involvement in the same violations and faced penalties [1]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company achieved an operating income of 761 billion RMB in 2025, representing a year-on-year growth of 1.9%, and a net profit attributable to shareholders of 338.9 billion RMB, with a growth of 1.0% [4] - The annualized weighted average ROE stands at 10.0% [4] - Total assets grew by 12.5% year-on-year, with loans and deposits increasing by 7.5% and 7.6% respectively [4] - The company declared a cash dividend of 3.887 RMB per 10 shares, accounting for 30% of the net profit attributable to shareholders [4] Financial Performance Summary - The company's net interest income decreased by 2.9% year-on-year, while non-interest income saw a significant increase of 17.5% [7] - The net interest margin for the year was 1.34%, down 17 basis points year-on-year [7] - The non-performing loan (NPL) ratio at the end of the year was 1.31%, showing a slight decrease [8] - The provision coverage ratio was 233%, indicating a solid buffer against potential loan losses [8] Future Projections - The company is projected to have an EPS of 1.33, 1.38, and 1.44 RMB for the years 2026, 2027, and 2028 respectively, with corresponding profit growth rates of 3.0%, 3.2%, and 4.2% [7][10] - The price-to-earnings (P/E) ratio is expected to decline from 7.34 in 2025 to 6.63 by 2028 [6] - The price-to-book (P/B) ratio is projected to decrease from 0.72 in 2025 to 0.59 by 2028 [6] Investment Recommendation - The company is recognized as a high-quality state-owned bank, with a focus on long-term strategies in housing rental, inclusive finance, and financial technology [8] - The report suggests that despite ongoing pressure on net interest margins, the company's long-term profitability is expected to recover with a moderate economic rebound, maintaining the "Recommended" rating [8]

Core Insights - The company achieved a slight increase in revenue and profit for 2025, with operating income reaching 761 billion yuan, a year-on-year growth of 1.9%, and net profit attributable to shareholders at 338.9 billion yuan, up 1.0% [1] - The company's average return on equity (ROE) for 2025 was 10.0%, a decrease of 0.7 percentage points year-on-year, primarily due to a decline in net interest margin [1] Financial Performance - The total assets of the company at the end of 2025 amounted to 45.63 trillion yuan, reflecting a growth of 12.5% compared to the previous year [1] - Total loans increased by 7.5% to 27.72 trillion yuan, while deposits grew by 7.4% to 30.84 trillion yuan [1] - The core Tier 1 capital adequacy ratio stood at 14.63%, indicating a solid capital position, with a stable dividend payout ratio of 30% for the year [1] Interest Margin and Non-Interest Income - The average net interest margin for 2025 was reported at 1.34%, a year-on-year decline of 17 basis points, influenced by lower LPR and market interest rates [2] - The yield on interest-earning assets decreased by 48 basis points to 2.70%, with loan yields dropping by 59 basis points to 2.84% [2] - Non-interest income saw significant growth, with net fee income reaching 110.3 billion yuan, up 5.1%, and other non-interest income increasing by 49.5% to 78 billion yuan, driven by bond investment gains [2] Asset Quality - The non-performing loan ratio at the end of 2025 was 1.31%, a slight decrease of 0.03 percentage points from the beginning of the year [2] - The coverage ratio for provisions was 233%, showing a stable asset quality overall [2] Investment Outlook - The company’s fundamentals are considered stable, with slight adjustments made to profit forecasts for 2026-2027, projecting net profits of 347.4 billion yuan and 361.4 billion yuan respectively [3] - The estimated diluted EPS for the next three years is projected to be 1.31, 1.36, and 1.42 yuan, with corresponding PE ratios of 7.3, 7.0, and 6.7 times [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue and profit showed slight growth in 2025, with operating income reaching 761 billion yuan, a year-on-year increase of 1.9%, and net profit attributable to shareholders at 338.9 billion yuan, up 1.0% year-on-year [1][4] - The company's asset scale expanded significantly, with total assets reaching 45.63 trillion yuan, a 12.5% increase from the previous year, and total loans growing by 7.5% to 27.72 trillion yuan [1][3] - The net interest margin showed a notable decrease, with an average of 1.34% in 2025, down 17 basis points year-on-year, primarily due to the decline in LPR and market interest rates [2] - Non-interest income saw substantial growth, with net fee income increasing by 5.1% to 110.3 billion yuan and other non-interest income rising by 49.5% to 78 billion yuan [2] Financial Performance Summary - The company achieved a weighted average ROE of 10.0% in 2025, a decrease of 0.7 percentage points year-on-year [1] - The non-performing loan ratio stood at 1.31% at the end of 2025, a slight decrease from the beginning of the year, indicating stable asset quality [3] - The estimated net profit for 2026 and 2027 is projected to be 347.4 billion yuan and 361.4 billion yuan, respectively, with a growth rate of 2.5% and 4.0% [3][4] - The current stock price corresponds to a PE ratio of 7.3 for 2026 and a PB ratio of 0.67 [3][4]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue and profit showed slight growth in 2025, with operating income reaching 761 billion yuan, a year-on-year increase of 1.9%, and net profit attributable to shareholders at 338.9 billion yuan, up 1.0% year-on-year [1][3] - The company's asset scale expanded significantly, with total assets reaching 45.63 trillion yuan, a 12.5% increase from the previous year, and total loans growing by 7.5% to 27.72 trillion yuan [1][3] - The net interest margin decreased to 1.34%, down 17 basis points year-on-year, primarily due to the decline in LPR and market interest rates [2][3] - Non-interest income saw substantial growth, with net fee income increasing by 5.1% to 110.3 billion yuan and other non-interest income rising by 49.5% to 78 billion yuan [2][3] Summary by Relevant Sections Financial Performance - In 2025, the company achieved operating income of 761 billion yuan and net profit of 338.9 billion yuan, with a weighted average ROE of 10.0%, down 0.7 percentage points year-on-year [1][4] - The company maintained a stable dividend payout ratio of 30% [1] Asset Quality - The non-performing loan ratio at the end of 2025 was 1.31%, a decrease of 0.03 percentage points from the beginning of the year, indicating stable asset quality [3][4] - The provision coverage ratio was 233%, slightly down by 1 percentage point from the start of the year [3] Earnings Forecast - The company’s net profit is projected to be 347.4 billion yuan in 2026 and 361.4 billion yuan in 2027, with a growth rate of 2.5% and 4.0% respectively [3][4] - The diluted EPS is expected to be 1.31 yuan in 2026 and 1.36 yuan in 2027, with corresponding PE ratios of 7.3x and 7.0x [3][4]

Core Viewpoint - China Construction Bank (CCB) has reported strong financial performance for 2025, achieving a total asset of 45.63 trillion yuan, a 12.47% increase, and a net profit of 339.79 billion yuan, a 1.04% increase, amidst a challenging banking environment [2][3] Financial Performance - Total assets reached 45.63 trillion yuan, up 12.47%, while total liabilities increased by 12.68% to 41.95 trillion yuan [2] - Operating income for the year was 740.87 billion yuan, reflecting a 1.69% increase, with net profit at 339.79 billion yuan, marking a 1.04% rise [3] - Non-performing loan ratio improved to 1.31%, down 0.03 percentage points from the previous year, indicating stable asset quality [3] Capital and Risk Management - Core Tier 1 capital net amount reached 3.46 trillion yuan, a 9.46% increase, reinforcing the bank's capital base [2] - The bank maintained a capital adequacy ratio of 19.69% and a core Tier 1 capital adequacy ratio of 14.63%, both leading the industry [3] Shareholder Returns - CCB proposed a final cash dividend of 2.029 yuan per 10 shares, totaling approximately 101.68 billion yuan for the year, maintaining a dividend payout ratio of 30% [4] Strategic Focus - The bank emphasized its commitment to serving the real economy, with domestic corporate loans reaching 15.69 trillion yuan, an 8.70% increase, and loans to strategic emerging industries growing by 23.46% [5] - Personal consumption loans surged by 29.41%, supporting consumer recovery [5] Technological and Sustainable Initiatives - CCB has developed a comprehensive green finance system, with green loan balances reaching 6 trillion yuan and issuing over 72 billion yuan in green financial bonds [7] - The bank's technology finance initiatives included a loan balance of 5.25 trillion yuan, supporting innovation and technological development [7] Operational Efficiency and Transformation - CCB is accelerating its transformation towards a light asset model, with wealth management assets surpassing 23 trillion yuan and asset management business reaching 6.94 trillion yuan [9] - The bank is enhancing its digital capabilities, with mobile banking users reaching 546 million and digital currency wallets totaling 3.005 million [8] Future Outlook - CCB aims to align with national strategies and enhance its service capabilities, focusing on high-quality development and risk management in the evolving economic landscape [11][12]

Core Viewpoint - China Construction Bank (CCB) has demonstrated strong performance in 2025, achieving significant growth in total assets and net profit despite a challenging banking environment, with a focus on sustainable development and quality improvement [1][2]. Financial Performance - Total assets reached 45.63 trillion yuan, an increase of 12.47% - Net profit was 339.79 billion yuan, up by 1.04% - Non-performing loan ratio improved to 1.31%, down by 0.03 percentage points from the previous year [1][2][3]. Capital and Profitability - Core Tier 1 capital net amount reached 3.46 trillion yuan, increasing by 9.46% - Operating income for the year was 740.87 billion yuan, a rise of 1.69% - Non-interest income increased, with net fee and commission income growing by 5.13% [2][3]. Asset Quality - Provision coverage ratio stood at 233.15%, indicating strong risk mitigation capabilities - Key regulatory indicators include a return on average assets of 0.79% and a capital adequacy ratio of 19.69% [3]. Customer Base and Shareholder Returns - CCB served 12.73 million corporate clients and 785 million individual customers - Proposed cash dividend for 2025 is 2.029 yuan per 10 shares, with a total cash dividend of approximately 101.68 billion yuan, maintaining a payout ratio of 30% [3]. Strategic Focus - CCB emphasizes serving the real economy, with a focus on optimizing credit structure to support high-quality development - Domestic corporate loans reached 15.69 trillion yuan, with significant growth in loans to manufacturing and strategic emerging industries [4][5]. Regional and International Expansion - Increased loan proportions in key regions such as the Beijing-Tianjin-Hebei area and the Greater Bay Area - International business credit balance reached 1.45 trillion yuan, with a cross-border RMB settlement volume of 6.50 trillion yuan [5][6]. Financial Innovation and Sustainability - CCB is advancing in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance - Green loan balance reached 6 trillion yuan, supporting carbon neutrality goals [7][8]. Risk Management and Operational Efficiency - CCB is transitioning to a light asset model and enhancing integrated financial services - Focus on comprehensive cost management and risk prevention strategies to ensure sustainable growth [9][10]. Future Outlook - CCB aims to continue its high-quality development path, aligning with national strategies and enhancing its role in modernizing the economy [11].

Core Insights - The core conclusion of the China Construction Bank's (CCB) 2025 annual report indicates continued expansion in scale, stable profits, improved asset quality, but significant pressure on interest margins [1][3]. Financial Performance - As of the end of 2025, CCB's total assets reached 45.63 trillion yuan, a year-on-year increase of 12.47% [1][3]. - The net loan amount was 26.93 trillion yuan, growing by 7.53% year-on-year [1][3]. - Deposits absorbed totaled 30.84 trillion yuan, reflecting a 7.39% increase [1][3]. - The annual operating income was 761.05 billion yuan, up by 1.88% [1][3]. - The net profit attributable to shareholders was 338.91 billion yuan, with a year-on-year growth of 0.99% [1][3]. - The cash dividend per 10 shares was 3.887 yuan, with a total dividend amounting to approximately 101.68 billion yuan [1][3]. Profitability Metrics - The return on assets (ROA) was 0.79%, and the return on equity (ROE) was 10.04% [1][3]. - The cost-to-income ratio stood at 29.15%, while the capital adequacy ratio was 19.69% and the core Tier 1 capital adequacy ratio was 14.63% [1][3]. Income Sources - Interest income was 572.77 billion yuan, a decrease of 2.90% year-on-year [4]. - Net fee and commission income increased to 110.31 billion yuan, up by 5.13% [4]. - Other non-interest income surged to 77.97 billion yuan, marking a significant increase of 49.48% [4]. - The net interest margin was 1.34%, down by 0.17 percentage points from 2024, compared to 2.13% in 2021 [4]. Asset Quality - The non-performing loan (NPL) ratio decreased from 1.34% to 1.31%, and the proportion of special mention loans fell to 1.77%, down by 0.12 percentage points year-on-year [2][4]. - The provision coverage ratio slightly decreased from 233.60% to 233.15%, indicating overall manageable risk [2][4]. Capital and Digital Initiatives - CCB successfully issued 105 billion yuan in A-shares to the Ministry of Finance, significantly bolstering its core Tier 1 capital, which rose to 3.46 trillion yuan, a year-on-year increase of 9.46% [5]. - The bank has implemented an "AI+" initiative, establishing a comprehensive AI technology system covering data, models, computing power, and security [5]. - By the end of 2025, AI models were applied in 398 scenarios, enhancing efficiency and risk management in key areas such as wealth management and credit approval [5]. International Business - By the end of 2025, CCB's international business credit balance reached 1.45 trillion yuan, a year-on-year growth of 27.47% [5]. - The total cross-border RMB settlement volume was 6.50 trillion yuan, with the UK RMB clearing bank's cumulative clearing volume exceeding 174.46 trillion yuan, maintaining its position as the largest RMB clearing bank outside Asia [5]. - CCB launched the "Sailing Overseas Financial Support - Stabilizing Foreign Trade for Hundreds of Cities and Thousands of Enterprises" initiative, reaching over 10,000 small and micro foreign trade enterprises [3][5].