Core Viewpoint - Zhongyin International's report indicates that China Merchants Bank (03968) is expected to see a year-on-year net profit growth of 3.4% in Q4 2025, with a growth rate of 1% in Q3 2025 [1][2] Group 1 - The asset quality of China Merchants Bank is expected to remain excellent in Q4 2025, with a stable net interest margin [1][2] - The average return on equity (ROAE) for China Merchants Bank in 2026 is projected to continue leading the industry [1][2] - The target price for China Merchants Bank has been raised to HKD 59.58, maintaining a "Buy" rating [1][2]

Group 1 - The core viewpoint of the article is that China Merchants Bank (03968) is expected to see a year-on-year net profit growth of 3.4% in Q4 2025, with a growth rate of 1% in Q3 2025 [1] - The asset quality of the bank is expected to remain excellent in Q4 2025, with a stable net interest margin [1] - The bank's average return on equity (ROAE) for 2026 is projected to continue leading the industry, and the target price has been raised to HKD 59.58, maintaining a "Buy" rating [1]

Core Viewpoint - In 2025, China Merchants Bank reported a slight increase in revenue and net profit, indicating a stabilization in financial performance despite challenges in non-interest income and a decline in return on equity [1][2]. Financial Performance - In 2025, the company achieved operating revenue of 337.53 billion yuan, a year-on-year increase of 0.01%, with net profit attributable to shareholders reaching 150.18 billion yuan, up 1.21% [1]. - The annualized weighted ROE was 13.44%, a decrease of 1.05 percentage points year-on-year [1]. Revenue Composition - Net interest income was 215.59 billion yuan, growing by 2.04% and accounting for 63.87% of total revenue [1]. - Non-interest income fell to 121.94 billion yuan, down 3.38%, with its share of total revenue decreasing by 0.21 percentage points compared to the first three quarters of 2025 [1]. Asset Growth - By the end of 2025, the bank's interest-earning assets totaled 12.68 trillion yuan, a year-on-year increase of 7.6% [2]. - Loans, financial investments, and interbank assets grew by 5.6%, 12.6%, and 7.3% respectively, with corporate loans and retail loans increasing by 12.3% and 2.1% [2]. Net Interest Margin - The net interest margin remained stable at 1.87% in 2025 [2]. - The yield on interest-earning assets was 3.04%, while the cost of interest-bearing liabilities was 1.26%, reflecting a slight decrease in both metrics compared to the previous quarter [2]. Non-Interest Income - Non-interest income decreased by 3.38%, but the decline rate narrowed by 0.84 percentage points [3]. - Net fee and commission income rose to 75.26 billion yuan, up 4.39%, driven by a 21.39% increase in wealth management fees [3]. Asset Quality - The non-performing loan ratio stood at 0.94%, unchanged from the previous quarter, indicating strong asset quality [3]. - The coverage ratio for provisions decreased by 14.1 percentage points to 391.8%, while the loan provision ratio fell by 16 basis points to 3.68% [3]. Profit Forecast and Valuation - The bank's operating efficiency is expected to improve steadily, with projected net profit growth rates of 1.44%, 3.21%, and 5.04% for 2026-2028 [3].

Group 1 - The chairman's comment about employees rarely leaving on time has sparked public controversy for the bank [1] - In 2025, the bank's employee count is expected to exceed 120,000, with an average salary of 433,300, reflecting a 3.5% decrease from the previous year [1] - While ordinary employees face salary cuts, management salaries have generally increased, with the CEO earning 2.97 million, a slight increase of 0.88 million, and the vice president receiving a significant raise of nearly 800,000, totaling over 2.81 million [1] Group 2 - The banking industry is facing challenges, and while cost-cutting is understandable, salary adjustments should not disproportionately affect employees [2] - Employees are the main workforce, and focusing solely on contributions without fair compensation can lead to dissatisfaction and disengagement [2] - Management salary increases should be justified by performance, ensuring transparency to maintain employee morale and trust in the organization [2]

Core Viewpoint - After two consecutive years of revenue decline, China Merchants Bank (CMB) has reported a slight revenue increase in 2025, marking a turnaround in its financial performance [1]. Financial Performance - In 2025, CMB achieved operating revenue of 337.53 billion yuan, a year-on-year increase of 0.01%, and a net profit attributable to shareholders of 150.18 billion yuan, up 1.21% year-on-year [1]. - The bank's cash dividend for the year is set at 2.016 yuan per share, with total cash dividends amounting to approximately 50.84 billion yuan, resulting in a cash dividend ratio of 35.34% [2]. Retail Banking Challenges - CMB's retail financial business faced significant challenges, with a pre-tax profit of 87.42 billion yuan in 2025, down 0.65% year-on-year, and retail financial revenue of 185.29 billion yuan, a decrease of 3.74% [3]. - Credit card transactions fell by over 330 billion yuan to 4.08 trillion yuan, a decline of 7.62% compared to 2024, with interest income from credit cards decreasing by 7.30% and non-interest income dropping by 15.73% [3]. Asset Quality and Risk Management - As of the end of 2025, CMB's retail non-performing loan balance increased to 39.58 billion yuan, with a non-performing loan ratio of 1.06%, up 0.10 percentage points from the previous year [4]. - The bank plans to optimize its business structure by focusing on mortgage-related businesses and enhancing risk management strategies to improve the quality of retail credit assets [5]. Strategic Development - CMB is implementing a strategy of balanced and coordinated development across four major business segments: retail finance, corporate finance, investment banking and financial markets, and asset and wealth management [6]. - The bank's total assets reached 13.07 trillion yuan, with a year-on-year growth of 7.56%, and corporate loans increased by 13.10% to 2.93 trillion yuan [6]. - CMB is shifting its focus from major cities to key regions such as the Yangtze River Delta, Greater Bay Area, and Bohai Rim for future growth [7].

A股简称：招商银行 A股代码：600036 公告编号：2026-013 招商银行股份有限公司 本次优先股的赎回价格为本次优先股的票面金额加当期应计股息。应计股息的 计算公式为：IA=B×i×t/365 关于赎回优先股的第三次提示性公告 本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。 招商银行股份有限公司（简称本公司）于2017年12月非公开发行2.75亿股境内 优先股（简称本次优先股），募集资金总额为人民币275亿元，优先股简称"招银 优1"，优先股代码360028。经本公司股东大会授权董事会及董事会转授权的两位 董事批准，并经国家金融监督管理总局答复无异议，本公司拟于2026年4月15日赎 回本次优先股，现将有关赎回事宜提示如下： 一、赎回规模 本公司拟赎回本次优先股合计2.75亿股，每股面值人民币100元，总金额人民 币275亿元。 二、赎回价格 IA：指本公司宣告赎回的公告日的计息年度应计股息； B：指优先股股东持有的将被赎回的优先股票面总金额； i：指优先股当年股息率； 五、赎回程序 本公司2016年度股东大会、201 ...

Investment Rating - The report maintains a "Buy" rating for the company [9][45] Core Insights - From a long-term perspective, the company remains the domestic bank with the highest customer quality, ROA, and endogenous growth capability. The stock price has adjusted since the second half of 2025, with the A-share dividend yield rising to 5.11%, and A-shares trading at a 10% discount to H-shares [2][45] - In the short term, retail market demand has not yet recovered, and the quality of retail assets remains volatile. The real estate sector is undergoing a process of clearing existing non-performing loans, which constrains valuation. The company's unique endogenous growth dividend value is expected to support the current valuation [2][45] Summary by Sections Performance Overview - The company's revenue growth for 2025 is +0.01%, marking the first positive growth since 2023, with a net profit growth of +1.2% [6][14] - The improvement in revenue growth is attributed to a narrowing decline in net interest margin and a recovery in fee income growth to 4.4%, the first positive growth since 2022 [6][14] Asset and Liability - Total assets grew by 7.6% year-on-year, reaching over 13 trillion yuan, with loans increasing by 5.4% [16] - Corporate loans saw a significant increase of 12.3%, the highest growth rate since 2013, while retail loans grew by only 2.1% [16] Profitability - The company's ROA for 2025 is 1.19%, the highest among listed banks, although ROE decreased by 1.05 percentage points to 13.44% [14][17] - Net interest income growth turned positive at 2.0% for 2025, with a net interest margin stabilizing at 1.87% [17][20] Asset Quality - The non-performing loan generation rate for 2025 is 1.03%, slightly down from the previous year, with total new non-performing loans amounting to 69.2 billion yuan [26][27] - The company maintains a high provision coverage ratio of 392%, despite a decrease from the previous year [27][44] Capital and Dividends - The core Tier 1 capital adequacy ratio is 14.16%, reflecting a decrease due to changes in asset and loan structures [44] - The dividend payout ratio for 2025 is 35.34%, consistent with previous years, indicating a stable dividend policy [44]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） IA：指本公司宣告贖回的公告日的計息年度應計股息； （H股股票代碼：03968） 關於贖回優先股的第三次提示性公告 招商銀行股份有限公司（「本公司」）於2017年12月非公開發行2.75億股境內優先股 （「本次優先股」），募集資金總額為人民幣275億元，優先股簡稱「招銀優1」，優先 股代碼360028。經本公司股東大會授權董事會及董事會轉授權的兩位董事批准， 並經國家金融監督管理總局答覆無異議，本公司擬於2026年4月15日贖回本次優 先股，現將有關贖回事宜提示如下： 一、贖回規模 本公司擬贖回本次優先股合計2.75億股，每股面值人民幣100元，總金額人民 幣275億元。 二、贖回價格 本次優先股的贖回價格為本次優先股的票面金額加當期應計股息。應計股息 的計算公式為：IA=B× ...

Core Insights - The chairman of China Merchants Bank, Miao Jianmin, emphasized that the true competitive advantage lies in internalizing a customer-centric culture rather than just focusing on retail business and fintech [1][3] - Miao highlighted that employees at China Merchants Bank rarely leave on time, showcasing a strong commitment to the company's culture [1][3] - The bank's ability to outperform its peers during industry downturns is attributed to its strong cultural foundation [4] Financial Performance - In 2025, China Merchants Bank reported employee expenses of 68.689 billion yuan, reflecting a year-on-year increase of 0.88% [2][4] - As of the end of 2025, the bank employed a total of 121,585 individuals, including dispatched personnel [2][4]

Group 1 - The core message of the news highlights the commitment of China Merchants Bank's Hohhot branch and its affiliated branches to environmental sustainability by participating in the 20th anniversary of "Earth Hour" through reduced lighting initiatives [1] - The bank has launched an ESG-themed week titled "Do Everything Possible, Low Carbon Solutions," encouraging employees to adopt green practices in their daily work and life [1] - Over the past year, the Hohhot branch has issued more than 2.7 billion yuan in green loans, supporting 19 enterprises in their green development efforts, showcasing the bank's dedication to sustainable finance [1] Group 2 - The bank's actions reflect a broader response to the contemporary challenge of sustainable development, emphasizing a practical approach to energy conservation and green finance [2] - The initiative aims to enhance public awareness and support for environmental protection through both online and offline channels, including employee engagement in sharing promotional materials [1][2] - The bank's efforts are positioned as a significant contribution to the sustainable development of Inner Mongolia, promoting a low-carbon and intelligent future [2]