A 股简称：招商银行 A 股代码：600036 公告编号：2025-055 招商银行股份有限公司 董事会决议公告 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（简称本公司或招商银行）于 2025 年 10 月 28 日以 电子邮件方式发出第十三届董事会第七次会议通知，于 10 月 31 日以远程视频电 话会议方式召开会议。会议由缪建民董事长主持，应参会董事 14 名，实际参会 董事 12 名，钟德胜执行董事和李健独立非执行董事因其他公务未出席，分别委 托王良执行董事和李朝鲜独立非执行董事代为出席会议。本公司 5 名监事列席了 会议。会议的召开符合《中华人民共和国公司法》和《招商银行股份有限公司章 程》等有关规定。 1 附件 1： 徐明杰先生简历及相关信息 会议审议通过了《关于聘任招商银行首席风险官的议案》，同意聘任徐明杰 先生为招商银行首席风险官，任期自国家金融监督管理总局核准其首席风险官任 职资格之日起，至第十三届董事会届满之日止。 同意：14 票 反对：0 票 弃权：0 票 本公司董事会提名委员会已 ...

Core Insights - The core viewpoint of the news is that China Merchants Bank (招商银行) reported mixed financial results for the first three quarters of 2025, with a slight decline in revenue but a modest increase in net profit, highlighting challenges in interest income and non-interest income sources [1][2]. Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 251.42 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders was 113.77 billion yuan, an increase of 0.52% [1]. - In Q3 2025, operating income was 81.45 billion yuan, reflecting a year-on-year growth of 2.11%, and net profit was 39.13 billion yuan, up 1.22% year-on-year [1]. Interest Income - The net interest income for the first three quarters increased by 1.7% year-on-year, with a growth rate improvement of 0.2 percentage points compared to the first half of the year [1]. - The average loan yield in Q3 2025 was 3.25%, down 13 basis points quarter-on-quarter, primarily due to the reduction in the Loan Prime Rate (LPR) in May and ongoing weak credit demand [1]. Non-Interest Income - Non-interest income for the first three quarters decreased by 4.2% year-on-year, with the decline rate narrowing by 2.5 percentage points compared to the first half of the year [2]. - Fee and commission income grew by 0.9% year-on-year, driven by strong growth in wealth management, which saw a 18.8% increase in fees [2]. - Other non-interest income fell by 11.4%, mainly due to losses from fair value changes in bond and fund investments, totaling 8.83 billion yuan in losses for the first three quarters, with Q3 alone accounting for 4.01 billion yuan [2]. Asset and Loan Growth - As of September 30, 2025, total assets reached 12.64 trillion yuan, a year-on-year increase of 8.5%, while total loans amounted to 7.14 trillion yuan, up 5.6% year-on-year [2]. - Total deposits were 9.52 trillion yuan, reflecting a year-on-year growth of 8.9% [2]. - The credit structure continued to optimize, with corporate loans increasing by 14.2%, primarily directed towards manufacturing, wholesale retail, and information transmission sectors, while retail loans grew by 3.4% [2].

Core Viewpoint - The performance of the mutual fund distribution business of China Merchants Bank (CMB) has seen rapid growth in Q3, driven by a favorable capital market and improved investor risk appetite, although the impact may weaken due to a high base from the previous year [1] Group 1: Business Performance - In Q3, CMB's mutual fund distribution business experienced significant growth, attributed to positive market conditions and a shift in investor sentiment [1] - The bank's official noted that while the positive factors will continue to play a role, their impact is expected to diminish due to last year's high performance baseline [1] Group 2: Industry Trends - The mutual fund industry is entering a third phase characterized by fee reduction policies, which will have a relatively larger impact on CMB due to its substantial scale in the fund industry [1] - Currently, the fee reduction policy is in the consultation phase, and even after the opinions are published, there will be a period for implementation [1] Group 3: Strategic Response - In response to the industry's fee reduction, CMB plans to focus on two main strategies: maintaining a high success rate with diversified asset allocation to expand the fund's retention base, and adapting to market changes and shifts in customer risk preferences [1]

Financial Data and Key Indicators Changes - The group's net operating income was ¥251.28 billion, a year-on-year decrease of 0.52%, with the decrease narrowed by 1.21 percentage points compared with the first half [3] - Net profit attributable to the bank's shareholders was ¥113.7 billion, a year-on-year increase of 0.52%, up by 0.27 percentage points compared with the first half [3] - ROAA and ROAE were 1.22% and 13.96%, up by 0.01 and 0.11 percentage points compared with the first half [3] - The cost-to-income ratio was 29.86%, maintained at an appropriate level [4] - CET1 ratio was 13.93%, Tier 1 ratio 16.25%, total capital ratio 17.59%, down by 0.93, 1.23, and 1.46 percentage points compared with last year [4] Business Line Data and Key Indicators Changes - Total assets were ¥12.64 trillion, up by 4.05% compared with last year's end [4] - Total loans were ¥7.14 trillion, up by 3.6% compared with last year's end [4] - Retail loans were ¥3.7 trillion, up by 1.43%, accounting for 51.8% of the total [4] - Corporate loans were ¥3.15 trillion, up by 10.01% compared with last year's end [4] - Financial investment balance totaled ¥4.03 trillion, up by 10.52% [5] Market Data and Key Indicators Changes - Total customer deposits were ¥9.52 trillion, up by 4.64%, accounting for 83.73% of total liabilities [5] - The average daily balance of demand deposits accounted for 49.45%, maintained at a high level [5] - NII was ¥160.4 billion, up by 1.74% [6] - NIM was 1.87%, down by 12 bps year-on-year, but the decrease was narrowed [6] Company Strategy and Development Direction - The company aims to build a value creation bank and focuses on quality, profitability, and scale [3] - The wealth management business has shown good growth momentum, with net fee and commission income recording positive year-on-year growth for the first time in three years [6][7] - The company plans to continue promoting transformation into international, comprehensive, differentiated, and intelligent development [10] - The retail loan business remains a cornerstone, with efforts to maintain market share despite challenges [17][27] Management's Comments on Operating Environment and Future Outlook - The macroeconomic environment is stable, but challenges remain, particularly in retail loan demand [12][13] - The company has maintained good momentum in performance despite external pressures [13] - Management emphasizes the importance of customer growth and maintaining a balanced approach to risk and pricing [14][45] - The company is optimistic about future growth opportunities arising from the 15th Five-Year Plan [19] Other Important Information - The NPL balance was ¥67.4 billion, with an NPL ratio of 0.94%, down by 0.01 percentage points [9] - The company maintains a prudent provision policy, with an allowance coverage ratio of 405.93%, down by 6.05 percentage points [9] - The total assets of subsidiary companies surpassed ¥900 billion, with a growth rate of 8% compared to the end of last year [16] Q&A Session Summary Question: Short-term demand and long-term development strategy - Management acknowledged the challenges in retail loan demand but emphasized the importance of maintaining a balanced approach without compromising risk [12][13] Question: Impact of weak demand on asset structure and NIM - Management indicated that while NIM is under pressure, they expect to maintain a leading level and are focused on optimizing asset and liability management [22][23][24] Question: Sustainability of fee income growth - Management expressed confidence in the sustainability of fee income growth, particularly from wealth management, despite potential pressures from fee cuts in the mutual fund industry [40][41][58] Question: Small and microfinance segment challenges - Management highlighted the importance of risk management and maintaining reasonable pricing in the small and microfinance segment, despite competitive pressures [44][45][48]

Core Viewpoint - The financial performance of China Merchants Bank for the first nine months of 2025 shows a slight decline in revenue but a modest increase in net profit, indicating a stabilization in growth trends despite challenges in interest margins and market conditions [1][2]. Revenue and Profitability - The company reported a revenue of 251.42 billion yuan for 9M25, a year-on-year decrease of 0.5%, with the decline narrowing by 1.2 percentage points compared to 1H25 [1]. - The net profit attributable to shareholders reached 113.77 billion yuan, reflecting a year-on-year increase of 0.5%, with growth accelerating by 0.3 percentage points from 1H25 [1]. Interest Income and Fee-Based Income - Net interest income for 9M25 was 160.04 billion yuan, up 1.7% year-on-year, with a slight improvement in growth rate compared to 1H25 [2]. - The growth in net fee and commission income turned positive, reaching 56.20 billion yuan, a year-on-year increase of 0.9%, supported by improvements in wealth management fees [2]. - Other non-interest income decreased by 11.4% year-on-year to 35.18 billion yuan, but the decline was less severe than in 1H25, with investment income showing a significant increase [2]. Loan Growth and Quality - The total loan balance at the end of 9M25 was 7.1363 trillion yuan, a year-on-year increase of 5.6%, maintaining growth similar to 1H25 [3]. - Corporate loans grew significantly by 13.6% year-on-year, reaching 3.1503 trillion yuan, while retail loans saw a slight slowdown in growth to 3.6966 trillion yuan, up 3.4% year-on-year [3]. - The non-performing loan (NPL) ratio stood at 0.94%, with a year-on-year improvement in the annualized NPL generation rate, indicating stable asset quality [4]. Investment Outlook - The bank is expected to continue benefiting from its wealth management strategy, with projected net profits for 2025-2027 showing steady growth [4].

Core Viewpoint - Ping An Life increased its stake in China Merchants Bank (招商银行) by acquiring 6.6535 million H-shares on October 24, raising its total holdings to 827 million shares, which now represents over 18% of the bank's H-share total and 3.28% of its total equity [1] Group 1 - Ping An Life's acquisition of 6.6535 million shares indicates a significant investment in China Merchants Bank [1] - After the increase, Ping An Life holds 827 million H-shares of China Merchants Bank [1] - The new stake represents over 18% of the total H-shares and 3.28% of the total equity of China Merchants Bank [1]

Core Insights - The company reported a revenue of 251.4 billion yuan for the first three quarters of 2025, a year-on-year decline of 0.51%, which is a narrowing of the decline by approximately 1.2 percentage points compared to the first half of the year [1] - The net profit attributable to shareholders reached 113.7 billion yuan, showing a year-on-year growth of 0.52%, with an increase in growth rate by 0.27 percentage points compared to the first half of the year [1] - The annualized ROAA and ROAE were 1.22% and 13.96%, respectively, down by 0.11 percentage points and 1.42 percentage points year-on-year [1] Revenue and Income - Non-interest income decreased by 4.2% year-on-year, but net fee income grew by 0.9%, an improvement of 2.8 percentage points from the first half [1] - Wealth management fee income reached 20.67 billion yuan, up 18.76% year-on-year, with a 6.9 percentage point increase from the first half [1] - Total net income from large wealth management (including asset management and custody) was 32.6 billion yuan, a year-on-year increase of 11.5% [1] Customer Base and Assets - The retail customer base reached 220 million, a growth of 4.76% from the beginning of the year, with high-net-worth and private banking clients increasing by 10.42% and 13.20%, respectively [1] - The retail AUM managed by the company reached 16.6 trillion yuan, an increase of 11.19% from the beginning of the year [1] Interest Income and Asset Quality - Net interest income grew by 1.7% year-on-year, with a net interest margin of 1.87%, down 1 basis point from the first half [2] - The total assets reached 12.64 trillion yuan, with total loans at 7.14 trillion yuan and total deposits at 9.52 trillion yuan, reflecting growth of 4.05%, 3.60%, and 4.64% respectively from the beginning of the year [2] - The non-performing loan ratio stood at 0.94%, with a slight improvement from the beginning of the year [2] Credit Quality and Provisions - Credit impairment losses decreased by 8.24% year-on-year, with an annualized credit cost of 0.68%, down approximately 6 basis points [3] - The provision coverage ratio was 406%, a decrease of about 5 percentage points from the end of June, but still at a high level [3] Investment Outlook - The company maintains profit forecasts of 150.8 billion yuan, 158.1 billion yuan, and 169.1 billion yuan for 2025-2027, corresponding to year-on-year growth rates of 1.6%, 4.9%, and 7.0% [3] - The company's governance mechanisms, cultural systems, and high-quality customer base are considered important competitive advantages [3]

Group 1 - Ping An Insurance has increased its stake in China Merchants Bank H-shares to 18.02% [1]

Investment Rating - The investment rating for the company is "Strong Buy" (maintained) [1][13]. Core Views - The report highlights that the company's net profit for the first three quarters of 2025 increased by 0.5% year-on-year, indicating stable profit growth despite a slight decline in revenue [4][7]. - Wealth management services are showing signs of recovery, with a notable increase in commission income from wealth management, which rose by 18.8% year-on-year [7]. - The net interest margin has stabilized, supporting a slight recovery in interest income, with a net interest margin of 1.87% as of the end of Q3 2025 [7]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating income of 251.4 billion yuan, a year-on-year decrease of 0.5%, and a net profit attributable to shareholders of 113.8 billion yuan, also up by 0.5% year-on-year [4][7]. - The total asset scale grew by 8.5% year-on-year, with loans increasing by 5.6% and deposits by 9.0% [4][7]. Revenue and Profitability - The company's net interest income for the first three quarters increased by 1.7% year-on-year, while non-interest income saw a decline of 4.2% [7]. - The report projects that the company's earnings per share (EPS) for 2025-2027 will be 6.01, 6.25, and 6.54 yuan, respectively, with corresponding profit growth rates of 2.2%, 3.9%, and 4.7% [6][10]. Asset Quality - The non-performing loan (NPL) ratio increased slightly to 0.94% as of the end of Q3 2025, with a year-to-date NPL generation rate of 0.96% [8][10]. - The provision coverage ratio stood at 406%, indicating a stable risk mitigation capacity [8][10]. Market Position and Outlook - The report emphasizes the company's competitive advantage in the retail sector, particularly in wealth management, and maintains a positive long-term outlook despite short-term pressures [7][10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) with a target price not specified [6]. Core Views - The company has shown improvement in both revenue and profit, with a slight decline in revenue of 0.51% year-on-year for the first three quarters of 2025, but a profit increase of 0.52% year-on-year [2]. - The net interest margin remains resilient at 1.87%, with a slight decrease of 1 basis point compared to the first half of 2025 [2]. - Non-interest income has shown overall improvement, with net fee and commission income increasing by 0.9% year-on-year [2]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating income of approximately 2514.2 billion yuan, with net interest income of 1600.42 billion yuan (YoY +1.74%) and non-interest income of 913.78 billion yuan (YoY -4.23%) [2]. - The company’s total interest-earning assets reached 12.26 trillion yuan, growing by 8.58% year-on-year, with loans and financial investments increasing by 5.78% and 21.17% respectively [3]. - The non-performing loan ratio stands at 0.91%, showing a slight improvement, while the loan provision coverage ratio is at 405.9% [4]. Profit Forecast and Valuation - The company is expected to see a net profit growth of 0.80%, 3.44%, and 4.85% for the years 2025 to 2027 respectively, with corresponding book values per share of 48.54, 54.91, and 60.26 yuan [5]. - The projected operating income for 2025 is 3384 billion yuan, with a slight growth rate of 0.28% [19].