Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55 CNY [2][6]. Core Insights - The company's revenue growth turns positive in 2025, with net profit growth recovering quarter by quarter. The bank is proactively positioning its loan and deposit growth for Q4 2025, and the enthusiasm for wealth management continues [2][12]. - By the end of Q4 2025, the total assets of the bank exceed 13 trillion CNY, with loans and deposits growing ahead of schedule, laying a solid foundation for interest income in the new year [12]. - The wealth management business shows strong performance, with retail AUM reaching 16.6 trillion CNY by the end of Q3 2025, a 7.4% increase from the beginning of the year, outpacing industry averages [12]. Financial Summary - **Revenue**: - 2023A: 339,123 million CNY - 2024A: 337,488 million CNY - 2025E: 337,523 million CNY - 2026E: 345,593 million CNY - 2027E: 358,170 million CNY - Revenue growth rates: 2025E shows 0.0% growth, with subsequent years projected at 2.4% and 3.6% [4][13]. - **Net Profit (Attributable to Parent)**: - 2023A: 146,602 million CNY - 2024A: 148,391 million CNY - 2025E: 150,186 million CNY - 2026E: 155,459 million CNY - 2027E: 162,555 million CNY - Net profit growth rates: 2025E shows 1.2% growth, with 3.5% and 4.6% in the following years [4][13]. - **Key Ratios**: - Return on Equity (ROE): 2025E at 12.2%, declining to 11.7% by 2027E [4]. - Price-to-Book Ratio (P/B): 2025E at 0.86, decreasing to 0.73 by 2027E [4]. Market Data - The bank's market capitalization is approximately 945,744 million CNY, with a total share capital of 25,220 million shares [7]. - The stock price has fluctuated between 37.50 CNY and 48.24 CNY over the past 52 weeks [7].

证券研究报告 | 2026年01月24日 招商银行（600036.SH）2025 年业绩快报点评 优于大市 业绩底部明确，估值具备吸引力 营收增速和净利润增速都有所提升。2025 年全年实现营收 3375 亿元，同比 增长 0.01%，前三季度同比下降 0.5%。实现归母净利润 1502 亿元，同比增 长 1.2%，前三季度同比增长 0.5%。 营收微增，扭转了 2023-2024 年连续两年同比下降态势。公司 2023-2025 年 营收同比增速分别为-1.6%、-0.5%和 0.01%。营收增速微增核心来自于与净 利息收入增速转正，2023-2025 年净利息收入增速同比增速分别为-1.6%、 -1.6%和 2.0%。其中，2025 年四季度单季同比增长 2.9%，较三季度增速提升 0.8 个百分点，已连续 5 个季度实现正增长，核心是净息差降幅在逐步收窄， 预计 2026 该趋势将进一步延续。 非息收入同比降幅收窄，预计主要来自手续费及佣金净收入增速提升。2025 年公司非息收入同比下降 3.4%，较前三季度降幅收窄 0.8 个百分点。我们判 断由于其他非息收入在 2024 年 4 季度高增，因此今年四 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's performance bottom is clearly defined, and its valuation is attractive. Revenue and net profit growth have improved, with 2025 expected revenue of 337.5 billion yuan, a slight increase of 0.01% year-on-year, reversing a two-year decline [1][3] - The growth in revenue is primarily driven by a positive turnaround in net interest income, which is projected to grow by 2.0% in 2025 after two years of decline [1] - Non-interest income is expected to decline by 3.4% in 2025, but the decline is narrowing, mainly due to an increase in net fee and commission income [2] - The company maintains a solid position in wealth management, with significant potential for improvement in fee income as the capital market continues to recover [2] Financial Performance Summary - Total assets reached 13.07 trillion yuan, with total loans of 7.26 trillion yuan, reflecting growth of 7.56% and 5.37% respectively since the beginning of the year [2] - The non-performing loan ratio stands at 0.94%, unchanged from September and down 1 basis point from the beginning of the year, while the provision coverage ratio is at 392% [2] - The company has adjusted its net profit forecasts for 2026 and 2027 to 154.8 billion yuan and 162.4 billion yuan respectively, reflecting a year-on-year growth of 3.1% and 4.9% [3][4]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 招商银行股份有限公司2025年度业绩快报公告 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。 本公告所载2025年度主要财务数据为招商银行股份有限公司（简称本公司或本行）初步核算的集团口径 数据，未经会计师事务所审计，具体数据以本公司最终披露的2025年度报告财务数据为准，请投资者注 意投资风险。 一、主要财务数据和指标 ■ 注： 1. 基本每股收益和加权平均净资产收益率根据《公开发行证券的公司信息披露编报规则第9号一一净资 产收益率和每股收益的计算及披露》计算。本公司在计算基本每股收益和加权平均净资产收益率 时，"归属于本行股东的净利润"扣除了当期优先股股息和永续债利息，"加权平均净资产"扣除了优先股 和永续债。 2. 此处金融工具项目的余额未包含应计利息。 3. 归属于本行普通股股东的每股净资产按扣除优先股和永续债后的归属于本行普通股股东的权益除以期 末普通股股本总数计算。 4. 拨备覆盖率=贷款损失准备／不良贷款余额。 5. 贷款拨备率=贷款损失准备／贷款和垫款总额。 ...

智通财经APP讯，招商银行(600036.SH)发布2025年度业绩快报，2025年，集团实现营业收入3,375.32亿 元，同比增加0.44亿元，增幅0.01%;利润总额1,789.93亿元，同比增加3.41亿元，增幅0.19%;归属于本行 股东的净利润1,501.81亿元，同比增加17.90亿元，增幅1.21%。 截至2025年12月31日，集团资产总额130,705.23亿元，较上年末增加9,184.87亿元，增幅7.56%;负债总额 117,896.24亿元，较上年末增加8,710.63亿元，增幅7.98%;不良贷款率0.94%，较上年末下降0.01个百分 点;拨备覆盖率391.79%，较上年末下降20.19个百分点;贷款拨备率3.68%，较上年末下降0.24个百分点。 ...

智通财经APP讯，招商银行(600036.SH)发布2025年度业绩快报，2025年，集团实现营业收入3,375.32亿 元，同比增加0.44亿元，增幅0.01%;利润总额1,789.93亿元，同比增加3.41亿元，增幅0.19%;归属于本行 股东的净利润1,501.81亿元，同比增加17.90亿元，增幅1.21%。 截至2025年12月31日，集团资产总额130,705.23亿元，较上年末增加9,184.87亿元，增幅7.56%;负债总额 117,896.24亿元，较上年末增加8,710.63亿元，增幅7.98%;不良贷款率0.94%，较上年末下降0.01个百分 点;拨备覆盖率391.79%，较上年末下降20.19个百分点;贷款拨备率3.68%，较上年末下降0.24个百分点。 ...

Core Insights - In 2025, China Merchants Bank reported a slight increase in both revenue and net profit, with revenue rising by 0.01% to 337.53 billion yuan and net profit increasing by 1.21% to 150.18 billion yuan [1][2] Revenue Performance - China Merchants Bank achieved an operating income of 337.53 billion yuan, reflecting a year-on-year increase of 0.01% [2] - Among the four listed banks, only CITIC Bank experienced a slight decline in revenue, while the other three banks, including China Merchants Bank, reported growth [1][3] - The revenue growth for China Merchants Bank turned positive in the fourth quarter after a negative growth of 0.51% in the first three quarters of 2025 [2] Profitability - The total profit for China Merchants Bank reached 178.99 billion yuan, with a year-on-year increase of 0.19% [2] - The net profit attributable to shareholders was 150.18 billion yuan, marking a year-on-year increase of 1.21% [2] - All four banks reported an increase in net profit, with Shanghai Pudong Development Bank showing the highest growth rate of 10.52% [5] Asset Quality and Scale - As of December 31, 2025, China Merchants Bank's total assets amounted to 13,070.52 billion yuan, an increase of 7.56% from the previous year [2] - The non-performing loan ratio stood at 0.94%, a decrease of 0.01 percentage points from the previous year [2] - The provision coverage ratio was 391.79%, down by 20.19 percentage points from the previous year [2] Industry Context - The overall performance of the four major listed banks reflects a stable banking sector, supported by stable interest margins and declining credit costs [6] - The expected growth rates for revenue and net profit for a sample of 26 listed banks in 2025 are projected to be 1.5% and 2.2%, respectively, indicating an improvement from the first three quarters of 2025 [6]

Group 1 - Jingzhida signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan, which is expected to positively impact the company's future operating performance if the contract is fulfilled smoothly [1] - Tongyu Communication participated in the A1 round financing of Beijing Blue Arrow Hongqing Technology Co., Ltd., investing 30 million yuan to acquire 1.8293% equity after the capital increase [2] - ST Dongshi's actual controller Xu Xiong was sentenced to six years and six months in prison for manipulating the securities market, along with a fine of 170 million yuan, but this will not affect the company's normal operations [3] Group 2 - In the earnings forecast, China Merchants Bank expects a net profit of 150.181 billion yuan for 2025, a year-on-year increase of 1.21% [5] - Shen Gong Co., Ltd. anticipates a net profit of 90 million to 110 million yuan for 2025, representing a year-on-year growth of 118.71% to 167.31% [5] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan for 2025, with a year-on-year increase of 81.77% to 134.78% [5] Group 3 - Zijin Mining's Jilong Copper Mine Phase II project has been completed, with an annual copper production capacity expected to increase to approximately 300,000 to 350,000 tons [6] - Zhengzhou Coal and Electricity announced that the Super Chemical Coal Mine resources are nearing depletion, leading to a halt in production [7] - Guanhao High-tech plans to shut down the production line of its subsidiary Hongta Renheng due to overcapacity and intensified competition [7]

Core Viewpoint - China Merchants Bank reported a dual growth in revenue and net profit for the year 2025, indicating a strong recovery and operational resilience in the fourth quarter [2][3]. Revenue and Profit Summary - In 2025, China Merchants Bank achieved a revenue of 337.53 billion yuan, a slight increase of 0.01% year-on-year, and a net profit of 150.18 billion yuan, up 1.21% year-on-year [2][3]. - The bank's total profit reached 178.99 billion yuan, reflecting a year-on-year increase of 3.41% [3]. - The bank's revenue growth turned positive in the fourth quarter after experiencing a decline of 0.51% in the first three quarters of 2025 [3]. Asset Quality and Scale - As of December 31, 2025, China Merchants Bank's total assets amounted to 13.07 trillion yuan, an increase of 7.56% from the previous year, while total liabilities rose by 7.98% to 11.79 trillion yuan [3]. - The non-performing loan (NPL) ratio stood at 0.94%, a decrease of 0.01 percentage points from the previous year, and the provision coverage ratio was 391.79%, down 20.19 percentage points [3][7]. Comparison with Peers - Among the four listed joint-stock banks, China Merchants Bank led in revenue, net profit, total assets, and maintained the lowest NPL ratio [5][6]. - Other banks such as Industrial Bank, CITIC Bank, and Pudong Development Bank also reported growth in revenue and net profit, with Pudong Development Bank showing the highest net profit growth rate of 10.52% [6][8]. Industry Context - The stable performance of these leading banks is attributed to improved interest margins and declining credit costs, which are expected to support broader banking performance [8].

截至2025年12月31日，该行资产总额为13.07万亿元，较2024年末增加9184.87亿元，增幅为7.56%；负 债总额为11.79万亿元，较2024年末增加8710.63亿元，增幅为7.98%；不良贷款率为0.94%，较2024年末 下降0.01个百分点；拨备覆盖率为391.79%，较2024年末下降20.19个百分点；贷款拨备率为3.68%，较 2024年末下降0.24个百分点。 本报讯(记者熊悦)1月23日晚间，招商银行（600036）发布2025年度业绩快报公告。业绩快报显示， 2025年，该行各项业务稳健开展，总体经营情况良好。2025年，该行(按集团口径)实现营业收入3375.32 亿元，同比增加0.44亿元，增幅为0.01%；实现归属于该行股东的净利润1501.81亿元，同比增加17.90亿 元，增幅为1.21%。 ...