北京商报讯（记者 孟凡霞 实习记者 周义力）9月1日，招商银行召开2025年中期业绩发布会。谈及"反 内卷"，该行行长王良表示，当前根据中央会议要求，各行各业都在开展"反内卷"。本次"反内卷"主要 以法制化、市场化手段来进行，与上一轮的供给侧改革既有相似之处，也有不同之处。他认为，从银行 的角度分析，这将有助于使市场秩序形成良性循环，有利于企业健康地发展，有利于控制资产质量风 险。 王良坦言，过去银行业存在过度竞争与恶性竞争现象，尤其体现在贷款定价、存款价格以及债券投资费 率等方面，部分竞争行为未遵循风险定价原则，甚至不计成本，既推高了风险，也违背了商业可持续性 原则。作为行业参与者，招行坚决拥护相关部门提出的"反内卷"要求，认真贯彻落实行业自律组织的部 署和要求。王良强调，招行有自觉性和主动性贯彻落实好"反内卷"的要求。 ...

Core Viewpoint - The key highlight from the mid-year performance meeting of China Merchants Bank is the significant growth in wealth management income, despite challenges in credit card revenue and other non-interest income sources [1] Group 1: Wealth Management and Income - The wealth management income has been identified as the biggest highlight for the first half of the year [1] - Credit card transaction volume exceeded 2 trillion yuan, but experienced a negative growth of 8.3% compared to last year [1] - The market share of credit card transactions increased by 0.3 percentage points [1] Group 2: Non-Interest Income Challenges - Other non-interest net income faced a decline of over 12% [1] - The decline in non-interest income is primarily attributed to financial market trading [1] - Although long and short-term interest rates decreased in the second quarter, short-term rates remain high [1]

Core Viewpoint - The risk situation of credit cards can serve as a leading indicator for changes in retail credit risk, with the current trend indicating a continued slight increase in retail credit risk in the near future, although the overall asset quality remains stable and controllable [1] Group 1: Credit Card Risk - The vice president of China Merchants Bank, Wang Ying, stated that the risk situation of credit cards is an important reference for retail credit risk changes [1] - Retail credit risk has shown a significant upward trend since last year, and the current risks are still being revealed [1] Group 2: Industry Perspective - From an industry perspective, there is no sign of a turning point in the upward trend of retail credit risk [1] - The bank anticipates that retail credit risk will continue to rise slightly in the near term [1] Group 3: Asset Quality - Despite the rising risks, the overall asset quality of the bank is described as stable and controllable [1]

Core Viewpoint - The management of China Merchants Bank expresses confidence in achieving a positive trend in fee income on a quarterly basis for the second half of the year [1] Group 1 - The bank's executives believe that the fee income will continue to improve in the upcoming quarters [1]

招商银行副行长王颖在该行2025年中期业绩说明会上表示，外部市场一直在变化，招行零售业务一直在 第三方支付崛起、降费让利、消费降级、房地产市场调整等挑战中持续成长，反映到经营结果上，就是 每个季度都会存在的压力，包括支付中收、财富中收、净息差、风险指标等等，招行并没有因此放弃哪 一个板块，而是在顺境的时候就抓住机遇，在逆境的时候就苦练内功。"零售是一个体系，哪一个条件 都非常重要，包括每一个层级的客群，包括每一个板块，从信用卡到个贷到财富、到支付到私行，我们 一直保持战略的坚定和战术的清醒，不断的反躬自省。" ...

Financial Data and Key Indicator Changes - The bank achieved a net operating income of RMB 169.9 billion, a year-on-year decrease of 1.73% [5] - Net profit attributable to shareholders was RMB 74.9 billion, reflecting a year-on-year increase of 0.25% [5] - Return on average assets (ROAA) and return on average equity (ROAAE) were 1.21% and 13.85% respectively, maintaining industry-leading levels [6] - Net interest margin (NIM) was 1.88%, a decrease of 12 basis points year-on-year [6] - Non-interest income was RMB 63.8 billion, a year-on-year decrease of 6.77% [6] Business Line Data and Key Indicator Changes - Retail loans accounted for 51.68% of total loans, a decrease of 1.23 percentage points [10] - Net operating income from retail business accounted for 56.6% of total, representing a year-on-year increase of 1.12 percentage points [11] - Wealth management fee and commission income increased by 11.89% year-on-year, reversing a downward trend since 2022 [6] Market Data and Key Indicator Changes - Total assets amounted to RMB 12.66 trillion, an increase of 4.16% [7] - Total loans and advances reached RMB 7.12 trillion, up by 3.31% [8] - Total deposits from customers were RMB 9.42 trillion, an increase of 3.58% [9] Company Strategy and Development Direction - The bank will continue to advance its value creation strategy, focusing on quality, profitability, and scale [31] - Emphasis will be placed on enhancing asset and liability management and optimizing resource allocation [32] - The bank aims to strengthen its retail finance position and expand its wealth management business [32][33] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges such as low interest rates and intensified competition but expressed confidence in achieving steady progress in the second half of the year [40] - The bank plans to balance business development across different lines and improve wealth and fee-based income [40] - Management highlighted the importance of technology and AI in enhancing operational efficiency and customer service [46][48] Other Important Information - The bank's capital adequacy ratios showed slight declines, with CET1 CAR at 14%, Tier 1 CAR at 17%, and total CAR at 18.56% [11] - The non-performing loan (NPL) ratio was 0.93%, a decrease of 0.02 percentage points [12] Q&A Session Summary Question: Can CMB continue its positive growth trend in the second half? - Management expressed confidence in maintaining steady progress and achieving budget goals despite challenges in the first quarter [39] Question: How will CMB carry out its retail strategy amidst challenges? - Management emphasized focusing on deposit and settlement services, enhancing technology integration, and applying AI to improve efficiency in retail banking [44][46] Question: What is the outlook for NIM and funding costs? - Management noted that while NIM is under pressure, it remains higher than the industry average, and efforts will be made to manage funding costs effectively [56][58] Question: How does the anti-evolution policy impact the bank's operations? - Management indicated that the anti-evolution policy aims to stabilize competition and improve asset quality, which is beneficial for the bank's sustainable development [74][75] Question: What opportunities exist in corporate finance amidst market recovery? - Management highlighted the bank's strong customer base and unique financing perspectives, indicating potential growth in M&A and restructuring opportunities [78][80]

Financial Data and Key Indicators Changes - The bank achieved a net operating income of RMB 169.9 billion, a year-on-year decrease of 1.73% [6] - Net profit attributable to shareholders was RMB 74.9 billion, reflecting a year-on-year increase of 0.25% [6] - Return on average assets (ROAA) and return on average equity (ROAAE) were 1.21% and 13.85% respectively, maintaining industry-leading levels [7] - Net interest margin (NIM) was 1.88%, a decrease of 12 basis points year-on-year [7] - Non-interest income was RMB 63.8 billion, a year-on-year decrease of 6.77% [7] - Cost-to-income ratio remained stable at 30.11% [8] Business Line Data and Key Indicators Changes - Retail loans accounted for 51.68% of total loans, a decrease of 1.23 percentage points [12] - Net operating income from retail business accounted for 56.6% of total, representing a year-on-year increase of 1.12 percentage points [13] - Wealth management fee and commission income increased by 11.89% year-on-year, reversing a downward trend since 2022 [7] - The balance of retail wealth management products (WMP) increased by 8.84% [25] Market Data and Key Indicators Changes - Total assets amounted to RMB 12.66 trillion, an increase of 4.16% [8] - Total loans and advances reached RMB 7.12 trillion, up by 3.31% [9] - Total deposits from customers were RMB 9.42 trillion, an increase of 3.58% [11] - The number of retail customers increased by 2.86% to 216 million [16] Company Strategy and Development Direction - The bank aims to enhance refined management practices and optimize customer base [35] - Focus on differentiated development to expand core competitive advantages, particularly in retail finance [36] - Plans to enhance global and integrated operation capabilities, particularly in overseas markets [38] - Emphasis on innovation-driven growth and digital transformation, leveraging AI technology [39] Management Comments on Operating Environment and Future Outlook - The banking industry faces challenges such as low interest rates and intensified competition, but China's economy shows signs of recovery [35] - Management expressed confidence in achieving steady progress in the second half of the year despite external pressures [44] - The bank will continue to balance business development across different lines and improve cost control [44] Other Important Information - The bank's capital adequacy ratio experienced a slight decline, with CET1 CAR at 14% [13] - Non-performing loan (NPL) ratio was 0.93%, a decrease of 0.02 percentage points [14] - The bank's overseas institutions saw total assets increase by 6.56% [28] Q&A Session All Questions and Answers Question: Can CMB continue to have a positive growth trend in the second half? - Management indicated that while the first quarter faced significant pressure, the second quarter showed improvement, and they expect steady progress in the second half [44] Question: How will CMB carry out its retail strategy amidst challenges? - Management highlighted three major areas of focus: enhancing settlement and clearing services, integrating AI into retail banking, and optimizing team structures to improve efficiency [48][50] Question: How will the bank manage NIM in the current interest rate environment? - Management noted that while they face pressure on NIM, they maintain a leading position in the industry and are focused on managing costs and optimizing asset allocation [60][62] Question: What are the implications of the anti-evolution policy for the bank? - Management explained that the anti-evolution policy aims to stabilize competition and improve asset quality, which they believe will benefit the bank's operations [81]

Financial Data and Key Indicators Changes - The bank achieved a net operating income of RMB 169.9 billion, a year-on-year decrease of 1.73% [6] - Net profit attributable to shareholders was RMB 74.9 billion, reflecting a year-on-year increase of 0.25% [6] - Return on average assets (ROAA) and return on average equity (ROAAE) were 1.21% and 13.85% respectively, maintaining industry-leading levels [7] - Net interest margin (NIM) was 1.88%, a decrease of 12 basis points year-on-year [7] - Non-interest income was RMB 63.8 billion, a year-on-year decrease of 6.77% [7] - Cost-to-income ratio remained stable at 30.11% [8] Business Line Data and Key Indicators Changes - Retail loans accounted for 51.68% of total loans, a decrease of 1.23 percentage points [12] - Net operating income from retail business accounted for 56.6% of total, representing a year-on-year increase of 1.12 percentage points [13] - Wealth management fee and commission income increased by 11.89% year-on-year, reversing a downward trend since 2022 [7] - The balance of retail wealth management products (WMP) increased by 8.84% [25] Market Data and Key Indicators Changes - Total assets amounted to RMB 12.66 trillion, an increase of 4.16% [8] - Total loans and advances reached RMB 7.12 trillion, up by 3.31% [9] - Total deposits from customers were RMB 9.42 trillion, an increase of 3.58% [11] - The number of retail customers increased by 2.86%, totaling 216 million [16] Company Strategy and Development Direction - The bank aims to advance its value creation strategy, focusing on quality, profitability, and scale [5] - Plans to enhance refined management practices and optimize customer base [35] - Emphasis on differentiated development in retail finance and wealth management [36] - Focus on global and integrated operations, particularly in overseas markets [38] Management Comments on Operating Environment and Future Outlook - The banking industry faces challenges such as low interest rates and intensified competition, but China's economy shows signs of recovery [35] - Management expressed confidence in achieving steady progress in the second half of the year despite external pressures [44] - The bank will continue to implement strategies to manage costs and improve non-interest income [44] Other Important Information - The bank's capital adequacy ratio experienced a slight decline, with CET1 CAR at 14% [13] - Non-performing loan (NPL) ratio was 0.93%, a decrease of 0.02 percentage points [14] - The bank is enhancing its digital transformation and technology capabilities, implementing AI across various business areas [32] Q&A Session Summary Question: Can CMB continue its positive growth trend in the second half? - Management believes that despite pressures in the first quarter, the second quarter showed improvement and expects steady progress in the second half [44] Question: How will CMB carry out its retail strategy amidst challenges? - Management highlighted a focus on deposit and settlement services, technology integration, and AI application to enhance retail banking [48][49] Question: How will the anti-evolution policy affect CMB's NIM and asset quality? - Management indicated that the anti-evolution policy aims to stabilize competition and improve asset quality, which could benefit the bank's NIM [79] Question: What opportunities does the recovery in the capital market present for corporate finance? - Management noted that CMB has a strong customer base and unique financing perspectives, positioning it well to capitalize on opportunities in corporate finance [81]

Core Viewpoint - The president of China Merchants Bank, Wang Liang, indicated that the bank faced significant operational pressure in the first quarter due to loan repricing, which further widened the interest margin decline, impacting revenue growth. However, the second quarter showed improvement, and the bank is optimistic about maintaining steady progress in the second half of the year [1] Group 1 - The bank will implement its development strategies and fulfill the board's work requirements, particularly in the context of declining interest rates and narrowing interest margins [1] - There is a focus on accelerating strategic transformation to achieve balanced and coordinated development across four major business segments [1] - The bank aims to enhance non-interest income and wealth management revenue while managing asset quality to meet the budget targets set at the beginning of the year [1]

Core Viewpoint - The company reported a slight decline in revenue for the first half of 2025, but net profit showed a modest increase, indicating resilience in its financial performance despite challenging market conditions [1] Financial Performance - The company achieved a revenue of 169.97 billion yuan in 1H25, a year-on-year decrease of 1.7%, with the decline narrowing by 1.4 percentage points compared to 1Q25 [1] - The net profit attributable to shareholders was 74.93 billion yuan, reflecting a year-on-year increase of 0.3%, with growth accelerating by 2.3 percentage points from 1Q25 [1] - The net interest margin stood at 1.63%, down 12 basis points year-on-year, but the decline was less severe than the 17 basis points drop in 2024 [1] Income Sources - Net interest income grew by 1.6% year-on-year to 106.09 billion yuan, supported by volume despite a slight drag from net interest margin [2] - Non-interest income saw a reduced decline, with net commission and fee income at 37.6 billion yuan, down 1.9% year-on-year, an improvement from the 2.5% decline in 1Q25 [2] - Investment income increased by 12.3% year-on-year to 21.89 billion yuan, contributing to a narrowing of the decline in other non-interest income [2] Loan Growth and Quality - The loan balance reached 7.1166 trillion yuan at the end of 1H25, a year-on-year increase of 5.5%, slightly lower than the 5.8% growth at the end of 2024 [3] - Corporate loans grew by 11.5% to 3.0897 trillion yuan, with manufacturing loans increasing by 18.4%, while real estate loans continued to decline by 8.3% [3] - Retail loans increased by 3.9% to 3.6782 trillion yuan, with a slowdown attributed to external factors affecting consumer leverage [3] Cost of Liabilities and Asset Quality - The net interest margin was 1.88%, down 12 basis points year-on-year, but the decline was less than the previous year's [4] - The cost of interest-bearing liabilities decreased by 37 basis points to 1.35%, reflecting effective management of funding costs [4] - The non-performing loan ratio was 0.93% at the end of 1H25, stable compared to 1Q25, with corporate non-performing loans improving while retail non-performing loans showed slight increases [4] Investment Outlook - The company is expected to continue benefiting from its wealth management strategy, with strong growth in retail assets under management, suggesting potential for sustained performance improvement as the economy recovers [5]