Core Viewpoint - China Merchants Bank reported a slight decline in revenue but a small increase in net profit for the first half of 2025, indicating resilience in its core operations and a recovery in wealth management business [1][2][7] Financial Performance - The bank achieved a revenue of 169.97 billion yuan, a year-on-year decrease of 1.72%, while net profit reached 74.93 billion yuan, a slight increase of 0.25% [1][2] - Net interest income was 106.08 billion yuan, up 1.57% year-on-year, supported by stable growth in scale [2] - The net fee and commission income decreased by 1.89%, showing a narrowing decline compared to the first quarter [2] Wealth Management and Fee Income - Wealth management fee income showed a recovery, reaching 12.80 billion yuan, with an 11.9% year-on-year increase, driven by a rebound in capital markets [2] - The bank's credit card transaction volume declined, leading to a 16.37% drop in card fee income [2] Asset Quality and Risk Management - The non-performing loan (NPL) ratio stood at 0.93%, a decrease of 2 basis points from the beginning of the year, indicating stable asset quality [6] - The provision coverage ratio was 410.93%, reflecting strong risk mitigation capabilities [6] - The annualized NPL generation rate was 0.98%, showing a slight improvement [6] Loan and Deposit Growth - Total assets reached 12.66 trillion yuan, growing by 4.16% year-to-date, with loans and advances totaling 7.12 trillion yuan, up 3.31% [4] - Customer deposits increased to 9.42 trillion yuan, a growth of 3.58% from the start of the year [4] Strategic Developments - The bank is enhancing its retail wealth management capabilities, with total assets under management (AUM) surpassing 16 trillion yuan, reflecting a 7.39% increase [5] - The establishment of a financial asset investment company aims to strengthen equity investment and market-oriented debt-to-equity swap capabilities [5] Profitability Metrics - The net interest margin (NIM) was 1.88%, with a net interest spread of 1.79%, both showing a year-on-year decrease [3] - The average cost of customer deposits fell to 1.26%, a significant improvement of 34 basis points [3]

Investment Rating - The report maintains a "Recommend" rating for China Merchants Bank with a target price of 52.9 CNY [2][8]. Core Views - The bank's performance shows a positive turnaround in profit growth, with a slight increase in net profit by 0.25% year-on-year for H1 2025, despite a revenue decline of 1.72% [2][8]. - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.93%, and a provision coverage ratio of 410.93% [2][8]. - The bank's wealth management business is recovering, with a significant increase in fee income from wealth management services, growing by 11.9% year-on-year [2][8]. Financial Performance Summary - For H1 2025, total revenue reached 1699.69 billion CNY, with net interest income of 1060.85 billion CNY, reflecting a year-on-year growth of 1.57% [2][8]. - The bank's net fee and commission income was 376.02 billion CNY, with a reduced decline from 2.51% in Q1 to 1.89% in H1 [2][8]. - The average cost of customer deposits decreased significantly by 34 basis points year-on-year to 1.26% [2][8]. Asset Quality and Risk Management - The overall risk indicators are strong, with a stable NPL generation rate of 0.98% annualized for H1 2025, showing a decrease of 0.04 percentage points year-on-year [2][8]. - The bank's corporate loan NPL ratio improved significantly, decreasing by 13 basis points to 0.93% [2][8]. - Retail loan quality remains manageable, with an NPL ratio of 1.03%, influenced by consumer loans [2][8]. Strategic Outlook - The bank is focusing on enhancing its retail wealth management capabilities, with total assets under management (AUM) exceeding 16 trillion CNY, marking a growth of 7.39% year-to-date [2][8]. - The establishment of a financial asset investment company is expected to broaden the bank's service offerings and revenue sources [2][8]. - Long-term fundamentals are solid, with a clear strategic execution plan aimed at deepening retail customer relationships and leveraging financial technology [2][8].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's revenue and profit growth have improved sequentially, with retail banking contributing significantly, accounting for 56.6% of total revenue [3]. - The company reported a slight year-on-year increase in net profit of 0.3%, with a notable improvement in growth rate compared to the first quarter [3]. - The report highlights a strategic focus on retail banking, which is expected to enhance customer loyalty and experience, thereby strengthening the company's competitive position [10]. Financial Performance Summary - For the first half of 2025, the company achieved operating revenue of 170 billion, a year-on-year decrease of 1.7%, while net profit attributable to shareholders was 74.9 billion, reflecting a slight increase of 0.3% [2]. - The weighted average return on equity (ROE) was 13.85%, down by 1.59 percentage points year-on-year [2]. - Net interest income grew by 1.6% year-on-year, while non-interest income decreased by 6.7%, with the decline in non-interest income narrowing compared to the first quarter [3][8]. Business Segment Analysis - Retail banking and wholesale banking revenues decreased by 0.7% and 5.9% year-on-year, respectively, but the retail banking segment's contribution to total revenue and pre-tax profit increased compared to the previous year [3]. - The company has actively managed its loan portfolio, with a focus on reducing low-yielding assets, resulting in a 9.2% year-on-year growth in interest-earning assets and a 5.5% growth in loans [4][5]. Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio was 0.93%, a slight decrease from the previous quarter, with a high provision coverage ratio of 410.9% [9][10]. - The report indicates a strong capital position, with the core Tier 1 capital adequacy ratio at 14% and total capital adequacy ratio at 18.56% as of the end of the second quarter [10][30]. Earnings Forecast and Valuation - The company is projected to have earnings per share (EPS) of 6.05, 6.33, and 6.64 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-book (PB) ratios of 0.94, 0.86, and 0.79 [11][31]. - The report emphasizes the company's strategic goal of becoming a value-driven bank, leveraging its retail business as a key growth driver [10].

招商银行于8 月29 日发布2025 年中报，上半年归母净利润、营业收入、PPOP 分别同比 +0.3%、-1.7%、-2.6%，增速较一季度+2.3pct、+1.4pct、+1.4pct。公司业绩边际改善，主要由其他非息 驱动。资产质量稳健，零售资产质量略有波动。鉴于公司零售战略具备护城河效应，我们认为公司经营 有望改善，维持A/H 股买入/增持评级。 资产质量稳健，零售略有波动 6 月末不良贷款率、拨备覆盖率分别为0.93%、411%，较3 月末-1bp、+1pct。 关注类贷款占比较Q1 末上升6bp 至1.43%。6 月末对公贷款不良率较24A末下降13bp 至0.93%，对公资 产质量稳中向好。6 月末个人贷款不良率较24A 末提升7bp 至1.03%，主要原因为小微、消费贷资产质 量波动。测算25Q2 年化不良生成率0.69%，环比+8bp；25Q2 年化信用成本0.66%，同比-8bp。 给予A/H 股25 年目标PB1.22/1.12 倍 规模扩张提速，负债成本优化 6 月末总资产、贷款、存款增速分别为+9.4%、+5.5%、+8.5%，较3 月末+0.6pct、+0.9pct、-1.7pct ...

Group 1 - The core viewpoint of the article is that China Merchants Bank (600036.SH) reported its 2025 semi-annual results, showing a slight decline in revenue but a modest increase in net profit [1] Group 2 - The company achieved a revenue of 169.969 billion yuan, representing a year-on-year decrease of 1.72% [1] - The net profit attributable to shareholders was 74.93 billion yuan, reflecting a year-on-year growth of 0.25% [1] - The non-recurring net profit was 74.819 billion yuan, with a year-on-year increase of 0.26% [1] - The basic earnings per share were reported at 2.89 yuan [1]

Core Viewpoint - China Merchants Bank's revenue and net profit showed signs of improvement in the first half of the year, despite a decline in revenue compared to the previous year and the first quarter of this year [1][3]. Financial Performance - For the first half of the year, the bank's operating income was 169.96 billion yuan, a year-on-year decrease of 1.72%, while net profit was 74.93 billion yuan, a year-on-year increase of 0.25 [3]. - The bank's total assets reached 12.65 trillion yuan by the end of June, growing by 4.16% from the end of last year [2]. - The loan balance and deposit balance were 7.12 trillion yuan and 9.42 trillion yuan, respectively, with increases of 3.31% and 3.58% compared to the end of last year [2]. Revenue and Interest Income - The decline in revenue was attributed to a slowdown in interest income growth, with interest income and net interest income at 177.01 billion yuan and 106.08 billion yuan, respectively, showing a year-on-year decrease of 5.84% and an increase of 1.57% [3][4]. - The bank's net interest margin and net interest yield were 1.79% and 1.88%, respectively, both down year-on-year [4]. Retail Business Performance - Despite pressures in the retail banking sector, China Merchants Bank's retail loan balance, revenue, and pre-tax profit all increased, with retail loan balance reaching 3.61 trillion yuan, a growth of 0.94% from the end of last year [5][6]. - Retail revenue was 96.19 billion yuan, a year-on-year increase of 0.26%, accounting for 56.59% of total revenue [6]. Asset Quality - The bank's non-performing loan (NPL) balance was 66.37 billion yuan, with an NPL ratio of 0.93%, slightly down from the end of last year [6][7]. - The retail NPL balance was 37.71 billion yuan, with a ratio of 1.03%, which increased compared to the end of last year [7].

Core Insights - The core viewpoint of the report indicates a slight decline in operating income while maintaining a modest increase in net profit for the first half of 2025, reflecting mixed performance in various financial metrics [1] Financial Performance - The group achieved operating income of 169.97 billion yuan, a year-on-year decrease of 1.72% [1] - Net profit attributable to shareholders was 74.93 billion yuan, showing a year-on-year increase of 0.25% [1] - Net interest income reached 106.09 billion yuan, up by 1.57% year-on-year [1] - Non-interest income totaled 63.88 billion yuan, down by 6.73% year-on-year [1] Return Ratios - The annualized return on average total assets (ROAA) was 1.21%, a decrease of 0.11 percentage points year-on-year [1] - The annualized return on average equity (ROAE) was 13.85%, down by 1.59 percentage points year-on-year [1] Asset and Liability Overview - Total assets amounted to 12.66 trillion yuan, an increase of 4.16% from the end of the previous year [1] - Total loans and advances reached 7.12 trillion yuan, growing by 3.31% from the end of the previous year [1] - Total liabilities were 11.36 trillion yuan, up by 4.05% from the end of the previous year [1] - Customer deposits totaled 9.42 trillion yuan, increasing by 3.58% from the end of the previous year [1] Asset Quality - The balance of non-performing loans was 66.37 billion yuan, an increase of 760 million yuan from the end of the previous year [1] - The non-performing loan ratio stood at 0.93%, a decrease of 0.02 percentage points from the end of the previous year [1] - The provision coverage ratio was 410.93%, down by 1.05 percentage points from the end of the previous year [1] - The loan provision ratio was 3.83%, a decrease of 0.09 percentage points from the end of the previous year [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） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年8月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 招商银行股份有限公司 2025 年半年度第三支柱报告 CHINA MERCHANTS BANK CO., LTD. | | | | 1. | 引言 3 | | --- | --- | | 1.1 | 披露依据 3 | | 1.2 | 并表范围 3 | | 1.3 | 披露声明 3 | | 2. | 释义 4 | | 3. | ...

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） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年8月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 招商银行股份有限公司 CHINA MERCHANTS BANK CO., LTD. 二〇二五年半年度报告摘要 A股股票代码：600036 1 摘 要 1 重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到《中国证券报》网站（www.cs.com.cn）、《证券时报 ...

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） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2025年8月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 A 股股票代碼：600036 招商銀行股份有限公司 2025年半年度報告 招商银行股份有限公司 2025年半年度报告（A股） 目录 1 目录 2 释义 2 重大风险提示 2 备查文件目录 3 重要提示 4 第一章 公司基本情况 6 第二章 会计数据和财务指标摘要 10 第三章 管理层讨论与分析 10 3.1 总体经营情况分析 ...