Core Viewpoint - The report indicates that China Merchants Bank has shown improvement in profit growth and asset quality, leading to a recommendation for an "overweight" rating [1][6]. Financial Performance - In the first half of 2025, China Merchants Bank reported operating revenue of approximately 169.97 billion yuan, a year-on-year decrease of 1.72%, with the decline narrowing by 1.36 percentage points compared to the first quarter [3]. - The net profit attributable to shareholders increased by 0.25% year-on-year, marking a turnaround from previous declines [2][3]. - The bank's non-performing loan ratio stood at 0.93%, a decrease of 1 basis point from the previous quarter and 2 basis points from the end of 2024 [5]. Revenue Composition - Net interest income was 106.09 billion yuan, representing a year-on-year increase of 1.57%, accounting for 62.41% of total revenue [3]. - Non-interest income was 63.88 billion yuan, down 6.73% year-on-year, making up 37.59% of total revenue [3]. Asset Quality - The bank's provision coverage ratio was 410.93%, indicating a strong buffer against potential loan losses [5]. - The bank's asset and liability growth rates improved compared to the end of the first quarter, with total assets growing by 9.35% year-on-year [4][5]. Investment Outlook - The bank is expected to see net profit growth of 0.80%, 3.93%, and 4.42% for the years 2025 to 2027, respectively [6]. - The bank's first implementation of a mid-term dividend in 2025 is noted as a positive development [6].

Core Viewpoint - The current capital market is experiencing a phenomenon of deposit outflow, leading to increased pressure on demand deposits growth for China Merchants Bank (CMB) [1] Financial Performance - In the first half of 2025, CMB reported operating income of 169.97 billion yuan, a year-on-year decrease of 1.72%, while net profit attributable to shareholders was 74.93 billion yuan, a slight increase of 0.25% [1] - CMB's daily earnings for the first half of 2025 averaged approximately 409 million yuan [1] - The bank's net interest income for the first half of 2025 was 106.09 billion yuan, up 1.57% year-on-year, with a net interest margin of 1.88%, down 12 basis points year-on-year [4] Deposit and Loan Trends - As of June 30, 2025, CMB's average daily balance of demand deposits was 4.38 trillion yuan, a year-on-year increase of 4.78%, accounting for 50.26% of total customer deposits [5] - The average cost of customer deposits was 1.26%, down 28 basis points from the end of the previous year [4] - Retail loans amounted to 3.61 trillion yuan, a slight increase of 0.94%, representing 53.43% of total loans, down 1.21 percentage points from the end of the previous year [7] Non-Interest Income - CMB's non-interest income for the first half of 2025 was 63.88 billion yuan, a decrease of 6.73% year-on-year, with net fee and commission income at 37.60 billion yuan, down 1.89% [6] - Wealth management fee and commission income saw a notable increase of 11.89% year-on-year, marking the first positive growth in three years [6] Retail Banking Strategy - CMB's retail banking business contributes over 55% to both revenue and profit, with a total retail customer base of 216 million, up 2.86% from the end of the previous year [7] - The bank's management emphasized a commitment to maintaining a strong retail strategy while being cautious in tactical execution amid rising risks in the retail credit sector [8][9]

Core Viewpoint - China Merchants Bank (招商银行) is implementing a personal consumption loan interest subsidy policy to reduce consumer credit costs and stimulate consumption potential from September 1, 2025, to August 31, 2026 [1] Group 1: Subsidy Scope - The subsidy applies to personal consumption loans issued by China Merchants Bank, excluding credit card transactions, that are used for consumption and can be identified through the borrower's bank account [2] - The subsidy covers consumption amounts below 50,000 yuan and specific categories of consumption above this threshold, including household vehicles, education, and healthcare [2] Group 2: Subsidy Calculation Rules - The annual subsidy rate is set at 1% of the eligible loan principal, capped at 50% of the loan contract interest rate [3] - Each borrower can receive a maximum subsidy of 3,000 yuan, corresponding to a total eligible consumption amount of 300,000 yuan [3] - For loans below 50,000 yuan, the maximum subsidy is 1,000 yuan, linked to a total eligible consumption of 100,000 yuan [3] Group 3: Subsidy Application Process - Borrowers must sign a supplementary agreement to apply for the subsidy, either at the time of loan application or after loan disbursement [4] - The bank will automatically identify eligible transactions for subsidy; if not identifiable, borrowers can apply through offline channels by providing proof of consumption [5] Group 4: Subsidy Disbursement - The subsidy amount will be deducted directly from the loan interest during the loan settlement process, based on the agreed subsidy rate and limits [7] Group 5: Additional Information - Customers can check their subsidy amounts through the bank's app and will be notified via SMS or app notifications [8] - The bank does not charge any service fees for the subsidy process and warns against fraudulent activities related to loan applications [8][9]

银行 2025 年 9 月 2 日 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.cmbchina.com | | 大股东/持股 | 香港中央结算(代理人)有限公司 | | | /18.06% | | 实际控制人 | | | 总股本(百万股) | 25,220 | | 流通 A 股(百万股) | 20,629 | | 流通 B/H 股(百万股) | 4,591 | | 总市值（亿元） | 10,629 | | 流通 A 股市值(亿元) | 8,660 | | 每股净资产(元) | 42.10 | | 资产负债率(%) | 89.8 | 行情走势图 相关研究报告 【平安证券】招商银行（600036.SH）*季报点评*存款 扩张积极，非息拖累营收负增*强烈推荐20250430 证券分析师 招商银行(600036.SH) 盈利增速稳健，财富管理回暖持续 强烈推荐（维持） 股价：41.98 元 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 ...

Core Viewpoint - China Merchants Bank 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 amidst challenging market conditions [1]. Financial Performance - The bank 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 reached 74.93 billion yuan, reflecting a year-on-year growth of 0.3%, with an increase of 2.3 percentage points from 1Q25 [1]. Interest and Non-Interest Income - Net interest income remained stable, amounting to 106.09 billion yuan in 1H25, representing a year-on-year increase of 1.6% [1]. - The decline in non-interest income has slowed, indicating improved performance in this segment [1]. Loan Growth and Quality - The loan balance at the end of 1H25 was 7,116.6 billion yuan, showing a year-on-year growth of 5.5%, slightly down from 5.8% at the end of 2024 [1]. - Corporate loans experienced a significant increase, rising by 11.5% year-on-year to 3,089.7 billion yuan [1]. - The non-performing loan (NPL) ratio at the end of 1H25 was 0.93%, stable compared to 1Q25, with corporate NPLs improving by 13 basis points from the end of the previous year [1]. Interest Margin and Cost Management - The net interest margin stood at 1.88%, down 12 basis points year-on-year, but the decline was less severe than the 17 basis points drop in 2024 [1]. - The bank is optimizing its funding costs, which is contributing to the stabilization of its interest margin [1]. Investment Strategy - The bank is deepening its wealth management strategy, with rapid growth in retail assets under management (AUM) and a solid competitive position in retail banking [1]. - With the expected recovery in economic growth, the bank's performance is anticipated to improve, maintaining a "recommended" rating for investment [1].

Core Viewpoint - The core viewpoint of the article emphasizes the long-term strategy of China Merchants Bank, highlighting its ability to achieve a positive net profit in a challenging banking environment characterized by low interest rates and low spreads [1][2]. Financial Performance - In the first half of 2025, China Merchants Bank reported a net profit attributable to shareholders of 74.93 billion yuan, a year-on-year increase of 0.25%, maintaining the leading position among joint-stock banks [2][3]. - The bank's operating income was 169.97 billion yuan, a decrease of 1.72% year-on-year, with net interest income at 106.09 billion yuan, up 1.57%, and non-interest income at 63.88 billion yuan, down 6.73% [2][3]. Retail Banking Insights - The bank's retail customer base reached 216 million, growing by 2.86% from the end of the previous year, with high-net-worth clients increasing to 5.63 million, a growth rate of 7.57% [3]. - Retail financial business pre-tax profit was 52.04 billion yuan, up 1.64%, accounting for 58.53% of total pre-tax profit, an increase of 1.42 percentage points year-on-year [3]. Credit Risk and Strategy - The bank faces challenges in the retail credit sector, with rising risks and a significant decline in new credit growth across the industry [3][4]. - The bank's strategy includes focusing on quality, scale, efficiency, and structure in its credit offerings, with 90% of retail loans coming from high-quality clients and over 80% being secured loans [4]. Interest Margin Situation - As of June 30, 2025, the bank's net interest yield was 1.88%, down 12 basis points year-on-year, and the net interest margin was 1.79%, down 9 basis points [5]. - The average annual yield on interest-earning assets was 3.14%, down 46 basis points, while the average cost of interest-bearing liabilities was 1.35%, down 37 basis points [5]. Internationalization Strategy - The bank is accelerating its internationalization strategy, driven by the increasing overseas investment needs of Chinese enterprises and the integration of the Chinese economy into the global market [7][8]. - As of the reporting period, the bank had established six branches and three wholly-owned subsidiaries overseas, with total assets of overseas institutions growing by 6.56% year-on-year [8]. Future Development Focus - The bank aims to enhance its digital transformation by investing in financial technology for risk control and efficiency improvement [9]. - It plans to offer more comprehensive financial services, particularly in emerging sectors like technology and green finance, while also diversifying its international retail product offerings [9].

第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 360028 | 說明 | 於上交所上市之人⺠幣27,500,000,000元的非累積境內優先股（「境內優先股」） | | | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600036 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | | 上月底結存 | | 20,628,944,429 | RMB | | | 1 RMB | | 20,628,944,429 | | | 增加 / 減少 (-) | | | 0 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7]. Core Insights - In the first half of 2025, the company achieved operating income of 169.969 billion yuan, a year-on-year decrease of 1.72%, while the net profit attributable to shareholders was 74.930 billion yuan, a slight increase of 0.25% [4][7]. - The net interest margin for the first half of 2025 was 1.88%, down 12 basis points year-on-year, but the cost of deposits continued to optimize, decreasing by 34 basis points to 1.26% [7]. - The company’s retail loan asset quality remains under pressure, with a non-performing loan ratio of 0.93% as of June 2025, and the coverage ratio stands at 410.93% [7][10]. Summary by Sections Financial Performance - The company reported a net interest income of 106.085 billion yuan in the first half of 2025, an increase of 1.57% year-on-year, while net fee and commission income was 37.602 billion yuan, down 1.89% [7]. - The wealth management fee income grew by 11.89%, and the income from agency insurance decreased by 18.76% due to changes in business structure [7]. Asset Quality - The non-performing loan ratio for retail loans increased to 1.03%, indicating ongoing challenges in asset quality, particularly in credit card loans [7][10]. - The company maintains a high risk compensation capability with a provision coverage ratio of 410.93% [7]. Future Outlook - The company plans to maintain a dividend payout ratio of over 30%, with a proposed mid-term dividend of 35% in 2025, highlighting its high dividend value [7]. - The estimated net asset value per share for 2025 is projected to be 45.25 yuan, with the current stock price corresponding to a price-to-book ratio of 0.95 times [7].

Group 1 - The core viewpoint is that under the guidance of regulatory authorities, the banking industry is working to avoid chaotic competition, which will lead to more rational pricing and help stabilize interest margin levels [1] - A senior executive from China Merchants Bank indicated that while there is still downward pressure on interest margins measured quarterly, the hope is that the extent of the decline compared to the previous year will narrow [1]

Core Insights - The retail credit sector is facing unprecedented challenges in both development and risk aspects this year, with no signs of a turning point in the rising risk trend [1] Development Challenges - The retail credit market has seen a significant decline in incremental growth due to various factors including market environment and credit demand [1] Risk Factors - The overall economic slowdown, downturn in the real estate market, declining household income levels, and reduced repayment capacity and willingness among customers are contributing to the rising risk trend in retail credit [1] Credit Card Insights - Credit cards, which have a more down-market customer base and higher sensitivity to risk, serve as a leading indicator for changes in retail credit risk [1] - The non-performing loan ratio for credit cards continues to show a clear upward trend, indicating that the risk in retail credit has been increasing since last year and is still being revealed [1]