Group 1 - The core viewpoint of the article highlights that China Merchants Bank (招商银行) has achieved significant growth in its total assets and customer deposits, with total assets exceeding 13 trillion yuan and customer deposits nearing 10 trillion yuan [1] - The bank's asset quality remains strong, with a non-performing loan ratio of 0.94% and a provision coverage ratio of 391.79% [1] - For the reporting period, the bank achieved an operating income of 337.53 billion yuan and a net profit attributable to shareholders of 150.18 billion yuan, both showing positive year-on-year growth [1] - The number of retail customers served by the bank exceeded 220 million, and the number of corporate customers surpassed 3.6 million, representing year-on-year growth of 6.67% and 14.40% respectively [1] - The bank's return on average assets (ROAA) reached 1.19% and return on average equity (ROAE) was 13.44%, indicating high profitability [1] Group 2 - As of the end of the reporting period, the total assets under management (AUM) for retail customers surpassed 17 trillion yuan, with an increase of over 2 trillion yuan during the year, marking a historical high [1] - The total financing amount for corporate customers reached 6.73 trillion yuan, reflecting a growth of 11.08% since the beginning of the year [1] - The bank's performance in bond underwriting, merger loans, financial market business, and bill business ranks among the top in the market [1] - The "China Merchants Bank TREE Asset Allocation Service System" saw a 13.31% increase in the number of retail customers served compared to the end of the previous year, with total asset management business reaching 4.71 trillion yuan and asset custody scale exceeding 26 trillion yuan [1] - The bank successfully balanced retail and corporate finance, on-balance sheet and off-balance sheet businesses, as well as heavy and light capital businesses [1] Group 3 - The total assets of overseas institutions increased by 12.88% compared to the end of the previous year, with revenue growth of 33.80% during the reporting period [2] - Key businesses such as cross-border wealth management, cross-border payment, corporate foreign-related income and expenditure, financial market customer business, and overseas custody are leading in the market [2] - The bank has enhanced its comprehensive operations and efficiency, deepened collaborative mechanism construction, and strengthened consolidated management and support for subsidiaries [2] - The total assets of major subsidiaries reached 952.84 billion yuan, an increase of 11.43% compared to the end of the previous year, with operating income accounting for 12.26% of the total, up by 1.97 percentage points year-on-year [2] - The board of directors proposed a cash dividend of 2.016 yuan per share (including tax) for the 2025 fiscal year, with a net cash dividend of 1.003 yuan per share after deducting the interim cash dividend already distributed [2]

Core Viewpoint - After two consecutive years of decline, China Merchants Bank's operating income returned to growth in 2025, with a slight increase of 0.01% year-on-year, marking the first positive growth since 2023 [2][3]. Financial Performance - In 2025, the bank achieved an operating income of 337.57 billion yuan, a profit before tax of 178.99 billion yuan, and a net profit attributable to shareholders of 150.18 billion yuan, with year-on-year growth rates of 0.01%, 0.19%, and 1.21% respectively [3]. - The bank's revenue growth showed a gradual improvement, with quarterly year-on-year changes of -3.1%, -1.7%, -0.5%, and 0.01% for the first quarter, first half, first three quarters, and the entire year respectively [3]. - The net interest income for the year was 215.59 billion yuan, reflecting a year-on-year increase of 2.04%, compared to a decline of 1.58% in the previous year [4]. Interest Income and Margins - The bank's interest income was 351.35 billion yuan, down 6.12% year-on-year, with loan interest income at 233.54 billion yuan, a decrease of 10.37%, while investment interest income rose by 7.72% to 91.47 billion yuan [3][4]. - The bank's net interest margin was 1.78%, down 8 basis points year-on-year, while the net interest yield was 1.87%, down 11 basis points [4]. Wealth Management and Non-Interest Income - The bank's fee and commission income reached 75.25 billion yuan, up 4.39% year-on-year, marking the first positive growth since 2022, driven by wealth and asset management income growth of 21.39% and 10.94% respectively [6]. - However, the bank's non-interest income decreased by 3.31% year-on-year to 121.68 billion yuan, influenced by a decline in other income [6]. Customer Growth and Asset Management - The bank's retail customer base grew by 6.67% to 224 million, while corporate customers increased by 14.4% to 3.6225 million [7]. - Total assets under management (AUM) for retail customers exceeded 17 trillion yuan, with an increase of over 2 trillion yuan, reaching a historical high [7]. Subsidiaries and Regional Performance - The bank's eight major subsidiaries had total assets exceeding 950 billion yuan, with a year-on-year growth of 11.43% [8]. - Key regional branches in areas such as the Yangtze River Delta and Pearl River Delta outperformed the average growth rates of domestic branches in major metrics [8].

Financial Performance - In 2025, the net interest margin and non-interest income ratio improved, with net profit attributable to shareholders growing at a compound annual growth rate (CAGR) of 9.06% over the past five years[9]. - Operating income for the reporting period was 337.53 billion RMB, and net profit attributable to shareholders was 150.18 billion RMB, both showing year-on-year growth[17]. - The company's revenue and net profit attributable to shareholders have achieved a compound annual growth rate of 3.05% and 9.06% respectively[24]. - The company achieved a basic earnings per share of RMB 5.70 in 2025, an increase of 0.71% from RMB 5.66 in 2024[41]. - The company reported a net cash flow from operating activities of RMB 451,457 million in 2025, a 0.99% increase from RMB 447,023 million in 2024[41]. - The company's operating revenue for 2025 was RMB 337,532 million, a slight increase of 0.01% compared to RMB 337,488 million in 2024[41]. Asset Quality - The non-performing loan (NPL) ratio decreased from 1.07% to 0.94%, indicating improved asset quality[9]. - Non-performing loan ratio stood at 0.94%, with a provision coverage ratio of 391.79%[17]. - The non-performing loan ratio has remained below 1%, indicating strong asset quality and risk compensation capability[24]. - The non-performing loan (NPL) balance was RMB 68.21 billion, with an NPL ratio of 0.94%, a slight decrease of 0.01 percentage points from the previous year[114]. - The overdue loans exceeding 90 days accounted for 1.31 times the non-performing loans, indicating a cautious asset classification standard[128]. Customer Base and Deposits - The number of retail customers reached 220 million, while corporate customers totaled 3.62 million[10]. - The total number of retail customers reached 224 million, a growth of 6.67% compared to the previous year, while corporate customers increased by 14.40% to 3.62 million[150]. - Customer deposits grew by 8.13% to RMB 9,836,130 million in 2025, up from RMB 9,096,587 million in 2024[42]. - Customer deposits totaled RMB 9,836.13 billion, marking an 8.13% increase from RMB 9,096.59 billion in 2024, and constituted 83.43% of total liabilities[108]. - Retail customer deposits amounted to CNY 4.27 trillion, growing by 11.49% year-over-year[155]. Capital Adequacy and Strength - The bank's first-tier capital ranking improved from 17th to 8th globally, reflecting enhanced capital strength[10]. - Core Tier 1 capital adequacy ratio reached 14.16%, and total capital adequacy ratio was 18.24%[17]. - The core Tier 1 capital adequacy ratio as of December 31, 2025, was 14.16%, a decrease of 0.70 percentage points from the previous year, influenced by mid-year dividends and reduced comprehensive income[133]. - The company's capital adequacy ratios under the standard approach were 11.92% for core Tier 1 capital, 13.90% for Tier 1 capital, and 15.00% for total capital, all showing a decline from the previous year[138]. Strategic Focus and Transformation - The bank aims to deepen its focus on technology finance, green finance, inclusive finance, and digital finance in the upcoming year[11]. - The bank's strategic transformation is focused on enhancing core competitiveness and maintaining a balance between quality, efficiency, and scale[9]. - The company aims to accelerate transformation towards high-quality development, focusing on internationalization, diversification, and digitalization[25]. - The strategic vision is to become the best value-creating bank driven by innovation, with a commitment to maximizing comprehensive value for customers, employees, shareholders, partners, and society[36]. - The company plans to deepen the reform of modern corporate systems and enhance governance mechanisms to support high-quality development[26]. Non-Interest Income and Fees - The group achieved non-interest income of RMB 121.94 billion, a year-on-year decrease of 3.38%[81]. - Net fee and commission income was RMB 75.26 billion, up 4.39% year-on-year, with wealth management fees increasing by 21.39% to RMB 26.71 billion[83]. - Wealth management fee and commission income reached 26.71 billion yuan, a year-on-year increase of 21.39%[174]. Technology and Innovation - The bank has implemented over 800 AI application scenarios, achieving a 50% coverage rate in intelligent scenarios[9]. - The company aims to enhance its wealth management and digital transformation capabilities, focusing on "AI+Finance" initiatives[38]. - The company invested in information technology reached CNY 12.90 billion, accounting for 4.31% of total revenue[161]. - The company's cloud platform achieved an overall availability exceeding 99.999% during the reporting period, with 6,445 components published in the technology middle platform[166]. Risk Management - The company recognizes the challenges posed by low interest rates and aims to strengthen its risk management capabilities in a complex environment[24]. - The company plans to strengthen risk management and compliance systems to address challenges in real estate and retail loans[167]. - The company aims to enhance risk management capabilities through digital monitoring models and compliance measures[199]. Awards and Recognition - The company received multiple awards in 2025, including being ranked 10th in the "2025 Global Bank Brand Value 500" list by Brand Finance[40].

招商银行股份有限公司关于 2025 年度会计师事务所 履职情况的评估报告 一、2025 年度会计师事务所基本情况 根据审计服务协议,安永华明、安永香港对本行及附属子 公司(以下统称本集团)2025年度财务报表分别按照中国注 册会计师审计准则及国际审计准则的相关规定执行了审计;安 永华明对本集团于 2025年 12月 31 日的财务报告内部控制的 有效性执行了审计。根据审阅服务协议,安永华明、安永香港 对本集团 2025 年半年度财务报表分别按照《中国注册会计师 审阅准则第 2101 号 -- 财务报表审阅》及《国际审阅业务准 则第 2410 号 -- 独立审计师对中期财务报告执行审阅》的相 关规定执行了审阅。同时,基于外部监管及本行内部管理要求, 安永华明、安永香港还提供了其他专业服务,并出具了其他鉴 证报告及专项说明。 2 2.安永香港 安永香港为一家根据香港法律设立的合伙制事务所,由其 合伙人全资拥有。为众多香港上市公司提供审计等专业服务, 包括银行、保险、证券等金融机构。安永香港为安永全球网络 的成员,与安永华明一样是独立的法律实体。 安永香港根据香港《会计及财务汇报局条例》注册为公 众利益实体核数师。 ...

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A 股简称：招商银行 A 股代码：600036 公告编号：2026-012 招商银行股份有限公司 关于续聘会计师事务所的公告 招商银行股份有限公司（简称本公司或招商银行）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。 重要内容提示： 拟续聘的会计师事务所名称： 安永华明会计师事务所（特殊普通合伙）（简称安永华明） 安永会计师事务所（简称安永香港） 一、拟续聘会计师事务所的基本情况 （一）机构信息 1.国内会计师事务所：安永华明 （1）基本信息 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化转制，从一家中外合作的 有限责任制事务所转制为特殊普通合伙制事务所。安永华明总部设在北京，注册地 址为北京市东城区东长安街 1 号东方广场安永大楼 17 层 01-12 室。 安永华明的首席合伙人为毛鞍宁先生。截至 2025 年末，安永华明拥有合伙人 249 人，拥有执业注册会计师逾 1,700 人，其中拥有证券相关业务服务经验的执业注册 会计师逾 1,500 人，注册会计师中签署过证券服务业务审计报告的注册会计师逾 550 ...

招商銀行股份有限公司 股票代碼：600036 招商银行股份有限公司 2025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 董事长致辞 7 行长致辞 10 第一章 公司简介 13 第二章 会计数据和财务指标摘要 18 第三章 管理层讨论与分析 18 3.1 总体经营情况分析 18 3.2 利润表分析 25 3.3 资产负债表分析 30 3.4 贷款质量分析 37 3.5 资本充足情况分析 40 3.6 分部经营业绩 40 3.7 根据监管要求披露的其他财务信息 41 3.8 发展战略实施情况 45 3.9 经营中关注的重点问题 50 3.10 业务运作 62 3.11 风险管理 67 3.12 "提质增效重回报"行动方案执行情况 67 3.13 前景展望与应对措施 70 第四章 环境、社会与治理(ESG) 81 第五章 公司治理 107 第六章 重要事项 113 第七章 股份变动及股东情况 118 第八章 财务报告 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年度报告（A股） 释义 本公司、本行、招行、招商银行 ： 招商银行股份有限 ...

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。 A 股简称：招商银行 A 股代码：600036 公告编号：2026-010 招商银行股份有限公司 董事会决议公告 招商银行股份有限公司（简称本公司、本行或招商银行）于 2026 年 1 月 12 日以电子邮件方式发出第十三届董事会第十三次会议通知，于 3 月 27 日在深圳 蛇口培训中心召开会议。会议由缪建民董事长主持，应参会董事 15 名，实际参 会董事 14 名，邓仁杰非执行董事因公务未出席，委托江朝阳非执行董事代为出 席会议。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。 会议审议通过了以下议案： 一、审议通过了《2025 年度董事会工作报告》，同意提交本公司股东会审 议。 同意：15 票 反对：0 票 弃权：0 票 二、审议通过了《2025 年度行长工作报告》。 同意：15 票 反对：0 票 弃权：0 票 三、审议通过了 2025 年度报告全文及摘要，同意将 2025 年度报告提交本公 司股东会审议。 同意：15 票 反对：0 票 弃权 ...

A 股简称：招商银行 A 股代码：600036 公告编号：2026-011 招商银行股份有限公司 2025年度利润分配方案公告 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。 重要内容提示： 一、利润分配方案内容 4.以届时实施利润分配股权登记日的 A 股与 H 股总股本为基数，向登记在册 1 （一）利润分配方案的具体内容 截至 2025 年 12 月 31 日，招商银行股份有限公司（简称本公司、本行或招商 银行）母公司报表中期末未分配利润为人民币 5,919.19 亿元。本公司董事会同意 按照 2025 年度本公司经安永华明会计师事务所（特殊普通合伙）审计的中国会计 准则合并报表口径归属于本行普通股股东的净利润人民币 1,438.74 亿元的不低 于 30%的比例进行现金分红，具体利润分配方案如下： 1.根据《中华人民共和国公司法》有关规定，按照经审计的本公司 2025 年度 净利润人民币 1,361.84 亿元的 10%提取法定盈余公积人民币 136.18 亿元。 2.根据财政部《金融企业准备金计提管理办法》有关规定，按照 ...

招商银行股份有限公司 审计报告及财务报表 2025年12月31日止年度 招商银行股份有限公司 审计报告及财务报表 2025年12月31日止年度 | 内容 | 页码 | | | --- | --- | --- | | 审计报告 | 1 - | 8 | | 合并及公司资产负债表 | 9 - | 10 | | 合并及公司利润表 | 11 - | 13 | | 合并及公司现金流量表 | 14 - | 17 | | 合并及公司股东权益变动表 | 18 - | 21 | | 财务报表附注 | 22 - | 228 | 审计报告 安永华明（2026）审字第70023674_H01号 招商银行股份有限公司 招商银行股份有限公司全体股东： 一、审计意见 我们审计了招商银行股份有限公司（以下简称"贵行"）及其子公司（以下统称 "贵集团"）的财务报表，包括2025年12月31日的合并及公司资产负债表，2025年度 的合并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关 财务报表附注。 我们认为，后附的贵集团的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了贵集团2025年12月31日的合并及公司财 ...