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） 董事會會議召開日期 招商銀行股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於2025年4月29 日（星期二）舉行董事會會議，藉以審議及批准刊發本公司截至2025年3月31日止 三個月之第一季度業績公告。 招商銀行股份有限公司董事會 2025年4月15日 於本公告日期，本公司的執行董事為王良、鍾德勝及朱江濤；本公司的非執行 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。 ...

从中证沪港深互联互通银行指数持仓的市场板块来看，香港证券交易所占比49.45%、上海证券交易所 占比45.93%、深圳证券交易所占比4.62%。 从中证沪港深互联互通银行指数持仓样本的行业来看，综合性银行占比85.08%、区域性银行占比 14.92%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深互联互通银行指数十大权重分别为：建设银行（9.91%）、汇丰控股 （9.73%）、招商银行（8.68%）、工商银行（7.24%）、中国银行（5.77%）、兴业银行（5.1%）、工 商银行（4.02%）、渣打集团（3.62%）、招商银行（3.17%）、交通银行（2.93%）。 金融界4月14日消息，上证指数高开高走，中证沪港深互联互通银行指数 (沪港深通银行，H30555)报 2624.15点。 数据统计显示，中证沪港深互联互通银行指数近一个月 ...

Financial Data and Key Indicators Changes - The company's net operating income was RMB 337.12 billion, a year-on-year decrease of 0.58% [7] - Net profit attributable to shareholders was RMB 139 billion, a year-on-year increase of 1.22% [7] - Return on Average Assets (ROAA) was 1.28%, and Return on Average Equity (ROAE) was 14.49%, with year-on-year decreases of 0.11% and 1.73 percentage points respectively [7] - Net Interest Income (NII) was RMB 211.27 billion, a year-on-year decrease of 1.58% [7] - Net Non-Interest Income was RMB 125.84 billion, showing positive growth with a year-on-year increase of 1.15% [8] - Cost-to-Income ratio improved to 31.92%, a year-on-year decrease of 1.05 percentage points [8] Business Line Data and Key Indicators Changes - Retail finance contributed significantly, with net operating income and profit before tax from retail finance accounting for 58.37% and 50.74% respectively [12] - Total loans and advances to customers reached RMB 6.89 trillion, up by 5.83% [9] - The balance of retail loans was RMB 3.64 trillion, an increase of 6% [29] - The number of retail customers exceeded 200 million, a 6.6% increase [27] Market Data and Key Indicators Changes - Total assets exceeded RMB 12 trillion, an increase of 10.19% [9] - Total liabilities exceeded RMB 10 trillion, up by 9.81% [9] - Total customer deposits exceeded RMB 9 trillion, up by 11.54% [9] - The average cost ratio of interest-bearing liabilities was 1.64%, a year-on-year decrease of 9 basis points [10] Company Strategy and Development Direction - The company aims to build a value creation bank and enhance its digital and intelligent capabilities [5][14] - Focus on technology investment, with RMB 13.35 billion allocated in 2024, representing 4.38% of net operating income [14] - Emphasis on ESG (Environmental, Social, and Governance) principles, with an upgraded MSCI ESG rating to AAA [17] Management's Comments on Operating Environment and Future Outlook - The management acknowledged challenges such as declining interest rates and insufficient effective credit demand but also highlighted opportunities from proactive macro policies [50][51] - The company plans to maintain a high level of ROE and competitive advantages in NIM and wealth management [66] - The outlook for 2025 includes a focus on innovation-driven development and enhancing core capabilities in wealth management, fintech, and risk management [55][56] Other Important Information - The company has established an AI lab since 2017 and is focusing on AI-driven transformation across various operational areas [15][102] - The NPL (Non-Performing Loan) ratio was 0.95%, remaining stable, while the allowance coverage ratio was 411.98% [11] Q&A Session Summary Question: How can CMB maintain its strength and advantage in the current macro situation? - The Chairman acknowledged challenges but emphasized that CMB's advantages in NIM and wealth management can help maintain a competitive edge [66] Question: Can you elaborate on the internationalization strategy? - The President highlighted the need for banks to provide international services as Chinese companies expand globally and emphasized the importance of technology and AI in enhancing service capabilities [71][75] Question: What is the expectation for NIM trend this year? - The CFO indicated that while NIM is expected to continue declining, the magnitude of the decline may be less than peers, and the company aims to maintain a stable loan growth rate [80][87] Question: How is AI applied in bank operations? - The CIO discussed the bank's early investment in AI and its application across various business scenarios, resulting in significant productivity gains [102][107] Question: What is the outlook for retail loan asset quality? - The President acknowledged increasing pressure on retail loan asset quality but emphasized the bank's proactive risk management strategies [112][116] Question: How does the company plan to increase return to shareholders given the high CAR? - The President explained the need to balance maintaining a high CAR while also focusing on delivering a good ROE [120][123]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue decline continues to narrow, with a year-on-year decrease of 0.7% for 2024, while net profit growth has turned positive at 1.2% [3][6] - Net interest income decreased by 1.6% year-on-year, but the decline is narrowing, and non-interest income has turned positive with a growth of 0.8% [3][6] - The company maintains a stable asset quality, with a non-performing loan ratio of 0.95% and improvements in corporate loans, particularly in the real estate sector [4][6] Summary by Sections Revenue and Profitability - The cumulative revenue for 2024 shows a year-on-year decline of 0.7%, with net profit increasing by 1.2% [3][6] - The net interest income has decreased by 1.6% year-on-year, while non-interest income has increased by 0.8% [3][6] Interest Income and Margin - The quarterly net interest income increased by 2.1%, while the net interest margin decreased by 3 basis points to 1.94% [11][13] - The annualized yield on interest-earning assets decreased by 16 basis points to 3.33% [15] Asset and Liability Growth - Interest-earning assets increased by 8.8% year-on-year, with total loans growing by 5.2% [17] - Total deposits increased by 8.6%, outpacing loan growth [17] Loan Structure - The structure of new loans shows a significant increase in corporate loans, which accounted for 69.5% of new loans, up 20.5 percentage points from 2023 [18] - The retail loan structure remains stable, with a notable recovery in mortgage loans [18][21] Non-Interest Income - Non-interest income has shown a year-on-year increase of 0.8%, with a significant recovery in wealth management fees [23][26] - The company has maintained a stable fee income structure, with wealth management and card services contributing the most [26] Retail Banking and AUM - The total assets under management (AUM) for retail clients are approaching 15 trillion, with a steady growth in high-net-worth clients [28][29] - The number of retail clients reached 210 million, with significant growth in wealth management clients [29]

Financial Performance - The average return on equity (ROAE) for the year reached 14.49%, indicating positive profit growth despite revenue decline narrowing each quarter [9]. - Operating income reached CNY 337.49 billion, and net profit attributable to shareholders was CNY 148.39 billion, a year-on-year increase of 1.22% [20]. - The company's operating income for 2024 was RMB 337,488 million, a decrease of 0.48% compared to RMB 339,123 million in 2023 [47]. - Net profit for 2024 reached RMB 149,559 million, reflecting a growth of 1.05% from RMB 148,006 million in 2023 [47]. - The company reported a total profit of CNY 178.65 billion, reflecting a year-on-year growth of 1.15% [67]. - The company's interest expense was CNY 162.99 billion, an increase of 1.28% year-on-year, primarily due to the growth in interest-bearing liabilities [76]. - The average return on total assets for shareholders decreased to 1.28% in 2024, down from 1.39% in 2023, a decline of 0.11 percentage points [47]. - The net interest margin decreased by 0.17 percentage points to 1.86% compared to the previous year [53]. Asset and Deposit Growth - Total assets surpassed RMB 12 trillion, and deposits exceeded RMB 9 trillion, both growing by over 10% compared to the previous year [9]. - Total assets exceeded CNY 12 trillion, with total customer deposits surpassing CNY 9 trillion [20]. - Customer deposits grew by 11.54% to RMB 9,096,587 million, with retail time deposits surging by 23.27% to RMB 2,052,783 million [48]. - The average daily balance of demand deposits accounted for 50.34% of the average daily balance of customer deposits, a decrease of 6.74 percentage points year-on-year [117]. - The company's customer deposit balance reached 87,782.50 billion yuan, an increase of 11.52% compared to the end of the previous year [186]. Loan and Financing Activities - The total financing amount (FPA) for corporate clients exceeded RMB 6 trillion, with increased loan balances in key sectors such as technology, green finance, and manufacturing [10]. - The total amount of loans and advances was RMB 6,888.32 billion, up 5.83% year-on-year, accounting for 56.68% of total assets, a decrease of 2.34 percentage points [98]. - Corporate loans amounted to CNY 2,863.74 billion, growing by 10.15% year-over-year, with a non-performing loan (NPL) ratio of 1.06%, down 0.13 percentage points [125]. - Retail loans stood at CNY 3,644.63 billion, up 6.01% from the previous year, with an NPL ratio of 0.96%, an increase of 0.07 percentage points [125]. - The new issuance of corporate loans amounted to 402.541 billion yuan, reflecting a year-on-year growth of 32.61% [169]. Risk Management and Asset Quality - Non-performing loan ratio and provision coverage ratio remain at a favorable level compared to other listed banks, ensuring robust risk management [9]. - Non-performing loan ratio remained stable at 0.95%, with a provision coverage ratio of 411.98% [20]. - The company maintained a stable asset quality, with total NPLs at CNY 65.61 billion, a slight increase from CNY 61.58 billion last year [130]. - The company’s overall asset quality remains controllable, with a focus on risk management in key areas such as personal housing loans and small micro loans [192]. - The company plans to enhance risk management strategies in consumer credit, focusing on clients with stable income and good credit status [198]. Digital Transformation and Innovation - The bank launched the first open-source financial model with 100 billion parameters in the domestic banking sector, enhancing its digital transformation efforts [11]. - The company aims to enhance its AI capabilities and digital transformation, transitioning from "online banking" to "intelligent banking" [16]. - CMB has launched a financial large model named "Yizhao," which is the first of its kind in the domestic market, with over 120 application scenarios [28]. - The company launched China's first open-source financial large model with 10 billion parameters and released a 2TB high-quality financial dataset [172]. - The company invested 13.35 billion yuan in information technology, representing 4.37% of its operating income [166]. Customer Base and Service Enhancement - Retail customer base exceeded 200 million, with total assets under management (AUM) approaching RMB 15 trillion [11]. - The total number of retail customers reached 210 million, an increase of 6.60% compared to the end of the previous year [162]. - The number of retail wealth management product holding clients reached 58.2162 million, a growth of 13.31% year-on-year [165]. - The company aims to enhance its retail loan structure, focusing on personal housing loans and credit card loans, while maintaining support for small and micro loans [189]. - The company is focusing on enhancing customer service and exploring growth points in niche markets to counteract challenges in effective demand and market volatility [181]. Strategic Focus and Future Plans - The bank emphasizes its commitment to integrating its operations with national development strategies, enhancing support for the real economy [10]. - The company aims to become the best value-creating bank driven by innovation and distinctive models, focusing on wealth management, financial technology, and risk management [43][44]. - The company plans to continue optimizing its credit policies to better align with market demands and support key industries [127]. - The company will dynamically adjust credit policies in response to national industrial policies and market conditions [200]. - The bank's strategy focuses on value creation, leveraging AI and digital transformation to enhance operational efficiency and reduce transaction costs [31].

Core Insights - The core viewpoint of the article highlights the performance of China Merchants Bank (CMB) in retail banking, showcasing a growth in assets under management (AUM) and an increase in private banking clients despite challenges in net interest income and overall profitability [1][3]. Financial Performance - CMB reported a revenue of 337.49 billion yuan, a slight decrease of 0.48% year-on-year, while net profit attributable to shareholders increased by 1.22% to 148.39 billion yuan [4][5]. - Net interest income fell by 1.58% to 211.28 billion yuan, with a net interest margin of 1.98%, down 17 basis points year-on-year [5][11]. - Non-interest income rose by 1.41% to 126.21 billion yuan, with significant declines in wealth management fees and commissions, particularly a 22.70% drop in wealth management fees [5][6]. Retail Banking Performance - CMB's retail banking segment saw a pre-tax profit decline of 9.56%, with retail customer numbers increasing by 6.60% to 210 million and AUM growing by 12.05% to 14.93 trillion yuan [8][9]. - The structure of AUM indicates a strong performance in non-deposit assets, with non-deposit AUM exceeding 70%, which is considered exceptional compared to peers [9][10]. Private Banking and Credit Card Business - The number of private banking clients increased by 13.61% to 169,100, indicating robust growth in high-end wealth management services [10]. - Credit card circulation slightly decreased, with transaction volume dropping by 8.23% to 4.42 trillion yuan [10]. Asset Quality - CMB maintained a non-performing loan (NPL) ratio of 0.95%, unchanged from the previous year, with a provision coverage ratio of 411.98% [11][12]. - The bank's real estate NPL ratio decreased to 4.94%, while retail loan NPLs rose slightly to 0.96% [14][15]. Strategic Outlook - CMB's leadership emphasized the importance of strengthening capital-intensive businesses while optimizing light capital operations and enhancing wealth management services [15][16]. - The bank aims to leverage technology to drive innovation and improve service delivery, positioning itself as a leading value-creating bank [15][16].

Core Viewpoint - China Merchants Bank reported a stable growth in 2024 despite a complex macroeconomic environment, with a slight decline in net interest margin and a modest increase in net profit year-on-year [1][2]. Financial Performance - Q4 2024 net profit was CNY 35.207 billion, a decrease of approximately 8.42% quarter-on-quarter; full-year net profit reached CNY 148.391 billion, up 1.22% year-on-year [1][2]. - Total operating income for Q4 was CNY 84.779 billion, with full-year income at CNY 337.488 billion, a slight decrease of 0.48% year-on-year [1][2]. - The net interest margin for 2024 was 1.98%, down 17 basis points year-on-year, while Q4 saw a further decline to 1.94% [1][7]. Asset and Liability Management - Total assets exceeded CNY 12 trillion, growing by 10.19%, and customer deposits surpassed CNY 9 trillion, increasing by 11.54% [1]. - Non-performing loan ratio remained stable at 0.95%, with a provision coverage ratio of 411.98% [1]. Revenue Breakdown - Net interest income was CNY 211.277 billion, down 1.58% year-on-year, accounting for 62.60% of total revenue [4]. - Non-interest income reached CNY 126.211 billion, up 1.41% year-on-year, representing 37.40% of total revenue [4]. Strategic Initiatives - The bank is accelerating its transformation from "Online Bank" to "Smart Bank," with a technology investment of CNY 13.35 billion, representing 4.37% of revenue [6]. - The launch of the first open-source financial model in the domestic banking sector, named "Yizhao," highlights the bank's commitment to integrating AI into various business scenarios [6]. Business Segmentation - Retail banking remains the primary revenue contributor, accounting for 58.32% of total revenue, with retail customer assets nearing CNY 15 trillion [5]. - The bank's corporate banking segment also showed growth, with a customer base of 3.1664 million, an increase of 12.26% year-on-year [5].

Group 1 - The core point of the article is that China Merchants Bank has applied for a patent for a decision model verification method, which aims to enhance the efficiency of decision model validation [1][3] Group 2 - The patent application is titled "Verification Method, Device, Equipment, Storage Medium, and Program Product for Decision Models" and was filed on October 2024 [1] - The verification method involves receiving relevant verification data, obtaining modified data values for first dependent data, and validating the target decision model based on these modified values and preset values of second dependent data [1] - This approach allows business personnel to validate the target decision model without needing to construct dependent data themselves, thus improving the efficiency of the verification process [1] Group 3 - China Merchants Bank was established in 1987 and is located in Shenzhen, primarily engaged in monetary financial services [2] - The company has a registered capital of approximately 25.22 billion RMB and a paid-in capital of about 296.29 million RMB [2] - The bank has made investments in 15 enterprises, participated in 5,000 bidding projects, and holds 1,327 trademark records and 1,708 patent records [2]

内部控制审计报告 安永华明（2025）专字第70023674_H02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： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了招商银行股份有限公司（以下简称"贵行"）2024年12月31日的财务报告内部控 制的有效性。 A member firm of Ernst & Young Global Limited 1 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，贵行于2024年12月31日按照 ...

审计报告及财务报表 2024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 2024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 | - | 224 | 招商银行股份有限公司 审计报告 安永华明（2025）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2024年12月31日的合并及公司资产负债表，2024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 ...