Investment Rating - The investment rating for the company is "Accumulate" with a 6-month outlook [6] Core Insights - The company reported a revenue of approximately 640.03 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2.17% and an increase of 0.6 percentage points compared to the first half of 2025 [1] - The net profit attributable to shareholders for the same period was 269.91 billion yuan, showing a slight year-on-year increase of 0.33% [1] - The net interest margin (NIM) for the first three quarters of 2025 was recorded at 1.28%, down by 2 basis points from the first half of 2025 [1] Revenue and Profitability - The company's net interest income was 473.42 billion yuan, accounting for 73.97% of total revenue, with a year-on-year decrease of 0.7% [1] - Non-interest income reached 166.61 billion yuan, marking an increase of 11.30% year-on-year [1][2] - The pre-provision profit growth rates for the first half and first three quarters of 2025 were 1.43% and 1.84%, respectively [1] Asset and Liability Structure - As of the end of the third quarter of 2025, the total interest-earning assets amounted to 51.41 trillion yuan, reflecting a year-on-year growth of 9.64% [2] - The total interest-bearing liabilities were 48.12 trillion yuan, with a year-on-year increase of 11.58% [2] - The loan-to-asset ratio increased slightly by 0.07 percentage points compared to the middle of 2025 [2] Asset Quality - The non-performing loan (NPL) ratio stood at 1.33%, remaining stable compared to the previous quarter [3] - The loan provision coverage ratio was 217.2%, showing a slight decrease of 0.50 percentage points [3] Profit Forecast and Valuation - The company is expected to see a net profit growth of -0.20%, +2.00%, and +3.49% for the years 2025 to 2027 [4] - The book value per share (BPS) is projected to be 11.38, 12.60, and 14.20 yuan for the years 2025, 2026, and 2027, respectively [4]

工商银行（601398）(01398)发布公告，根据有关规定，国家金融监督管理总局已核准段红涛先生担任 该行执行董事的任职资格。段红涛先生担任该行执行董事的任职已生效。 ...

Core Insights - The Industrial and Commercial Bank of China (ICBC) reported a net profit of 271.88 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.52% [1] - The bank's total assets reached 52.81 trillion yuan, an increase of 3.99 trillion yuan or 8.18% compared to the end of the previous year [1][2] Financial Performance - Net profit attributable to shareholders was 269.91 billion yuan, with a year-on-year increase of 0.33% [1] - Operating income for the first three quarters was 610.97 billion yuan, up 1.98% year-on-year [1] - Net interest income decreased by 0.70% to 473.42 billion yuan, with an annualized net interest margin of 1.28%, down 15 basis points [1] - Non-interest income grew by 12.40% to 137.55 billion yuan, with fee and commission income increasing by 0.60% to 90.87 billion yuan [1] Asset and Loan Growth - Total customer loans and advances (excluding accrued interest) amounted to 30.45 trillion yuan, an increase of 2.08 trillion yuan or 7.33% [1] - Domestic branch RMB loans rose by 2.04 trillion yuan, reflecting a growth of 7.65% [1] - Investment increased by 2.31 trillion yuan to 16.47 trillion yuan, marking a growth of 16.33% [1] Liability and Deposit Structure - Total liabilities reached 48.62 trillion yuan, up 3.79 trillion yuan or 8.44% from the end of the previous year [2] - Customer deposits increased by 2.47 trillion yuan to 37.31 trillion yuan, a growth of 7.09% [2] - The structure of deposits included 22.50 trillion yuan in time deposits and 14.05 trillion yuan in demand deposits [2] Asset Quality and Capital Adequacy - Non-performing loan (NPL) balance stood at 404.84 billion yuan, an increase of 25.38 billion yuan, with an NPL ratio of 1.33%, down 0.01 percentage points [2] - Provision coverage ratio improved to 217.21%, up 2.30 percentage points [2] - Core Tier 1 capital adequacy ratio was 13.57%, Tier 1 capital adequacy ratio was 14.80%, and total capital adequacy ratio was 18.85%, all meeting regulatory requirements [2]

工商银行 1-9 月归母净利润、营业收入、PPOP 分别同比+0.3%、+2.2%、 +2.0%，增速较 1-6 月+1.7pct、+0.6pct、+0.4pct。 公司业绩边际改善，非 息收入增速回升，中收增速由负转正，资产质量稳健。我们认为龙头地位稳 固，A/H 股维持买入/买入评级。 证券研究报告 工商银行 (601398 CH/1398 HK) 港股通 非息增速改善助力业绩回稳 华泰研究 季报点评 2025 年 10 月 31 日│中国内地/中国香港 国有大型银行 聚焦支持"四稳"，服务实体提质扩面。公司靠前对接各项存量和增量政策， 承销首批股权投资机构科技创新债券，AIC 股权投资试点业务规模行业领 先。突出"工"的主责主业和"商"的专业特色，做好金融"五篇大文章"，加力支 持国民经济重大战略、重点领域和薄弱环节，制造业、科技创新、绿色发展、 普惠小微等领域贷款增速均高于各项平均；积极支持提振消费、保障民生， 加强消费者权益保护，6 月末个人消费贷款增长 10.2%。 给予 A/H 股 26 年目标 PB0.85/0.65 倍 规模持续增长，息差略有波动 9 月末总资产、贷款、存款增速分别为+9.2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3] Core Views - The company achieved positive growth in both revenue and profit, with operating income reaching 640 billion yuan, a year-on-year increase of 2.2%, and net profit attributable to shareholders at 269.9 billion yuan, a 0.3% increase year-on-year [1][3] - The company's total assets grew by 9.2% year-on-year to 52.8 trillion yuan, with deposits increasing by 7.1% to 37.3 trillion yuan and loans rising by 7.3% to 30.5 trillion yuan [1][2] - The net interest margin decreased to 1.28%, down 15 basis points year-on-year, impacting net interest income which fell by 0.7% [2][3] - Non-interest income saw a significant increase of 27.6%, primarily driven by growth in investment income [2][3] Financial Summary - For the forecasted years 2025-2027, the company is expected to have net profits of 360.8 billion, 365.8 billion, and 384.1 billion yuan respectively, with year-on-year growth rates of -1.4%, 1.4%, and 5.0% [3][4] - The diluted EPS for the same period is projected to be 0.97, 0.98, and 1.04 yuan, with corresponding PE ratios of 8.1, 8.0, and 7.6 [3][4] - The core Tier 1 capital adequacy ratio stood at 13.57%, a decrease of 0.53 percentage points from the beginning of the year [1][3]

Group 1 - The core point of the announcement is the appointment of Zhao Guidé as the Vice President of Industrial and Commercial Bank of China (ICBC), pending approval from the National Financial Regulatory Administration [2] - Zhao Guidé has extensive experience within the ICBC system, having held various leadership positions in different branches [3][4] - Zhao is recognized as a "pragmatic" figure in the industry, emphasizing the need for financial innovation and policy coordination to support the development of new offshore trade [4][5] Group 2 - As of the end of September 2025, ICBC's total assets reached approximately 52.81 trillion yuan, reflecting an 8.18% increase from the end of the previous year [6][7] - For the first three quarters of 2025, ICBC reported a net profit attributable to shareholders of 269.91 billion yuan, a year-on-year increase of 0.33%, and operating income of 640.03 billion yuan, up 2.17% [7] - The bank's non-performing loan ratio stood at 1.33%, a decrease of 0.01 percentage points from the end of the previous year, with a provision coverage ratio of 217.21%, an increase of 2.30 percentage points [7]

每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ （记者 曾健辉） 每经AI快讯，工商银行（SH 601398，收盘价：7.84元）10月31日发布公告称，公司董事会会议于2025 年10月30日在北京市西城区复兴门内大街55号本行总行召开。会议审议了《关于2025年第三季度报告的 议案》等文件。 2025年1至6月份，工商银行的营业收入构成为：利息收入占比84.8%，非利息收入占比9.33%。 ...

Core Viewpoint - The financial performance of the Industrial and Commercial Bank of China (ICBC) shows weak growth, with a focus on maintaining stability amid declining net interest margins [2][3] Financial Performance - For the first three quarters of 2025, ICBC reported operating income of 6,109.68 billion yuan, a year-on-year increase of 1.98% - The net profit attributable to shareholders was 2,699.08 billion yuan, with a modest year-on-year growth of 0.33% - The net interest margin (NIM) stood at 1.28%, down 15 basis points year-on-year, indicating pressure on traditional interest margin advantages [3] - Non-interest income grew by 12.40% year-on-year, but the growth in fee and commission income was limited at 0.60% [3] Core Business Progress - Total customer loans and advances reached 30.45 trillion yuan, a year-on-year increase of 7.33% - Customer deposits amounted to 37.31 trillion yuan, growing by 7.09% year-on-year - The non-performing loan (NPL) ratio was 1.33%, a slight decrease of 0.01 percentage points year-on-year, with a provision coverage ratio of 217.21%, up 2.3 percentage points [4] Capital and Liquidity - ICBC's core Tier 1 capital adequacy ratio was 13.57%, and the total capital adequacy ratio was 18.85%, both exceeding regulatory requirements - The liquidity coverage ratio was 128.35%, indicating manageable liquidity risk - The bank has been actively supplementing capital through the issuance of 50 billion yuan in subordinated debt and 10 billion yuan in TLAC bonds, alongside the redemption of 2.9 billion USD in overseas preferred shares [5] Dividend and Shareholder Structure - The bank maintained a stable dividend policy, with a total dividend payout of approximately 1,097.73 billion yuan for the year 2024, at 3.08 yuan per 10 shares (including tax) - The shareholder structure remains dominated by state ownership, with central government entities holding over 65% of shares [6][7] Development Strategy and Expectations - The core strategy of ICBC remains focused on stability amid declining net interest margins, with market concerns centered on the sustainability of non-interest income growth, asset quality stability, and capital replenishment in light of regulatory changes [8] - The bank's actions in non-interest income, capital replenishment, and asset quality are noted, but the persistent low growth in net profit raises concerns about future profitability [8] Future Focus Areas - Monitoring the trend of net interest margins and the potential for further optimization of funding costs - Observing changes in asset quality under economic pressures, particularly regarding the growth of loan impairment losses and the maintenance of low NPL ratios [9] - Assessing the sustainability of non-interest income growth, particularly from fees and commissions as new profit sources [10] - Evaluating the impact of new regulatory requirements on capital replenishment and its effects on dividends and expansion [11] - Considering potential adjustments to dividend policies under profit pressure and balancing the interests of state shareholders [12]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) reported its Q3 2025 results, showing modest growth in revenue and net profit compared to the previous year [1] Financial Performance - The company achieved a revenue of 640.28 billion yuan for the first three quarters, representing a year-on-year increase of 2.17% [1] - The net profit attributable to shareholders reached 269.91 billion yuan, reflecting a year-on-year growth of 0.33% [1] - The non-recurring net profit was 269.40 billion yuan, with a year-on-year increase of 0.67% [1] - Basic earnings per share stood at 0.73 yuan [1]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) is a leading player in the banking industry, showcasing strong financial performance and a solid market position in terms of revenue and net profit [2][3]. Financial Performance - For Q3 2025, ICBC reported operating revenue of 6400.28 billion yuan, ranking first in the industry, significantly above the industry average of 4534.23 billion yuan and the median of 5210.4 billion yuan [2]. - The net profit for the same period was 2718.82 billion yuan, also leading the industry, surpassing the average of 1816.58 billion yuan and the median of 2059.56 billion yuan [2]. Profitability and Debt Ratios - ICBC's debt-to-asset ratio stood at 92.06% in Q3 2025, slightly up from 91.89% year-on-year, but lower than the industry average of 92.36% [3]. - The gross profit margin for Q3 2025 was 49.77%, an increase from 49.09% year-on-year, exceeding the industry average of 43.66% [3]. Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 15.27% to 657,900, while the average number of circulating A-shares held per shareholder decreased by 13.25% to 409,800 [5]. Executive Compensation - The chairman of ICBC, Liao Lin, received a salary of 908,300 yuan in 2024, which is a decrease of 233,600 yuan compared to 2023 [4]. Future Outlook - East China Securities forecasts that ICBC will achieve operating revenues of 829.2 billion yuan, 834.4 billion yuan, and 887.3 billion yuan for 2025 to 2027, with net profits of 369.5 billion yuan, 375.8 billion yuan, and 383.5 billion yuan respectively [6]. - Guotai Junan Securities anticipates a recovery in revenue growth for the first half of 2025, with net profit growth rates of 2.53% and 4.05% for 2025 and 2026 respectively [6].