Core Insights - The company has experienced fluctuations in revenue and net profit growth rates over the years, with significant changes noted in 2025 [11][12][18]. Financial Performance - In the first half of 2025, the company's average return on equity was 4.19%, a decrease of 0.28 percentage points compared to the same period last year [18]. - The company's operating cash flow net amount was 786.317 billion, while financing cash flow net amount was 536.328 billion, and investment cash flow net amount was -1,177.672 billion [21]. Asset Changes - As of the first half of 2025, the company's monetary funds decreased by 8.04%, and the proportion of total assets fell by 0.97 percentage points [26]. - Financial assets purchased under resale agreements increased by 46.47%, with its proportion of total assets rising by 0.91 percentage points [26]. - Loans and advances increased by 6.37%, but its proportion of total assets decreased by 0.42 percentage points [26]. - Derivative financial assets decreased by 42.33%, with its proportion of total assets falling by 0.21 percentage points [26]. Liability Changes - As of the first half of 2025, the company's bonds payable increased by 28.13%, raising its proportion of total assets by 0.81 percentage points [30]. - Deposits and interbank deposits increased by 6.71%, but its proportion of total assets decreased by 0.34 percentage points [30]. - Derivative financial liabilities decreased by 41.75%, with its proportion of total assets falling by 0.18 percentage points [30]. - Financial assets sold under repurchase agreements increased by 13.33%, raising its proportion of total assets by 0.18 percentage points [30]. Historical Trends - The company has shown a trend in revenue and net profit growth rates, with notable fluctuations in the years 2020 to 2025 [11][12][18]. - The historical asset-liability ratio has been tracked, showing variations compared to industry averages and medians [32].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company has shown improvement in both revenue and profit, with a year-on-year revenue increase of 1.57% to approximately 427.09 billion yuan in the first half of 2025, and a net profit of 168.10 billion yuan, down 1.39% year-on-year [2][3] - The asset quality remains stable, with a non-performing loan ratio of 1.33% and a provision coverage ratio of 217.71% [4][25] - The bank's net interest margin recorded at 1.3%, with a significant reduction in the decline of net interest income due to easing interest margin pressure [2][16] Financial Performance Summary - Revenue for 2025 is projected to be approximately 816.9 billion yuan, with a growth rate of -0.59% [6] - The net profit attributable to shareholders is expected to be around 364.6 billion yuan for 2025, reflecting a slight decrease of 0.34% [6] - The bank's total assets grew by 11.0% year-on-year, with loans and financial investments increasing by 8.5% and 19.9% respectively [22] Non-Interest Income - Non-interest income has turned positive, with net fee and commission income of 67.02 billion yuan, a decrease of 0.57% year-on-year, while net other non-interest income reached 46.496 billion yuan, with investment net income increasing by 52.00% [3][21] Asset Quality - The non-performing loan ratio remains stable at 1.33%, with a slight improvement from the end of 2024 [25][27] - The provision coverage ratio has increased to 217.7%, providing a solid safety net for asset quality [4][25] Growth and Expansion - The bank continues to expand its scale, with both assets and liabilities achieving double-digit growth [22] - Total liabilities increased by 11.4% year-on-year, with deposits growing by 8.2% [24]

Core Viewpoint - Industrial and Commercial Bank of China (ICBC) reported strong financial performance for the first half of 2025, with total assets exceeding 52 trillion yuan and maintaining leadership in customer loans and deposits [2][3]. Financial Performance - ICBC achieved an operating income of 427.1 billion yuan, a year-on-year increase of 1.6%, and a net profit of 168.8 billion yuan, leading the domestic industry [3]. - The annualized average return on total assets (ROA) was 0.67%, and the annualized weighted average return on equity (ROE) was 8.82%, with a cost-to-income ratio of 24.10% [3]. - As of June 30, 2025, the non-performing loan (NPL) ratio was 1.33%, a decrease of 0.01 percentage points from the end of the previous year, while the provision coverage ratio increased by 2.8 percentage points to 217.71% [3]. Asset Quality and Risk Management - ICBC's total provision balance exceeded 1 trillion yuan for the first time, which is crucial for the stable operation of a large commercial bank [3]. - The bank's asset quality control remains robust, contributing to confidence in its development strategy [3][4]. Strategic Direction - The bank emphasizes steady growth and strategic adjustments rather than pursuing extraordinary growth rates, reflecting its responsibility as a leading financial institution [4]. - ICBC plans to continue its cash dividend policy, distributing 109.8 billion yuan in cash dividends for 2024 and an expected 50.4 billion yuan for the current year [5]. Internationalization and Comprehensive Operations - ICBC's international network covers 69 countries and regions, with total assets of nearly 460 billion USD in overseas institutions [6]. - The bank is enhancing its international and comprehensive operations to strengthen its core competitiveness and achieve high-quality development [5][6]. - Cross-border RMB business volume surpassed 5 trillion yuan, a year-on-year increase of 6%, while RMB clearing volume reached 60 trillion yuan, up 23% [7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 公司名稱: 中國工商銀行股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01398 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) has launched its sixth "828 Wealth Season" event, focusing on enhancing wealth management experiences through product optimization, innovative online investment services, and enriched investment education resources [1] Product Supply Optimization - ICBC has upgraded and expanded its "Daily Earnings" cash management services, increasing the number of associated money market funds to 106, including four funds from Huatai-PineBridge [2] - The "Daily Earnings 1" service now offers automatic purchase and redemption services, with a total service scale exceeding 120 billion [2] - The "Daily Earnings 2" service includes 10 selected cash management products and extends subscription and redemption times to 20:00 daily, facilitating better fund management for clients [2] Innovative Investment Services - ICBC collaborates with fund companies to analyze market trends and regularly offers "Aggressive Strategy" and "Stable Strategy" fund product configurations [3] - New features include "Wishful Investment" for cross-category investment options and enhanced gold asset allocation services [3] - A "Dumbbell Strategy" is suggested for investors to balance between dividend value and technology growth, with specific fund recommendations provided [4] Investment Education Enrichment - ICBC has introduced the "Wealth Companion" theme activity, utilizing interactive and gamified approaches to educate clients on investment and financial products [5] - Over 6 million clients have participated in the educational activities, which aim to enhance understanding of risk and investment decision-making [5]

截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國工商銀行股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01398 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 86,794,044,550 | RMB | | 1 RMB | | 86,794,044,550 | | 2. 股份分類 | 普通股 | 股份 ...

"大"体现在量的合理增长，总资产超过52万亿元，客户贷款、存款规模保持市场引领；实现营业收入 4090.82亿元，同比增长1.8%；净利润1688.03亿元。 "稳"体现在险的精准防控，不良贷款率1.33%，下降0.01个百分点；资本充足率19.54%，拨备覆盖率 217.71%，分别较上年末上升0.15和2.80个百分点。 2025年8月29日，中国工商银行(股票代码SH:601398；HK:1398)公布2025年上半年的经营情况。今年以 来，工商银行认真贯彻党中央决策部署，以深入贯彻中央八项规定精神学习教育和中央巡视整改为促 进，坚持党建引领、五化转型，扎实践行领军银行使命担当，在服务经济持续回升向好中推进自身高质 量发展，交出了一份稳中有进、以进促稳的半年成绩单。 按照国际财务报告准则，上半年，工商银行集团资产负债均衡增长，价值创造稳步提升，风控指标不断 向好，"强优大稳"的特征更加鲜明，高质量发展和高水平安全基础更加扎实。 "强"体现在主业的持续领先，突出"工"的主责主业和"商"的专业特色，制造业、战略性新兴产业、绿色 贷款余额分别超5万亿、4万亿、6万亿元，均为市场第一；贸易融资余额、人民币结算账 ...

责任编辑：杨喜亭 本报讯 记者张冰洁报道 8月29日，中国工商银行公布了今年上半年的经营情况。报告期内，工商银 行总资产超过52万亿元，客户贷款、存款规模保持市场引领；实现营业收入4090.82亿元，同比增长 1.8%；净利润1688.03亿元。 在资产质量方面，报告期内，工商银行不良贷款率1.33%，下降0.01个百分点；资本充足率 19.54%，拨备覆盖率217.71%，分别较上年末上升0.15个和2.80个百分点。 基于良好的业绩，工商银行董事会建议派发2025年中期普通股现金股息，每10股人民币1.414元 （含税），派息总额约为人民币503.96亿元。 ...

Group 1 - The core viewpoint of the news is that Industrial and Commercial Bank of China (ICBC) reported its 2025 interim results, showing a total asset exceeding 52 trillion yuan, with a slight increase in operating income but a decrease in net profit [1] - In the first half of 2025, ICBC's total assets reached 52 trillion yuan, with operating income of 427.09 billion yuan, a year-on-year increase of 1.6%, and net profit of 168.80 billion yuan, a year-on-year decrease of 1.5% [1] - The board of directors proposed a cash dividend of 1.414 yuan per 10 shares (tax included) for the 2025 interim period [1] Group 2 - ICBC's net interest income for the first half of 2025 was 313.58 billion yuan, a slight decrease of 0.1% year-on-year, with interest income of 673.60 billion yuan, down 6.6%, and interest expenses of 360.03 billion yuan, down 11.6% [1] - The annualized net interest margin and net interest yield were 1.16% and 1.30%, respectively, both down by 8 basis points and 13 basis points year-on-year [1] - The bank actively addressed funding needs in key areas such as manufacturing, technological innovation, green finance, and inclusive finance, with corporate loans increasing by 1.35 trillion yuan, a growth of 7.7% [1] Group 3 - ICBC has been enhancing its "Housing Ecosystem+" financing product system to meet diverse housing financing needs, focusing on policies that promote consumer spending and support key groups [2] - Personal loans increased by 209.64 billion yuan, a growth of 2.3%, with personal consumption loans rising by 42.99 billion yuan (10.2%) and personal operating loans increasing by 181.63 billion yuan (10.8%) [2] - Credit card overdrafts increased by 21.65 billion yuan, a growth of 2.8%, reflecting the bank's efforts to optimize and innovate its product offerings [2]

2025 年 8 月 31 日 公司研究 营收增速转正，经营稳健均衡 ——工商银行（601398.SH）2025 年半年报点评 买入（维持） 当前价：7.43 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 3,564.06 | | 总市值(亿元)： | 26,480.98 | | 一年最低/最高(元)： | 5.23/8.19 | | 近 3 月换手率： | 13.04% | 营收增速转正，盈利降幅收窄，基本面呈现较好韧性。上半年，工商银行营收、 PPOP 同比增速分别为 1.6%、1.4%，增速较 1Q 分别提升 4.8、5pct。归母净利 润同比下降 1.4%，降幅较 1Q 收窄 2.6pct。上半年净利息收入、非息收入同比 增速分别为-0.1%、6.5%，增速较 1Q 分别提升 2.7、10.7pct。 拆分盈利增速结构：规模为主 ...