九江银行(06190) - 2025 - 中期财报

Company Profile Basic Information Jiujiang Bank Co., Ltd. is a regional commercial bank registered in November 2000, listed on the Hong Kong Stock Exchange in July 2018, with a registered capital of RMB 2,847,367,200 Jiujiang Bank Basic Information | Metric | Content | | :--- | :--- | | Legal Chinese Name | Jiujiang Bank Co., Ltd. | | H-share Listing Exchange | The Stock Exchange of Hong Kong Limited | | Stock Code | 6190 | | Registered Capital | RMB 2,847,367,200 | | Registered and Office Address | No. 619 Changhong Avenue, Lianxi District, Jiujiang City, Jiangxi Province, China | | Overseas Auditor | KPMG | Company Overview Established in 2000 and listed in Hong Kong in 2018, Jiujiang Bank optimized its shareholder structure by introducing strategic investors, operating with 5,746 employees across its head office, 13 branches, 265 sub-branches, and 20 village banks, achieving full coverage of all prefecture-level cities in Jiangxi Province - Jiujiang Bank was registered in November 2000 and listed on the Main Board of the Hong Kong Stock Exchange on July 10, 2018 (stock code: 6190)[7] - As of the end of the reporting period, Jiujiang Bank (including controlled village banks) had 5,746 full-time employees, with 86.93% holding bachelor's or associate degrees and 13.00% holding postgraduate or higher degrees[7] - The bank operates through its head office, 13 branches, 265 sub-branches, and has initiated the establishment of 20 village banks, achieving full coverage of all prefecture-level cities in Jiangxi Province[7] 2025 H1 Key Awards and Recognition Jiujiang Bank received multiple honors in the first half of 2025, including "2024 Top 100 Proprietary Settlement", "Excellent Underwriter", "Excellent Market Maker", "Annual Market Influence Institution", and "Market Innovation Business Institution", achieving outstanding results in green finance, fintech innovation, and supply chain service ecosystems - Awarded the title of "2024 Top 100 Proprietary Settlement" by China Central Depository & Clearing Co., Ltd., for the 7th consecutive year[8] - Received "Excellent Underwriter" and "Excellent Market Maker" institutional awards from the Export-Import Bank of China for the 2024 RMB Financial Bond Underwriting and Market Making Group, for the 6th consecutive year[8] - Rated as "2023 Excellent Enterprise in Jiangxi Province" and honored with "Annual Market Influence Institution" and "Market Innovation Business Institution" by the National Interbank Funding Center[8] - The "Intelligent Risk Control Decision Application in Dynamic Financial Scenarios" project was selected as one of the 20 excellent cases in the 5th "NIFD-DCITS Fintech Innovation Cases" nationwide[10] - "Jiujiang Bank Digital Confirmation Service Standard" and "Jiujiang Bank Rare Character Processing Standard" were awarded the "2024 Enterprise Standard Leader" title, making it the only local bank in Jiangxi to be listed on the financial standard leader board[11] Summary of Accounting Data and Financial Indicators Summary of Accounting Data and Financial Indicators This chapter summarizes Jiujiang Bank's consolidated financial performance and key financial indicators for the first half of 2025, showing a year-on-year decrease in net profit, earnings per share, and several profitability ratios, while the non-performing loan ratio improved, and liquidity ratios and coverage remained stable 2025 H1 Key Operating Performance and Profitability Indicators | Metric | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 4,098.2 | 4,510.4 | -9.14 | | Net Fee and Commission Income | 295.1 | 454.0 | -34.99 | | Operating Revenue | 5,342.5 | 5,500.5 | -2.87 | | Profit Before Tax | 316.9 | 521.3 | -39.21 | | Net Profit for the Period | 378.5 | 592.2 | -36.09 | | Net Profit Attributable to Bank Shareholders for the Period | 364.0 | 553.9 | -34.29 | | Basic Earnings Per Share (RMB) | 0.01 | 0.08 | -87.50 | | Return on Average Total Assets (%) | 0.15 | 0.24 | -37.50 | | Return on Average Equity (%) | 0.16 | 1.30 | -87.69 | | Net Interest Margin (%) | 1.64 | 1.82 | -9.89 | | Net Interest Yield (%) | 1.67 | 1.87 | -10.69 | | Cost-to-Income Ratio (%) | 25.79 | 26.60 | -3.05 | 2025 June 30 Key Capital Adequacy, Asset Quality, and Scale Indicators | Metric | 2025 June 30 | 2024 December 31 | Change | | :--- | :--- | :--- | :--- | | Common Equity Tier 1 Capital Adequacy Ratio (%) | 8.62 | 9.44 | -0.82 | | Tier 1 Capital Adequacy Ratio (%) | 11.15 | 11.97 | -0.82 | | Capital Adequacy Ratio (%) | 11.18 | 13.17 | -1.99 | | Non-performing Loan Ratio (%) | 1.88 | 2.19 | -0.31 | | Provision Coverage Ratio (%) | 154.60 | 154.25 | +0.35 | | Loan Loss Provision Ratio (%) | 2.91 | 3.37 | -0.46 | | Total Assets (RMB million) | 519,654.5 | 516,458.6 | +3,195.9 | | Total Liabilities (RMB million) | 477,926.8 | 473,925.7 | +4,001.1 | | Customer Deposits (RMB million) | 385,211.3 | 386,963.5 | -1,752.2 | | Leverage Ratio (%) | 6.58 | 7.06 | -0.48 | | Liquidity Ratio (%) | 74.75 | 67.57 | +7.18 | | Liquidity Coverage Ratio (%) | 171.69 | 394.39 | -222.70 | Management Discussion and Analysis Macroeconomic and Policy Environment In the first half of 2025, China's economy operated steadily with a 5.3% year-on-year GDP growth, while Jiangxi Province also maintained stable economic performance, with the National Financial Regulatory Administration focusing on reforms, risk mitigation, high-quality development, enhanced supervision, and financial opening-up - In the first half of 2025, China's GDP reached RMB 66.05 trillion, a 5.3% year-on-year increase[19] - The National Financial Regulatory Administration focused on six key tasks, including accelerating reforms and risk mitigation for small and medium-sized financial institutions, effectively preventing and resolving financial risks in key areas, and enhancing the high-quality development capabilities of the banking and insurance sectors[20] Overall Business Performance In the first half of 2025, Jiujiang Bank focused on "expanding customer base, enhancing customer contribution, strengthening capability building, and fostering core competitiveness", adhering to its market positioning of "serving local economy, small and medium-sized enterprises, and urban and rural residents", achieving operating revenue of RMB 5.343 billion and net profit of RMB 379 million - The Group achieved operating revenue of RMB 5.343 billion and net profit of RMB 379 million in the first half of 2025[21] - The development theme focused on "fully expanding the customer base, enhancing comprehensive customer contribution, continuously strengthening capability building, and fostering Jiujiang Bank's core competitiveness"[21] - Adhering to the market positioning of "serving the local economy, serving small and medium-sized enterprises, and serving urban and rural residents"[21] Analysis of Income Statement In the first half of 2025, Jiujiang Bank's net profit was RMB 379 million, a 36.09% year-on-year decrease, with net interest income falling due to lower average annualized yields on interest-earning assets, and net fee and commission income also significantly declining, though net gains from financial investments substantially increased, while operating expenses were controlled and asset impairment losses slightly rose 2025 H1 Income Statement Key Data | Metric | 2025 H1 (RMB million) | 2024 H1 (RMB million) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Net Interest Income | 4,098.2 | 4,510.4 | -9.14 | | Net Fee and Commission Income | 295.1 | 454.0 | -34.99 | | Net Gains from Financial Investments | 959.9 | 538.4 | +78.30 | | Operating Revenue | 5,342.5 | 5,500.5 | -2.87 | | Operating Expenses | (1,451.6) | (1,520.4) | -4.52 | | Asset Impairment Losses | (3,571.2) | (3,462.2) | +3.15 | | Net Profit for the Period | 378.5 | 592.2 | -36.09 | | Net Profit Attributable to Bank Shareholders for the Period | 364.0 | 553.9 | -34.29 | Net Interest Income, Net Interest Margin, and Net Interest Yield In the first half of 2025, the Group's net interest income decreased by 9.1% year-on-year, primarily due to a decline in the average annualized yield on interest-earning assets, with both net interest margin and net interest yield narrowing, reflecting downward pressure on market interest rates - Net interest income was RMB 4.098 billion, a year-on-year decrease of RMB 0.412 billion, or 9.1%, mainly due to a decrease in the average annualized yield on interest-earning assets[24] Net Interest Income, Net Interest Margin, and Net Interest Yield Change | Metric | 2025 H1 | 2024 H1 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income (RMB million) | 4,098.2 | 4,510.4 | -412.2 | | Net Interest Margin (%) | 1.64 | 1.82 | -0.18 | | Net Interest Yield (%) | 1.67 | 1.87 | -0.20 | Interest Income and Expense Change Reasons (2025 vs 2024) | Item | Scale Change (RMB million) | Interest Rate Change (RMB million) | Net Increase/Decrease (RMB million) | | :--- | :--- | :--- | :--- | | Change in Interest Income from Interest-earning Assets | 210.7 | (1,439.3) | (1,228.6) | | Change in Interest Expense from Interest-bearing Liabilities | 193.5 | (1,009.9) | (816.4) | | Change in Net Interest Income | 17.2 | (429.4) | (412.2) | Interest Income In the first half of 2025, the Group's interest income decreased by 12.6% year-on-year to RMB 8.518 billion, primarily due to a decline in the average yield on interest-earning assets, partially offset by an increase in average balances, with interest income from customer loans and advances decreasing, while interest income from balances with and placements with banks and other financial institutions increased - Interest income was RMB 8.518 billion, a year-on-year decrease of RMB 1.229 billion, or 12.6%, mainly due to a decrease in the average asset yield on interest-earning assets[30] - Interest income from customer loans and advances was RMB 6.424 billion, a year-on-year decrease of RMB 0.761 billion, mainly due to a decrease in the average annualized yield[31] Customer Loans and Advances Interest Income Composition | Item | 2025 Average Balance (RMB million) | 2025 Interest Income (RMB million) | 2025 Average Annualized Yield (%) | 2024 Average Balance (RMB million) | 2024 Interest Income (RMB million) | 2024 Average Annualized Yield (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Corporate Loans and Advances | 202,371.4 | 4,393.3 | 4.34 | 189,464.4 | 4,745.1 | 5.01 | | Retail Loans and Advances | 82,668.4 | 1,847.0 | 4.47 | 92,259.9 | 2,275.1 | 4.93 | | Bill Discounting | 29,893.7 | 183.5 | 1.23 | 20,410.9 | 164.3 | 1.61 | | Total | 314,933.5 | 6,423.8 | 4.08 | 302,135.2 | 7,184.5 | 4.76 | - Interest income from balances with and placements with banks and other financial institutions was RMB 64 million, a year-on-year increase of RMB 57 million, mainly due to an increase in average balances[38] Interest Expense In the first half of 2025, the Group's interest expense decreased by 15.6% year-on-year to RMB 4.420 billion, primarily due to a decline in the average interest rate on customer deposits, partially offset by an increase in average balances, with interest expense from borrowings from the central bank also significantly decreasing - Interest expense was RMB 4.420 billion, a year-on-year decrease of RMB 0.816 billion, or 15.6%, mainly due to a decrease in the average interest rate on customer deposits[39] - Interest expense on customer deposits was RMB 3.467 billion, a year-on-year decrease of RMB 0.591 billion, mainly due to a decrease in the average interest rate on customer deposits, partially offset by an increase in average balances[40] Customer Deposits Interest Expense Composition | Item | 2025 Average Balance (RMB million) | 2025 Interest Expense (RMB million) | 2025 Average Annualized Interest Rate (%) | 2024 Average Balance (RMB million) | 2024 Interest Expense (RMB million) | 2024 Average Annualized Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Corporate Deposits Subtotal | 164,576.0 | 1,099.2 | 1.34 | 190,740.4 | 1,648.2 | 1.73 | | Individual Deposits Subtotal | 210,240.7 | 2,337.0 | 2.22 | 175,678.2 | 2,378.4 | 2.71 | | Total Customer Deposits | 376,907.0 | 3,467.3 | 1.84 | 368,478.8 | 4,058.0 | 2.20 | - Interest expense on borrowings from the central bank was RMB 186 million, a year-on-year decrease of RMB 117 million, mainly due to a decrease in average balances and average annualized interest rates[46] Non-interest Income In the first half of 2025, the Group's net fee and commission income decreased by 35.0% year-on-year, primarily due to lower wealth management fees, credit commitment and financial guarantee fees, while net gains from financial investments significantly increased by 78.3% to RMB 960 million, mainly benefiting from optimized investment structure - Net fee and commission income was RMB 295 million, a year-on-year decrease of RMB 159 million, or 35.0%, mainly due to a decrease in wealth management fees, credit commitment and financial guarantee fees, and agency service fees[47][49] Net Fee and Commission Income Composition | Item | 2025 (RMB million) | 2024 (RMB million) | Change Amount (RMB million) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Wealth Management Fees | 25.0 | 113.1 | (88.1) | (77.9) | | Credit Commitment and Financial Guarantee Fees | 77.3 | 116.7 | (39.4) | (33.8) | | Agency Service Fees | 66.8 | 98.2 | (31.4) | (32.0) | | Net Fee and Commission Income | 295.1 | 454.0 | (158.9) | (35.0) | - Net gains from financial investments were RMB 960 million, a year-on-year increase of RMB 422 million, mainly due to the Group's proactive optimization of its investment structure[50] Operating Expenses In the first half of 2025, the Group's operating expenses were RMB 1.452 billion, a 4.5% year-on-year decrease, primarily benefiting from lower staff costs and general and administrative expenses - Operating expenses were RMB 1.452 billion, a year-on-year decrease of RMB 69 million, or 4.5%[51][53] Operating Expenses Composition | Item | 2025 (RMB million) | 2024 (RMB million) | Change Amount (RMB million) | Change Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Staff Costs | 777.4 | 848.9 | (71.5) | (8.4) | | General and Administrative Expenses | 310.6 | 334.8 | (24.2) | (7.2) | | Total Operating Expenses | 1,451.6 | 1,520.4 | (68.8) | (4.5) | Asset Impairment Losses In the first half of 2025, the Group's asset impairment losses were RMB 3.571 billion, a slight year-on-year increase, with impairment losses on customer loans and advances measured at amortized cost decreasing, but other asset impairment losses significantly increasing - Asset impairment losses were RMB 3.571 billion, a year-on-year increase of RMB 109 million[54][56] Asset Impairment Losses Composition | Item | 2025 (RMB million) | 2024 (RMB million) | Change Amount (RMB million) | | :--- | :--- | :--- | :--- | | Customer Loans and Advances Measured at Amortized Cost | 3,490.6 | 3,569.7 | (79.1) | | Financial Investments Measured at Amortized Cost | (91.3) | 83.2 | (174.5) | | Other | 177.3 | (178.8) | 356.1 | | Total Asset Impairment Losses | 3,571.2 | 3,462.2 | 109.0 | Income Tax In the first half of 2025, the Group's total income tax was RMB -61.6 million, an improvement from the prior year, primarily due to a substantial increase in current income tax and a decrease in deferred income tax liabilities Income Tax Composition | Item | 2025 (RMB million) | 2024 (RMB million) | Change Amount (RMB million) | | :--- | :--- | :--- | :--- | | Current Income Tax | 404.7 | 192.3 | 212.4 | | Deferred Income Tax | (605.1) | (409.6) | (195.5) | | Total Income Tax | (61.6) | (70.9) | 9.3 | Analysis of Key Financial Position Items As of June 30, 2025, Jiujiang Bank's total assets increased by 0.6% to RMB 519.655 billion, driven by increases in customer loans and advances, balances with and placements with banks and other financial institutions, and loans to banks and other financial institutions; total liabilities also grew by 0.8%, while total equity decreased by 1.9%, mainly due to a reduction in investment revaluation reserve and retained earnings - As of the end of the reporting period, the Group's total assets were RMB 519.655 billion, an increase of RMB 3.196 billion from the end of the previous year, or 0.6%, mainly due to increases in customer loans and advances, balances with and placements with banks and other financial institutions, and loans to banks and other financial institutions[59] - As of the end of the reporting period, the Group's total liabilities were RMB 477.927 billion, an increase of RMB 4.001 billion from the end of the previous year, or 0.8%[78] - As of the end of the reporting period, the Group's total equity was RMB 41.728 billion, a decrease of RMB 0.805 billion from the end of the previous year, or 1.9%, mainly due to a decrease in investment revaluation reserve and retained earnings[88] Assets As of June 30, 2025, net customer loans and advances accounted for 61.3% of total assets, and net financial investments for 28.7%, with total customer loans and advances growing by 1.6% due to significant corporate loan growth, while total financial investments slightly decreased, mainly due to a reduction in fund investments Assets Composition | Item | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Net Customer Loans and Advances | 318,664.2 | 61.3 | 311,947.8 | 60.5 | | Net Financial Investments | 149,387.4 | 28.7 | 150,796.4 | 29.2 | | Cash and Balances with Central Bank | 24,650.0 | 4.7 | 26,580.4 | 5.1 | | Balances with and Placements with Banks and Other Financial Institutions | 4,841.6 | 0.9 | 1,191.8 | 0.2 | | Loans to Banks and Other Financial Institutions | 5,183.8 | 1.0 | 1,044.5 | 0.2 | | Financial Assets Held Under Resale Agreements | 370.3 | 0.1 | 9,456.3 | 1.8 | | Total Assets | 519,654.5 | 100.0 | 516,458.6 | 100.0 | - Total customer loans and advances were RMB 325.949 billion, an increase of RMB 5.115 billion from the end of the previous year, mainly due to the steady growth of corporate loan scale[62] - Total corporate loans and advances were RMB 211.130 billion, an increase of RMB 1.189 billion from the end of the previous year, mainly due to actively expanding the scale of corporate credit投放[65] - Total financial investments were RMB 154.868 billion, a decrease of RMB 1.495 billion from the end of the previous year, mainly due to a decrease in fund investments[73] - Total financial assets held under resale agreements were RMB 370 million, a decrease of RMB 9.086 billion from the end of the previous year, mainly due to optimizing fund utilization and asset portfolio structure[77] Liabilities As of June 30, 2025, customer deposits accounted for 80.6% of total liabilities, with time deposits making up 66.6%, while deposits from banks and other financial institutions and borrowings from the central bank decreased, and financial assets sold under repurchase agreements and debt securities issued increased, reflecting adjustments in the liability structure Liabilities Composition | Item | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Customer Deposits | 385,211.3 | 80.6 | 386,963.5 | 81.6 | | Debt Securities Issued | 49,819.1 | 10.4 | 47,336.6 | 10.0 | | Borrowings from Central Bank | 21,254.3 | 4.4 | 22,443.6 | 4.7 | | Financial Assets Sold Under Repurchase Agreements | 8,979.2 | 1.9 | 1,734.4 | 0.4 | | Deposits from Banks and Other Financial Institutions | 6,076.4 | 1.3 | 8,973.2 | 1.9 | | Total Liabilities | 477,926.8 | 100.0 | 473,925.7 | 100.0 | - Total customer deposits were RMB 385.211 billion, with time deposits accounting for 66.6% and demand deposits for 23.6%[81] - Deposits from banks and other financial institutions were RMB 6.076 billion, a decrease of RMB 2.897 billion from the end of the previous year, mainly due to strategic adjustments in interbank liability structure[84] - Financial assets sold under repurchase agreements were RMB 8.979 billion, an increase of RMB 7.245 billion from the end of the previous year, mainly due to adjustments in repurchase bonds and bills[86] - Debt securities issued were RMB 49.819 billion, an increase of RMB 2.483 billion from the end of the previous year, mainly due to an increase in the issuance scale of interbank certificates of deposit[87] Equity As of June 30, 2025, the Group's total equity was RMB 41.728 billion, a 1.9% decrease from the end of the previous year, primarily due to a reduction in investment revaluation reserve and retained earnings Equity Composition | Item | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Bank Shareholders | 40,931.5 | 98.1 | 41,747.1 | 98.2 | | Share Capital | 2,847.4 | 6.8 | 2,847.4 | 6.7 | | Other Equity Instruments | 6,997.8 | 16.8 | 6,997.8 | 16.5 | | Investment Revaluation Reserve | 1,181.1 | 2.8 | 1,862.4 | 4.4 | | Retained Earnings | 7,805.0 | 18.7 | 7,939.3 | 18.6 | | Total Equity | 41,727.7 | 100.0 | 42,532.9 | 100.0 | - Equity attributable to bank shareholders was RMB 40.932 billion, a decrease of RMB 0.816 billion from the end of the previous year, or 2.0%[88] Off-Balance Sheet Commitments As of June 30, 2025, the Group's total off-balance sheet commitments were RMB 11.128 billion, a 6.0% decrease from the end of the previous year, primarily due to a reduction in bankers' acceptances, guarantees, and letters of guarantee limits - Off-balance sheet commitments were RMB 11.128 billion, a decrease of RMB 0.707 billion from the end of the previous year, or 6.0%, mainly due to a decrease in bankers' acceptances, guarantees, and letters of guarantee limits[91] Off-Balance Sheet Commitments Composition | Item | 2025 June 30 (RMB million) | 2024 December 31 (RMB million) | | :--- | :--- | :--- | | Bankers' Acceptances | 52,447.1 | 55,850.0 | | Guarantees and Letters of Guarantee | 29,620.4 | 34,604.0 | | Letters of Credit | 22,427.3 | 21,289.9 | | Unused Credit Card Limits | 6,781.0 | 6,601.6 | | Total | 111,275.8 | 118,345.5 | Loan Quality Analysis As of June 30, 2025, the Group's total customer loans and advances increased by 1.6%, with the non-performing loan ratio decreasing to 1.88% and provision coverage remaining stable, while corporate loans were primarily concentrated in manufacturing, wholesale and retail, and leasing and business services, mainly located in Jiangxi Province, and borrower concentration complied with regulatory requirements - Total customer loans and advances were RMB 325.949 billion, an increase of RMB 5.115 billion from the end of the previous year, or 1.6%[92] - Total non-performing loans were RMB 6.134 billion, with a non-performing loan ratio of 1.88%, a decrease from 2.19% at the end of the previous year[95] Loan Distribution by Five-Category Classification | Category | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Normal | 300,929.0 | 92.33 | 294,466.0 | 91.78 | | Special Mention | 18,886.2 | 5.79 | 19,356.7 | 6.03 | | Substandard | 2,188.8 | 0.67 | 2,188.1 | 0.68 | | Doubtful | 1,494.4 | 0.46 | 1,730.5 | 0.54 | | Loss | 2,451.0 | 0.75 | 3,093.4 | 0.97 | | Non-performing Loan Ratio (%) | 1.88 | - | 2.19 | - | - The top three industries for corporate loans and advances were manufacturing (16.8%), wholesale and retail (11.8%), and leasing and business services (9.2%)[99] - Loans placed in Jiangxi Province amounted to RMB 275.365 billion, accounting for 84.5% of the Group's total customer loans and advances[104] - The loan balance to the largest single borrower accounted for 0.83% of the Group's total loans, and to the top ten single borrowers accounted for 3.98%, both complying with regulatory requirements[105] Loan Distribution by Five-Category Classification As of the end of the reporting period, the Group's normal and special mention loans accounted for 98.12%, with the non-performing loan ratio at 1.88%, a decrease from the end of the previous year Loan Distribution by Five-Category Classification | Category | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Normal | 300,929.0 | 92.33 | 294,466.0 | 91.78 | | Special Mention | 18,886.2 | 5.79 | 19,356.7 | 6.03 | | Non-performing Loan Ratio (%) | 1.88 | - | 2.19 | - | Loan and Non-performing Loan Distribution by Business Type As of the end of the reporting period, corporate loans and advances accounted for 64.8% of the total, and retail loans and advances for 25.3%, with the total non-performing loans for both corporate and retail businesses decreasing Loan and Non-performing Loan Distribution by Business Type | Business Type | 2025 June 30 Loan Amount (RMB million) | Percentage of Total (%) | 2025 June 30 Non-performing Loan Amount (RMB million) | 2024 December 31 Loan Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Non-performing Loan Amount (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Corporate Loans and Advances | 211,130.3 | 64.8 | 3,881.4 | 199,244.3 | 62.1 | 4,348.4 | | Retail Loans and Advances | 82,470.4 | 25.3 | 2,252.8 | 89,391.0 | 27.9 | 2,663.6 | | Bill Discounting | 32,348.7 | 9.9 | – | 32,199.4 | 10.0 | – | | Total Customer Loans and Advances | 325,949.4 | 100.0 | 6,134.2 | 320,834.7 | 100.0 | 7,012.0 | Loan Distribution by Industry As of the end of the reporting period, manufacturing, wholesale and retail, and leasing and business services were the top three industries for corporate loans and advances, all achieving significant growth Corporate Loans and Advances by Industry Distribution | Industry | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing | 54,789.6 | 16.8 | 51,792.5 | 16.1 | | Wholesale and Retail | 38,577.5 | 11.8 | 33,838.3 | 10.6 | | Leasing and Business Services | 30,231.5 | 9.2 | 27,297.1 | 8.5 | | Total Corporate Loans and Advances | 211,130.3 | 64.8 | 199,244.3 | 62.1 | - Manufacturing loans and advances increased by RMB 2.997 billion from the end of the previous year, or 5.8%; wholesale and retail loans and advances increased by RMB 4.739 billion, or 14.0%; leasing and business services loans and advances increased by RMB 2.934 billion, or 10.7%[99] Loan and Non-performing Loan Distribution by Guarantee Method As of the end of the reporting period, guaranteed loans accounted for the highest proportion at 34.6%, with mortgaged loans having the highest non-performing loan amount, but the overall non-performing loan amount decreased Loan and Non-performing Loan Distribution by Guarantee Method | Guarantee Method | 2025 June 30 Loan Amount (RMB million) | Percentage of Total (%) | 2025 June 30 Non-performing Loan Amount (RMB million) | 2024 December 31 Loan Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Non-performing Loan Amount (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guaranteed Loans | 112,946.0 | 34.6 | 1,005.1 | 107,801.2 | 33.6 | 1,222.1 | | Mortgaged Loans | 90,997.8 | 27.9 | 3,473.2 | 94,000.2 | 29.3 | 3,822.4 | | Pledged Loans | 73,235.4 | 22.5 | 686.1 | 69,742.0 | 21.7 | 645.7 | | Unsecured Loans | 48,770.2 | 15.0 | 969.8 | 49,291.3 | 15.4 | 1,321.8 | | Total | 325,949.4 | 100.0 | 6,134.2 | 320,834.7 | 100.0 | 7,012.0 | Loan Distribution by Region As of the end of the reporting period, the Group's loans were primarily concentrated in Jiangxi Province, accounting for 84.5% of the total, with Jiujiang City alone representing 31.7% Loan Distribution by Region | Region | 2025 June 30 Amount (RMB million) | Percentage of Total (%) | 2024 December 31 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Jiangxi Province | 275,365.0 | 84.5 | 270,745.3 | 84.4 | | Of which: Jiujiang City | 103,458.5 | 31.7 | 103,895.3 | 32.4 | | Guangdong Province | 22,180.7 | 6.8 | 23,474.3 | 7.3 | | Anhui Province | 19,300.6 | 5.9 | 16,682.0 | 5.2 | | Total | 325,949.4 | 100.0 | 320,834.7 | 100.0 | - Loans placed in Jiangxi Province amounted to RMB 275.365 billion, an increase of RMB 4.620 billion from the end of the previous year, or 1.7%, accounting for 84.5% of the Group's total customer loans and advances[104] Borrower Concentration As of the end of the reporting period, the Group's loan balances to single borrowers and the top ten single borrowers complied with regulatory requirements, with the largest single borrower being in the manufacturing industry - The loan balance to any single borrower did not exceed 10% of the Group's net capital[105] - The loan balance to the largest single borrower was RMB 2.703 billion, accounting for 0.83% of the Group's total loans and 6.74% of net capital[105] - The loan balance to the top ten single borrowers was RMB 12.925 billion, accounting for 3.98% of the Group's total loans and 32.22% of net capital[105] Top Ten Single Borrower Loan Balances (2025 June 30) | Borrower | Industry | Loan Amount (RMB million) | Percentage of Total Loans (%) | Percentage of Net Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Borrower A | Manufacturing | 2,703.0 | 0.83 | 6.74 | | Borrower B | Manufacturing | 1,585.0 | 0.49 | 3.95 | | Borrower C | Health and Social Work | 1,498.3 | 0.46 | 3.74 | | Total | - | 12,925.4 | 3.98 | 32.22 | Large Exposure Management The Group continuously improved its large exposure management system, strengthened limit management, effectively controlled customer concentration risk, and ensured all regulatory indicators met requirements - The Group systematically carried out various tasks in large exposure management, improved its management system, and strengthened limit management[108] - As of the end of the reporting period, the Group's large exposure regulatory indicators all complied with regulatory requirements[108] Loan Overdue Status As of the end of the reporting period, the Group's total overdue loans amounted to RMB 9.857 billion, accounting for 3.0% of total customer loans and advances, with overdue loans within 3 months having the highest proportion - Total overdue loans were RMB 9.857 billion, accounting for 3.0% of total customer loans and advances[111] Overdue Loans by Overdue Period Distribution (2025 June 30) | Overdue Period | Amount (RMB million) | Percentage of Total Customer Loans and Advances (%) | | :--- | :--- | :--- | | Within 3 months (inclusive) | 4,338.9 | 1.33 | | 3 months to 1 year (inclusive) | 3,323.1 | 1.02 | | 1 year to 3 years (inclusive) | 1,560.1 | 0.48 | | Over 3 years | 635.2 | 0.19 | | Subtotal | 9,857.3 | 3.02 | Changes in Loan Impairment Provisions As of the end of the reporting period, the Group's loan impairment provisions amounted to RMB 9.481 billion, with RMB 3.491 billion accrued during the period, and RMB 5.216 billion written off and transferred out - Loan impairment provisions were RMB 9.481 billion[114] Changes in Loan Impairment Provisions | Item | 2025 June 30 (RMB million) | 2024 December 31 (RMB million) | | :--- | :--- | :--- | | Beginning Balance | 10,808.1 | 9,680.2 | | Accrued in Current Period/Year | 3,490.6 | 4,992.6 | | Written Off and Transferred Out in Current Period/Year | (5,216.2) | (4,179.0) | | Recovered from Write-offs in Current Period/Year | 398.6 | 314.3 | | Ending Balance | 9,481.1 | 10,808.1 | Segment Reporting In the first half of 2025, corporate banking business remained the Group's primary source of operating revenue, accounting for 60.4%, while operating revenue from financial markets business significantly increased to 25.2%, and retail banking business saw a slight decrease in its share Operating Revenue Distribution by Business Segment | Business Type | 2025 H1 Amount (RMB million) | Percentage of Total (%) | 2024 H1 Amount (RMB million) | Percentage of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Corporate Banking Business | 3,228.0 | 60.4 | 3,424.8 | 62.3 | | Retail Banking Business | 1,173.4 | 22.0 | 1,328.5 | 24.2 | | Financial Markets Business | 1,347.2 | 25.2 | 932.5 | 16.9 | | Total Operating Revenue | 5,342.5 | 100.0 | 5,500.5 | 100.0 | Capital Adequacy Ratio and Leverage Ratio Analysis As of June 30, 2025, the Group's capital adequacy ratio, Tier 1 capital adequacy ratio, and Common Equity Tier 1 capital adequacy ratio all met regulatory requirements, though they decreased from the end of the previous year, and the leverage ratio was 6.58%, also complying with regulatory requirements - As of the end of the reporting period, the Group's capital adequacy ratio, Tier 1 capital adequacy ratio, and Common Equity Tier 1 capital adequacy ratio were 11.18%, 11.15%, and 8.62%, respectively, meeting the requirements of the "Measures for the Administration of Capital of Commercial Banks"[117] Capital Adequacy Ratio Indicators | Metric | 2025 June 30 (%) | 2024 December 31 (%) | | :--- | :--- | :--- | | Common Equity Tier 1 Capital Adequacy Ratio | 8.62 | 9.44 | | Tier 1 Capital Adequacy Ratio | 11.15 | 11.97 | | Capital Adequacy Ratio | 11.18 | 13.17 | - The leverage ratio was 6.58%, complying with regulatory requirements (not lower than 4%)[119][120] Business Operations In the first half of 2025, the Group continuously optimized its corporate finance, retail banking, financial markets, industrial finance, and featured businesses, achieving steady business development and multiple awards through strategies such as strengthening services to the real economy, deepening customer relationships, digital intelligence-driven approaches, and technology empowerment, with positive progress also made in Digital Jiujiang Bank construction and subsidiary village bank operations Corporate Finance Business The bank's corporate finance business focuses on serving the real economy, increasing loan disbursements in key areas, especially for manufacturing and small and micro enterprises, enhancing service quality and market competitiveness through solidifying the customer base, implementing stratified operating strategies, innovating business models and processes, and promoting digital transformation, while investment banking achieved breakthroughs in direct financing and special bond advisory services - As of the end of the reporting period, the Group's manufacturing loan amount was RMB 54.790 billion, an increase of RMB 2.997 billion from the end of the previous year, or 5.8%[121] - Corporate "two-increase" loan balance was RMB 36.249 billion, an increase of 5.86%; corporate "two-increase" loan accounts numbered 8,748, an increase of 462 accounts from the end of the previous year[121] - The number of corporate customers and corporate credit exposure customers were 116,800 accounts and 12,500 accounts, respectively, increasing by 10,800 accounts and 725 accounts from the end of the previous year, with growth rates of 10.19% and 6.16%, respectively[122] - Launched a new process for small and micro enterprise working capital loans under RMB 10 million, with 936 accounts cumulatively disbursed RMB 2.189 billion in the first half of 2025[122] - Investment banking business successfully issued Jiangxi Province's first county-level industrial debt financing instrument and obtained the qualification as a special bond service bank for Ganzhou City[124] Retail Banking Business The bank's retail banking business adheres to a "people-centered" and "three services" positioning, focusing on consumer finance and serving the real economy, enhancing service efficiency through deepened digital operations and technology empowerment, while consumer finance business continuously optimized its asset structure and deepened scenario ecosystem construction around the core theme of "high-quality credit disbursement" - Retail banking business focuses on consumer finance and serving the real economy, utilizing AI large models for precise operations and enhancing wealth management structure[126] - As of the end of the reporting period, retail AUM and customer numbers maintained steady growth[126] - Consumer