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Core Viewpoint - China Merchants Bank (CMB) reported its 2024 annual results, showcasing resilience amid macroeconomic fluctuations, with total assets exceeding 12 trillion RMB and a net profit increase of 1.22% year-on-year [3][6]. Financial Performance - Total assets reached 12.15 trillion RMB, a growth of 10.19% compared to the previous year [5][6]. - Total liabilities increased to 10.92 trillion RMB, up 9.81% year-on-year [5]. - Customer deposits surpassed 9 trillion RMB, growing by 11.54% [5][6]. - Operating income was 337.49 billion RMB, a slight decline of 0.48% year-on-year [6][7]. - Net profit attributable to shareholders was 148.39 billion RMB, reflecting a year-on-year increase of 1.22% [6][7]. - The average return on total assets (ROAA) was 1.28%, down 0.11 percentage points from the previous year [6][7]. Retail Banking and Wealth Management - Retail customer assets under management (AUM) approached 15 trillion RMB, with a year-on-year growth of 12.05% [10]. - The number of retail customers reached 210 million, an increase of 6.60% [10][11]. - The retail banking segment contributed 50.74% to the group's pre-tax profit, despite a 9.28% decline in pre-tax profit from retail financial services [10]. - The bank's wealth management fee and commission income was 22.70% lower year-on-year, totaling 22.01 billion RMB [17]. Private Banking - The number of private banking clients reached 169,100, marking a growth of 13.61% [12][13]. - The bank continues to enhance its wealth management services, focusing on comprehensive service offerings [14]. Fund Distribution and Asset Management - Non-monetary fund sales doubled to 598.02 billion RMB, but agency fund income fell by 19.58% to 4.165 billion RMB due to fee reductions and declining equity fund holdings [16][17]. - The bank's asset management subsidiaries experienced a decline in managed scale, with net profit for 招银理财 dropping by 14% to 2.739 billion RMB [20]. Strategic Focus - CMB aims to balance quality, efficiency, and scale in its operations, emphasizing a "value bank" strategy [5][8]. - The bank is committed to enhancing its asset allocation strategies and improving customer service experiences through digital upgrades [14].