招行，大消息！

Core Viewpoint - China Merchants Bank (CMB) reported a positive turnaround in net profit growth for the first half of 2025, with a significant focus on various financial metrics including net interest income, non-interest income, and retail business performance [2][3]. Group 1: Financial Performance - CMB's operating revenue for the first half of 2025 was 169.97 billion yuan, a year-on-year decline of 1.72%, with the second quarter showing a reduced decline of 0.36% compared to the first quarter [4]. - The net profit attributable to shareholders was 74.93 billion yuan, reflecting a year-on-year growth of 0.25%, reversing a decline of 2.08% in the first quarter [4]. - Return on average assets (ROAA) and return on average equity (ROAE) stood at 1.21% and 13.85%, respectively, indicating strong performance [4]. Group 2: Interest and Non-Interest Income - The net interest income increased by 1.57% to 106.09 billion yuan, with a notable narrowing of the decline compared to the previous year [5]. - Non-interest income for the first half was 63.88 billion yuan, down 6.73% year-on-year, but the decline was less severe than in the first quarter [6]. - Wealth management income, part of non-interest income, grew by 5.45% to 20.86 billion yuan, marking the highest growth rate in nearly three years [6]. Group 3: Retail Business Growth - Retail assets under management (AUM) surpassed 16 trillion yuan, with an increase of 1.1 trillion yuan in the first half, setting a new record [8]. - Retail financial business accounted for 58.53% of total pre-tax profit and 56.59% of total operating revenue, both showing an increase compared to the previous year [9]. Group 4: Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased by 0.02 percentage points to 0.93%, with a provision coverage ratio of 410.93% [10]. - CMB emphasized maintaining a leading position in asset quality and capital adequacy ratios [11]. Group 5: Wealth Management and Client Base - The number of clients holding wealth management products exceeded 60.07 million, with private banking clients increasing by 13,640 to a total of 182,740 [12]. Group 6: Internationalization and Dividends - CMB's international operations saw a revenue increase of 25.28%, with total assets growing by 9.49% [13]. - The bank announced its first interim dividend, amounting to 35% of the net profit attributable to ordinary shareholders, expected to be around 26.23 billion yuan [14][15]. Group 7: Shareholder Information - The total number of shareholders was 410,379, a decrease of 24,600 from the previous quarter, primarily due to a reduction in A-share shareholders [16].