Core Viewpoint - Everbright Bank is facing significant challenges in retail banking due to cyclical pressures, but it remains committed to a customer-centric strategy and has implemented several initiatives to enhance its performance [1] Group 1: Retail Deposit Strategies - Everbright Bank has achieved effective cost control in retail deposits through four key initiatives, resulting in both volume and price improvements [1] - The four initiatives include sourcing projects for capital introduction, driving product sales, and comprehensive management of customer segments [1] Group 2: Wealth Management - The bank's wealth management division is leveraging its product and channel service advantages, leading to an enhanced brand and market influence [1] - It focuses on two main systems: Sunshine Wealth Management and Sunshine Select, which are recognized for their diverse product offerings and stable, low-risk characteristics [1] Group 3: Pension Finance - Everbright Bank is actively advancing its pension finance business, utilizing group synergies to highlight its unique offerings [1] Group 4: Competitive Differentiation - The bank aims to build differentiated competitive capabilities, focusing on key livelihood and government service areas to steadily enhance its overall contribution [1] - It is accelerating its service expansion across provincial, municipal, and county levels, thereby increasing service scale and coverage while strengthening its industry-leading advantages [1]

Core Viewpoint - The performance meeting of Bank of Communications highlighted the bank's commitment to high-quality development and its strategic focus on five key areas in response to the stable economic growth in China, with a GDP growth of 5.3% in the first half of the year [1][2]. Group 1: Economic Context - The Chinese economy is showing a "steady progress" trend, with a GDP growth of 5.3% in the first half of the year, which is better than expected [1]. - The banking sector is characterized by strong capital adequacy, stable operations, and robust risk management capabilities [1]. Group 2: Strategic Focus Areas - The bank will focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2]. - In technology finance, the bank aims to address key issues and enhance its service capabilities [2]. - Green finance will leverage the bank's advantages in Shanghai to support the construction of five key centers [2]. Group 3: Digital Transformation and Customer Base - The bank plans to deepen its digital operating model reform and create a system that integrates digital empowerment, direct operations, and centralized management [2]. - A strategy to enhance the customer base will be implemented, focusing on optimizing customer segmentation and expanding financial coverage [2]. Group 4: Risk Management - The bank emphasizes that risk management is a perpetual theme in banking operations, reinforcing integrated management and compliance to adapt to external uncertainties [2]. - The bank aims to align risk management with its operational capabilities to ensure stability [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） (A joint stock company incorporated in the People's Republic of China with limited liability) （股份代號：00939） 2025年半年度報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條刊登。茲載列 該公告（於上海證券交易所網站刊登）如下，僅供參閱。 特此公告。 中國建設銀行股份有限公司 董事會 2025年8月29日 於本公告日期，本行的執行董事為張金良先生、張毅先生和紀志宏先生，本行的 非執行董事為辛曉岱女士、劉芳女士、李璐女士、李莉女士和竇洪權先生，本行 的獨立非執行董事為威廉 • 科恩先生、梁錦松先生、詹誠信勛爵、林志軍先生和 張為國先生。 中国建设银行股份有限公司 2025 年半年度报告 股票代码： ...

Core Viewpoint - The Bank of Communications reported a stable and positive performance in the first half of 2025, with total assets reaching 15.44 trillion yuan, a year-on-year increase of 3.59%, and net profit attributable to shareholders growing by 1.61% to 46.016 billion yuan [1] Group 1: Financial Performance - The bank achieved operating income of 133.368 billion yuan, reflecting a year-on-year growth of 0.77% [1] - The total customer loan balance reached 9 trillion yuan, increasing by 5.18% compared to the end of the previous year [2] Group 2: Service to the Real Economy - The bank focused on supporting major national strategies and key sectors, enhancing financial functions and service quality [2] - Technology loans exceeded 1.5 trillion yuan, with the number of supported enterprises growing by 11.12% [2] - Inclusive finance loans reached 852.401 billion yuan, marking a 12.96% increase from the previous year [3] Group 3: Green Finance Initiatives - The bank integrated green development concepts into its business processes, with energy-saving and carbon-reduction industry loans growing by 6.58% [3] - The bank issued 145 billion yuan in green financial bonds within China [3] Group 4: Digital Finance and Innovation - The establishment of a digital operation center aimed to enhance the financial business operation system, with digital economy loans exceeding 286 billion yuan [4] - Internet loans increased by 8.52% compared to the previous year [4] Group 5: Capital Strength and Customer Base - The bank raised 120 billion yuan through the issuance of approximately 14.1 billion shares, enhancing its core tier one capital [7] - The number of corporate customers increased by 3.75% to 2.95 million [7] Group 6: Risk Management - The non-performing loan ratio stood at 1.28%, a decrease of 0.03 percentage points from the previous year [8] - The provision coverage ratio improved to 209.56%, an increase of 7.62 percentage points [8]

Core Viewpoint - China Everbright Bank reported a mixed performance for the first half of 2025, with operating income decreasing by 5.6% year-on-year, while net profit attributable to shareholders increased by 0.55% [2] Financial Performance - Operating income for the period was 65.951 billion RMB, down from the previous year [2] - Net profit attributable to shareholders reached 24.622 billion RMB, showing a slight increase [2] - Basic earnings per share stood at 0.38 RMB [2] Business Development Initiatives - The bank established 16 "Innovation Financial Centers" and created 64 specialized technology financial institutions, with loans to technology enterprises growing by 9.88% compared to the end of the previous year [2] - Green loans increased by 12.37% year-on-year, supporting traditional industries in their green and low-carbon transitions [2] - The bank expanded its inclusive finance product system, with inclusive loans and agricultural loans growing by 3.95% and 9.18% respectively [2] Support for Key Sectors - The bank launched a "Service for Private Enterprises" action plan, with medium to long-term loans for manufacturing and strategic emerging industries increasing by 7.61% and 19.11% respectively [3] - A total of 33,400 enterprises were approved for financing, resulting in a loan disbursement of 213.469 billion RMB [3] - Real estate financing mechanisms were implemented, approving 343 projects with a total loan disbursement of 113.348 billion RMB [3] Product and Service Differentiation - The bank enhanced its retail offerings with products like "Sunshine Wealth" and "Sunshine Selection," managing a total of 1.8 trillion RMB in wealth management products [4] - The bank maintained its market position in bond underwriting and continued to develop its investment banking services [4] - Cross-border financial services were strengthened, focusing on supply chain financing [4] Risk Management - The bank implemented a comprehensive risk control system, emphasizing early identification and management of risks [4] - Key areas of risk management included retail credit, credit cards, real estate, and local government financing platforms [4] - The bank also focused on enhancing collection efficiency and managing overseas risks [4]

Core Viewpoint - The company has demonstrated significant achievements in high-quality development, with record-breaking performance metrics in various sectors, indicating a strong upward trend in its operations and financial health [2][3][4]. Business Performance Overview - The company achieved a total premium income of 454.6 billion yuan, representing a year-on-year growth of 6.4%, with property insurance premiums at 323.3 billion yuan (up 3.6%) and life insurance premiums at 131.2 billion yuan (up 13.8%) [3]. - The comprehensive cost ratio for property insurance was 95.3%, the best level in nearly a decade, while the new business value for life insurance reached 8.8 billion yuan, a historical high [2]. - The total investment income was 41.5 billion yuan, also a record for the same period [2]. Investment and Asset Growth - As of June 30, 2025, the company's investment asset scale exceeded 1.7 trillion yuan, reflecting a growth of 7.2% since the beginning of the year [4]. Business Structure Optimization - The proportion of life insurance premiums in total premium income increased by 1.9 percentage points, with personal non-auto insurance premiums growing at a rate of 16.6%, significantly outpacing overall premium growth [5]. - The first-year premium income for life insurance reached 87 billion yuan, marking a year-on-year increase of 17.2% [5]. Profitability and Capital Strength - The group reported a net profit of 35.9 billion yuan, a historical high for the same period, with insurance service performance at 27.7 billion yuan and investment performance at 17.5 billion yuan, up 78.3% year-on-year [6]. - The group's net assets reached 389.5 billion yuan, a 6.1% increase from the beginning of the year, with core solvency ratios at 219% [6]. Risk Management and Control - The company maintained a stable risk appetite with no major risk events reported, and its risk ratings improved across various segments [7]. - The net cash flow from operating activities increased by 6.9% year-on-year, indicating effective cash management [7]. Social Responsibility and Economic Impact - The company served 317 million individual clients and 7.94 million institutional clients, with risk coverage amounts reaching 178 trillion yuan and claims payments of 233.5 billion yuan, both leading the industry [8]. - The company actively participated in disaster relief efforts, providing comprehensive insurance coverage for major disasters [9]. Strategic Initiatives and Future Focus - The company plans to enhance its functional capabilities to support economic and social development, focusing on high-quality growth and risk prevention [11][12]. - Key areas of focus include improving service quality in property and life insurance, driving innovation in health insurance products, and enhancing investment capabilities [12][13].

Core Viewpoint - Tianjin Bank has demonstrated a solid performance in the first half of 2025, focusing on enhancing its core competitiveness and service capabilities while implementing a dual strategy of "five battles" and "five accelerations" to support high-quality economic development [1][2]. Financial Performance - The bank achieved an operating income of 8.83 billion yuan, a year-on-year increase of 0.8% [2] - Total profit reached 2.14 billion yuan, up 4.9% year-on-year [2] - Net profit was 2.01 billion yuan, reflecting a 1.6% increase compared to the previous year [2] - The net interest margin remained stable at 1.47%, while the net interest spread increased by 0.01% to 1.56% [2] Asset and Liability Management - Total assets amounted to 965.675 billion yuan, growing by 4.3% from the previous year [2] - Loan balance increased by 6.9%, outpacing the asset growth rate by 2.6 percentage points [2] - Total liabilities reached 895.759 billion yuan, a 4.6% increase year-on-year [2] - Deposit balance grew by 6.6%, exceeding the liability growth rate by 2.0 percentage points [2] Risk Management - Non-performing loan ratio remained stable at 1.70% [2] - Provision coverage ratio improved to 171.29%, an increase of 2.08 percentage points from the previous year [2] - The bank ranked 185th in the 2025 World Bank 1000 list based on Tier 1 capital [2] Investment Returns - Earnings per share were 0.33 yuan, a 3.1% increase year-on-year [3] - The bank completed a cash dividend of 1.368 yuan per 10 shares, marking a 14.0% increase [3] Technological and Green Finance Initiatives - The bank has enhanced its technological financial capabilities, with loans to technology innovation enterprises increasing by 22.58% [4] - Green loan balance grew by 13.98%, with green bond underwriting and investment scales increasing by 533.7% and 45.5%, respectively [4] Inclusive Finance and Digital Transformation - The bank's inclusive finance initiatives led to a record high in loans to small and micro enterprises, increasing by 43.20% [5] - Digital banking services have expanded, with personal mobile banking users growing by 19.1% [6] Strategic Development - The bank is focusing on three new areas: technological innovation, industrial renewal, and urban renewal, to enhance overall development quality [7] - It has provided significant financial support for local government projects, with new loans amounting to 8.538 billion yuan [7] Retail Banking and Customer Engagement - The bank is building a new retail financial ecosystem, with personal deposits increasing by 8.3% and retail customer numbers exceeding 12 million [8] - The bank has actively engaged in community events and promotional activities to enhance customer interaction and service [8] Operational Efficiency - The bank's secondary market trading volume increased by 71%, with bond underwriting scales rising by 22% [9] - The bank has issued various financial products, achieving a nearly 100% performance rate for pure fixed-income products [9] Organizational Development - The bank has established a digital finance committee and expanded its strategic development committee to enhance research and technological integration [10] - It has conducted extensive training programs, covering over 45,000 participants, to improve employee capabilities [10]

Financial Data and Key Indicators Changes - The group achieved operating income of RMB 1.26 trillion, a year-on-year increase of 3.61%, with net fee income growing by 9.17% year on year [7] - Post-tax profit reached RMB 126.1 billion, with post-tax profit attributable to the bank's shareholders at RMB 117.6 billion, remaining stable year on year [7] - The NIM stood at 1.26%, ROA was 0.7%, and ROE was 9.11% [7] - Total assets reached RMB 36.79 trillion, an increase of 4.93% from the end of last year [8] - Total liabilities amounted to RMB 33.66 trillion, an increase of 4.85% from the end of last year [8] - The NPL ratio was 1.24, down by 0.01 percentage points from the end of last year, with an NPL coverage ratio of 197.39% [10][11] Business Line Data and Key Indicators Changes - The number of medium-sized corporate credit customers increased by 13.48% from the end of last year, and the proportion of mid-high-end individual customers rose by 0.16 percentage points [9] - Loans directed to the manufacturing sector grew by 12.99% from the end of last year, and loans to strategic emerging industries increased by 22.92% [13] - Personal consumption loans grew by 15.42%, and loans to private enterprises increased by 12.93% from the end of last year [14] Market Data and Key Indicators Changes - The volume of international settlement handled by domestic institutions exceeded $2.1 trillion, up 16.5% year on year [17] - The total transaction volume of cross-border e-commerce increased by 42.1% year on year [18] - The number of direct and indirect participants in the cross-border interbank payment systems remained the highest among peers [18] Company Strategy and Development Direction and Industry Competition - The company aims to optimize financial supply and improve its diverse product and service system while supporting domestic demand expansion and investment stabilization [23][24] - The focus will be on enhancing global layout capabilities and international competitiveness, particularly in Belt and Road cooperation [24][25] - The company plans to strengthen asset quality management and enhance forward-looking control of market risk [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by a low-interest environment and emphasized the need to improve asset and liability structure while expanding non-interest income [39][41] - The company is confident in maintaining high-quality and stable development of assets in 2025, despite pressures from the real estate market and retail business [78] - Management highlighted the importance of leveraging global advantages to offset risks from the external environment [40][72] Other Important Information - The company completed the replenishment of RMB 165 billion in core Tier one capital, laying a solid foundation for medium to long-term development [11][12] - The interim dividend for 2025 was proposed at RMB 1.094 per 10 shares, totaling RMB 35.25 billion, maintaining a payout ratio of 30% [12] Q&A Session All Questions and Answers Question: How does the management evaluate performance in the first half of the year? - Management highlighted steady financial benefits, growth in assets and liabilities, effective risk control, and improved customer quality as key areas of performance [30][31] Question: What are the core drivers of non-interest income growth in the first half of the year? - Non-interest income reached RMB 114.6 billion, driven by wealth management income, corporate settlement fees, and contributions from financial market opportunities [50][51] Question: Can you provide an outlook on the NIM trend in the second half of the year? - Management expects continued pressure on NIM due to the low-interest environment but plans to optimize deposit management and enhance foreign currency investments [69][70] Question: What is the outlook for asset quality and credit strategy? - The NPL ratio remains stable, with management focusing on proactive credit risk management and supporting key industries while addressing structural conflicts [75][79] Question: Will BOC adjust its credit growth plan after the capital injection? - Management indicated that the capital injection will enhance credit supply capabilities, focusing on technology finance, infrastructure projects, and green finance [84][86]

Core Viewpoint - China Everbright Bank reported a mixed performance for the first half of 2025, with a decrease in operating income but a slight increase in net profit, highlighting its focus on supporting technology and green finance initiatives [1][2]. Financial Performance - Operating income for the period was 65.951 billion RMB, a decrease of 5.6% year-on-year [1]. - Net profit attributable to shareholders was 24.622 billion RMB, an increase of 0.55% year-on-year [1]. - Basic earnings per share stood at 0.38 RMB [1]. Strategic Initiatives - The bank established 16 "Innovation Financial Centers" and created 64 specialized technology finance institutions, with loans to technology enterprises growing by 9.88% compared to the previous year [1]. - Green loans increased by 12.37% year-on-year, supporting traditional industries in their green and low-carbon transitions [1]. - The bank expanded its inclusive finance product system, with inclusive loans and agricultural loans growing by 3.95% and 9.18% respectively [1]. Support for Small and Medium Enterprises - The bank launched the "Service for Private Enterprises" action plan, with medium to long-term loans for manufacturing and strategic emerging industries increasing by 7.61% and 19.11% respectively [2]. - A total of 33,400 enterprises were approved for financing, resulting in a disbursement of 213.469 billion RMB [2]. - The bank also supported real estate financing with 343 projects approved, leading to a disbursement of 113.348 billion RMB [2]. Product and Service Development - The bank enhanced its retail offerings with products like "Sunshine Wealth" and "Sunshine Gold Selection," managing a total of 1.8 trillion RMB in wealth management products [3]. - It focused on expanding its "Cloud Payment" service and maintaining its market position in bond underwriting and investment banking services [3]. - The bank is also enhancing cross-border financial services and adjusting trading strategies to improve profitability in financial markets [3]. Risk Management - The bank implemented a comprehensive risk control system, focusing on early identification and management of risks across key areas such as retail credit and real estate [3]. - It emphasized the importance of maintaining a balanced client concentration and optimizing business structure to mitigate risks [3].

Core Viewpoint - 中信股份 reported strong mid-year results for 2025, with significant growth in revenue and net profit, indicating robust performance across its financial subsidiaries and core businesses [1][2] Financial Performance - The company achieved operating revenue of 368.8 billion yuan and net profit of 59.8 billion yuan in the first half of 2025, with attributable net profit reaching 31.2 billion yuan [1] - The board proposed an interim dividend of 0.20 yuan per share, reflecting a year-on-year increase of 5.3%, totaling 5.818 billion yuan in dividends [1] - The current price-to-book ratio is significantly below 1, suggesting potential for market value recovery as valuations normalize [1] Business Development - Financial subsidiaries have optimized their business structures, focusing on key areas to achieve comprehensive profit growth [2] - The banking sector continues to show positive net profit growth, with the establishment of a financial asset investment company to enhance service diversification [2] - The securities business capitalized on domestic and international market opportunities, achieving substantial year-on-year growth in revenue and profit, maintaining a leading position in domestic equity and bond underwriting [2] Strategic Initiatives - The company initiated a technology finance special action, enhancing its service capabilities across the entire financial chain, benefiting over 14,100 specialized and innovative enterprises [1] - Green credit balance increased by 16.79% since the beginning of the year, with a leading position in green bond underwriting [1] - Progress in inclusive finance, pension finance, and digital finance has been notable, contributing to overall business performance [1]