Core Viewpoint - The Shanghai Rural Commercial Bank's board of directors held its seventh meeting in 2025, where several key resolutions were passed, including the approval of financial reports and a bond issuance plan totaling up to RMB 36 billion [1][2][3]. Group 1: Board Meeting Resolutions - The board meeting was attended by 14 directors, with 12 present in person, and all resolutions were passed unanimously with 14 votes in favor and no opposition or abstentions [1]. - The meeting included the approval of the 2025 semi-annual report and the mid-term profit distribution plan, which were disclosed on the Shanghai Stock Exchange [2]. Group 2: Bond Issuance Plan - The bank plans to issue bonds with a total scale of up to RMB 36 billion, with issuance scheduled between the second half of 2025 and 2028 [3]. - The bond types include ordinary financial bonds, small and micro financial bonds, green financial bonds, and technology innovation financial bonds, with maturities of 3 or 5 years [3]. - The funds raised will be used to support key areas such as inclusive finance for small and micro enterprises, green finance, technology finance, and manufacturing [3]. Group 3: Nomination and Committee Approvals - The board agreed to nominate Mr. Ye Bo as a non-executive director, pending approval at the shareholders' meeting [2]. - Various committee work rules and management measures were also approved, including those related to sustainable development and transaction control [4][5]. Group 4: Director Background - Mr. Ye Bo holds a master's degree in accounting and has extensive experience in the insurance industry, currently serving as an assistant general manager at China Pacific Life Insurance [6].

ESG政策 中央发文加强全国碳市场建设 8月25日，《中共中央办公厅国务院办公厅关于推进绿色低碳转型加强全国碳市场建设的意见》(以下简 称《意见》)正式对外公布，旨在推动建设更加有效、更有活力、更具国际影响力的全国碳市场。《意 见》提出，到2027年，实现全国碳市场基本覆盖工业领域主要排放行业，全国温室气体自愿减排交易市 场实现重点领域全覆盖两项主要目标。 点评：《意见》的出台标志着中国碳市场建设进入系统性深化阶段，凸显国家以市场化机制推动工业减 排的坚定决心。扩大行业覆盖与自愿减排交易范围，有助于提升碳定价效率与国际话语权。ESG投资 毕马威中国：越来越多的企业将ESG作为业务增长新引擎 5亿元规模的ESG绿色独角兽产业基金签约 8月27日，由新建元集团与毅峰资本(Innoven Capital)共同发起的ESG(环境、社会和公司治理)绿色独角 兽产业基金签约仪式在新建元零碳馆顺利举行。该基金规模达5亿元人民币，将以ESG为导向，聚焦智 能制造、工业母机、人工智能、新能源等前沿领域，围绕高成长企业及产业上下游优质投资标的，以可 转债、股权、认股权等多样化投资方式，为企业全球化发展之路提供有力支撑。 点评：通 ...

《洞见ESG》8月刊 全国碳市场迎首份中央文件 政策速递 政策速递｜全国碳市场建设提速：2027年工业全覆盖，2030年定型 毫无疑问这是一份承载着碳市场未来10年发展使命的重要文件，"施工图、路线图、时间表"已 经绘制，接下来要努力变成"实景图"，未来已来，市场可期。 【点击查看详情】 政策速递｜生物质发电、油气行业重大利好！CCER第三批方法学征求意见 截至2023年底，农林生物质发电项目总装机容量约1688万千瓦，其中，2012年11月8日后开工 的农林生物质发电项目约200余家，占总装机容量的一半，可产生减排量约1500万吨/年。 【点 击查看详情】 恰逢全国生态日，8月16日，由南方财经全媒体集团指导，21世纪经济报道联合东方证券主办、 上海环境能源交易所战略支持的第三届21世纪"活力·ESG"创新论坛在上海如期而至。 【点击查 看详情】 封面文章｜56家企业入围第三届"活力·ESG"案例，速来打call！ 经过评委的层层筛选，最终56个案例被纳入《21世纪"活力·ESG"实践报告（2025）》。其中， 环境友好入围案例30个，社会责任入围案例20个，公司治理入围案例6个。 【点击查看详情】 行业洞 ...

Core Viewpoint - Yuyuan Group's financial performance in the first half of 2025 shows significant losses in its main business, relying heavily on investment gains to achieve a marginal profit, indicating a disconnect between strategic goals and actual operations [4][5][6]. Financial Performance - In the first half of 2025, Yuyuan Group reported revenue of 19.112 billion yuan, but a net loss of 444.5 million yuan after excluding non-recurring gains [2]. - The main business sectors, particularly property development and sales, faced challenges with a gross margin of only 3.89% due to the overall downturn in the real estate industry [2]. - The company achieved a net profit of 63 million yuan, with non-recurring gains contributing approximately 584 million yuan, accounting for 927% of the net profit [3]. Investment Activities - Yuyuan Group realized 710 million yuan from selling part of its shares in Laopuhuangjin, which saw a stock price increase of 212.8% since its listing [3]. - The total return from the investment in Laopuhuangjin exceeded 1.56 billion yuan, with a return rate of over 30 times [3]. - The company also holds shares in Chongqing Rural Commercial Bank, which contributed a fair value change gain of 262 million yuan in the first half of 2025 [3]. Strategic Execution and Governance - The company's strategic plan emphasizes a dual approach of "industrial operation and investment" but shows a misalignment with actual resource allocation, favoring securities investments over core business operations [4][5]. - The governance report mentions a focus on optimizing the industrial structure but lacks clarity on the prioritization of resources between investment and core business [5]. Risk Management - Yuyuan Group's risk management framework includes a "four-line defense" system, but it does not adequately address the risks associated with its securities investment activities [6]. - The report fails to disclose the volatility risks of financial investments, focusing instead on traditional operational risks [6][7]. Research and Development - The company has significantly reduced its R&D expenditures, with only 48 million yuan spent in 2024, which is about one-third of the amount spent in 2022 [8]. - The declining R&D investment indicates a diminishing focus on innovation within the core business [8]. Social Responsibility and Stakeholder Engagement - Yuyuan Group faced controversy regarding its jewelry brand Laomiao Huangjin, which led to a public apology and compensation plan, highlighting the pressure on product innovation due to reduced R&D spending [9]. - The report mentions engagement with stakeholders through various channels but lacks transparency regarding the sustainability risks of investment returns [9].

Financial Data and Key Metrics Changes - Profit attributable to equity holders increased by 10.5% to HKD 22.2 billion, with ROE rising by 0.53 percentage points to 12.92% [3][4][76] - After-tax profit grew by 11.4% year on year to HKD 22.8 billion [15] - Customer deposits increased by 5.6% to HKD 2,880 billion, with CASA deposits surging by 31.7% [17][18] - NPL ratio decreased by three basis points to 1.02%, outperforming the market average [20] Business Line Data and Key Metrics Changes - BOC Life's standard new premiums grew by 30%, ranking second in the market for the first quarter [5][79] - Assets under custody increased by 19% [4][79] - Fee income from investment and insurance business grew significantly by 95%, resulting in a 25.8% growth in net fee income [19][50] - The number of cross-border high-end customers grew by 44%, and new high-end personal banking customers increased by 35% [4][78] Market Data and Key Metrics Changes - In Southeast Asia, deposits and loans increased by 10.5% and 8.4% respectively, with income rising by 9.3% year on year [9][82] - RMB loans grew by 16%, with a 90% increase in the underwriting volume of offshore RMB public bonds [10][82] - The average LCR and NSFR stood at 208% and 140% respectively, indicating solid liquidity [20] Company Strategy and Development Direction - The company aims to deepen the development of private banking, asset management, and custodian business while enhancing its role as a regional headquarters for Southeast Asian operations [22][23] - The focus will be on balancing quality, profitability, and scale, diversifying income sources, and maintaining consistent risk management [23] - The company is committed to digital transformation and enhancing its capabilities in AI applications [12][70] Management's Comments on Operating Environment and Future Outlook - The banking sector faces a challenging operating environment due to uncertain global economic conditions and local market interest rates [3][22] - The company expects continued pressure on banking operations but sees opportunities arising from industrial chain optimization and the robust development of AI and digital assets [22][23] - Management anticipates that interest rates will remain uncertain, impacting NIM and net interest income [32] Other Important Information - The Board declared a second interim dividend of HKD 0.29 per share, with total DPS for the first half amounting to HKD 0.58 [4][76] - The company has been recognized for its ESG and CSR efforts, receiving various accolades from renowned institutions [13][14] Q&A Session All Questions and Answers Question: Outlook for NIM and dividend policy - Management noted that HIBOR has fluctuated, impacting NIM, which was 1.54%, down seven basis points year on year, and expects pressure on NIM going forward [29][30][32] - Regarding dividends, the company aims to balance long-term shareholder returns with operational results, maintaining a dividend payout ratio within a specified range [33][34][35] Question: Loan growth expectations and Southeast Asia strategy - Loan demand has increased by a single digit, with expectations for steady growth in the second half, supported by policy and market conditions [38][39][40] - The Southeast Asian market is a key focus, with strategies to enhance contributions to overall revenue and strengthen regional risk management capabilities [41][42][43] Question: Fee income sustainability and asset quality - Non-interest income increased significantly, with expectations for continued growth driven by strong market conditions and customer needs [49][50] - Asset quality remains stable, with a focus on managing risks associated with the property market and maintaining healthy coverage ratios [53][54][56]

Financial Performance - The company reported total revenue and other income of RMB 3.521 billion for the six months ending June 30, 2025, a decrease of 12.6% year-on-year [1] - Net profit was RMB 785 million, down 3.4% compared to the previous year [1] - Basic earnings per share were RMB 0.09, with an interim dividend of RMB 0.42 per 10 shares (tax included) [1] Strategic Initiatives - The company strengthened collaboration with Guotai Junan Securities, leveraging its "Investment Banking - Investment - Research" system to enhance industrial research capabilities [1] - The company actively integrated into the group’s enterprise customer service system, exploring in-depth discussions on the integration of industrial and regional resources [1] - The company emphasized inter-industry communication and external cooperation, participating in various industry forums and events to promote business transformation [1] Financing and Innovation - The company continued to expand diverse financing channels and explore innovative financing models, optimizing its debt structure and reducing financing costs [2] - In the first half of 2025, the average interest rate on interest-bearing liabilities was 2.94%, a decrease of 0.59 percentage points year-on-year [2] - The company successfully launched the industry’s first ESG-linked syndicated loan and issued green asset-backed plans and digital economy innovation bonds, receiving multiple awards for its innovative financing initiatives [2] Technology and Risk Management - The company increased investment in financial technology to enhance digitalization and intelligence across business processes [2] - It implemented smart approval and AI monitoring systems to improve comprehensive management efficiency [2] - The company continuously refined its risk management tools and compliance governance capabilities to support its operational framework [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, while actively enhancing its collaboration with partners and expanding its financing channels to optimize its financial structure and reduce costs [1][2]. Group 1: Financial Performance - Total revenue and other income for the first half of 2025 amounted to RMB 3.521 billion, a decrease of 12.6% year-on-year [1] - Net profit was RMB 785 million, down 3.4% year-on-year [1] - Basic earnings per share were RMB 0.09, with an interim dividend of RMB 0.42 per 10 shares (tax included) [1] Group 2: Strategic Initiatives - The company strengthened collaboration with Guotai Junan Securities to enhance its industrial research capabilities through an integrated "investment banking - investment - research" system [1] - It actively engaged in the group’s enterprise customer service system to optimize customer resources and deepen strategic collaboration between securities and leasing [1] Group 3: Industry Engagement and Recognition - The company participated in various industry events to enhance external cooperation and was awarded the "Outstanding Action Agency Award" by the Shanghai Green Finance Service Platform [1] - Multiple financing leasing projects were recognized with the "Green Benefit Contribution Award" [1] Group 4: Financing and Cost Management - The company successfully launched the industry’s first ESG-linked syndicated loan and signed an environmental special syndicated loan with the New Development Bank and Bank of China [2] - The average interest rate on interest-bearing liabilities was 2.94%, a decrease of 0.59 percentage points compared to the same period last year, indicating reduced financing costs [2] Group 5: Technological and Talent Development - The company increased investment in financial technology to enhance digitalization and intelligence across business processes [2] - It focused on improving risk management tools and compliance governance capabilities while developing a talent system to support industrial transformation [2]

Financial Performance - Profit attributable to equity holders increased by 10.5% year-over-year to HK$22,152 million[9] - Basic earnings per share increased by 10.5% to HK$2.0952[63] - Customer deposits increased by 5.6% to HK$2,875,521 million[39] - Customer loans increased by 2.0% to HK$1,710,380 million[41] - Net fee and commission income increased significantly by 25.8% to HK$6,292 million[38, 63] Business Highlights - The company remained 1 in cumulative number of new residential mortgage loans for 6 consecutive years[11] - Cross-border high-end customer increased 44% year-over-year[11] - Value of bonds underwritten increased significantly by 105%[11] - Assets under custody increased by 19%[11] - BoC Pay+ transaction volumes in the Mainland surged by 38.8%[14] SEA Business - Customer deposits in SEA increased by 10.5% year-to-date[17] - Customer loans in SEA increased by 8.4% year-to-date[17] - Operating income in SEA increased by 9.3% year-over-year[17] BOC Life Business Development - Standard new premiums increased by 33.6% to HK$14,831 million[84] - Value of new business (VNB) increased by 36.1% to HK$2,178 million[84]

ESG Policies - The Central Committee and State Council of China issued an opinion to strengthen the national carbon market, aiming for comprehensive coverage of major industrial emission sectors by 2027 and full coverage of voluntary greenhouse gas reduction trading markets in key areas [1] ESG Investment - A new ESG green unicorn industry fund with a scale of 500 million RMB was launched, focusing on high-growth sectors such as intelligent manufacturing, AI, and new energy, utilizing diverse investment methods to support global development [2] - The Rongtong CSI Chengtong Central Enterprise ESG ETF Connect Fund was launched with a record issuance scale of 960 million RMB, indicating a significant increase in domestic investor recognition of sustainable investments [3] ESG Development - The National Energy Administration reported that renewable energy investments have become the dominant force in power investments, with over 80% of investment in key renewable energy projects expected in 2024, highlighting the acceleration of green energy transition in China's energy structure [4] - KPMG China noted that more companies are viewing ESG as a new engine for business growth, integrating it into core strategies rather than treating it as a compliance task, reflecting a significant evolution in corporate governance philosophy [5][6] ESG Actions - The chairman of China National Petroleum Corporation emphasized the need to advance the construction of large-scale renewable energy bases, focusing on diverse technologies such as geothermal, wind, and solar energy, showcasing the company's commitment to green transformation [7]

Group 1 - Yunfeng Financial (00376) and Macau International Carbon Exchange (澳碳所) have completed a carbon credit asset transaction and launched the "Carbon Trading BlockChain" plan, focusing on high-quality carbon credits [1][2] - The initiative aims to build a new generation of infrastructure for the global green asset market, creating a credible and efficient new ecosystem for the carbon market [1][2] - The plan is part of a broader strategic shift towards Web3 for Yunfeng Financial, reflecting its commitment to responsible investment and long-term value creation through ESG principles [1] Group 2 - The "Carbon Chain" plan addresses the current trust crisis in the global carbon credit market, which faces issues such as "greenwashing" and double counting, leading to doubts about project authenticity and incremental value [1][2] - By utilizing blockchain technology, the plan provides a digital identifier for each green asset, ensuring full lifecycle traceability and transparency, thus promoting the integration of real value and digital attributes of carbon assets [2] - The initiative aims to facilitate the connection between global capital and quality carbon projects, unlocking the potential of the carbon market [2]