Core Viewpoint - China Merchants Bank reported a stable growth in 2024 despite a complex macroeconomic environment, with a slight decline in net interest margin and a modest increase in net profit year-on-year [1][2]. Financial Performance - Q4 2024 net profit was CNY 35.207 billion, a decrease of approximately 8.42% quarter-on-quarter; full-year net profit reached CNY 148.391 billion, up 1.22% year-on-year [1][2]. - Total operating income for Q4 was CNY 84.779 billion, with full-year income at CNY 337.488 billion, a slight decrease of 0.48% year-on-year [1][2]. - The net interest margin for 2024 was 1.98%, down 17 basis points year-on-year, while Q4 saw a further decline to 1.94% [1][7]. Asset and Liability Management - Total assets exceeded CNY 12 trillion, growing by 10.19%, and customer deposits surpassed CNY 9 trillion, increasing by 11.54% [1]. - Non-performing loan ratio remained stable at 0.95%, with a provision coverage ratio of 411.98% [1]. Revenue Breakdown - Net interest income was CNY 211.277 billion, down 1.58% year-on-year, accounting for 62.60% of total revenue [4]. - Non-interest income reached CNY 126.211 billion, up 1.41% year-on-year, representing 37.40% of total revenue [4]. Strategic Initiatives - The bank is accelerating its transformation from "Online Bank" to "Smart Bank," with a technology investment of CNY 13.35 billion, representing 4.37% of revenue [6]. - The launch of the first open-source financial model in the domestic banking sector, named "Yizhao," highlights the bank's commitment to integrating AI into various business scenarios [6]. Business Segmentation - Retail banking remains the primary revenue contributor, accounting for 58.32% of total revenue, with retail customer assets nearing CNY 15 trillion [5]. - The bank's corporate banking segment also showed growth, with a customer base of 3.1664 million, an increase of 12.26% year-on-year [5].