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的內容概不負責，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份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 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條而作出。 招商銀行股份有限公司董事會 2025年8月29日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、孫雲飛、朱立偉及黃堅；及本公司的獨立非執行董事為 李孟剛、劉俏、田宏啟、李朝鮮、史永東及李健。 招商银行股份有限公司 CHINA MERCHANTS BANK CO., LTD. 二〇二五年半年度报告摘要 A股股票代码：600036 1 摘 要 1 重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到《中国证券报》网站（www.cs.com.cn）、《证券时报 ...

Core Viewpoint - The company reported significant growth in its financial performance for the first half of 2025, with a notable increase in both revenue and net profit, supported by fleet expansion and strategic market positioning [1][2][3] Financial Performance - The company achieved a total container throughput of 1.3095 million TEUs, generating revenue of 3.378 billion yuan, a year-on-year increase of 26.11% [1] - Net profit reached 794 million yuan, reflecting a substantial year-on-year growth of 150.43% [1] - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling 259 million yuan [1] Fleet and Capacity Expansion - As of June 30, 2025, the company operated a total of 53 vessels, with a total capacity of 58,000 TEUs, an increase of 6,000 TEUs compared to the same period last year [1] - The successful delivery of two new vessels, "Tongxiang" and "Tongyue," has enhanced regional route capacity [1] - The company initiated a project to purchase 20,000 TEUs of containers at favorable prices, effectively locking in construction costs [1] Network and Market Development - The company has made significant advancements in its route network, maintaining a leading market share in Northeast Asia and cross-strait routes [2] - The Southeast Asia market is identified as a "second growth pole," with the new Ho Chi Minh Silk Road Express successfully connecting with Japan's HDS service [2] - New routes in North China and Korea-India-Pakistan have expanded the company's service network, connecting South Asia with North China [2] Innovation and Digital Transformation - The company established a joint logistics venture in Vietnam and introduced full-service intermodal transport in Phnom Penh, enhancing its end-to-end service capabilities [3] - Digital transformation initiatives include the launch of intelligent customer service systems and smart vessel pre-loading algorithms, aimed at improving operational efficiency [3] - The company has received recognition for its safety and green development efforts, including an AA ESG rating and the publication of its first sustainability report [3] Future Outlook - The company plans to continue focusing on brand strategy, deepening its presence in Northeast Asia, and expanding into Southeast Asia and emerging markets [3] - Efforts will be made to optimize logistics resource allocation and enhance service capabilities across the supply chain to drive sustainable growth [3]

Core Insights - The core viewpoint of the article emphasizes that Bright Dairy has achieved stable growth in key performance indicators despite challenges in the dairy industry, such as demand pressure and intensified competition, by focusing on quality and innovation [1] Financial Performance - For the first half of 2025, Bright Dairy reported total revenue of 12.472 billion yuan and a net profit of 231 million yuan, with the net profit attributable to the parent company being 217 million yuan [1] Technological Advancements - Bright Dairy has made significant breakthroughs in core breeding technology, achieving a historical milestone by cultivating 48 bulls with a GTPI over 3000, including the "Champion" bull ranked 92nd globally, marking the first Chinese bull to enter the international top 100 [2] - The establishment of an embryo laboratory has produced 104 embryos, ensuring a sustainable supply of high-quality raw milk [2] Supply Chain Optimization - The company has enhanced supply chain efficiency through digital transformation, optimizing production, logistics, and management to improve responsiveness and maintain product quality [3] - Production capacity has been optimized based on market demand forecasts, particularly in key markets like East and South China [3] Digital Transformation - Bright Dairy has successfully implemented automation across various functions, improving operational efficiency and decision-making through data analysis models [4] - The launch of an intelligent customer service system has improved service processes and customer satisfaction [4] Product and Brand Innovation - The company has focused on product innovation to meet the trends of health, personalization, and scenario-based consumption, launching new products across four core categories: liquid milk, fermented milk, ice cream, and milk powder [5] - Bright Dairy has engaged in brand-building activities through collaborations and endorsements, enhancing brand visibility and appeal among younger consumers [6][7] Strategic Outlook - Bright Dairy aims to continue strengthening its core competitiveness through quality and innovation, contributing to the high-quality development of the Chinese dairy industry [7]

Group 1 - The company reported a revenue of 642 million yuan for the first half of 2025, representing a year-on-year increase of 38.66% [1] - The net profit attributable to shareholders was 5.3181 million yuan, marking a year-on-year growth of 115.31%, achieving a turnaround from loss to profit [1] - The net cash flow from operating activities reached 674 million yuan, showing a significant year-on-year increase of 468.01% [1] Group 2 - The cable business, a key segment for the company, generated a revenue of 609 million yuan, with a year-on-year growth of 41.40% [1] - The company is focusing on enhancing core functions and market competitiveness through digital transformation and effective capacity release [1] - The company aims to improve the sales scale of high value-added products and enhance production quality to solidify market share [1] Group 3 - The asset operation business achieved a revenue of 27.1469 million yuan in the first half of the year, with a gross margin increase of 7.55% compared to the same period last year [2] - The company is deepening the application of a comprehensive asset management system and enhancing project operation management capabilities [2] - The company is exploring an integrated asset operation and one-stop property service model to maximize asset value [2] Group 4 - The company is actively seeking to unlock the value of existing assets and is implementing measures to improve quality and efficiency [3] - The focus is on accumulating, introducing, and collaborating on resources for industrial development, particularly in the energy sector [3] - The company aims to create a brand for industrial parks that integrates development, investment attraction, and quality operation to enhance competitiveness [3]

Group 1 - The company reported a significant increase in both revenue and net profit for the first half of 2025, achieving a revenue of 4.713 billion yuan, a year-on-year growth of 20.42%, and a net profit of 409 million yuan, up 16.43% [1] - The operating cash flow saw a remarkable increase to 531 million yuan, representing a year-on-year growth of 587.20%, indicating improved operational efficiency alongside expansion [1] Group 2 - The core business of the company, which focuses on integrated services in the civil explosives industry, has shown strong growth, with the blasting service segment generating 3.551 billion yuan in revenue, a substantial increase of 28.49% year-on-year, and its share of total revenue rising from 70.63% to 75.36% [2] - The company capitalized on the booming market demand in the northwest region of China, achieving 2.353 billion yuan in revenue from this area, a significant increase of 38.56%, accounting for 49.93% of total revenue [2] - The company is expanding its global footprint, with operations now in countries such as Liberia, Namibia, and Pakistan, while maintaining a strong domestic market presence [2] Group 3 - The company is a leader in the digital transformation of green mining and has developed an intelligent mining framework that includes advanced technologies such as 3D blasting design software and remote-controlled drilling machines, enhancing production efficiency and safety [3] - The company has pioneered domestic technology in the production of on-site mixed water gel explosives, achieving international advanced levels, and has developed original technologies that are internationally leading [3] - The company is well-prepared for future high-quality development, having improved its operational quality, strategic layout, and innovation capabilities [3]

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported a solid performance in the first half of 2025, with a net profit of 29.737 billion yuan, reflecting a year-on-year increase of 10.19%, although structural pressures remain evident despite the positive results [1][2][11]. Financial Performance - SPDB achieved operating income of 90.559 billion yuan, an increase of 2.62% year-on-year [1]. - The net profit attributable to shareholders reached 29.737 billion yuan, up by 27.49 billion yuan, marking a growth of 10.19% [1][2]. - The bank's return on equity (ROE) was 4.33%, up 0.16 percentage points year-on-year, while the return on assets (ROA) was 0.31%, an increase of 0.01 percentage points [3]. Asset Quality - The bank's asset quality improved, with non-performing loan (NPL) balance at 73.672 billion yuan, a decrease of 6.08 billion yuan from the previous quarter, and an NPL ratio of 1.31%, down 0.05 percentage points year-on-year [5][7]. - The provision coverage ratio increased to 193.97%, up 7.01 percentage points from the previous year, indicating enhanced risk mitigation capacity [7]. Deposit and Funding Structure - Total deposits reached 5.59 trillion yuan, an increase of 448.349 billion yuan, or 8.71% year-on-year, significantly outpacing the total asset growth of 1.94% [8][9]. - The proportion of stable, low-cost demand deposits rose to 40.20%, while retail deposits increased to 1.74 trillion yuan, accounting for 31.06% of total deposits [8]. Regional Performance - The Yangtze River Delta region remains a core growth area, with loans totaling 1.98 trillion yuan, a growth of 7.50%, and deposits of 2.53 trillion yuan, up 9.64% [10]. - This region contributed 25.62% of the bank's operating income and 34.83% of operating profit, indicating a strong performance compared to other regions [10][15]. Non-Interest Income - Non-interest income was 32.252 billion yuan, a year-on-year increase of 6.79%, accounting for 35.61% of total operating income [12]. - However, the structure of non-interest income remains a concern, with a decline in net fee and commission income by 1.02% [12]. Digital Transformation - The bank's digital strategy has advanced significantly, with over one million new users registered on the "PuHui" platform and a mobile banking user base exceeding 90 million [13]. - The implementation of over 50 "AI+" scenarios has improved operational efficiency and reduced costs [13]. Risks and Challenges - Despite improvements in asset quality, risks associated with real estate loans remain high, with a real estate loan balance of 412.988 billion yuan and an NPL ratio of 3.57% [16]. - The bank faces challenges from a narrowing net interest margin, which decreased by 0.07 percentage points to 1.41% [11].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) achieved record high oil and gas net production in the first half of 2025 despite a decline in revenue and profit due to fluctuating international oil prices [1][2]. Group 1: Financial Performance - In the first half of 2025, CNOOC reported operating revenue of 207.608 billion yuan, a decrease of 8% year-on-year, and net profit of 69.533 billion yuan, down 13% year-on-year [1][2]. - The average Brent crude oil price fell by 15.1% year-on-year, impacting the company's financial results [2]. - Oil and gas sales revenue reached 171.7 billion yuan, with the main cost per barrel of oil equivalent remaining stable at 26.94 USD [2]. Group 2: Production Achievements - CNOOC's oil and gas net production reached 384.6 million barrels of oil equivalent, marking a 6% increase year-on-year and setting a historical record for the same period [1][2]. - Natural gas production was 14.64 billion cubic meters, reflecting a significant increase of 12% [1]. Group 3: Shareholder Returns - The board of CNOOC announced an interim dividend of 0.73 HKD per share (tax included), approximately 0.67 RMB, totaling around 31.602 billion RMB [1]. - The dividend payout ratio for the first half of 2025 was 45.5%, maintaining a high level compared to previous years [3]. Group 4: Strategic Initiatives - CNOOC is focusing on technological innovation and digital transformation, including advanced seismic data collection and processing technologies [3]. - The company has implemented AI-driven initiatives, with the "Deep Sea No. 1" smart gas field recognized as one of China's first excellent smart factories [3]. Group 5: Market Confidence - CNOOC's controlling shareholder announced a plan to increase holdings in the company's A-shares and H-shares, with a proposed investment of no less than 2 billion yuan and no more than 4 billion yuan [4].

Core Insights - Yili Group reported a revenue of 61.777 billion yuan for the first half of 2025, a year-on-year increase of 3.49%, while net profit attributable to shareholders decreased by 4.39% to 7.2 billion yuan [2] - The company demonstrated strong operational resilience through product innovation and channel optimization, maintaining its leading market position across all categories [2] Revenue Breakdown - The liquid milk segment generated revenue of 36.126 billion yuan, maintaining the top market share in the industry [4] - The infant formula and dairy products segment achieved revenue of 16.578 billion yuan, a year-on-year increase of 14.26%, with a market share of 18.1% [6] - The cheese segment saw an increase in market share to 15.2%, with a revenue growth of over 20% in the food service channel [7] - The ice cream business generated revenue of 8.229 billion yuan, a year-on-year increase of 12.39%, also maintaining the market leadership [7] Product Innovation - New products contributed 14.7% to total revenue, with successful launches such as "Yogurt with Lemon" and "Gold Standard" fresh milk driving growth [3][4] - The company is focusing on product structure upgrades and category innovations, leading to double-digit growth in several brands [4] Market Position - Yili Group's infant formula market share increased by 1.3 percentage points, with significant growth in the goat milk powder segment, which reached a market share of 34.4% [6] - The adult nutrition segment also saw a market share increase of 1.8 percentage points, reaching 26.1% [6] Digital Transformation and International Expansion - The company is advancing its digital transformation, enhancing operational efficiency through self-developed platforms and AI technology [9] - Yili is actively expanding its international market presence, with increasing market shares in Indonesia and Thailand for its ice cream business, and continuous breakthroughs in North America and the Middle East for its infant formula [9]

Core Viewpoint - The report highlights the resilience and growth of China COSCO Shipping Holdings Co., Ltd. in the face of global trade disruptions, showcasing its strategic focus on container shipping and digital supply chain integration [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 109.099 billion yuan, a year-on-year increase of 7.78% - The EBIT was 25.494 billion yuan, reflecting a growth of 3.40% - The EBIT margin reached 23.37% - The net profit attributable to shareholders was 17.536 billion yuan [1]. Business Strategy - The company continues to deepen its core container shipping business and digital supply chain operations, enhancing synergy between the two sectors to provide integrated logistics solutions [1]. - As of June 30, 2025, the self-owned container fleet comprised 557 vessels, with a total capacity exceeding 3.4 million TEUs [1]. - The company has demonstrated market sensitivity by dynamically adjusting capacity on key routes, including Far East to Northwest Europe and trans-Pacific routes, while expanding supply to emerging markets [1]. Port and Shipping Coordination - The company has strengthened its collaborative layout in global port hubs, enhancing its integrated service capabilities through effective "mainline + feeder" configurations at key ports like Qianhai and Piraeus [1]. Innovation and Sustainability - China COSCO Shipping is focused on customer needs, driving product innovation across the supply chain and integrating digital and green technologies to build a sustainable competitive advantage [2]. - The company has made significant strides in digital transformation and green low-carbon initiatives, including the order of 42 dual-fuel methanol-powered vessels with a total capacity of 780,000 TEUs [2]. Response to Global Trade Changes - The company is navigating profound adjustments in the global trade landscape, influenced by U.S. trade policies and geopolitical tensions, while also addressing the impacts of technological and green revolutions [2]. - The company aims to enhance its global digital supply chain operations and investment platform through core business upgrades, ecosystem development, and technological innovation [2].

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported a strong performance in the first half of 2025, with both revenue and net profit increasing, alongside a significant reduction in non-performing loan ratio to the lowest level since 2015 [2][4][5]. Financial Performance - SPDB achieved operating income of 90.559 billion yuan, an increase of 2.62% year-on-year, and a total profit of 33.138 billion yuan, up 9.84% year-on-year [4]. - The net profit attributable to shareholders reached 29.737 billion yuan, reflecting a growth of 10.19% year-on-year [4]. - Interest income was stable at 58.307 billion yuan, with a slight increase of 0.45% year-on-year, while non-interest income rose to 32.252 billion yuan, a growth of 6.79% [4]. Asset Quality - The non-performing loan ratio decreased to 1.31%, down 0.05 percentage points from the end of the previous year, marking the lowest level since 2015 [5]. - The provision coverage ratio improved to 193.97%, surpassing the 190% threshold for the first time since 2016 [5]. Cost Management - SPDB implemented strict cost management measures, resulting in a reduction of annual rental costs by 9.444 million yuan, achieving a rental reduction rate of 17.8% [8]. - The bank's net interest margin stood at 1.41%, with a narrowing decline of 1 basis point compared to the end of 2024, indicating stabilization [7][8]. Corporate Banking Focus - SPDB's corporate banking segment remains a key growth area, with the number of corporate clients reaching 2.4369 million, an increase of 2.89% year-on-year [9]. - Corporate loan balance grew by 9.13% year-on-year, reaching 37.93284 billion yuan, while corporate deposits increased by 7.99% [9][10]. Digital Transformation Strategy - The bank is focusing on a digital transformation strategy, emphasizing the development of "super platforms, super products, and super systems" to enhance operational efficiency and customer service [11]. - SPDB aims to leverage technology to drive business upgrades and improve service delivery across various financial sectors [11].