Financial Data and Key Indicators Changes - Operating income reached approximately RMB 659.9 billion, an increase of 4.28% year-on-year, with cumulative year-on-year growth over 11 quarters ranking among the top in peer groups [5] - Net profit and net profit attributable to shareholders grew by 2.06% and 2.18% respectively, with growth improving quarter-over-quarter [6] - NIM stood at 1.36%, remaining stable quarter-over-quarter since mid-2025 [6] - The cost-to-income ratio fell by 0.93 percentage points year-over-year, indicating improved operational efficiency [6] Business Line Data and Key Indicators Changes - Non-interest income increased by 19.21% year-on-year, maintaining a high proportion of 63.33% of operating income, up by 4.16 percentage points year-over-year [6] - Domestic RMB loans increased by RMB 1.81 trillion, up by 9.9%, with significant growth in technology loans and green loans [9][10] - Wealth management, settlement and clearing, and custody financial market trading saw rapid growth, supporting overall performance [7] Market Data and Key Indicators Changes - Group total assets reached RMB 36.8 trillion, up 9.4% from last year, while total liabilities reached about RMB 35.15 trillion, up 9.47% [7] - NPL ratio stood at 1.23%, down by 0.02 percentage points from last year, maintaining the best level among peers [8] - The watchlist ratio remained stable at 1.47%, and the provision coverage ratio was about 237% [8] Company Strategy and Development Direction - The company aims to support high-quality development of the real economy, focusing on technology, innovation, and inclusive finance [9][10] - The strategic goal for the 15th Five-Year Plan period includes enhancing globalization, improving customer service capabilities, and strengthening risk management [26][30] - The company plans to accelerate digital transformation and sustainable development, with a focus on AI and technology empowerment [17][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable asset quality despite external challenges, with a focus on proactive risk management [77][80] - The company anticipates a narrowing decline in net interest margin and positive growth in net interest income in 2026 [57] - The management highlighted the importance of aligning with national strategies and enhancing support for the real economy [19][26] Other Important Information - The company completed a capital replenishment of RMB 165 billion, with a CAR reaching 18.85%, the highest year-end level historically [8] - The company has provided national student loans for 26 consecutive years, benefiting over 2 million students [17] Q&A Session All Questions and Answers Question: Strategic planning and business strategy for the 15th Five-Year Plan - Management emphasized the importance of aligning with national strategies and focusing on high-quality development while maintaining stability [26][27] Question: Growth trend and structural changes of deposits - Management indicated that the maturity of time deposits would have a limited impact on deposit growth, with a focus on customer retention and improving service quality [46][49] Question: NIM trends and pressures - Management noted that while NIM decreased by 14 basis points, they expect a narrowing decline in 2026, supported by improved asset allocation and cost management [55][57] Question: Growth of commission rate and non-interest income - Management reported a 19.2% increase in non-interest income, driven by wealth management and payment services, and expects continued growth in 2026 [64][67] Question: Outlook on asset quality performance - Management expressed confidence in maintaining stable asset quality, despite challenges in the real estate market and personal loans, with proactive risk management strategies in place [77][80] Question: Opportunities and challenges in global operations - Management highlighted globalization as a key strategy, aligning with national development plans and focusing on enhancing international competitiveness [85][87]

Energy Cooperation - Both countries highly value the achievements in energy cooperation and aim to further explore potential in this area, reinforcing a comprehensive energy partnership to ensure national, regional, and global energy security [1][34] - Agreement to support deepening cooperation in oil, natural gas, coal, and electricity sectors, while enhancing energy infrastructure connectivity and ensuring the safe and stable operation of cross-border energy channels [34] - Commitment to strengthen collaboration in renewable energy, low-carbon energy, hydrogen, energy storage, and carbon capture, utilization, and storage systems [34][35] Nuclear Energy - Continued progress on the Tianwan and Xudabao nuclear power plant projects, ensuring timely completion and operation, while deepening peaceful nuclear energy cooperation [35] - Exploration of cooperation in advanced nuclear technologies such as thermonuclear fusion, fast reactors, and closed nuclear fuel cycle [35][36] Trade and Investment - Both countries will work to improve trade structure and explore growth points in e-commerce, agricultural products, and intermediate goods, while promoting cross-border e-commerce [10][11] - Support for the 2026 investment cooperation framework to enhance investment quality and efficiency across various sectors including machinery, automotive, forestry, and digital economy [30][31] Financial Cooperation - Continued progress in local currency settlement and practical cooperation in banking and capital markets to support economic stability [32] - Emphasis on enhancing cooperation in insurance and reinsurance sectors to promote trade and tourism [32] Climate Change and Environmental Cooperation - Commitment to strengthen communication and collaboration on climate change within various multilateral frameworks, focusing on the implementation of the Paris Agreement [4][55] - Joint efforts to ensure that measures taken to address climate change do not become unjust discrimination in international trade [55] Cultural and Human Exchange - Expansion of bilateral educational exchanges and high-quality inter-university cooperation, including support for Chinese language education in Russia and Russian language education in China [37] - Continued collaboration in cultural events, including arts performances and cultural festivals, to deepen mutual understanding [37][41] Regional Cooperation - Support for local and border region cooperation in trade, investment, and cultural exchanges, enhancing the legal framework for cooperation [42][43] - Promotion of cross-border e-commerce and service trade development to tap into local trade potential [43]