Core Viewpoint - China Merchants Bank (CMB) plans to fully redeem its preferred shares "Zhaoyin You1" issued in December 2017, amounting to 27.5 billion yuan, on April 15, 2026, as part of its strategy to optimize capital structure and reduce costs in a declining interest rate environment [1][2][3]. Group 1: Preferred Share Redemption - CMB's redemption scale of 27.5 billion yuan ranks second among domestic banks, following Everbright Bank's redemption of 35 billion yuan [2]. - The core logic behind the redemption is to lower financial costs and optimize capital structure, as the preferred share's coupon rate of 4.81% is significantly higher than the average rate of 2.43% for perpetual bonds [3][4]. - By redeeming these preferred shares, CMB is expected to save approximately 1.323 billion yuan annually in fixed dividend payments, enhancing net profit and shareholder returns [3][4]. Group 2: Financial Performance - In 2025, CMB reported total operating income of 337.532 billion yuan, a slight increase of 0.01% year-on-year, and a net profit attributable to shareholders of 150.181 billion yuan, marking a 1.21% increase [1][6]. - The bank's total assets surpassed 13 trillion yuan, reaching 13.07 trillion yuan, with a year-on-year increase of 7.56%, marking six consecutive years of asset growth [8]. - CMB maintained a non-performing loan (NPL) ratio of 0.94%, remaining below 1% for five consecutive years, indicating strong asset quality [9]. Group 3: Market Context - The trend of redeeming high-interest preferred shares is becoming common among banks, with nine banks redeeming a total of 111.8 billion yuan in 2025, a record high [5]. - CMB's return on equity (ROE) for 2025 was 13.33%, down 1.05 percentage points year-on-year, reflecting a focus on maintaining high returns for shareholders [3][4].

Group 1 - China Everbright Bank (06818) announced the dividend distribution plan for its preferred shares, Everbright Preferred 3 (code 360034), for the year 2025 [1] - The cash dividend per preferred share is set at RMB 3.77 (before tax) [1] - The dividend payment date is scheduled for January 21, 2026 [1]

Core Viewpoint - China Everbright Bank (06818) announced the dividend distribution plan for its preferred shares, with a cash dividend of RMB 3.77 per share (tax included) for the year 2025, payable on January 21, 2026 [1] Group 1 - The dividend amount for each preferred share is set at RMB 3.77 [1] - The dividend distribution date is scheduled for January 21, 2026 [1]

Core Viewpoint - Everbright Bank announced the approval of the dividend proposal for its preferred stock, Everbright Preferred 3, for the fiscal year 2025, indicating a stable return for investors [1][2]. Summary by Relevant Sections - **Dividend Announcement**: Everbright Bank's board approved the dividend proposal for Everbright Preferred 3 (code 360034) during the third meeting of the tenth board on January 13, 2026 [1][2]. - **Dividend Details**: The interest period for the fiscal year 2025 is from January 1, 2025, to December 31, 2025, with a nominal dividend rate of 3.77%. Each share will receive a cash dividend of RMB 3.77 (including tax), totaling RMB 1.3195 billion (including tax) [1][2]. - **Key Dates**: The ex-dividend date is set for January 20, 2026, and the dividend payment date is January 21, 2026 [1][2].