Investment Rating - The report maintains an "Overweight" rating for A/H shares of Agricultural Bank of China [8] Core Views - The company's performance shows marginal improvement with a decrease in the decline of net interest income and a rebound in non-interest income growth, supported by stable asset quality and declining credit costs [1][4] - The bank's leading position in county-level markets provides resilience for earnings growth, justifying the "Overweight/Buy" rating for A/H shares [6] Summary by Sections Financial Performance - For the first nine months, the bank's net profit attributable to shareholders increased by 3.0%, operating income by 2.0%, and PPOP by 1.3% year-on-year, with growth rates improving compared to the first half of the year [1] - As of September, total assets, loans, and deposits grew by 10.5%, 9.1%, and 7.5% respectively, showing an increase from June [2] Non-Interest Income - Non-interest income rose by 20.7% year-on-year, with intermediary business income up by 13.3% and other non-interest income increasing by 31.7% [3] - Investment net income and fair value changes showed significant growth, with net investment income up by 35% [3] Asset Quality - The non-performing loan ratio stood at 1.27% with a provision coverage ratio of 295%, indicating stable asset quality [4] - The annualized credit cost decreased to 0.44%, reflecting improved risk management practices [4] Rural Financial Services - The bank has focused on enhancing financial services for agriculture and rural areas, with county-level loans increasing significantly [5] - The balance of loans related to food security reached 1.24 trillion yuan, growing by 23.7% year-on-year [5] Valuation and Forecast - The report projects net profit attributable to shareholders for 2025 to be 2929.45 billion yuan, with a target PB of 1.20 for A/H shares [6] - The estimated BVPS for 2025 is 8.01 yuan, with corresponding target prices of 9.61 yuan and 8.10 HKD for A/H shares [6]

Investment Rating - The report maintains a "Recommend" rating for Agricultural Bank of China (stock code: 601288) [1] Core Views - Agricultural Bank of China achieved operating income of 369.94 billion yuan in H1 2025, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 139.51 billion yuan, up 2.7% year-on-year, indicating a recovery in growth rate compared to Q1 [3] - The bank's annualized ROE reached 10.16%, a decrease of 0.59 percentage points year-on-year, while the second quarter showed marginal improvements with revenue growth of 1.4% and net profit growth of 3.2% [3] - The bank's credit impairment losses decreased by 3.0% year-on-year in H1 2025, with a significant drop of 9.9% in Q2 [3] - The bank's strategy focuses on serving rural revitalization and the real economy, leveraging its county-level financial advantages and low-cost funding capabilities [3] Summary by Sections Financial Performance - In H1 2025, the bank's net interest income was 282.47 billion yuan, down 2.9% year-on-year, with a net interest margin of 1.32%, a decrease of 13 basis points year-on-year [3] - Total loans reached 26.58 trillion yuan, growing 7.3% year-to-date, with corporate loans increasing by 6.35% and retail loans by 5.4% [3] - Non-interest income was 87.46 billion yuan, a year-on-year increase of 15.1%, driven by a 10.1% rise in net fee and commission income [3] Asset Quality - The non-performing loan ratio stood at 1.28%, a decrease of 2 basis points from the end of the previous year, with a strong provision coverage ratio of 295% [3] - Retail loan non-performing ratio was 1.18%, up 15 basis points, primarily due to fluctuations in operating loans and credit card risks [3] Capital Adequacy - The core tier one capital adequacy ratio was 11.11%, indicating sufficient capital safety margins [3] - The bank's strategy includes enhancing wealth management and non-interest income growth, supported by a stable dividend payout ratio of 30% for the mid-2025 period [3] Future Projections - The report forecasts the bank's BVPS for 2025-2027 to be 8.04 yuan, 8.59 yuan, and 9.16 yuan respectively, with corresponding PB ratios of 0.88X, 0.82X, and 0.77X [3][40]

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的任何損失承擔任何責 任。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：1288） 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條作出。 根據中華人民共和國的有關法律法規，中國農業銀行股份有限公司在上海證券交易所網 站刊登《中國農業銀行股份有限公司2025年半年度報告》。 茲載列該公告如下，僅供參閱。 承董事會命 中國農業銀行股份有限公司 劉清 公司秘書 中國北京 2025年8月29日 於本公告日期，本行的執行董事為谷澍先生、王志恒先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生和張奇先生；本行的獨立非執行董事為梁高美懿女士、吳聯生先生、汪昌雲先生、鞠建東先生、 莊毓敏女士和張琦先生。 中国农业银行股份有限公司 （A ...

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的任何損失承擔任何責 任。 中 國 農 業 銀 行 股 份 有 限 公 司 AGRICULTURAL BANK OF CHINA LIMITED （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ） （股份代號：1288） 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條作出。 根據中華人民共和國的有關法律法規，中國農業銀行股份有限公司在上海證券交易所網 站刊登《中國農業銀行股份有限公司2025年半年度報告摘要》。 茲載列該公告如下，僅供參閱。 承董事會命 中國農業銀行股份有限公司 劉清 公司秘書 中國北京 2025年8月29日 於本公告日期，本行的執行董事為谷澍先生、王志恒先生和林立先生；本行的非執行董事為周濟女士、李蔚先生、 劉曉鵬先生和張奇先生；本行的獨立非執行董事為梁高美懿女士、吳聯生先生、汪昌雲先生、鞠建東先生、 莊毓敏女士和張琦先生。 中国农业银行股份有限公司 ...

Company Overview - The company, Agricultural Bank of China, has a history dating back to 1951 and has evolved through various stages, including being a state-owned commercial bank and a joint-stock company since 2009 [1] - It is one of China's major comprehensive financial service providers, focusing on rural revitalization and serving the real economy [1] Financial Performance - As of June 30, 2025, the total assets of the company reached RMB 46.86 trillion, with total deposits of RMB 31.90 trillion and a capital adequacy ratio of 17.45% [2][9] - The company reported a net profit of RMB 139.94 billion for the first half of 2025, reflecting a year-on-year increase of 2.5% [9][14] - The operating income for the same period was RMB 369.94 billion, up 0.8% year-on-year [14] Business Operations - The company has a vast network with 22,914 domestic branches and 13 overseas branches, ranking third globally in terms of tier-1 capital [2] - It has implemented strategies focusing on inclusive finance, green finance, and digital operations, with significant growth in loans to rural areas and agricultural sectors [10][11] Risk Management - The non-performing loan (NPL) ratio stood at 1.28%, a decrease of 0.02 percentage points from the previous year, indicating effective risk management [9][12] - The provision coverage ratio was reported at 295%, demonstrating a strong buffer against potential loan losses [9][12] Dividend Distribution - The company has proposed a cash dividend of RMB 1.255 per share for the fiscal year 2024, totaling RMB 43.92 billion, with a total cash dividend of RMB 846.61 billion for the year [3][4] Strategic Focus - The company is committed to enhancing its financial services for agriculture and rural areas, with a focus on supporting national food security and poverty alleviation efforts [10][14] - It aims to optimize credit policies and innovate service models to better serve the real economy and promote consumption [11][14]