Core Viewpoint - China Merchants Bank (CMB) demonstrated resilience and steady growth in 2025 despite challenges such as insufficient consumer credit demand, narrowing interest margins, and intensified competition, achieving a total operating income of 337.53 billion yuan and a net profit attributable to shareholders of 150.18 billion yuan, both showing year-on-year growth [1][2]. Group 1: Financial Performance - In 2025, CMB's net interest income grew positively, with non-interest income also showing a turnaround, and wealth management income achieving double-digit growth, indicating improving revenue growth trends [2]. - The number of retail customers increased by 6.67% to 224 million, while corporate customers rose by 14.40% to 3.62 million, contributing to a total asset management (AUM) balance exceeding 17 trillion yuan, with over 2 trillion yuan added during the year [3]. - CMB's net interest income reached 215.59 billion yuan, a year-on-year increase of 2.04%, supported by a narrowing decline in net interest margin and moderate growth in interest-earning assets [3][5]. Group 2: Asset Quality and Capital Strength - CMB maintained stable asset quality with a non-performing loan (NPL) ratio of 0.94%, down 1 basis point from the previous year, and a provision coverage ratio of 391.79%, significantly above the industry average of 205% [3][4]. - The bank's return on average assets (ROAA) and return on average equity (ROAE) were 1.19% and 13.44%, respectively, both exceeding industry averages, while the total capital adequacy ratio stood at 18.24%, maintaining a leading position in the industry [4]. Group 3: Revenue Growth and Strategic Initiatives - CMB's revenue growth showed a gradual recovery, with annual growth rates turning positive for the first time since 2023, reflecting the bank's operational resilience [5]. - The bank's strategic focus on comprehensive growth, key regional development, and niche business advantages is expected to drive future revenue streams, with significant contributions from subsidiaries and targeted regional branches [8][9]. - CMB's investment in technology, particularly in AI, amounted to 4.31% of its operating income, with a commitment to an "AI First" strategy, enhancing operational efficiency and customer service through AI applications [6][7].

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 2026年3月27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、鄧仁傑、江朝陽、朱立偉、黃堅及馬向輝；及本公司的 獨立非執行董事為田宏啟、李朝鮮、史永東、李健、黃玉山及盧力平。 招商銀行股份有限公司 股票代碼：600036 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年度报告（A股） 释义 本公司、本行、招行、招商银行 ： 招商银行股份有限公司 招商银行股份有限公司 2025年度报告（A股） 目录 1 目录 2 释义 2 重大风险提示 2 备查文件目录 ...

Core Viewpoint - The article emphasizes the transformation of China Merchants Bank's services from traditional branch-based operations to accessible online services and digital tools, enhancing customer experience and integrating financial services into daily life [1][17]. Group 1: Digital Financial Services - China Merchants Bank has developed a one-stop service platform for social insurance and housing fund management, allowing users to view their account balances in one place, thus eliminating the hassle of navigating multiple platforms [2][18]. - The bank has integrated AI and digital technologies into its services, creating a "chat and process" model that allows customers to complete transactions seamlessly during consultations [4][20]. - The bank has introduced a digital RMB payment system for housing fund withdrawals in real estate transactions, enhancing transparency and security in the process [4][21]. Group 2: Elderly Care and Accessibility - The bank has upgraded its app for elderly users, making it more user-friendly with larger fonts and simplified navigation, and has introduced a dedicated hotline for seniors [5][22]. - In physical branches, the bank has implemented various accessibility features, including specialized staff and equipment to assist elderly customers, ensuring they are not left behind in the digital age [7][24]. Group 3: Consumer Empowerment and Economic Growth - China Merchants Bank is actively supporting national strategies to boost domestic demand by embedding financial services into everyday consumer scenarios, thus enhancing market vitality [8][25]. - The bank has launched various promotional activities aligned with government consumption policies, including special offers during major holidays and events to stimulate consumer spending [9][26]. - The bank is focused on providing financial education to new employment groups, such as gig economy workers, to enhance their financial literacy and security [10][27]. Group 4: Commitment to Community and Future Plans - The bank is dedicated to serving the community by addressing everyday challenges and supporting vulnerable groups, demonstrating a commitment to a people-centered approach [16][32]. - Future plans include further innovation in digital financial services and enhancing the quality and efficiency of services to contribute to high-quality economic development [33].

Core Viewpoint - The trend of banks increasing the threshold for free transaction notification SMS is driven by the need to manage operational costs and improve service efficiency, with many banks shifting to digital channels for notifications [1][5][6]. Group 1: Changes in SMS Notification Policies - Since 2025, multiple banks have raised the threshold for free transaction SMS notifications to between 100-500 yuan, with China Merchants Bank setting the threshold at 5000 yuan starting March 16, 2026 [2][3]. - Gansu Bank will stop sending SMS notifications for transactions below 200 yuan starting November 1, 2025, while Guangdong Huaxing Bank will cease notifications for transactions below 500 yuan from September 16, 2025 [3]. - Other banks, including Bank of China and Minsheng Bank, have also adjusted their SMS notification thresholds to 100 yuan or eliminated certain free services [3][5]. Group 2: Cost Management and Digital Transition - The rising costs of SMS services have become a burden for banks, prompting them to filter out small transaction notifications as part of refined cost management strategies [4][5]. - Banks are encouraging customers to use mobile apps and digital channels for notifications, which are more cost-effective and efficient compared to traditional SMS [1][6]. - The transition to digital channels is seen as a way to enhance customer engagement and reduce operational costs, with many banks promoting their app-based notification services [6][7]. Group 3: Customer Perspectives and Concerns - Some customers express that SMS notifications should remain a basic service, as they are more convenient and reliable compared to app notifications [6][7]. - There are concerns about the digital divide, particularly for older customers who may struggle with using mobile apps, suggesting that banks should maintain low-threshold SMS services for these groups [6][7].

Core Viewpoint - The article emphasizes the importance of developing a comprehensive and high-quality pension finance system to ensure the well-being of the elderly population, aligning with national strategies and policies [1][2]. Group 1: Organizational Foundation and Strategy - The establishment of a robust organizational foundation and clear strategic direction is crucial for the high-quality development of pension finance services [2]. - The bank aims to become a professional pension finance service provider, focusing on three main areas: pension finance, pension service finance, and pension industry finance [2]. - A dedicated working group has been formed to integrate various financial resources and align with policy directives to enhance pension finance services [2]. Group 2: Expansion of Pension Services - The bank is actively expanding enterprise annuity services, collaborating closely with social security departments to provide comprehensive solutions for corporate clients [3]. - Since 2025, the bank has successfully onboarded 13 new enterprise annuity clients, demonstrating its commitment to supporting employees' retirement wealth accumulation [3]. - The bank offers a full-cycle financial service for existing enterprise annuity clients, ensuring a high level of service and support [3]. Group 3: Personal Pension Account Development - The bank has leveraged technology to streamline the process of opening personal pension accounts, allowing customers to complete the process in under three minutes via the mobile app [4]. - A dedicated contact person for personal pension services has been assigned to each branch to ensure quality service and support for customers [4]. - As of October 2025, the bank has opened over 750,000 personal pension accounts with a total deposit amount nearing 400 million [4]. Group 4: Inclusive Financial Ecosystem - The bank has initiated an adaptation of its mobile app for elderly users, making it more accessible and user-friendly [5][6]. - Physical branches have been equipped with facilities to assist elderly customers, ensuring a comfortable and supportive environment for financial transactions [6]. - The bank conducts financial literacy programs in communities to enhance elderly individuals' understanding of financial risks and security [6]. Group 5: Future Outlook - The bank plans to continue aligning its services with national strategies, optimizing offerings, and expanding its reach within the silver economy [6].

Core Insights - China Merchants Bank (CMB) has been awarded the title of "Best Employer in China" for 2025, marking its 15th consecutive year in the top 10 and 13th year in the top 3, with a total of three awards including "Most Female-Friendly Employer" and "Most Socially Responsible Employer" [1][2] Group 1: Awards and Recognition - CMB received multiple prestigious recognitions in 2025, including ranking 8th globally in the "Global 1000 Banks" list by The Banker with a Tier 1 capital of $164.86 billion, an increase of 11.3% year-on-year [2] - CMB ranked 193rd in the Fortune Global 500 list, maintaining its position for 14 consecutive years [2] - In the Brand Finance "2025 Global Bank Brand Value 500" list, CMB was ranked 10th with a brand value of $28.279 billion [2] Group 2: Talent Development and Innovation - CMB emphasizes a strong platform for talent growth, supported by decades of stable operations and industry leadership [2] - The bank has invested $13.35 billion in information technology for 2024, developing an AI platform that has been applied in over 100 business scenarios [3] - CMB's innovative services, such as the nationwide "One Card" and online banking, have enhanced operational efficiency and expanded business reach [3] Group 3: Employee-Centric Culture - CMB integrates a human-centered culture into its talent management, focusing on respect, care, and sharing to foster employee satisfaction [4] - The bank has established a comprehensive human resources system that supports various career development paths, including management and professional tracks [4] - CMB aims to cultivate a high-quality, professional financial talent pool to meet the needs of a strong financial nation, emphasizing specialization, diversification, market orientation, and internationalization [5]

Core Insights - The article highlights how招商银行 is addressing the pain points of the public regarding the inquiry and management of "five insurances and one fund" through digital transformation and innovative services [1][2][3] Group 1: Digital Transformation and Service Innovation - 招商银行 has developed a one-stop service platform for "five insurances and one fund," allowing users to easily access their social security, medical insurance, and housing fund account balances through the app [2][3] - The bank's innovative features, such as "one-click inquiry" and "quick code display," enhance user experience by reducing the time needed for medical appointments and transactions [3] - The integration of financial services with government services is reshaping the digital experience for citizens, making essential services more accessible [1][2] Group 2: Elderly User Adaptation - 招商银行 has introduced an "Elderly Version" of its app, featuring larger fonts and simplified interfaces, which has attracted over 1.81 million elderly users [5] - The bank employs a dual approach of online and offline services to assist elderly customers, including comfortable seating and priority services at branches [6] - The bank's efforts to educate elderly users about digital tools have led to increased confidence in using mobile banking services [4][6] Group 3: Financial Education Initiatives - 招商银行 is actively promoting financial literacy among different demographics, including the elderly and youth, through engaging educational content and community outreach [7][8] - The bank conducts financial education activities that focus on common scams targeting young adults, providing clear guidelines to prevent fraud [7] - By integrating financial education with community services, the bank aims to enhance the financial security of its elderly clients [8]

Group 1 - The core viewpoint emphasizes the importance of improving people's livelihoods while pursuing high-quality economic development in Guangdong Province, particularly through the "Hundred Million Thousand Project" [2] - The "Hundred Million Thousand Project" aims to integrate economic production, people's lives, and natural ecology, marking a significant milestone in its implementation this year [2] - The seventh "Dongguan Citizen Praise List" has been launched to collect excellent cases that promote the project's new achievements and innovations since 2025 [2] Group 2 - Dongguan is recognized as the "Hometown of Chinese Lychee," with the lychee industry playing a crucial role in its agricultural landscape [3] - The Dongguan branch of China Merchants Bank has established a working group to assist local farmers in expanding their sales channels for lychee [3] - The working group conducts in-depth research in major lychee production areas to gather first-hand information for tailored support plans [3] Group 3 - The bank has leveraged digital advantages to create a sales loop for lychee, launching premium varieties on its mobile banking platform and promoting them through various online channels [5] - The promotional efforts have reached over 5 million exposures and covered more than 1,000 communities, successfully expanding the market for Dongguan lychee [5] - An immersive live-streaming event showcased the lychee orchards, attracting significant viewer engagement and facilitating direct purchases [5] Group 4 - The bank has mobilized its internal resources to promote lychee sales among its nearly 120,000 employees, resulting in over 10,000 pounds of lychee being purchased [7] - Employees expressed a sense of fulfillment from participating in the initiative, which aligns with the broader goal of rural revitalization [7] Group 5 - The bank introduced the "Lychee Assistance Flash Loan" to provide financial support to farmers and distributors, addressing funding challenges in the supply chain [9] - As of June 2025, the bank's agricultural loan balance reached nearly 4.9 billion, reflecting a 31% increase since the beginning of the year [9] - The combined efforts have led to over 40,000 pounds of lychee sold, demonstrating the effectiveness of the financial services in supporting rural revitalization [9] Group 6 - Looking ahead, the bank plans to continue exploring innovative agricultural support models and deepen collaborations with local governments and agricultural enterprises [10] - The focus will be on integrating resources through digital platforms to enhance the efficiency and quality of financial services [10] - The goal is to further implement the "Hundred Million Thousand Project" and promote the stories of "Dongguan Lychee" through financial empowerment [10]

Group 1 - The article promotes a lottery event where participants can win shopping cards by engaging with the content through likes, shares, and comments [1][5]. - The lottery is tied to the performance of the article, with additional rewards for increased engagement, specifically for every 1,000 likes and shares beyond 10,000 [5]. - Participants must meet three conditions to qualify for the lottery: follow the official WeChat account, like and recommend the article, and answer a question correctly in the comments [5][3]. Group 2 - The article mentions a specific asset allocation service system by China Merchants Bank, which categorizes wealth stages and risk levels into four major segments [3].

Group 1 - The article discusses various promotional activities related to payment methods, highlighting the benefits of binding payment cards and participating in specific payment tasks to receive rewards [2][3][5] - It mentions specific promotional periods for different activities, such as the registration phase from October 21 to October 31 and the draw dates on October 22 and November 2 [2] - The article outlines the potential rewards for users, including up to 298 yuan in payment vouchers and up to 888 yuan in digital currency red envelopes [3][5] Group 2 - The article emphasizes the importance of using specific apps for payment, finance, and borrowing, suggesting that users can manage multiple financial activities within one application [8] - It highlights various incentives for new users of ride-hailing services, such as discounts and cash vouchers, to encourage usage [7] - The article also mentions rewards for utility bill payments, with potential cash vouchers available for users who participate in the promotional activities [5][6]