Core Viewpoint - The report highlights the financial performance of China Merchants Bank for the first three quarters of 2025, showing a slight decline in revenue but a modest increase in net profit, indicating stable operational efficiency amidst challenging market conditions [8][9]. Financial Data - The total operating income for the first three quarters of 2025 was CNY 251.42 billion, a decrease of 0.51% year-on-year [8]. - The net profit attributable to shareholders was CNY 113.77 billion, an increase of 0.52% year-on-year [8]. - The net interest income reached CNY 160.04 billion, up by 1.74% year-on-year, while non-interest income was CNY 91.38 billion, down by 4.23% [10][11]. - The total assets amounted to CNY 12,644.08 billion, reflecting a growth of 4.05% from the previous year [16]. - The total loans and advances were CNY 7,136.29 billion, increasing by 3.60% [16]. Asset Quality - The non-performing loan (NPL) balance was CNY 67.43 billion, with an NPL ratio of 0.94%, a slight decrease of 0.01 percentage points from the previous year [9][21]. - The provision coverage ratio stood at 405.93%, down by 6.05 percentage points year-on-year [9]. Capital Adequacy - The capital adequacy ratio was 17.59%, with a core tier one capital ratio of 13.93%, both showing a decline compared to the previous year [27][28]. Shareholder Information - As of the reporting period, the total number of ordinary shareholders was 498,392, with 471,874 being A-share shareholders [5][6]. Management Discussion and Analysis - The bank maintained a balanced development strategy focusing on quality, efficiency, and scale, with a stable asset quality overall [8]. - The bank's credit impairment losses were CNY 33.35 billion, a decrease of 8.24% year-on-year, indicating effective risk management [15]. Business Performance - The bank's retail customer base grew to 220 million, with total assets under management (AUM) reaching CNY 16.60 trillion, an increase of 11.19% [33].

Group 1 - The core viewpoint of the report indicates that China Merchants Bank experienced a decline in both operating income and net profit for Q1 2025 compared to the previous year, with operating income at 83.751 billion yuan, down 3.09%, and net profit at 37.286 billion yuan, down 2.08% [1] - The bank's net interest income increased by 1.92% year-on-year, reaching 52.996 billion yuan, while non-interest income saw a significant decline of 10.64%, totaling 30.755 billion yuan [1] - As of the end of Q1 2025, the total assets of China Merchants Bank reached 12.529 trillion yuan, a growth of 3.11% from the end of the previous year, with total loans and advances at 7.125 trillion yuan, up 3.44% [1] Group 2 - The bank's non-interest income accounted for 36.72% of total operating income, with net fee and commission income at 19.696 billion yuan, down 2.51% year-on-year, while other net income fell by 22.19% to 11.059 billion yuan, primarily due to the impact of rising market interest rates on the fair value of bond and fund investments [1] - In terms of asset quality, as of the end of Q1 2025, the non-performing loan balance was 66.743 billion yuan, an increase of 1.133 billion yuan from the end of the previous year, with a non-performing loan ratio of 0.94%, a slight decrease of 0.01 percentage points [2] - The bank's provision coverage ratio stood at 410.03%, down 1.95 percentage points from the end of the previous year, and the loan provision ratio was 3.84%, down 0.08 percentage points [2]