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分 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。 中國民生銀行股份有限公司 CHINA MINSHENG BANKING CORP., LTD. （在中華人民共和國註冊成立的股份有限公司） （股份代號：01988） 海外監管公告 本 公 告 乃 中 國 民 生 銀 行 股 份 有 限 公 司（「本 行」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.09(2)條、第13.10B條，及香港法例第571章《證 券 及 期貨條例》第XIVA部項下內幕消息條文作出。 茲載列本行在上海證券交易所網站及中國報章刊登之《中國民生銀行股份 有限公司2025年第一季度報告》，僅供參閱。 承董事會命 中國民生銀行股份有限公司 董事長 高迎欣 中國，北京 2025年4月29日 於本公告日期，本行執行董事為高迎欣先生、王曉永先生及張俊潼先生； 非執行董事為劉永好先生、史玉柱先生、宋春風先生、趙鵬先生及梁鑫傑 先生；獨立非執行董事為曲新久先生、溫秋菊女士、 ...

Dividend and Share Information - The total cash dividend for the year 2024 is expected to be RMB 8.406 billion, with a distribution of RMB 0.62 per 10 shares for the final dividend and RMB 1.30 per 10 shares for the interim dividend[10]. - The total number of shares issued as of December 31, 2024, is 43.782 billion shares[10]. - The cash dividend distribution is subject to approval at the 2024 Annual General Meeting[10]. - The board meeting on March 28, 2025, approved the profit distribution plan for the year 2024[7]. - The company will provide further details regarding the timing of the 2024 Annual General Meeting and related arrangements in due course[10]. Financial Performance - The total operating income for the year reached CNY 133.12 billion, with a net profit attributable to shareholders of CNY 32.30 billion[17]. - Operating revenue for 2024 was RMB 133,123 million, a decrease of 3.11% compared to RMB 137,391 million in 2023[41]. - Net profit attributable to shareholders was RMB 32,296 million, down 9.85% from RMB 35,823 million in 2023[41]. - The non-performing loan ratio decreased to 1.47%, indicating stable asset quality[21]. - The total assets amounted to CNY 7.81 trillion, reflecting a year-on-year growth of 1.82%[17]. Risk Management and Compliance - The company has not identified any significant risks that would adversely affect its future development strategy and operational goals[10]. - The company has taken proactive measures to effectively manage various risks[10]. - The bank is committed to strict risk management and compliance, focusing on maintaining asset quality and risk control in key areas[31]. - The company's commitment to compliance and risk management is aimed at building trust and enhancing customer loyalty[39]. - The company has established a comprehensive internal capital adequacy assessment framework to ensure effective capital management and risk management[108]. Customer and Market Development - Retail customer numbers increased by 5.99% year-on-year, while private banking customer numbers rose by 12.48%[20]. - The bank aims to enhance financial services for key economic sectors and weak links in society[30]. - The number of technology-oriented enterprises served reached 114,300, an increase of 14% year-on-year, with loans to these enterprises totaling CNY 412.2 billion, up 8% from the previous year[132]. - The balance of inclusive small micro-enterprise loans was CNY 855.10 billion, with a year-on-year increase of CNY 63.89 billion; the average interest rate for these loans was 4.27%, down 38 basis points[136]. - The bank served over 45,000 clients in the supply chain finance sector, enhancing its digital and online service capabilities[148]. Asset and Liability Management - Total assets reached CNY 7.81 trillion, an increase of 1.82% compared to the previous year[26]. - Total liabilities amounted to CNY 7.16 trillion, growing by 1.72% year-on-year[26]. - The liquidity coverage ratio stood at 161.99%, exceeding the regulatory requirement of 100%[49]. - The total amount of loans and advances issued by the company reached RMB 4,450.48 billion, an increase of RMB 65.60 billion or 1.50% compared to the previous year[75]. - The total amount of non-performing loans (NPLs) in the real estate, manufacturing, and wholesale and retail sectors was RMB 26.84 billion, accounting for 79.44% of total company NPLs[94]. Technological Innovation and Digital Transformation - Minsheng Bank plans to embrace technological innovation and digital transformation to improve financial services and customer experience[31]. - The bank's digital financial development is driven by technology and data, with over 30 typical application scenarios implemented across eight major business areas[139]. - The group is focusing on enhancing financial services through fintech, aiming to improve service quality and efficiency for the real economy[54]. - The company actively explored digital finance and developed a digital investment research platform to enhance investment decision-making efficiency[177]. - The group has established a technology finance committee and specialized branches to enhance support for innovative enterprises, with a three-year plan for technology finance business implementation[131]. Sustainable Development and Green Finance - The balance of green credit increased by over 20% year-on-year, demonstrating a strong commitment to green finance[18]. - The MSCI ESG rating improved to "AAA," marking a significant achievement in sustainable development efforts[22]. - The balance of green credit reached CNY 323.46 billion, an increase of 22.41%, outpacing the average growth rate of all loans[134]. - The group has launched various innovative financial products, including carbon market services and green financing projects, to support the transition to a low-carbon economy[133]. - The group will continue to strictly implement national policies and regulatory requirements in the real estate sector, aiming for balanced development in volume, price, and quality[129]. Awards and Recognition - The bank has received multiple awards, including the 2023 Financial Technology Development Award and the 2024 MSCI ESG Rating of AAA[32]. - Minsheng Wealth received multiple industry awards, including the "Bank Wealth Management Company Excellence Award" and "Annual Cash Management Product Award" during the reporting period[178]. - Minsheng Jinzu received multiple industry awards, including "Annual Green Finance Benchmark Enterprise" and "Most Influential Financial Leasing Company" during the reporting period[174].

Financial Performance - Net profit attributable to shareholders for Q3 2024 was RMB 8,012 million, a decrease of 18.24% compared to the same period last year[5]. - Basic earnings per share for Q3 2024 were RMB 0.16, representing a 23.81% decrease compared to the same period last year[5]. - The net profit for the first nine months of 2024 was RMB 30,716 million, a decrease of 9.4% compared to RMB 33,837 million for the same period in 2023[45]. - The group's total comprehensive income attributable to shareholders for the nine months ended September 30, 2024, was RMB 32,296 million, a decrease from RMB 35,273 million in the same period of 2023, representing a decline of approximately 5.5%[47]. - The group's basic and diluted earnings per share for the nine months ended September 30, 2024, were RMB 0.60, down from RMB 0.67 in the same period of 2023, indicating a decrease of approximately 10.4%[46]. Asset and Liability Management - Total assets as of September 30, 2024, amounted to RMB 7,698,010 million, reflecting a 0.30% increase from RMB 7,674,965 million at the end of 2023[4]. - Total liabilities reached CNY 70,517.21 billion, an increase of CNY 145.57 billion or 0.21% compared to the end of the previous year[22]. - The total liabilities as of September 30, 2024, were RMB 7,051,721 million, slightly up from RMB 7,037,164 million as of December 31, 2023, indicating a growth of 0.02%[44]. - The bank's total equity attributable to shareholders was RMB 632,889 million, reflecting a 1.33% increase from RMB 624,602 million at the end of 2023[4]. - The bank's total equity as of September 30, 2024, was RMB 646,289 million, up from RMB 637,801 million as of December 31, 2023, reflecting an increase of 1.4%[44]. Loan and Deposit Trends - Total loans and advances reached RMB 4,441,038 million, up 1.28% from RMB 4,384,877 million year-over-year[4]. - Total deposits amounted to RMB 4,185,246 million, a decline of 2.28% from RMB 4,283,003 million year-over-year[4]. - The total deposits amounted to CNY 41,852.46 billion, a decrease of CNY 977.57 billion or 2.28% year-on-year, but increased by CNY 1,205.14 billion or 2.96% quarter-on-quarter[22]. - The loan balance for strategic customers (including discounts) was 1,243.239 billion yuan, an increase of 49.427 billion yuan from the end of the previous year[32]. - The small and medium enterprise loan balance was 932.614 billion yuan, reflecting an increase of 11.76% from the end of the previous year[32]. Non-Performing Loans and Risk Management - The non-performing loan ratio remained stable at 1.48% as of September 30, 2024[4]. - As of September 30, 2024, the total amount of non-performing loans reached RMB 65.63 billion, an increase of RMB 0.53 billion compared to the end of the previous year, with a non-performing loan ratio of 1.48% remaining stable[36]. - The coverage ratio for provisions stood at 146.26%, a decrease of 3.43 percentage points from the end of the previous year[36]. - The provision coverage ratio decreased to 146.26% from 149.69% at the end of 2023[4]. - The bank's capital adequacy ratio was reported at a healthy level, ensuring compliance with regulatory requirements and supporting future growth initiatives[44]. Income and Expense Analysis - Net interest income for Q3 2024 was RMB 25,161 million, down 2.76% year-over-year[5]. - The net interest income for the first nine months of 2024 was RMB 73,743 million, down from RMB 77,208 million in the same period of 2023, reflecting a decline of 4.3%[45]. - The group reported a decrease in fee and commission income, totaling RMB 16,796 million for the first nine months of 2024, compared to RMB 19,246 million in the same period of 2023, a decline of 12.5%[45]. - The group reported operating income of CNY 1,016.60 billion, a decrease of CNY 46.44 billion or 4.37% year-on-year, with the decline narrowing by 1.80 percentage points compared to the first half of the year[23]. - The bank's investment income for the first nine months of 2024 was RMB 15,529 million, an increase from RMB 11,513 million in the same period of 2023, marking a growth of 35.5%[45]. Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 194.6 billion in the first three quarters of 2024, a significant decline from RMB 123.54 billion in the same period of 2023[12]. - The group's cash and cash equivalents at the end of the period were RMB 183,142 million, down from RMB 208,794 million at the end of September 2023, reflecting a decrease of about 12.3%[50]. - The group's net cash flow from financing activities was RMB 135,593 million for the nine months ended September 30, 2024, compared to a negative cash flow of RMB 47,033 million in the same period of 2023[49]. - The liquidity coverage ratio was 154.33%, exceeding the regulatory requirement by 54.33 percentage points, indicating strong short-term liquidity risk resilience[39]. - The amount of high-quality liquid assets was RMB 1,025.82 billion, compared to RMB 1,125.73 billion at the end of the previous year[40]. Strategic Initiatives and Innovations - The group provided credit support exceeding CNY 4,100 billion to technology enterprises, with over CNY 1,100 billion specifically for specialized and innovative customers[24]. - The company launched innovative products such as "carbon rights mortgage financing" and "reduction loans" to support green development[25]. - The company has implemented a smart risk control system, enhancing the digital management capabilities in credit approval and post-loan management[35]. - The company expanded its digital financial services, enhancing user experience with over a thousand new payment options[28]. - The group aims to enhance its support for technology innovation enterprises through the establishment of a dedicated technology finance committee and the launch of various innovative financial products[24].

Dividend and Financial Reporting - The board approved a cash dividend of RMB 1.30 per 10 shares for all shareholders, subject to shareholder meeting approval[1]. - The financial report for the first half of 2024 has not been audited[1]. - The report period covers from January 1, 2024, to June 30, 2024[3]. - The report includes a comprehensive analysis of financial indicators and management discussions[2]. - The report will be made available on various media platforms and stock exchange websites[8]. Risk Management - The company has not identified any significant risks that could adversely affect its future development strategy and operational goals[1]. - The company emphasizes the importance of risk awareness regarding forward-looking statements in the report[1]. - The company is committed to effective risk management measures[1]. - The overall risk compensation capacity of commercial banks remains at a high level, supported by a package of policies aimed at stabilizing the real estate market[22]. - The bank is committed to supporting the stable development of the real estate market by addressing financing needs for various property enterprises and promoting affordable housing projects[152]. Financial Performance - Operating income for the first half of 2024 was RMB 65,589 million, a decrease of 6.12% compared to RMB 69,868 million in the same period of 2023[13]. - Net interest income decreased by 5.36% to RMB 48,582 million from RMB 51,334 million year-on-year[13]. - Net profit attributable to shareholders was RMB 22,474 million, down 5.48% from RMB 23,777 million in the first half of 2023[13]. - Total assets as of June 30, 2024, were RMB 7,551,013 million, a decrease of 1.62% from RMB 7,674,965 million at the end of 2023[14]. - Total loans and advances increased by 0.87% to RMB 4,423,227 million compared to RMB 4,384,877 million at the end of 2023[14]. Loan and Deposit Trends - Total deposits decreased by 5.10% to RMB 4,064,732 million from RMB 4,283,003 million at the end of 2023[14]. - The non-performing loan ratio improved slightly to 1.47% from 1.48% at the end of 2023[14]. - The total amount of loans classified as "concerned" reached RMB 122.913 billion, an increase of RMB 4.386 billion, with a ratio of 2.78%, up by 0.08 percentage points[64]. - The total amount of personal loans was RMB 1,749.63 billion, with an NPL amount of RMB 29.63 billion, resulting in an NPL ratio of 1.69%[71]. - The total amount of loans in the real estate sector decreased by RMB 5.898 billion, totaling RMB 340.400 billion[68]. Capital Adequacy and Financial Ratios - The capital adequacy ratio decreased to 12.30% from 13.14% at the end of 2023[14]. - The core tier 1 capital adequacy ratio was 9.35%, an increase of 0.07 percentage points from the end of the previous year[80]. - The liquidity coverage ratio was reported at 140.61%, above the regulatory requirement of 100%[16]. - The net stable funding ratio of the company is 104.78%, and the liquidity coverage ratio is 140.61%[59]. Shareholder Information - As of June 30, 2024, the total number of ordinary shares is 43,782,418,502, with 100% being unrestricted shares[166]. - The number of ordinary shareholders is 341,030, including 323,419 A-share holders and 17,611 H-share holders[169]. - The top 10 shareholders hold a combined total of 30.66% of the shares, with the largest being Hong Kong Central Clearing Limited at 18.93%[170]. - The company did not issue new ordinary shares during the reporting period, and there were no changes in the total number of shares[167]. - There are judicial freezes on 117,028,711 shares and judicial markings on 1,163,088,412 shares held by Dongfang Group[172]. Corporate Governance - The company emphasized the integration of party leadership with corporate governance, enhancing governance mechanisms and systems[191]. - The company maintained compliance with legal and regulatory requirements regarding corporate governance throughout the reporting period[191]. - The ninth board of directors was elected on June 26, 2024, during the annual general meeting, with nominations from the eighth board[197]. - The company has a diverse board composition, including independent directors and external supervisors, ensuring governance and oversight[196]. - The company continues to focus on strategic development and consumer rights protection through its board committees[198]. Digital Transformation and Innovation - The bank's digital finance initiatives included the launch of the "Cloud Data" model and improvements in mobile loan processing, achieving a 3-minute loan application and 1-minute disbursement[131]. - The bank is actively exploring the application of large model technology across eight areas, including smart marketing and risk control, to improve operational efficiency and customer experience[134]. - The bank has made significant progress in digital transformation, improving its information technology risk management system[160]. - The bank has strengthened its monitoring indicators for information technology risks, conducting regular assessments and optimizing risk control measures[160]. - The bank is focusing on digital transformation to improve marketing, operations, and risk management through technology upgrades[164].

Financial Performance - Operating income for the first half of 2024 was RMB 65,589 million, a decrease of 6.12% compared to RMB 69,868 million in the same period of 2023[8]. - Net interest income decreased by 5.36% to RMB 48,582 million from RMB 51,334 million year-on-year[8]. - Net profit attributable to shareholders was RMB 22,474 million, down 5.48% from RMB 23,777 million in the previous year[8]. - Total assets as of June 30, 2024, were RMB 7,551,013 million, a decrease of 1.62% from RMB 7,674,965 million at the end of 2023[9]. - Total loans and advances increased by 0.87% to RMB 4,423,227 million compared to RMB 4,384,877 million at the end of 2023[9]. - Total deposits decreased by 5.10% to RMB 4,064,732 million from RMB 4,283,003 million at the end of 2023[9]. - The bank's basic earnings per share for the first half of 2024 was RMB 0.43, down 6.52% from RMB 0.46 in the same period of 2023[8]. - The bank's cash flow from operating activities was negative at RMB -283,843 million, compared to RMB 108,631 million in the previous year[8]. Risk Management - The bank has not identified any significant risks that could adversely affect its future development strategy and operational goals[2]. - The bank's management has taken proactive measures to effectively manage various risks[2]. - The non-performing loan ratio improved slightly to 1.47% from 1.48% at the end of 2023[9]. - The provision coverage ratio stood at 149.26%, a slight decrease of 0.43 percentage points from the previous year[15]. - The liquidity coverage ratio was 140.61%, above the regulatory requirement of 100%[11]. - The leverage ratio was 6.92%, remaining compliant with the regulatory standard of ≥4.125[11]. Shareholder Information - China Minsheng Bank reported an interim profit distribution plan to pay a cash dividend of RMB 1.30 per 10 shares (including tax) to all shareholders[2]. - The total number of ordinary shareholders is 341,030, with 323,419 A-share holders and 17,611 H-share holders[157]. - The top ten shareholders hold a total of 18.93% and 10.30% of shares respectively, with the largest shareholder being Hong Kong Central Clearing Limited, holding 8,285,912,862 shares[158]. - The company has not issued new ordinary shares during the reporting period, maintaining a total of 43,782,418,502 shares[156]. Corporate Governance - The board of directors convened 11 meetings, discussing 76 proposals and reviewing 58 special reports[186]. - The supervisory board held 10 meetings, reviewing 30 proposals and 60 reports[187]. - The company strictly adhered to legal regulations and improved its corporate governance mechanisms during the reporting period[184]. - The company has appointed Cheng Fengchao and Liu Hanxing as independent directors during the 2023 annual general meeting, with their qualifications approved in February and March 2024 respectively[191]. Loan and Deposit Trends - Total loans and advances reached CNY 44,232.27 billion, an increase of CNY 383.50 billion or 0.87% year-on-year, accounting for 58.58% of total assets, up 1.45 percentage points[13]. - Total deposits amounted to CNY 40,647.32 billion, a decrease of CNY 2,182.71 billion or 5.10% year-on-year, with personal deposits growing steadily[13]. - The total amount of unused credit card limits was RMB 510.741 billion, a slight decrease of 0.77% from RMB 514.685 billion at the end of 2023[55]. Digital Transformation and Innovation - The company is focusing on digital transformation to enhance customer experience and operational efficiency[153]. - The bank's digital financial services have been enhanced, with continuous iteration of digital products and improved service capabilities[122]. - The company is actively exploring the application of large models and AIGC technologies to improve service efficiency and customer experience across various banking operations[125]. Economic Outlook - The banking industry is expected to face both opportunities and challenges in the second half of the year, with increased fiscal spending and local bond issuance anticipated to boost economic recovery[153]. - The optimization of deposit term structures and manual interest compensation adjustments are expected to alleviate pressure from narrowing net interest margins[153].

Financial Performance - Net profit attributable to shareholders for Q1 2024 was RMB 13,431 million, a decrease of 5.63% from RMB 14,232 million in Q1 2023[5] - Operating income for Q1 2024 was RMB 34,273 million, down 6.80% from RMB 36,773 million in the same period last year[5] - Basic earnings per share for Q1 2024 were RMB 0.31, a decline of 6.06% compared to RMB 0.33 in Q1 2023[5] - The net profit for the group for the first quarter of 2024 was RMB 13,487 million, a decrease of 5.8% compared to RMB 14,322 million in the same period of 2023[52] - The group reported a total operating income of RMB 34,273 million for Q1 2024, a decrease from RMB 36,773 million in Q1 2023, representing a decline of approximately 6.8%[52] - The net interest income for the group in Q1 2024 was RMB 24,262 million, down from RMB 25,369 million in Q1 2023, reflecting a decline of approximately 4.4%[52] - The group’s investment income for Q1 2024 was RMB 5,948 million, compared to RMB 4,108 million in Q1 2023, indicating a significant increase of approximately 45%[52] - For the three months ended March 31, 2024, the group's total comprehensive income was RMB 14,688 million, a decrease of 5% from RMB 15,462 million in the same period of 2023[54] Asset and Liability Management - Total assets as of March 31, 2024, amounted to RMB 7,727,511 million, representing a 0.68% increase from the end of 2023[4] - The total liabilities reached CNY 70,750.29 billion, an increase of CNY 378.65 billion or 0.54% compared to the end of the previous year[18] - The total liabilities of the group as of March 31, 2024, were RMB 7,075,029 million, compared to RMB 7,037,164 million as of December 31, 2023, indicating a slight increase of about 0.5%[49] - The group’s total equity as of March 31, 2024, was RMB 652,482 million, up from RMB 637,801 million as of December 31, 2023, reflecting an increase of about 2.5%[51] Loan and Deposit Activities - Total loans and advances increased by 2.60% to RMB 4,498,726 million compared to the end of 2023[4] - The total deposits amounted to CNY 42,526.03 billion, a decrease of CNY 304.00 billion or 0.71% year-on-year[18] - The balance of loans to the manufacturing sector was CNY 5,027.85 billion, increasing by CNY 392.98 billion or 8.48%[18] - The balance of small and medium-sized enterprise (SME) loans reached CNY 896.82 billion, an increase of CNY 54.61 billion, representing a growth of 6.48% compared to the end of the previous year[22] - The net cash flow from operating activities for the group was negative RMB 127,366 million, compared to a positive RMB 225,971 million in the same period of 2023[55] Non-Performing Loans and Risk Management - The non-performing loan ratio improved to 1.44% from 1.48% at the end of 2023[4] - The total amount of non-performing loans is CNY 64.974 billion, a decrease of CNY 1.23 billion compared to the end of last year, with a non-performing loan ratio of 1.44%, down 0.04 percentage points[38] - The bank's risk management has been enhanced, with a focus on optimizing credit structure and strict entry management to control new risks[38] Shareholder and Equity Information - The total equity attributable to shareholders increased by 2.34% to RMB 639,200 million compared to the end of 2023[4] - The number of ordinary shareholders reached 325,921 as of the end of the reporting period, with 308,219 A-share holders and 17,702 H-share holders[11] - The top 10 shareholders hold a total of 18.92% of H-shares and 10.30% of A-shares, with the largest shareholder being Hong Kong Central Clearing Limited[12] - The proportion of pledged shares reached 20% of the total equity, with efforts to reduce this ratio below 20% ongoing[13] Digital Transformation and Customer Engagement - The bank has continued to improve its digital transformation foundation, focusing on data value release and the construction of enterprise-level data lakes and integration architectures[37] - The bank's digital payment services have been upgraded, adding over 130 banks for credit card bill inquiries and automatic repayment services[36] - The total number of users added via WeChat reached 16.2764 million, an increase of 2.0763 million compared to the end of the previous year[26] - Retail online platform users reached 114.33 million, an increase of 1.48% from the previous year; monthly active users grew by 12.92% to 27.95 million[34] Government and Regulatory Compliance - Government subsidies received were 92 million RMB in Q1 2024, down from 132 million RMB in Q1 2023[8] - The bank has actively improved its corporate governance structure, enhancing the roles of independent directors and external supervisors[45]

Financial Performance - In 2023, the group achieved a net profit attributable to shareholders of RMB 35.823 billion, an increase of 1.57%[7] - As of the end of 2023, total equity attributable to shareholders reached RMB 624.6 billion, up by 4.11%[7] - Total assets amounted to RMB 7.67 trillion, reflecting a growth of 5.78%[7] - A cash dividend of RMB 2.16 per 10 shares (including tax) is proposed for distribution to all shareholders[2] - Operating income for 2023 was RMB 137,391 million, a decrease of 1.31% compared to RMB 139,219 million in 2022[24] - Net interest income decreased by 4.68% to RMB 102,431 million from RMB 107,463 million in the previous year[24] - Non-interest income increased by 10.09% to RMB 34,960 million, up from RMB 31,756 million in 2022[24] - The bank achieved a net profit attributable to shareholders of RMB 35.823 billion, an increase of 1.57% year-on-year[34] - The bank's total assets as of December 31, 2023, reached RMB 7,620,373 million, compared to RMB 7,199,972 million in 2022, marking an increase of 5.81%[107] Asset Quality and Risk Management - In 2023, the non-performing loan generation rate was 1.58%, a year-on-year decrease of 0.43 percentage points, marking three consecutive years of steady decline[9] - The bank achieved a reduction in non-performing loans, non-performing loan rates, and attention loan rates, with a notable improvement in asset quality[9] - Non-performing loan ratio decreased to 1.48%, down by 0.20 percentage points from the end of the previous year[12] - Provision coverage ratio increased to 149.69%, up by 7.20 percentage points from the end of the previous year[12] - The bank's bad loan ratio continued to decline, indicating improved asset quality management[33] - The total amount of non-performing loans for the group reached CNY 38.242 billion, a decrease of CNY 5.034 billion compared to the end of the previous year, with a non-performing loan ratio of 1.46%, down 0.34 percentage points year-on-year[135] - The coverage ratio for provisions increased compared to the end of the previous year, reflecting a stronger risk management stance[182] Digital Transformation and Innovation - The company launched innovative products such as "E-Creative Loan" and established a dedicated technology finance department[7] - The bank is committed to digital transformation, aiming to build an "ecological bank" and "smart bank" to support clients' digital transformation[12] - The bank's financial technology initiatives have enhanced service quality and efficiency across various sectors[33] - The bank has implemented a new three-year technology plan and its first data strategy to support digital finance initiatives[159] - The bank's digital marketing capabilities are now fully established, facilitating efficient online and offline marketing activities[160] - The bank's intelligent risk control system was enhanced with the launch of a multi-dimensional early warning model and intelligent collection system[163] Green Finance and Sustainable Development - The green credit balance grew at a rate of 47%[7] - The bank's MSCI ESG rating improved by two levels to "AA," reflecting industry recognition of its sustainable development practices[9] - The bank plans to increase green credit investments and innovate green financial service models[12] - The bank's green credit balance reached RMB 264.241 billion, an increase of 46.87% compared to the end of the previous year, outpacing the average growth rate of all loans[126] - The bank's green financial services have been recognized with multiple awards, including "Advanced Unit in Green Bank Evaluation" by the China Banking Association[126] Customer Engagement and Service Quality - The core enterprise customer count and financing balance doubled year-on-year, indicating significant growth in digital finance[7] - The cumulative number of pension accounts exceeded 1.7 million, with successful bids in 30 provincial-level pension plans[7] - The bank aims to enhance financial service quality and efficiency, focusing on supporting the real economy and optimizing business structures[10] - The bank's retail customer base reached 128.72 million, an increase of 5.65% year-over-year[139] - The bank's wealth management service system was enhanced, focusing on stable investment products to meet customer needs[141] Strategic Focus and Future Plans - The bank's strategic focus includes supporting high-tech and green industries to foster new productive forces[10] - The bank plans to deepen the integration of large, medium, and small enterprises, enhancing services for small and micro enterprises[10] - The company aims to enhance long-term confidence and resilience while cultivating new growth drivers in the transition of old and new economic dynamics[17] - The bank aims to optimize its asset business structure, focusing new credit resources on technology innovation, high-end manufacturing, and green finance[196] - The bank plans to accelerate its digital transformation by enhancing its organizational structure and improving data governance capabilities[196]

Investment Rating - The investment rating for Minsheng Bank is "Accumulate" [1] Core Views - The report indicates a recovery trend in revenue and net profit for Minsheng Bank in 2023, with a notable increase in small and micro loans and a decrease in non-performing loan (NPL) ratio [4] - The target price is set at HKD 3.96, corresponding to a price-to-book (PB) ratio of 0.29 for 2024, maintaining the "Accumulate" rating [4] Summary by Sections Financial Performance - In 2023, revenue decreased by 1.2% year-on-year, a significant improvement compared to a 15.6% decline in 2022, with other non-interest income growing by 29.9% [4] - Net profit increased by 1.6%, indicating stable profitability [4] - The small and micro loan portfolio reached nearly RMB 800 billion, growing by 15.8%, with the balance of inclusive small and micro enterprise loans at RMB 612.27 billion, up by 11.51% [4] Asset Quality - The NPL ratio decreased by 56 basis points to 1.14%, with both NPL ratio and balance declining for five consecutive quarters [4] - The provision coverage ratio rose by 0.5 percentage points to 149.69%, enhancing risk mitigation capabilities [4] - The NPL ratio for corporate loans decreased by 22 basis points to 1.46%, with notable reductions in the manufacturing, real estate, and mining sectors [4] Interest Margin and Cost - The net interest margin for 2023 was 1.46%, down by 2 basis points from the first half of the year, with pressure expected on the interest margin due to declining asset yields and relatively rigid liability costs [4]

Dividend and Annual Report - The proposed cash dividend is RMB 2.16 per 10 shares (including tax), subject to approval at the 2023 annual general meeting[1]. - The annual report was approved by the board on March 28, 2024, with 16 directors present, including 7 in person and 9 via video[2]. - The annual report will be published on both the Hong Kong Stock Exchange and the bank's official website[1]. Financial Performance - In 2023, Minsheng Bank achieved a net profit attributable to shareholders of 35.823 billion yuan, an increase of 1.57%[8]. - Operating revenue for 2023 was RMB 137,391 million, a decrease of 1.31% compared to RMB 139,219 million in 2022[26]. - Net interest income decreased by 4.68% to RMB 102,431 million from RMB 107,463 million in the previous year[26]. - Non-interest income increased by 10.09% to RMB 34,960 million, up from RMB 31,756 million in 2022[26]. - The average return on total assets was 0.48%, a decrease of 0.02 percentage points from 0.50% in 2022[26]. - The cost-to-income ratio increased to 37.00% from 36.44% in the previous year[26]. - The net interest margin decreased to 1.46% from 1.60% in 2022[26]. Asset and Equity Growth - As of the end of 2023, total equity attributable to shareholders reached 624.6 billion yuan, up 4.11%[8]. - Total assets amounted to 7.67 trillion yuan, reflecting a growth of 5.78%[8]. - Total loans and advances rose by 5.89% to RMB 4,384,877 million, with corporate loans increasing by 9.09% to RMB 2,617,355 million[27]. - The liquidity coverage ratio improved to 146.06%, up from 134.89% in the previous year, indicating strong liquidity management[29]. Risk Management - The bank has not identified any significant risks that adversely affect its future development strategy and operational goals[2]. - The bank aims to effectively manage various risks through proactive measures[2]. - The non-performing loan generation rate was 1.58%, a decrease of 0.43 percentage points year-on-year, marking three consecutive years of decline[10]. - The bank's non-performing loan ratio decreased to 1.48%, down by 0.20 percentage points from the previous year[14]. - The provision coverage ratio increased to 149.69%, up by 7.20 percentage points year-on-year[14]. Strategic Development - The annual report includes a section on future outlook, indicating plans for strategic development and risk management[4]. - The bank's strategic goal for 2021-2025 is to become a first-class commercial bank characterized by continuous innovation and stable operations, with a two-phase development plan[17]. - Minsheng Bank positions itself as a bank for private enterprises, emphasizing support for small and medium-sized enterprises (SMEs) and enhancing its service quality in this sector[18]. - The bank plans to leverage digital transformation to create an agile and open banking environment, enhancing customer experience through integrated services[18]. Digital Transformation and Technology - Commitment to digital transformation and building a "smart bank" with innovative products[14]. - The bank's digital transformation efforts are aimed at enhancing customer service and operational efficiency through innovative financial technology solutions[35]. - The bank launched new services such as "Xin Guan+" for fund sales supervision and "Cross-border+" for global custody, enhancing market influence[157]. - The bank's digital transformation strategy includes a three-year technology plan and a data strategy aimed at becoming a data-driven bank[162]. Community and Social Responsibility - Minsheng Bank has donated over 200 million yuan to support poverty alleviation efforts in Henan Province over the past 22 years[10]. - The bank's MSCI ESG rating improved by two levels to "AA," reflecting recognition of its sustainable development efforts[10]. - Focus on enhancing technology finance, green finance, and inclusive finance to support sustainable development[14]. Customer Engagement and Services - The number of pension accounts exceeded 1.7 million, indicating strong growth in retirement finance services[8]. - The bank's strategy includes a focus on emerging industries such as green energy and advanced manufacturing, aiming to create a new model of "industry - technology - finance"[19]. - The bank emphasizes a customer-centric approach, aiming to improve customer satisfaction through integrated and one-stop services[19]. Compliance and Regulatory Adherence - Emphasis on compliance and risk management to ensure stable operation and adherence to regulatory requirements[15]. - The bank has established a comprehensive legal risk management system to ensure compliance with laws and regulations[198]. - The company has improved its compliance management framework, enhancing internal control and compliance quality[199].

Financial Performance - Net profit attributable to shareholders for Q3 2023 was RMB 9,800 million, representing a year-on-year increase of 7.22%[5] - The net profit attributable to shareholders for the first three quarters of 2023 was CNY 33.577 billion, a decrease of CNY 0.0201 billion, representing a decline of 0.60% year-on-year[17] - Basic earnings per share for Q3 2023 were RMB 0.21, up 10.53% year-on-year[5] - Basic earnings per share for the first nine months of 2023 were RMB 0.67, compared to RMB 0.68 in the same period of 2022[55] - The group's operating income for the first nine months of 2023 was RMB 106,304 million, a decrease of 1.2% compared to RMB 108,596 million in the same period of 2022[53] - The group's investment income for the first nine months of 2023 was RMB 11,513 million, up from RMB 10,005 million in the same period of 2022, representing an increase of 15.1%[53] Asset Quality - Non-performing loans totaled RMB 68,015 million, showing a decrease of 1.98% from the previous year[4] - The non-performing loan ratio improved to 1.55%, down from 1.68% at the end of 2022, indicating better asset quality[4] - The provision coverage ratio improved to 149.21%, up from 142.49% at the end of 2022, enhancing risk management[4] - The non-performing loan (NPL) amount decreased to RMB 68.02 billion, down by RMB 1.98% from RMB 69.39 billion, with an NPL ratio of 1.55%, a decrease of 0.13 percentage points[40] - The coverage ratio for provisions increased to 149.21%, up by 6.72 percentage points from the previous year[39] Loans and Advances - Total loans and advances amounted to RMB 4,383,813 million, reflecting a growth of 5.86% year-on-year[4] - The balance of general corporate loans was CNY 2,343.031 billion, an increase of CNY 193.222 billion, representing a growth of 8.99% year-on-year[20] - The balance of loans to small and medium-sized enterprises surrounding the basic customer group was 804.495 billion yuan, up 17.37% from the end of the previous year[21] - The total loan amount as of September 30, 2023, is RMB 4,383.81 billion, an increase of 5.86% compared to RMB 4,141.14 billion at the end of December 2022[40] Customer Deposits - Customer deposits increased to RMB 4,226,402 million, a rise of 5.83% from the previous year[4] - The average daily balance of settlement customers' general deposits was 1.277477 trillion yuan, an increase of 16.38% year-on-year[22] - Corporate deposits stood at CNY 3,021.190 billion, up CNY 70.055 billion, a growth of 2.37% year-on-year[20] Cash Flow - The net cash flow from operating activities reached RMB 123,537 million in the first nine months of 2023, a significant recovery from a negative RMB 12,878 million in the same period of 2022[10] - The cash inflow from operating activities totaled RMB 567,192 million, an increase of 36.5% from RMB 415,501 million in the previous year[56] - The cash inflow from financing activities was RMB 565,045 million, a decrease of 8.5% compared to RMB 617,721 million in the previous year[58] - The total cash and cash equivalents at the end of the period reached RMB 208,794 million, significantly up from RMB 75,900 million at the end of the previous year[59] Shareholder Information - The number of ordinary shareholders totaled 349,024 as of the end of the reporting period, with 331,159 A-share holders and 17,865 H-share holders[11] - The top ten ordinary shareholders collectively hold 60.69% of the total shares, with the largest shareholder, Hong Kong Central Clearing Limited, owning 18.92%[12] - The proportion of shares held by the top ten preferred shareholders is 56.67%, with the largest holding being 20 million shares, representing 10%[14] Digital Transformation and Innovation - The digital transformation strategy has been accelerated, focusing on technology planning and data strategy implementation to support high-quality business development[34] - The company is advancing its digital transformation with a focus on cloud-native hybrid deployment and enhancing resource utilization[37] - The digital marketing system was enhanced with the establishment of a corporate WeChat wealth workbench, enabling multi-channel marketing and precise customer targeting[36] Risk Management - The company is committed to improving risk management capabilities, with a focus on enhancing the internal control system and asset quality[39] - The intelligent risk control system was upgraded, improving the efficiency of credit decision-making and risk detection for small and micro enterprises[36] - A dedicated service team for small and micro enterprises has been established with over 600 personnel across 31 branches, enhancing customer service capabilities[29] Retail Business - The retail business revenue for the first three quarters was 46.740 billion yuan, a decrease of 6.69% year-on-year, accounting for 46.88% of total revenue[23] - The total assets managed for retail customers reached 2.709213 trillion yuan, an increase of 140.286 billion yuan from the end of the previous year[24] - The total amount of retail loans (including credit card overdrafts) was 1.885973 trillion yuan, an increase of 86.815 billion yuan from the end of the previous year[24] - The number of retail customers increased by 6.2598 million to 128.0921 million[24] Awards and Recognition - The company has been recognized as the "Best Asset Custody Bank" by the Financial Times and received the "Outstanding Asset Custody Bank" award from the Securities Times in 2023[33]