In 2025, China’s economy forged ahead against headwinds, and achieved innovation-driven and high-quality development, demonstrating remarkable resilience and vitality. Under the strong leadership of the CPC Central  Committee with Comrade Xi Jinping at its core, we have deeply understood the political and people-centred nature of financial services. Guided by the fundamental principle of enhancing our “Three Capabilities”, we steadfastly served the building of China into a financial powerhouse, and unwaveringly followed the path of financial development with Chinese characteristics. The Group successfully concluded its 14th Five-Year Plan, reaching a new stage in intensive high-quality development. At the end of 2025, the Group’s total assets exceeded RMB45 trillion. We achieved operating income of RMB740,871 million and a net profit of RMB339,790 million. Key indicators, including ROA, ROE, net interest margin, total capital ratio, and cost-to-income ratio, remained robust, balanced, and well-coordinated. We successfully completed the issuance of A-shares to the MOF, with proceeds of RMB105.0 billion, effectively replenishing Common Equity Tier 1 capital of the Bank. Our MSCI ESG rating was maintained at the highest level of AAA. 

Looking back, we trace the roots of these accomplishments to guide our future. The year 2025 marks the 71st anniversary of CCB’s founding and the 20th anniversary of its shareholding reform and listing. The over seven decades of development represent a history of striving for a bank born from and thriving on “construction”. From a bank undertaking the function of China’s fiscal fund allocation to a specialised state bank, then a state-owned commercial bank, we have achieved leapfrog development. Each transformation, from “moving entities where projects are, serving where needs arise” and “managing a bank in a bank’s way”, to “concentrating on banking”, and further to modern corporate governance initiated by the shareholding reform and listing, has been deeply rooted in the grand picture of national economic development, vividly engraved with distinct imprints of reform and progress. Over seven decades of arduous journey through thick and thin, our birth, growth, and transformation have always resonated with the development of the CPC and China. We opened up new prospects by navigating changes, and built winning momentum by consolidating advantages, keeping the balance of “change” and “consistency” in serving the national cause and dynamically enriching the contemporary meaning of the word “Construction” in our name. “Change” is about keeping pace with the times. In line with the strategic demand of economic and social development, we channelled financial resources to the modern industrial system, new quality productive forces, and the “Five Priorities” in finance more precisely, and served the building of a robust domestic market and the expansion of high-standard opening-up more efficiently. The brush strokes of “Construction” are now outlining a more dynamic and sustainable economic landscape. “Consistency” is about staying true to our founding mission. We have always upheld the leadership of the CPC, stood at the forefront of serving China’s key development and construction tasks at different stages, led in serving the upgrades in development of the real economy, and wholeheartedly strived to meet the people’s aspirations for a better life. We consolidated our core business while expanding growth points, with the proportions of loans granted to technology, green, inclusive and other key sectors in total loans rising steadily. We have built up a vast customer base, serving 12.73 million corporate customers and 785 million personal customers in total. Personal loans amounted to RMB9 trillion, and personal financial assets under our management exceeded RMB23 trillion.

Looking back, we cherish these accomplishments all the more and are grateful for the support we have received. Our growth and development are inseparable from the long-term trust of our customers, the steadfast confidence of our shareholders, the collective dedication of all our staff, and the unwavering support from all sectors of society. On behalf of the Board, I would like to take this opportunity to extend our heartfelt gratitude to all of you. To share the fruits of our development, the Board proposes a final cash dividend of RMB2.029 per ten shares (including tax) for 2025, subject to the shareholders’ meeting for consideration. Upon approval, the cash dividend per ten shares (including tax) for 2025 will reach RMB3.887.

In 2025, we focused on building a solid foundation of mutual benefit and shared success with our customers, delivering stable and reliable value returns to our shareholders, and providing a broad stage for our staff members to realise their aspirations, so as to create greater economic and social value in serving the process of Chinese modernisation.

Staying true to our core responsibilities and continuously enhancing our capacity to serve national construction. As the Chinese saying goes, “For a tree to grow tall, its roots must be strong.” CCB is deeply rooted in the fertile soil of national construction, and serving the real economy remains our unwavering mission. Aligning with the evolving trends in economic structure, industrial structure, and social financing, we optimised and strengthened our operations through differentiated development. Our loans to key areas, including the “Five Priorities” in finance, recorded double-digit growth. On the supply side, we systematically and comprehensively improved our integrated financial services, creating service brands such as the “Shanjian Intelligent Manufacturing” and “Shanjian Strong Infrastructure”. We made utmost efforts to support the building of a modern industrial system and promoted the deep integration of sci-tech innovation and industrial innovation. On the demand side, we pressed ahead with the special consumer finance action, effectively implemented interest subsidy policies for consumer loans, continuously enhanced financial services for key areas such as “implementation of major national strategies and enhancement of security capacity in key areas” and “the new round of large-scale equipment renewal and trade-ins of consumer goods”, supported the high-quality development of the private economy, and provided all-around support for expanding domestic demand. On the geographic dimension, we served national major regional strategies and the strategy for coordinated regional development by formulating regional financial service plans for the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Guangdong-Hong Kong-Macau Greater Bay Area, and the Chengdu-Chongqing Economic Circle, actively supporting the development of city clusters and metropolitan areas, and enhancing financial services in county areas and rural regions.

Building stronger defences and continuously enhancing our capability to prevent financial risks. We always approach risks with extreme-case scenario planning and bottom-line safeguarding mindset, and take credit risk control as the top priority in the Bank’s operations and management. We firmly grasp the relationship between “prevention” and “promotion”, maintaining robust asset quality and strong risk mitigation capacity. For “prevention”, we continued to improve our risk and internal control management system, optimised the comprehensive financing management mechanism for corporate customers, reinforced look-through management of subsidiaries and overseas operations, expedited development of the intelligent risk control system, and enhanced the integrated risk control capabilities of the Group. We intensified risk monitoring and mitigation in key areas, and prudently advanced intensive operation of inclusive finance and retail credit. Furthermore, we conducted thorough rectification of security hazards in key areas, strengthened network and information security controls, and reinforced management of market risk, internal control and compliance, anti-gambling, and anti-fraud, ensuring safe, stable, and orderly operations. For “promotion”, we stepped up our efforts in dynamic review and differentiated arrangements of credit guidelines and approval policies, and optimised credit processes, so as to responded flexibly and reasonably to the operational and development needs.

Aligning with the trend of opening-up and continuously enhancing our capabilities for international competition. We highlighted holistic planning and global deployment, formulated a package of detailed measures covering rules and processes, resource allocation, products and services, team building, and sci-tech support, and focused on enhancing our integrated service capacity of Renminbi and foreign currencies, and of domestic and overseas business. From financial innovation in the Hainan Free Trade Port to bank-enterprise cooperation under the Belt and Road Initiative, from the efficient operation of global cash management and custody services to the ecological connection on cross-border matchmaking platforms, we are telling China’s story on the global financial stage with increasing confidence. We built the resounding brand of “Come to CCB for Going Global”, focusing on meeting the diverse needs of foreign trade and investment customers. International business credit balance and cross-border RMB settlement volume achieved double-digit growth, with London Branch maintaining its position as the largest RMB clearing bank outside Asia. We exerted every effort to support the high-quality Belt and Road cooperation, facilitated the synergies of RCEP countries, and the profitability for overseas operations reached a historic high with the operating quality and efficiency rising steadily. 

Deepening reform and innovation to stimulate vitality in systems and mechanisms. Seeking inward is to better grow upward. We integrated strengthening top-level design with drawing wisdom from people, “assessing priorities based on materiality and urgency before implementation”. We took comprehensive measures for cost reduction, quality enhancement, and efficiency improvement, and tackled institutional and systemic obstacles and deep-seated issues that are incompatible with high-quality development one by one. We diligently advanced improvements in ten aspects, including corporate governance, customer and product services, and asset and liability management, unleashing internal dynamism. Leveraging on the efficacy of our Strategy and Planning Formulation and Implementation and Comprehensive Deepening Reform Committee in decision-making, we thoroughly analysed root causes and achieved targeted breakthroughs, adjusted business strategies, and clarified operational targets and management directions for key areas. We proactively initiated the formulation of the Group’s 15th Five-Year Plan. Regarding soliciting input from our staff, we adopted an open-minded attitude and openly solicited suggestions across the bank, encouraging the branches to “genuinely raise suggestions and point out the real issues”, thereby easing bottlenecks and building consensus.

Forging spiritual strength upon the bedrock of our cultural heritage to achieve enduring success. Finance is never just cold numbers; it is a responsibility and companionship filled with warmth. We earnestly conducted study and education activities to thoroughly implement the spirit of Central Eight-point Regulation on improving work styles, and promoted learning, inspection, and rectification across all levels of the bank. Upholding the noble spirit of the veteran hero Zhang Fuqing, who concealed his achievements and adhered to his original aspirations, we actively fostered and practised financial culture with Chinese characteristics, integrating the “Five Musts and Five Don’ts” into our management. We strengthened the overall planning and talent pipeline development, improved the regular working mechanism for cultivating and selecting outstanding young cadres, implemented specialised talent cultivation plans for key areas such as the “Five Priorities”in finance and internationalisation, and beefed up our efforts to effectively empowering frontline operations and alleviating their workloads, enabling every CCB associate to realise their own value in the relentless efforts of serving the nation and our customers.

Standing at the starting point of the 15th Five-Year Plan period, we will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for the New Era, fully implement the spirit of the 20th CPC National Congress and its plenary sessions, and firmly establish and practise a correct view of operation, performance, and risk. We will focus on our core responsibilities, aim at optimising and strengthening our operations, and unwaveringly press ahead with the intensive high-quality development. We are keenly aware that:

Only by keeping pace with the times and expediting transformation can we progress steadily. We will adapt to the shifts in economic development models, industrial structures, and social financing patterns during the 15th Five-Year Plan period, expedite the adjustment of our business structure and the transformation of our development model. We will consolidate and expand our strengths in traditional distinctive areas, and reinforce the weak areas, in five aspects including business deployment, financing methods, customer structure, development space, and service models. We will strengthen coordination and synergy across the group by pressing ahead with the integration of commercial and investment banking, the integration of public and private sector services, the integration of Renminbi and foreign currency businesses, and the integration of group-wide operations, enhancing financing accessibility and the alignment of supply with demand. We will vigorously serve the nation’s goal of achieving greater self-reliance and strength in science and technology, strive to build a leading bank in technology finance, solidly advance our digital and intelligent transformation, and continuously improve the quality and efficiency of serving the real economy. Furthermore, we will comprehensively enhance our capabilities to participate in international competition, providing robust support for high-standard opening-up. We will pool more resources on improving financial services at the county level, better serving the integrated development of urban and rural areas.

Only by grasping the trend and fostering benign interactions can we prevent risks in the process of development and promote high-quality development in the process of preventing risks. We will build a comprehensive, proactive, intelligent, and agile risk control system, comprehensively enhancing global perspective and holistic thinking, proactively anticipating and responding to changes in risk landscape with an enterprise-level intelligent risk control platform, and responding to markets and serving customers in an agile manner. We will focus on asset quality control and management, closely monitor key areas to effectively identify and mitigate potential risks, and advance the disposal of non-performing assets in a vigorous and orderly manner. We will establish an agile and efficient dynamic adjustment mechanism for credit guidelines and approval policies, seeking the optimal balance between “flexible granting” and “effective management”. We will comprehensively and effectively refine fundamental management, improve compliance management system, and enhance emerging risk management and enterprise-level anti-fraud capabilities.

Only by combining firm belief with pragmatic approaches, dedication and self-discipline can we achieve excellence. We will uphold and strengthen the CPC’s overall leadership, and promote high-quality development with high-quality Party building. We will firmly establish and practise a correct view of official performance, and improve the evaluation system for high-quality development. We will build a high-calibre professional talent team, and foster a positive atmosphere for pioneering and undertaking endeavours. Furthermore, we will use the practice of openly soliciting suggestions as a powerful tool for improving our work style, establish a regular long-term mechanism featuring “good at identifying problems, daring to expose them, courageous in confronting them, and effective in resolving them”.

Building on the solid foundation of over seven decades, driven by our wholehearted dedication to serving Chinese modernisation, we will continue to forge ahead with unwavering resolve on the journey of intensive high-quality development, and create an epic of striving for our nation and serving our people with concrete actions and tangible achievements.