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1、H Share Stock Code:03968Annual ReportChina Merchants BankAnnual Report 2025(H share)1ContentsContents2Definitions2Significant Risk Warning3Important Notice4Chairmans Statement7Presidents Statement12Chapter I Company Information16Chapter II Summary of Accounting Data and Financial Indicators20Chapter

2、 III Management Discussion and Analysis203.1 Analysis of Overall Operation213.2 Analysis of Income Statement273.3 Analysis of Balance Sheet323.4 Analysis of Loan Quality393.5 Analysis of Capital Adequacy423.6 Results of Operating Segments423.7 Other Financial Disclosures under the Regulatory Require

3、ments423.8 Implementation of Development Strategies493.9 Key Business Concerns in Operation573.10 Business Operation763.11 Risk Management823.12 Implementation of the Action Plan of“Corporate Value and Return Enhancement”833.13 Outlook and Coping Tactics86Chapter IV Environmental,Social and Governan

4、ce(ESG)103Chapter V Corporate Governance140Chapter VI Important Events148Chapter VII Changes in Shares and Information on Shareholders157Chapter VIII Financial StatementsChina Merchants BankAnnual Report 2025(H share)2Definitions/Significant Risk WarningDefinitionsThe Company,the Bank,CMB or China M

5、erchants Bank:China Merchants Bank Co.,Ltd.The Group:China Merchants Bank and its subsidiariesCSRC:China Securities Regulatory CommissionHong Kong Stock Exchange or SEHK:The Stock Exchange of Hong Kong LimitedHong Kong Listing Rules:The Rules Governing the Listing of Securities on the SEHKCMB Wing L

6、ung Bank:CMB Wing Lung Bank LimitedCMB Wing Lung Group:CMB Wing Lung Bank and its subsidiariesCMB Financial Leasing or CMBFL:CMB Financial Leasing Co.,Ltd.CMB International Capital or CMBIC:CMB International Capital Holdings Corporation LimitedCMB Wealth Management:CMB Wealth Management Company Limi