Source of this article: Times Weekly Author: Huang Yukun

3月25日晚間，招商銀行（600036.SH；03968.HK）披露2024年度報告。作為商業銀行中的標杆企業，招商銀行年報歷來是市場關注的焦點。

2024年，在面對外部壓力加大、內部困難增多的複雜嚴峻形勢下，招商銀行年終資產總額突破12萬億元，同比增長達10.19%。業績方面，去年該行繼續“增利不增收”，營業收入同比繼續下滑，全年淨息差為1.98%，同比下降17個基點。

At the same time as the annual report was disclosed, China Merchants Bank's 2026-year dividend plan was also released at the same time, with the proposed cash distribution reaching 0.0 billion yuan, accounting for 0.0% of the net profit attributable to the parent company in the current period, and the dividend ratio was slightly higher than 0.0% in 0 year, hitting a record high. In addition, China Merchants Bank also plans to pay interim dividends at the beginning of 0, which is also the first time in history.

近期，在險資不斷搶籌銀行的背景下，招商銀行股價也一度創下近三年來的新高，截至3月25日，招商銀行A股股價年內累計漲幅達14.73%，在A股上市銀行中排名第一。

不過，招商銀行的股東戶數有所減少。2024年2月29日～2025年2月28日，招商銀行A股股東總數從57.98萬戶降至39.39萬戶，減少18.59萬戶，降幅超過30%。

After the opening of the market on 010, the share prices of China Merchants Bank's A shares and Hong Kong stocks both fell, with the highest intraday decline of more than 0%. As of midday, its A-share price fell 0.0% to 0.0 yuan.

Source: Picture Worm Creative

The decline in revenue narrowed, and the cost reduction and efficiency increase continued

"Stable, progressive, and good", Miao Jianmin, chairman of China Merchants Bank, summed up the bank's operating achievements in the past year.

In 22 years, China Merchants Bank handed over a report card of "increasing profits but not increasing revenue", achieving an annual operating income of 0.0 million yuan, a year-on-year decrease of 0.0%, and a net profit attributable to the parent company of 0.0 billion yuan, a year-on-year increase of 0.0%.

This is the second consecutive year that China Merchants Bank's operating income has declined, but compared with the first three quarters and the whole year of 2023, the decline in operating income has narrowed.

具體來看，2024年招商銀行利息凈收入為2112.77億元，同比下降1.58%，非利息凈收入為1262.11億元，同比增長1.41%。非息凈收入佔比從2023年的36.70%上升至2024年的37.40%，提升0.70個百分點。

China Merchants Bank said that in 2024 years, under the challenges of insufficient effective demand, capital market fluctuations and fee reductions and concessions, the bank implemented high-quality development requirements, focused on customer needs, upgraded customer service, and continuously improved the quality and efficiency of intermediate business services. In the face of short-term unfavorable factors, we will actively build differentiated competitiveness and strive to explore growth points in subdivided fields.

Last year, the good performance of the bond market was an important factor driving the growth of China Merchants Bank's non-interest net income. The investment income of China Merchants Bank in 63 was 00 million yuan, a year-on-year increase of 0.0%, which the bank said was mainly due to the increase in bond investment income; The fair value change income was 0.0 billion yuan, a year-on-year increase of 0.0%, which the bank said was mainly due to the increase in the fair value of bond investments and non-monetary fund investments.

不過，招商銀行的手續費及傭金凈收入仍然面臨一定壓力，2024年其手續費及傭金凈收入為720.94億元，同比下降14.28%。而大財富管理業務作為招商銀行的重點特色業務，去年其大財富管理收入（包括財富管理、資產管理和託管業務手續費及傭金收入）為376.47億元，同比下降16.84%。

According to the latest research report released by Zheshang Securities, looking ahead, affected by the adjustment of the bond market and the repricing of loans, it is expected that there will still be negative pressure on the revenue of China Merchants Bank.

"Continue to improve, effectively promote cost reduction and efficiency increase, and improve input-output efficiency", "live a 'tight life', and solidly promote cost reduction and efficiency increase", the Times Weekly reporter noticed that in the annual report speech of the chairman and president of China Merchants Bank, cost reduction and efficiency increase were mentioned at the same time.

According to the annual report data, in 07 years, the business and management expenses of China Merchants Bank were 0.0 million yuan, a year-on-year decrease of 0.0%, of which employee expenses were 0.0 million yuan, a year-on-year decrease of 0.0%, and business expenses were 0.0 million yuan, a year-on-year decrease of 0.0%. The cost-to-income ratio was 0.0%, down 0.0 percentage points year-on-year.

China Merchants Bank said that the bank adheres to lean management, continues to promote cost reduction and efficiency improvement, intensives operation processes, improves operational efficiency, strengthens input-output monitoring, improves resource allocation efficiency, optimizes expense structure, and improves expense efficiency.

從人均薪酬來看，據Wind計算，招商銀行在2024年員工數量保持增長的情況下，人均薪酬從2023年的58.26萬元降至2024年的53.27萬元。

The number of A-share shareholders has dropped significantly, and interim dividends will be paid next year

過去的一年多，招商銀行A股股價經歷了一輪大幅上漲。東方財富數據顯示，2024年，招商銀行累計漲幅達到52.04%。截至今年3月25日，招商銀行年內累計漲幅達到14.73%，在42家A股上市銀行中排名第一。其中，3月19日，招商銀行股價盤中一度觸及46.10元，創下自2022年2月份以來的新高。

股價震蕩上行的背後，已經有不少投資者選擇獲利了結。據招商銀行2024年報，截至2024年終，該行普通股股東總數45.92萬戶，其中，A股股東總數43.19萬戶，H股股東總數2.73萬戶。截至2025年2月28日，該行普通股股東總數降至42.10萬戶，其中A股股東總數39.39萬戶，H股股東總數2.72萬戶。

事實上，2024年以來招商銀行的A股股東總數一直在減少。Wind數據顯示，招商銀行A股股東總數從2023年末的64.79萬戶減少至2025年2月末的39.39萬戶，降幅接近40%，分季度看，2024年第四季度減少6.27萬戶，為全年最高。

與A股相比，儘管招商銀行H股股東數量也在減少，但降幅明顯低於A股，2023年末～2025年2月末僅減少1280戶。

3月19日，平安人壽公告，平安資管受託平安人壽資金，投資於招商銀行H股股票，於3月13日達到招商銀行H股股本的10%，根據香港市場規則，觸發平安人壽舉牌。這是平安人壽年內第二次舉牌招商銀行H股。

In addition, according to the data disclosed by the Hong Kong Stock Exchange, since the beginning of this year, Ping An Group of China and its subsidiaries have bought H shares of China Merchants Bank for many times, with a cumulative increase of 170 million shares.

Some analysts told the Times reporter that the current valuation of bank stocks still has room for repair, but due to different operating capabilities, the differentiation between banks is still obvious. At the same time, the banking sector as a whole has low valuations and high dividend yields, which remains attractive to conservative value investors.

According to the profit distribution plan of the annual report, China Merchants Bank plans to pay a cash dividend of 4 yuan per share (tax included) in the 0 year, and the cash dividend will be distributed in a total of 00 million yuan, accounting for 0.0% of the net profit attributable to the bank's ordinary shareholders in the consolidated statement. Based on the stock price on 0/0, China Merchants Bank's dividend yield is more than 0%.

值得一提的是，招商銀行3月25日發佈的董事會決議公告顯示，該行審議通過了《關於2025年度中期利潤分配計劃的議案》，並提到2025年度中期利潤分配現金分紅金額佔2025年半年度歸屬於該行普通股股東凈利潤的比例為35%，現金分紅時間為2026年1月至2月之間。

This is also the first time that China Merchants Bank plans to pay interim dividends since its listing. According to the analysis of the above-mentioned Zheshang Securities research report, the increase in the frequency of dividends shows the sincerity of China Merchants Bank in rewarding shareholders, which is expected to enhance the attractiveness of medium and long-term funds.