The year 2025 was truly an extraordinary year. Under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we firmly acted on the decisions and plans of the Central Committee of the Communist Party of China (“CPC” or the “Party”) and baked in the political and people-oriented nature of financial work. We fully implemented the major financial tasks of guarding against risks, strengthening supervision, and promoting high-quality development. We adhered to the guidance of the Party building theory and remained steadfast in the “five transformations”. Over the past year, ICBC managed to fulfill its major objectives and tasks with sustained momentum of innovation-driven and high-quality development. 

Throughout the year, we forged ahead against headwinds in a more coordinated and balanced way, further burnishing the underlying feature of prudence. Facing a grave and complex landscape, we attached greater importance to the balance among value creation, market position, risk control and capital constraints. Our operating income, profit, and quality remained robust, showing a remarkable rise in both quantity and quality. In terms of quantity, the Bank’s total assets crossed a new threshold of RMB50 trillion to reach RMB53.48 trillion. Net profit rose to RMB370,766 million, giving the Bank a leading edge over its peers. Operating income exceeded RMB800.0 billion again, realizing a positive growth. Specifically, non-interest income increased by 11.8%, and its share in operating income rose by 1.8 percentage points year on year. In terms of quality, NPL ratio dropped by 3BP year on year, capital adequacy ratio remained relatively high and various types of risks were generally controllable. Improvements in these core operating indicators have demonstrated the smooth transition from traditional growth drivers to new ones, enhanced resilience and vitality of development and greater value created for shareholders. In addition to the interim dividends of about RMB50,396 million, we distributed approximately RMB60,197 million of dividends at the end of the year. 

Throughout the year, we shouldered our mission and redoubled our efforts to serve the real economy as a responsible large bank. The economy and finance are interdependent and should grow and thrive together. With the aim of contributing to steady growth of the national economy, we worked hard to ensure both development and security. We proactively aligned with state policies to help keep employment, businesses, markets and expectations stable, better playing our role as the main force in serving the real economy and the ballast stone in maintaining financial stability. We fully served high-quality development. New loans and bond investments totaled RMB4.8 trillion for the year, creating a new record high. We took solid steps for the “Five Priorities” of technology finance, green finance, inclusive finance, pension finance and digital finance, as evidenced by the faster-than-average growth rates of loans in each field. Our major responsibilities and core businesses played a greater role in supporting the development of new quality productive forces in light of local conditions. Loans to manufacturing exceeded RMB5 trillion, and sci-tech loans amounted to RMB6 trillion, both leading the industry. AIC equity investments achieved full coverage of pilot areas. We further implemented the coordinated regional development strategy, seeing fast-growing loans in key regions including the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, and effectively supporting the high-standard and high-quality construction of the Xiongan New Area. We endeavored to expand domestic demand and improve the people’s wellbeing, with personal consumption loans growing by 18.5%. We made every effort to advance high-level opening-up. With a focus on high-quality Belt and Road cooperation, we further integrated our operations worldwide. With a broader network of 12 RMB clearing banks, our overseas clearing banks registered an increase of 15% in the RMB clearing volume. We better leveraged such platforms as the BRICS Business Council, China-Europe Business Council and the Belt and Road Bankers Roundtable mechanism to engage in international financial governance, taking the lead in voicing optimism on China’s economy. We made every effort to ensure high-level security. Firmly upholding a holistic approach to national security, we continued to enhance the enterprise risk management system, worked harder to resolve risks in key areas, completed the business integration of Bank of Jinzhou, and shared risk management technologies with small and medium-sized financial institutions, so as to jointly enhance risk prevention and control.

Throughout the year, we deepened reforms, accelerated innovation and transformation, and moved forward with even stronger momentum and vitality. Focusing on the “modern bank” goal, we remained on track for the “five transformations”, made improvements in the course of implementation, and explored “ICBC solutions” to building a powerful financial institution. Intelligent risk control was enhanced on all fronts. The enterprise-level intelligent risk management platform has been applied across all domestic branches, shifting risk prevention and control from manual operations to technology-driven intelligent operations. Modern layout was further improved. Loans for core sectors of green and digital economy maintained double-digit growth, with the scale remaining at the top of the market. Inclusive loans increased by 22.8%, with managed pension funds ranking first by size in the market. New financial infrastructure services such as clearing, settlement, payment, and custody each had their own highlights. Emerging businesses including investment banking, asset management, wealth management, and trading all made breakthroughs. Digital and intelligent driver became even stronger. The “AI+” Action Plan was carried out, with AI digital employees handling the workloads of 55 thousand persons a year. We had the most monthly active users (“MAUs”) of mobile banking in the industry and became the first financial institution to be certified for the highest level of the Financial Digital Transformation Maturity Model (FDMM) Assessment. Comprehensive services saw higher quality and efficiency. We improved comprehensive financial solutions to more systematically meet the different financial needs of customers. With stronger efforts in place for consumer protection, the customer satisfaction was further enhanced. The biological system was built at a faster pace. We further advanced the GBC+ projects, staying ahead of our peers by number of either new customers, either personal or corporate customers. The sources of funding became more stable, with the growth of due to customers rising by 3.2 percentage points year on year. 

Throughout the year, we adhered to the guidance of the Party building theory and worked faster to improve corporate governance, further cementing the foundation for development. We fully implemented the “Two Persistences (upholding the Party’s leadership over state-owned enterprises (“SOEs”) must be persisted with, and establishing a modern enterprise system as the direction of SOE reform must be persisted with)”, strengthening the Party leadership in the process of improving corporate governance. We also enhanced the quality of Party building across the board, making new advances in the “Clean ICBC” initiative. Our political capacity was enhanced. We made solid progress in studying and implementing the central Party leadership’s eight-point decision on improving work conduct. Regular and long-term efforts were made for the rectification following the disciplinary inspection by the CPC Central Committee. We further strengthened the full and rigorous Party self-governance and strict governance of the Bank, firmly advocating “establishing Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and establishing the guiding role of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era”, and faithfully “upholding Comrade Xi Jinping’s core position on the Party Central Committee and in the Party as a whole and upholding the Central Committee’s authority and its centralized, unified leadership”. Our governance system was improved. We amended the Articles of Association and completed the Board of Supervisors reform, significantly enhancing the stability and effectiveness of our corporate governance. Our team building was strengthened. We improved the incentives and constraints mechanism, carried forward the financial culture with Chinese characteristics, and inspired employees’ motivation, initiative and creativity more effectively. 

With our objectives and tasks for 2025 accomplished, the 14th  Five-Year Plan of the Bank was brought to a successful conclusion. Over the past five years, the Bank persistently led the global market by key indicators including assets, capital, deposits, loans and brand value, increasingly highlighted our features of strong core businesses, high quality and efficiency, remarkable contributions and stable operation. New advances were made in terms of value creation capability, market competitiveness, market influence and risk management capacity. Last year, the Bank was lifted to Bucket 3 of the global systemically important banks (G-SIBs), making solid new strides in building a world-class and modern financial institution with Chinese characteristics.

Proud of our past achievements, we will open up even more promising prospects. At its fourth plenary session, the 20th  CPC Central Committee set out an inspiring blueprint for China’s development over the next five years. The mission of serving Chinese modernization and building China into a financial powerhouse is not only a heavy responsibility of our times, but also a rare, historic opportunity for all of us at ICBC. Focusing on building a world-class and modern financial institution with Chinese characteristics, the Bank will stay true to its development positioning as the main force in serving the real economy, the ballast stone in maintaining financial stability, a bellwether in building strong financial institutions and a benchmark bank in fulfilling major responsibilities and core businesses. We will adhere to the guidance of the Party building theory and push ahead with the “five transformations”, make unremitting efforts to build the Bank into a first-class bank, leading bank, clean bank, and modern bank unswervingly following the path of financial development with Chinese characteristics. 

Large boats carry heavy loads, and fine horses gallop long distances. In 2026, the Bank will remain guided by the Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, and fully and faithfully apply the new development philosophy on all fronts. We will uphold and implement the right view on performance evaluation, and strive to improve quality and performance under the overarching principle of seeking progress while maintaining stability. By cultivating our internal capabilities and taking concrete actions to strive for the lead, we will develop new strengths and exhibit new accomplishments. Only in this way can we make a good start to the 15th  Five-Year Plan period and contribute more to building our country into a financial powerhouse and advancing the Chinese modernization.

Notes: (1) Data is presented in accordance with IFRS.