民生银行：中国民生银行2025年估值提升计划暨“提质增效重回报”行动方案(英文版)

CHINAMINSHENGBANKINGCORP.,LTD.2025CORPORATEVALUEANDRETURNENHANCEMENTACTIONPLANTheBoardofDirectorsandallmembersoftheBoardofDirectorsoftheBankherebywarrantythatthecontentsofthisannouncementcontainnofalserepresentation,misleadingstatements,ormaterialomissions,andassumefulllegalresponsibilityforthetruthfulness,accuracy,andcompletenessofthecontents.

ImportantNotice:

?InactiveresponsetotheSSE-ListedCompanies’InitiativeforSpecialActiontoImproveQualityandEfficiencyandFocusonReturninaccordancewiththeGuidelinesonSupervisionofListedCompaniesNo.10—MarketCapitalisationManagement,ChinaMinshengBankingCorp.,Ltd.(“CMBC”orthe“Bank”)hasformulatedthe2025CorporateValueandReturnEnhancementActionPlan“toImproveQualityandEfficiencyandFocusonReturn”ofChinaMinshengBankingCorp.,Ltd.(the“2025CorporateValueandReturnEnhancementActionPlan”).The2025CorporateValueandReturnEnhancementActionPlanhasbeenconsideredandapprovedatthe11thmeetingoftheninthsessionoftheBoardofDirectorsoftheBank.?The2025CorporateValueandReturnEnhancementActionPlanoftheBankfocusesonsuchareasasoperatingperformance,assetquality,dividendpolicy,corporategovernance,investorrelationsmanagement,informationdisclosure,protectionofinvestorinterests,andencouragementoflong-terminvestmentandvoluntaryshareholdingincreasebysubstantialshareholders,inordertoeffectivelypromotetheBank’sinvestmentvalue.?The2025CorporateValueandReturnEnhancementActionPlanisaninternalinitiativeofthe

BankanddoesnotconstituteanycommitmentbytheBankinrespectofperformance,shareprice,materialevents,oranyspecifictargetsormatters.TheBank’sbusinessperformanceandthesecondarymarketperformancemaybeaffectedbyvariousfactorssuchasmacroeconomicconditions,industrypolicies,andmarketconditions,andthereforethereareuncertaintiesovertheachievementoftherelevanttargets.I.?CircumstancesTriggeringthe2025CorporateValueandReturnEnhancementActionPlanandReviewProcedures

(1)TriggeringCircumstancesForeverytradingdayinthepast12consecutivemonthsfrom1January2024to31December2024,theclosingpriceofthesharesoftheBankremainedbelowtheauditednetassetvaluepershareattributabletoordinaryshareholdersoftheCompanyduringthemostrecentfinancialyear.Specifically,thedailyclosingpricewaslowerthantheauditednetassetvaluepersharefor2022(beingRMB11.53)from1January2024to28March2024,andwaslowerthantheauditednetassetvaluepersharefor2023(beingRMB12.10)from29March2024to31December2024.InaccordancewiththeGuidelinesonSupervisionofListedCompaniesNo.10—MarketCapitalisationManagement,thisfallswithinthescoperequiringtheformulationofavaluationenhancementplan.

(2)ReviewProceduresOn28March2025,atthe11thmeetingofthe9thsessionoftheBoardofDirectorsoftheBank,theProposalonFormulatingthe2025CorporateValueandReturnEnhancementActionPlan“toImprove

QualityandEfficiencyandFocusonReturn”ofChinaMinshengBankingCorp.,Ltd.wasconsideredandapproved.II.?Detailsofthe2025CorporateValueandReturnEnhancementActionPlanToenhancetheinvestmentvalueofCMBCandensuretheinvestmentvalueintheBankisareasonablerepresentationoftheBank’squality,theBankhasformulatedthe2025CorporateValueandReturnEnhancementActionPlaninactiveresponsetotheSSE-ListedCompanies’InitiativeforSpecialActiontoImproveQualityandEfficiencyandFocusonReturninaccordancewiththeGuidelinesonSupervisionofListedCompaniesNo.10–MarketCapitalisationManagementasfollows:

(i)?UpholdingStrategicLeadershiptoBuildaValueCreationBankInrecentyears,theBankhasadheredtoitsstrategicpositioningas“abankfornon-state-ownedenterprises(NSOEs),anagileandopenbank,andabankwithconsiderateservices”.Ithasremainedcommittedtoitscoremissionofservingtherealeconomythroughfinancialservicesandhasactivelypractiseditscorevaluesof“customerfirst,people-oriented,andsteadyprogressforlong-termdevelopment”.Byexpandingitscustomerbaseandstrengtheningitsproductandservicecapabilities,theBankhaslaidasolidfoundationforsustainabledevelopment.In2025,theBankwillearnestlyimplementthedecisionsandpoliciesoftheCPCCentralCommittee,whilestayingproactive,maintainingintegrityandinnovation,andfocusingonleanmanagement.Inpursuitofourcommitmentto“strengtheningcustomerbase,optimisingstructure,mitigatingrisks,andpromotingrevenuegrowth”,theBankwillenhanceitsfull-processleanmanagement,deepentheapplicationofdigitalandintelligenttools,andstriveforsteadyimprovementinoperatingperformanceunderasoundriskandcomplianceframeworktofurtherenhanceourinvestmentvalue.TheBankwillmaintainsteadyoperations,promotethedevelopmentofstrategicandfoundationalbusinesses,optimiseitsbusinessstructure,reducefundingcosts,expandbasicfee-basedincome,andfullydriverevenuegrowth.Itwillalsoenhanceinput-outputefficiency,maintainthecost-to-incomeratioatareasonablelevel,anddeepencostreductionandefficiencyinitiativesinkeyareas.TheBankwillfirmlyfosterabusinessphilosophy“capitalfoundationandvaluecreation”,strengthentheapplicationofvalue-basedindicatorssuchasRAROC,improvecapitalreturn,optimisecapitalutilizationstructure,increaseeconomicaddedvalues,continuecreatevalueforsociety,andenhanceshareholderreturns.

First,strengtheningspecialoperationstoconsolidatecustomerbaseandstimulategrowthmomentum.Byupholdingthephilosophyof“customerfirst”,theBankstrivestobeacompanionofNSOEsandamarketleaderinmicroandsmallbusinessfinance.Byoptimisingitsdistinctive“integratedmodelforlarge,medium,small,microandindividualclients”,theBankseekstoenhanceitsoperationalqualityandefficiencywhilecreatingcustomervalues.TheBankwilldeepenitscomprehensiveandtieredcustomerservicesystem,placinggreateremphasisonhigh-efficiencymanagementofexistingcustomersandhigh-qualityacquisitionofnewclients.Byaligningwithcustomers’industrialchains,paymentnetworksandecosystems,theBankwillofferscenario-basedandecosystem-orientedserviceswithcareanddedication.Optimisingourcustomerstructurewilldrivetheoptimisationofbusinessstructureandpromotehigh-qualitygrowthinourefficiency.TheBankwillconsiderdetaileddebtmanagementasacoreelementofvaluecreation,bykeepingclosetrackofbusinessscenarios,thoroughlyexploringcustomerneeds,andstrengtheningpaymentandsettlementservices.Effortswillbeconcentratedon“broadeningsources,adjustingstructure,andreducingcosts”.Inbothhigh-capacitytraditionalindustriesandnewproductiveforces,theBankwillenhanceprecisionandsophistication,increasecreditsupportforkeyareasofthenationaleconomy,achievingoverall

stablegrowthinscaleandsteadyimprovementinassetquality.Adheringtothevaluecreationthroughservice,theBankwillexpandthescaleofintermediaryservicerevenue,byfocusingonthevaluechainof“wealthmanagement,transactionbanking,andinvestmentportfolios”tocultivatenewgrowthmomentum,enhancinginvestmentandtradingcapabilities,anddrivingfeeincomegrowthbymeetingcustomers’diversedemands.

Second,strengtheningcostcontroltoeffectivelyenhanceefficiencyatlowercostsandimproveoperationalperformance.TheBankwilldeepentheconceptof“Outputfromcomprehensiveinput”andestablisharobustassessmentframeworkencompassingallinputfactors,whichwillincludeoperational,personnel,capitalandtechnologyinputswithfinancialresourcestodrivetheoptimisationofcoststructureandenhanceresourceutilisationefficiency.Throughend-to-endleanmanagementofresources,theBankwilloptimisetheallocationmechanismsbydirectingresourcestowardbranches,regions,orproductsthatgeneratehighervaluefortheBank,therebystimulatingoperationalmomentumandstrengtheningvaluecreation.Atthesametime,theBankwillresolutelymaintaintherisk,compliance,andsafetydefence,reinforcingthetransmissionandconstraintmechanismsofcreditriskcosts,strengtheningforward-lookingassetqualitymanagementandprocesscontrol,andstrivingtostabilizeandreducenewcreditcosts.Third,enhancinginnovationempowerment,promotingstrategicintegration,anddrivingvaluecreation.Guidedbyourstrategicdirection,theBankwillfocusonmajorissuessuchascustomeracquisitionandlow-costdebts,whileacceleratingtheinnovationofproducts,businessmodels,andtechnologies.Itwillstrengthentechnologicalinnovationanddigitalempowerment,advancethedevelopmentofartificialintelligenceandlargelanguagemodels,andexplorethein-depthapplicationofbigdataandotheremergingtechnologiesinbusinessoperationsandmanagement.TheBankwillservemoreinnovation-drivenecosystemprojects,promotingthedeepintegrationof“business+technology”toempowerbusinessdevelopment.Byincreasingeffortstoinvesttheresearchandinvestmentresourcesinflagshipproducts,expeditingproductfunctionalityupgradesanditerations,andpromotingthelarge-scaleapplicationofnewproductsandtechnologies,theBankwillenhancereturnsthroughproductandserviceoptimisation.Focusingonstrategicgoals,theBankwillpursueintegratedandsynergisedstrategiestounleashefficientorganizationalpotentialthroughleanmanagementandtheconstructionofinstitutionandmechanism.Furthermore,theBankwillimprovethecoordinationofbusiness,risk,andresourceallocationpolicies,establishapanoramicviewofcustomervalue,andenhancerisk-basedpricingcapabilitiestostrikeabalanceamongvolume,pricing,andrisk.TheBankwillalsostrengthenworkforcedevelopmentandgroup-widecollaboration,implementwide-scopejobfunctionsatbranchlevel,andbuildahigh-performanceteamalignedwithsharedvalues,therebyconstructingastrongholdofsynergisticcompetitiveness.

(ii)StrengtheningRiskControlSystemsandEnhancingAssetQuality

In2025,theBankwillstrictlyimplementtheriskpreferenceof“seekingprogresswhilemaintainingstability,optimizingstructure,andimprovingefficiency”,whilecontinuingtostrengthentheriskcontrolandmanagementsystem,soastobettercoordinateoverallandstructuralrelationships,scaleandefficiency,short-termandlong-termgoals,localandglobaldevelopment,aswellasdevelopmentandsafety.Thiswillachievestable,balanced,andhigh-qualitydevelopment.

1.Strengtheningtheinternalriskcontrolsystem.TheBankwillcontinuetoimprovetheintegratedriskcontrolsystematthegroupleveltoachievefullcoverageofriskmanagement.Byupholdingtheconceptthat"internalriskcontroliscorecompetitiveness",theBankcontinuestooptimizecreditapproval,post-loanmanagement,andliquidationandpreservationandothermechanismstoenhancetheefficiencyoffull-processcreditmanagement.Bylaunchingthe“High-QualityComplianceDevelopmentYear”campaign,theBankwillbuildasolidinternalcontrolandcompliancefirewall.

2.Promotingbalancedloangrowth.Adheringtothebalanceddevelopmentmodelof“quantity,price,quality,andcapital”andfocusingonthe“fivemajorarticles”,theBankwilldeepenpolicyandindustryresearchefforts,whileeffectivelyguidingtheBank'screditoperations.Whilestrivingtoenhancemarketcompetitivenessandshare,theBankwillpromotepreciseandefficientloanpractices,achievinghigh-qualityandbalancedloangrowth.

3.Mitigatingrisksinkeyareas.Bystrictlyimplementingtherequirementsoffinancialmanagementdepartmentsinareassuchasrealestateandlocalfinancingplatforms,theBankwillstabilizeandresolveexistinginventoryrisksinanorderlymanner.Inactiveresponsetotheimpactsofmacroeconomicenvironmentandpropertymarketadjustments,theBankwilladjustbusinessmodelsandcreditstrategiesforsmallandmicroenterprisesaswellasretailbusinesses,withmultiplemeasuresimplementedtomitigateexistingbusinessrisksandensureassetqualityremainsstable.

4.Improvingliquidationanddisposalefficiency.Inaccordancewiththeprincipleof“balancingthecentralizedliquidationandoverallmanagement”,theBankwilloptimizethecentralizedmanagementmodelfortheliquidationofnon-performingassets.Byupholdingtheconceptof“managingnon-performingassets”andreasonablybalancingtherelationshipbetweenriskmitigationandgainsfromdisposals.Byfurtheroptimizingtheassessmentandevaluationmechanisms,theBankcontinuestoidentifythevalueofnon-performingassets,therebycomprehensivelyenhancingthevalueofliquidationanddisposal.

5.ExpandingUpgradingintelligentriskcontrolsystems.Bykeepingpacewithchangesinthebusinessenvironmentandtechnologicaladvancements,theBankcontinuestodeepentheconstructionofintelligentriskcontrolsystemsandachieveiterativeupgradesofplatformssuchasapproval,post-loanmanagement,andliquidationandcollectionsystems.Furthermore,theBankwillstrengthentheapplicationofcutting-edgetechnologieslikemachinelearning,knowledgegraphs,andAIlargemodels,acceleratemodeltrainingandoptimization,enhancecreditriskcontrolcapabilities,andbuildrobustintelligentsafetysafeguards.

(iii)EmphasisingInvestorReturnswithaStableDividendPolicy

TheBankiscommittedtodeliveringshareholdervalueandfulfillingitsprimaryresponsibilityforhigh-qualitydevelopmentandenhancinginvestmentvalue.Itplacesgreatemphasisoninvestorreturns.InaccordancewiththerelevantprovisionsoftheGuidelinesonSupervisionofListedCompaniesNo.3–CashDividendsofListedCompaniesandtheArticlesofAssociation,theBankformulatesitsprofitdistributionplanbycomprehensivelyconsideringfactorssuchasitsoperationalperformance,capitalplanning,andmarketconditions.Thisplanensuresabalancebetweencapitalreplenishmentandthecontinuityandstabilityofdividendpolicies,providinginvestorswithreasonableinvestmentreturns.Since2018,theannualcashdividendpayoutratiohasconsistentlyexceeded30%ofthenetprofit

attributabletoordinaryshareholders,particularlytheintroductionofaninterimdividendin2024.Lookinginto2025,theBankintendstomaintainthefrequencyofdividends,conveyingapositivemessagewithastabledividendpayoutpolicytoinvestorsandthecapitalmarketwhileenhancinginvestorsatisfaction.(iv)OptimisingCorporateGovernanceandEnhancingOversightEfficiencyTheBankpersistsinourregulatedoperations,bycontinuingtoimproveourcorporategovernancesystem,strengtheningtheboarddevelopment,andensuringtheeffectiveroleofindependentdirectors.Theseeffortswillsafeguardtherightsandinterestsofallshareholdersandstakeholders.

1.Continuingtoimprovethecorporategovernancesystem.TheBankassessesandimplementsrelevantlaws,regulations,andthelatestregulatoryrequirements,suchastheCompanyLaw,toimproveourinstitutionalframeworkandoperationalmechanisms.BydeepeningtheorganicintegrationofPartyleadershipintocorporategovernanceandoptimisingcommunicationandconsultationmechanismsbetweenthePartyCommitteeandthegovernanceauthorityoftheBank,thebankwillcontinuetoimproveourgovernancestructure.

2.Continuingtostrengthentheboarddevelopment.TheBankenhancesthemechanismsfordirector-focusedresearch,thematicreports,professionaltraining,andinformationreportingtoensurethatdirectorscontinuetopossesstherequiredinformationtoperformtheirduties,therebyimprovingtheirspecialtycompetenceandperformancecapacity.TheBankstrengthenstheoversightandfeedbackprocessforboardresolutionsanddirectors'advicesandrecommendations,andestablishestheledgersforoverseeingmaterialmatters,formingamanagementclosed-loopsystem.Furthermore,thedigitalintelligenceplatformfortheBoardtoperformitsdutieswillbeoptimisedtoincreasetheefficiencyoftheirperformance.

3.Fullyutilisingtheroleofindependentdirectors.TheBankcontinuestoimprovethemechanismsforindependentdirectorstoperformtheirduties,andensurescomplianceinorganizingthematicmeetingsbetweentheChairmanandindependentdirectorsaswellasdedicatedmeetingsforindependentdirectors.Besidesactivelyorganizingindependentdirectorresearchactivities,theBankstrengthensthecommunicationofindependentdirectorswithexternalauditinstitutions,management,andminorityinvestors,ensuringthatindependentdirectorsobtaincomprehensiveandaccurateinformationnecessarytoperformtheirduties.Thiswillfullyutilisetheirrolesin“decision-making,supervisionandchecksandbalances,andprofessionalconsultation”.

(v)EnhancingInvestorCommunicationtoConveyingCorporateValue

TheBankwillfurtherenhancethefrequency,extent,anddepthofourinvestorcommunications,asoureffortstoengageinopenandtransparentdialoguewiththecapitalmarketandproactivelycommunicatetheeffectivenessofourstrategictransformationanddevelopmenthighlights.

First,theBankwillefficientlyorganiseperformancepresentations.Bymeansofwebcastsandteleconferences,theBankwillextendthecommunicationcoverage.Lookinginto2025,theBankintendstodeliverthreeperformancepresentationstocoverannual,half-year,andthird-quarterperformances.Independentdirectorsandseniormanagementwillattendthesepresentations.

Second,post-AnnualGeneralMeeting(AGM)engagementsessionswillbearranged.Inrecentyears,theBankhasconsistentlyorganisedexchangesessionsfollowingitsAGMs,providingon-siteshareholderswiththeopportunitytoengageinextensiveandface-to-facediscussionswiththeChairman,President,andseniormanagement.Third,theBankwillmaintaincommunicationwithinstitutionalinvestorsandthecapitalmarket.Bycontinuingwithacombinationofactivities,includingorganisingroadshows,attendingbrokeragestrategymeetings,hostingthematicresearchvisits,andorganisingdiscussionforums,theBankaimstoestablishalong-term,stable,andmutuallytrustworthyinteractionmechanism,asoureffortstomaintainefficientcommunicationwiththecapitalmarket.

(vi)EnhancingInformationDisclosuretoImproveTransparencyandAccuracy

Instrictcompliancewithlaws,regulations,andtheregulatoryrequirementsofthestockexchangeinthelistingvenue,theBankcontinuestoimproveourinformationdisclosuresystem,andestablishastandardizedandlong-terminformationdisclosuremanagementmechanism,whichwillensuretheauthenticity,accuracy,completeness,andtimelinessofdisclosedinformation,providinginvestorswiththenecessarybasisforvalueassessmentandinvestmentdecisions.

First,theBankremainscommittedtoinvestor-centricprinciples,andcontinuestoenhancethequalityandreadabilityofitsperiodicreports.TheBankwillcontinuetoenrichthecontentofdisclosuresbyextensivelypresentingtheBank'sfinancialconditions,operatingperformance,andgrowthcapabilities,andothercontentsconcerningourinvestors.Inmanyforms,includingfocusingonkeyissuesinoperationsandtypicalbusinesssegmentcases,theBankusesinvestor-friendlylanguagetonarratespecificexamples.ThisapproachvividlycommunicatestheBank'soperatingresults,diversifiesthepresentationofannualreports,andenhancesreader-friendliness.

Second,theBankensurescompliantandefficientdisclosureofvariousinterimannouncements,guaranteeingfairaccesstoinformationforallinvestorswhilecontinuingtoimprovethetransparencyofinformationdisclosure.Bydeepeningandexpandingvoluntaryinformationdisclosure,theBankactivelycommunicatesourinvestmentvalueandsenseofresponsibilitytothemarket.

Third,theBankconstructsaprecise,comprehensive,andmulti-dimensionalinformationdisclosuresystem,aspartofourcommitmenttoconstantlyenrichingtheformsandchannelsofdisclosure.ByupholdingESGconcepts,theBankwillenhanceESGgovernanceefficiency,disclosurequalityandefficiency,andratingpromotion.Throughchannelssuchasitsofficialwebsite,theBankprovidesinvestorswithexpeditiousandconvenientaccesstoinformationaboutourbusinesshighlights.Inaddition,theBankstrengthenspublicopinionmonitoringandanalysis,bypromptlyverifyingreportsandrumoursrelatedtotheBank.FormarketsentimentthatmaymateriallyimpactinvestordecisionsorthetradingpriceoftheBank’sshares,theBankrespondsinalawful,compliantandproactivemannerthroughclarificationannouncements,officialstatements,investorbriefingsandotherforms,therebyenhancinginvestorunderstandingandtrust.

(vii)PlacingHighEmphasisonInvestorInterestProtection

TheBankhasproactivelyimplementedvariousmeasurestoprotectinvestors’interests,particularlythoseofminorityinvestors.Inmakingdecisionsoncorporategovernance,dailyoperationsandothersignificantmatters,theBankwilltakeintofullconsiderationtheinterestsandreturnsofinvestors,andcontinuestofacilitatetheparticipationofminorityinvestorsininvestorrelationsactivitiesandtheexerciseofshareholderrights,aswellastomakepromptresponsestotheirdemands.Thebankhasestablishedtwoinvestorhotlineswithdedicatedstafftohandleinvestorinquiries.ThroughtheSSEe-Interactiveplatform,weregularlyrespondtoinvestorquestions.Inaddition,wemaintainabilingual(ChineseandEnglish)investorrelationswebsitewhereinvestorscanaccessanddownloadvisualisedfinancialdata,searchforannouncementsandcirculars,subscribetoinvestorrelationsactivityreminders,andscheduleonlineorofflineinteractions.(viii)EncouragingSubstantialShareholderstoAdoptLong-termInvestmentandVoluntaryShareholdingIncreases

TheBankmaintainscontinuousandeffectivecommunicationwithsubstantialshareholdersandkeyinstitutionalinvestors.Weguideinvestorstoadoptvalueandlong-terminvestmentphilosophies,whileencouragingshareholderstomakerationalinvestmentandvoluntaryshareholdingincreases.Atthesametime,weproactivelyidentifypotentialinvestorsand,incompliancewithinformationdisclosureandotherrelevantrequirements,providenecessaryassistanceforpotentialinvestorstounderstandtheBankandincreasetheirholdingsofourshares.III.ExplanationoftheBoardofDirectorsonthe2025CorporateValueandReturnEnhancementActionPlanTheBoardofDirectorsoftheBankbelievesthatthe2025CorporateValueandReturnEnhancementActionPlan,foundedonenhancingthequalityoftheCompany,andtakingintofullconsiderationtheBank’sactualoperations,financialposition,developmentstage,andmarketenvironment,prioritizeslong-termvaluecreationandtheprotectionofinvestors’interests,stabilizesinvestors’returnexpectations,andfacilitatessharedvaluegrowthwithinvestors.Accordingly,thePlanisreasonableandfeasibleandwillcontributetoenhancingtheinvestmentvalueoftheBank.

IV.AssessmentArrangementsTheBankassessestheimplementationeffectsoftheValuationEnhancementPlanatleastonceayear.Ifanyimprovementsarerequiredfollowingtheassessment,theywillbedisclosedafterbeingconsideredandapprovedbytheBoardofDirectors.InanyfinancialyearwheretheBanktriggersalong-termperiodoftradingbelowitsnetassetvalue,ifitsaveragedailyprice-to-bookratiofallsbelowtheindustryaverage,theBankwillprovideaspecificexplanationregardingtheimplementationoftheValuationEnhancementPlanduringtheannualperformancepresentation.Insubsequentfinancialyears,shouldtheabovementionedcircumstancesarise,thesameprocedurewillapply.

V.RiskWarningThe2025CorporateValueandReturnEnhancementActionPlanisaninternalinitiativeoftheBankanddoesnotconstituteanycommitmentbytheBankinrespectofperformance,shareprice,materialevents,oranyspecifictargetsormatters.TheBank’sbusinessperformanceandthesecondarymarketperformancemaybeaffectedbyvariousfactorssuchasmacroeconomicconditions,industrypolicies,andmarketconditions,andthereforethereareuncertaintiesovertheachievementofthe

relevanttargets.Investorsareadvisedtomakerationalinvestmentdecisionsandbecautiousofinvestmentrisks.Thisannouncementisherebymade.

TheBoardofDirectorsofChinaMinshengBankingCorp.,Ltd.

28March2025