招商银行2025年度业绩快报点评：营收增速回正

累计同比增速2024Q1~32024A2025Q1累计同比增速2024Q1~32024A2025Q12025H12025Q1~32025A同比变化(pct)环比变化(pct)营业收入-2.9%-0.5%-3.1%-1.7%-0.5%0.01%0.50.5归母净利润-0.6%1.2%-2.1%0.3%0.5%1.2%0.00.7营业利润-0.8%1.3%-2.0%-0.8%0.8%0.1%-1.2-0.7单季度同比增速2024Q32024Q42025Q12025Q22025Q32025Q4同比变化(pct)环比变化(pct)营业收入-2.5%7.5%-3.1%-0.4%2.1%1.6%-6.0-0.5归母净利润0.8%7.6%-2.1%2.7%1.0%3.4%-4.22.4%营业利润0.4%8.2%-2.0%0.5%4.0%-1.8%-10.0-5.8资产质量2024Q1~32024A2025Q12025H12025Q1~32025A同比变化(pct)环比变化(pct)不良贷款率0.940.950.940.930.940.94-0.010.00拨备覆盖率432.15411.98410.03410.93405.93391.79-20.19-14.14拨贷比4.063.923.843.833.843.68-0.24-0.16资产负债增速2024Q1~32024A2025Q12025H12025Q1~32025A同比变化(pct)环比变化(pct)总资产9.2%10.2%8.8%9.4%8.5%7.56%-2.6-0.9贷款总额4.7%5.8%4.5%5.5%5.6%5.37%-0.5-0.2总负债8.8%9.8%8.5%8.6%8.3%7.98%-1.8-0.3存款总额9.4%11.5%10.4%8.8%9.0%8.13%-3.4-0.9单季度增加2024Q32024Q42025Q12025Q22025Q32025Q4环比多增同比多增总资产79,980497,273377,756127,359(13,076)426,448439,524-70,825贷款总额10,947129,564237,164(8,863)19,669121,773102,104-7,791总负债37,370423,433357,36784,3638,648420,685412,037-2,748存款总额69,795363,906222,875102,91796,318317,433221,115-46,473结构占比2024Q1~32024A2025Q12025H12025Q1~32025A同比变化(pct)环比变化(pct)贷款/总资产58.0%56.7%56.9%56.2%56.4%55.5%-1.2-0.9存款/总负债83.2%83.3%82.6%82.9%83.7%83.4%0.1-0.3，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图1：营业收入同比增速6.13%5.34%6.13%5.34%4.08%-0.35%-0.48%0.01%-0.51%-1.47%-1.72%-1.64%-1.72%-3.09%-2.91%-3.09%-4.65%6.00%4.00%2.00%0.00%-2.00%-4.00%-6.00%，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图2：归母净利润同比增速13.52%14.21%13.52%14.21%15.08%9.12%7.82%6.52%6.22%1.22%0.25%0.52%1.21%-1.96%-1.33%-0.62%-2.08%14.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%-2.00%-4.00%，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图3：总资产同比增速14.00%12.00%

11.61%

10.44%9.90%

10.19%

9.44% 9.62%8.86%

8.77%

9.63%

7.77%

9.25%

8.76%

9.35%

8.49%

7.56%6.00%4.00%2.00%0.00%，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图4：贷款总额同比增速12.00%

10.20%

10.04%8.97% 8.64%8.97% 8.64%7.69%7.14%7.56% 7.57%6.17%5.83%5.47%5.59%5.37%4.54%2.00%0.00%，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图5：20.00%17.68%17.93%18.00%16.00%14.00%12.00%10.00%8.00%6.00%4.00%2.00%0.00%

18.73%

16.34%

14.11%

12.56%

8.22%

8.60%

7.88%

9.43%

11.54%

10.42%

8.77%9.00%

8.13% ，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图6：存贷占比

80.8%61.8%

贷款/总资产 存款/总负债82.0%81.6%82.3%82.7%59.7%60.3%59.2%60.5%82.0% 81.2% 82.8% 83.2% 83.3% 82.6% 82.0%81.6%82.3%82.7%59.7%60.3%59.2%60.5% 59.0% 59.2% 58.3% 58.0% 56.7% 56.9% 56.2% 56.4% 55.5% ，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计10.00%8.00%7.53%10.00%8.00%7.53%6.00%4.00%3.69%3.73%2.00%0.83%0.00%-1.47% -1.38% -1.48%-2.00%-2.51% -3.09%-4.00%-4.58% -4.65%-6.00%2.11%1.57%0.13%-0.36%2.11%1.57%0.13%-0.36%，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计20.00%18.18%15.00%20.00%18.18%15.00%14.63%15.52%10.52%10.00%7.82% 7.63%5.22%5.00%2.67% 3.41%1.70% 0.79% 1.04%0.00%-0.67%-2.08%-1.96%-5.00%，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图9：不良贷款率0.970.95 0.950.95 0.950.95 0.950.95 0.950.950.950.94 0.940.940.94 0.940.930.92

0.96

0.960.950.940.930.920.910.90，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计图10：拨备覆盖率（%）

454.06455.67450.79448.32447.63

445.86

437.70436.82434.42432.15

411.98410.03410.93405.93

391.79380.00360.00340.00，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审计4.404.324.344.404.324.344.324.27 4.27 4.274.204.144.084.014.003.923.84 3.83 3.843.803.683.603.403.204.064.06，国联民生证券研究所注：2025A数据取自公司业绩快报，未经审