Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. CHINA ZHESHANG BANK CO., LTD. ʮ̡ (A joint-stock company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 2016) THIRD QUARTERLY REPORT OF 2026 Pursuant to the regulations of the China Securities Regulatory Commission, the Company is required to publish a quarterly report for each of the first and third quarter. The financial information set out in this quarterly report is unaudited and prepared in accordance with the IFRS ® Accounting Standards. This announcement is made by the Company pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).
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2 1 Important Notice China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 1.1 The Board of Directors, Directors and Senior Management of the Company warrant that the contents in this report are true, accurate and complete and have no false representations, misleading statements or material omissions, and they will take legal responsibilities for such contents on a joint and several basis. 1.2 The Third Quarterly Report of 2026 of the Company was considered and approved at the tenth meeting of the seventh session of the Board of Directors of the Company on October 30, 2026. 1.3 The financial statements set out in this report are prepared in accordance with the IFRS Accounting Standards and is unaudited. The unaudited quarterly report of the Company prepared in accordance with the China Accounting Standards has been published on the website of the Shanghai Stock Exchange. Unless otherwise illustrated, the financial statements herein are consolidated information of the Group and the presentation currency of such information is RMB. 1.4 Any of “CZBank ”, the “Company ” and the “Bank” in this report refers to China Zheshang Bank Co., Ltd. The “Group” refers to China Zheshang Bank Co., Ltd. and its subsidiaries. 1.5 Chen Haiqiang (Chairman of the Company), Lyu Linhua (President of the Bank), Jing Feng (Principal in-charge of Finance) and Zhang Jian (Director of the Financial Department) warrant that the financial statements in this report are true, accurate and complete.
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3 2 General Information China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 2.1 Key Accounting Information and Financial Indicators RMB million, excluding % January – September 2026 January – September 2025 Increase (Decrease) as Compared to the Corresponding Period of Last Year (%) Operating results indicators Operating income 49,271 48,958 0.64 Profit before taxation 15,246 15,269 (0.15) Net profit attributable to shareholders of the Bank 11,780 11,668 0.96 Net cash generated from/(used in) operating activities 90,889 (33,355) The corresponding period of last year was a negative figure Basic earnings per share attributable to shareholders of the Bank (RMB) 0.43 0.42 2.38 Diluted earnings per share attributable to shareholders of the Bank (RMB) 0.43 0.42 2.38 January – September 2026 January – September 2025 Increase (Decrease) as Compared to the Corresponding Period of Last Year Profitability indicators Return on average total assets (annualized) (%) 0.46 0.48 Decrease by 0.02 percentage point Return on weighted average net assets (annualized) (%) 8.66 8.82 Decrease by 0.16 percentage point Net interest margin (annualized) (%) 1.55 1.67 Decrease by 0.12 percentage point Net interest spread (annualized) (%) 1.41 1.52 Decrease by 0.11 percentage point Cost-to-income ratio (%) 29.77 28.37 Increase by 1.40 percentage points RMB million, excluding % September 30, 2026 December 31, 2025 Increase (Decrease) as Compared to the End of Last Year (%) Scale indicators Total assets 3,703,550 3,481,092 6.39 Total loans and advances to customers 2,015,029 1,922,711 4.80 Total liabilities 3,459,831 3,273,757 5.68 Customer deposits 2,191,967 2,043,466 7.27 Equity attributable to shareholders of the Bank 238,776 202,868 17.70 Net assets per share at the end of the period attributable to shareholders of the Bank (RMB) 6.69 6.48 3.24
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4 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 2.2 Capital Adequacy Ratio RMB million, excluding % September 30, 2026 December 31, 2025 The Group The Bank The Group The Bank Net core tier-one capital 183,935 172,797 177,985 167,766 Net tier-one capital 239,365 227,792 203,396 192,761 Net capital base 281,564 267,792 256,682 243,664 Minimum capital requirement (%) 8.00 8.00 8.00 8.00 Reserve capital and countercyclical capital requirement (%) 2.50 2.50 2.50 2.50 Additional capital requirement (%) – – – – Core tier-one capital adequacy ratio (%) 8.38 8.19 8.40 8.24 Tier-one capital adequacy ratio (%) 10.90 10.80 9.60 9.47 Capital adequacy ratio (%) 12.83 12.69 12.12 11.98 Note: 1. The Pillar 3 Information Disclosure Report for the Third Quarter of 2026 of China Zheshang Bank Co., Ltd. (ʮ̡ 2026 ϋୋɧ ᚣజѓ) is available for inspection on the website of the Bank (www.czbank.com). 2.3 Leverage Ratio RMB million, excluding % The Group September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Net tier-one capital 239,365 206,244 210,064 203,396 Adjusted asset balance inside and outside the balance sheet 4,414,513 4,335,314 4,193,445 4,067,144 Leverage ratio (%) 5.42 4.76 5.01 5.00
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5 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 2.4 Information on Liquidity Coverage Ratio The indicators of liquidity coverage ratio calculated in accordance with the Administrative Measures for the Liquidity Risk of Commercial Banks (CBIRC Order No.3 of 2018) ( ਠุვБ (္ึ˿ 2018 ϋୋ3)) are set out as below: RMB million, excluding % The Group September 30, 2026 December 31, 2025 Liquidity coverage ratio (%) 310.57 174.01 High-quality liquid assets 438,862 370,301 Net cash outflows over the next 30 days 141,309 212,809 2.5 Explanation of Differences Between Financial Statements Prepared under China Accounting Standards and IFRS Accounting Standards The net profit attributable to shareholders of the Bank for the reporting period ended September 30, 2026 and the equity attributable to shareholders of the Bank as at the end of the reporting period presented in the financial statements prepared by the Group under the China Accounting Standards are the same with that presented in the financial statements prepared by the Group under the IFRS Accounting Standards.
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6 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 2.6 Shareholders 2.6.1 As at the end of the reporting period, the table of total number of shareholders, the shareholdings of the top ten shareholders and top ten shareholders of circulating shares (or shareholders without selling restrictions) were as follows: Unit: share, excluding % Total Number of Shareholders 190,392 Shareholdings of Top Ten Shareholders Name of Shareholders (Full Name) Number of Shares Held at the End of the Period Proportion (%) Class of Shares Number of Shares Held Subject to Selling Restrictions Pledge, Marked or Frozen Nature of Shareholders Status of Shares Number HKSCC Nominees Limited 5,919,832,709 21.55 H share without selling restrictions – Unknown – – Zhejiang Innovation Investment Group Co., Ltd. 3,452,076,906 12.57 A share without selling restrictions – – – State-owned legal person Hengdian Group Holdings Limited 1,373,231,727 4.99 A share without selling restrictions – – – Domestic non-state-owned legal person Shandong International Trust Co., Ltd. 1,098,595,434 4.00 A share without selling restrictions – – – State-owned legal person Sinatay Life Insurance Co., Ltd. - self-owned capital 996,325,468 3.63 A share without selling restrictions – – – State-owned legal person Zhejiang Provincial Energy Group Co., Ltd. 928,514,577 3.38 A share without selling restrictions – – – State-owned legal person Taiping Life Insurance Co., Ltd. 921,538,465 3.36 A share without selling restrictions – – – State-owned legal person Zhejiang Hengyi High-tech Material Co., Ltd. 660,490,068 2.40 A share without selling restrictions – Pledged 508,069,283 Domestic non-state-owned legal person Minsheng Life Insurance Co., Ltd. - self-owned capital 658,593,787 2.40 A share without selling restrictions – – – Domestic non-state-owned legal person Zhejiang Hengyi Group Co., Ltd. 643,052,319 2.34 A share without selling restrictions – Pledged 643,052,319 Domestic non-state-owned legal person Notes: 1. The number of shares held by HKSCC Nominees Limited was the sum of shares of the Company ’s holders of H shares which were trading in its transaction system. 2. As at the end of the reporting period, among the top ten shareholders mentioned above, Zhejiang Hengyi High-tech Material Co., Ltd. and Zhejiang Hengyi Group Co., Ltd. have a related relationship. Apart from that, the Company is not aware of other related relationship between the above shareholders or whether they are parties acting in concert. On October 27, 2026, Zhejiang Hengyi High-tech Material Co., Ltd. released the pledge of 508,069,283 A shares of the Company, and Zhejiang Hengyi Group Co., Ltd. released the pledge of 494,655,630 A shares of the Company. Please refer to the Company ’s “Announcement by China Zheshang Bank Co., Ltd. Regarding the Release of Pledged Shares by Shareholders Holding More Than 5% of Shares, ” published in October 2026 on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. 3. To the best knowledge of the Company, as at the end of the reporting period, none of the shareholders in the table are involved in securities refinancing and lending business. 4. Pursuant to the approval issued by the State-owned Assets Supervision and Administration Commission of Zhejiang Province, in July 2026, Zhejiang Provincial Energy Group Co., Ltd. transferred 165,016,501 A shares held by it in the Bank by way of free transfer to Hangzhou Bintuo Enterprise Management Co., Ltd. (a state-owned shareholder), a subsidiary of Zhejiang Tourism Investment Group Co., Ltd. Such shares account for 0.60% of the total share capital of the Bank. 2.6.2 The total number of preference shareholders and their shareholdings as at the end of the reporting period As at the end of the reporting period, the Company had no existing preference shares.
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7 3 Operation Performance of the Third Quarter China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 As at the end of the reporting period, total assets of the Group amounted to RMB3,703.550 billion, representing an increase of RMB222.458 billion or 6.39% as compared to that at the end of last year, of which total loans and advances to customers amounted to RMB2,015.029 billion, representing an increase of RMB92.318 billion or 4.80% as compared to that at the end of last year. Total liabilities amounted to RMB3,459.831 billion, representing an increase of RMB186.074 billion or 5.68% as compared to that at the end of last year, of which customer deposits amounted to RMB2,191.967 billion, representing an increase of RMB148.501 billion or 7.27% as compared to that at the end of last year. During the reporting period, operating income of the Group amounted to RMB49.271 billion, representing an increase of RMB313 million or 0.64% period-on-period, of which, net interest income was RMB33.422 billion, representing a decrease of RMB1,016 million or 2.95% period-on-period, net interest margin was 1.55%, representing a decrease of 0.12 percentage point period-on-period, and net non-interest income was RMB15.849 billion, representing an increase of RMB1,329 million or 9.15% period-on-period. Cost-to-income ratio was 29.77%, representing an increase of 1.40 percentage points period-on-period. Net profit attributable to shareholders of the Bank amounted to RMB11.780 billion, representing an increase of RMB112 million or 0.96% period-on-period. As at the end of the reporting period, the non-performing loan balance of the Group was RMB27.289 billion, representing an increase of RMB1.252 billion; the non-performing loan ratio was 1.36%, flat as compared to that at the end of last year; allowance to non-performing loans ratio was 155.96%, representing an increase of 0.59 percentage point as compared to that at the end of last year; the allowance to total loans ratio was 2.12%, representing an increase of 0.01 percentage point as compared to that at the end of last year. As at the end of the reporting period, the capital adequacy ratio of the Group was 12.83%, representing an increase of 0.71 percentage point as compared to that at the end of last year. The tier-one capital adequacy ratio was 10.90%, representing an increase of 1.30 percentage points as compared to that at the end of last year, and the core tier-one capital adequacy ratio was 8.38%, representing a decrease of 0.02 percentage point as compared to that at the end of last year.
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8 4 Significant Events China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 4.1 Significant Changes in Key Financial Data and Financial Indicators and Reasons ✓ Applicable ½ Not applicable The following major items in the consolidated financial statements recorded an increase/ decrease of over 30% due to the following reasons: RMB million, excluding % Item January – September 2026 January – September 2025 Period-on- Period Increase (Decrease) (%) Main reasons for the changes during the reporting period Net cash generated from/(used in) operating activities 90,889 (33,355) The corresponding period of last year was a negative figure Increase in cash inflow from deposits from banks and other financial institutions; increase in cash inflow from customer deposits 4.2 Other Key Information regarding the Company ’s Operation Performance during the Reporting Period which should be brought to the Attention of the Investors ½ Applicable ✓ Not applicable
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9 5 Appendix China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 The financial statements prepared in accordance with the IFRS Accounting Standards are set out in Appendix I to this report. By order of the Board China Zheshang Bank Co., Ltd. Chen Haiqiang Chairman Hangzhou, the PRC October 30, 2026 As at the date of this announcement, the executive Directors of the Bank are Mr. Chen Haiqiang, Mr. Lyu Linhua and Ms. Ma Hong; the non-executive Directors are Mr. Hou Xingchuan, Mr. Ren Zhixiang, Mr. Hu Tiangao, Mr. Ying Yuxiang, Mr. Yang Zhaohui and Mr. Zheng Xingang; the independent non-executive Directors are Mr. Wang Wei, Mr. Xu Yongbin, Mr. Fu Tingmei, Mr. Shi Hao and Mr. Lou Weizhong.
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10 Appendix 1 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 Appendix 1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 (In RMB millions, unless otherwise stated) For nine months ended 30 September 2026 2025 (Unaudited) (Unaudited) Interest income 72,209 77,927 Interest expense (38,787) (43,489) NET INTEREST INCOME 33,422 34,438 Fee and commission income 7,110 4,396 Fee and commission expense (3,330) (1,311) NET FEE AND COMMISSION INCOME 3,780 3,085 Net trading gains 4,172 4,493 Net gains on financial investments 5,771 5,277 Other operating income 2,126 1,665 OPERATING INCOME 49,271 48,958 Operating expenses (15,429) (14,445) Expected credit losses (18,449) (19,244) Impairment losses on other assets (147) – PROFIT BEFORE TAXATION 15,246 15,269 Income tax expense (2,986) (3,112) PROFIT FOR THE PERIOD 12,260 12,157 Attributable to: Shareholders of the Bank 11,780 11,668 Non-controlling interests 480 489
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11 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 Appendix 1 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (CONTINUED) FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 (In RMB millions, unless otherwise stated) For nine months ended 30 September 2026 2025 (Unaudited) (Unaudited) Other comprehensive income, net of tax Items that will not be reclassified to profit or loss: Changes in the fair value of financial investments designated to be measured at fair value through other comprehensive income 10 13 Items that may be reclassified to profit or loss: Changes in the fair value of financial assets measured at fair value through other comprehensive income (1,428) (3,200) Allowance for ECLs of financial assets measured at fair value through other comprehensive income (283) (376) Exchange difference from the translation of foreign operations (577) (319) Other comprehensive income, net of tax (2,278) (3,882) Total comprehensive income 9,982 8,275 Total comprehensive income attributable to: Shareholders of the Bank 9,506 7,788 Non-controlling interests 476 487 Earnings per share attributable to ordinary shareholders of the Bank: Basic (RMB yuan) 0.43 0.42 Diluted (RMB yuan) 0.43 0.42
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12 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 Appendix 1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2026 (In RMB millions, unless otherwise stated) 30 September 2026 31 December 2025 (Unaudited) (Audited) ASSETS Cash and balances with the central bank 126,961 125,704 Precious metals 118,844 80,929 Deposits with banks and other financial institutions 42,923 73,583 Placements with banks and other financial institutions 12,866 5,952 Derivative financial assets 16,885 27,551 Financial assets purchased under resale agreements 163,782 90,599 Loans and advances to customers 1,973,121 1,883,237 Financial investments – Financial assets measured at fair value through profit or loss 270,365 229,795 – Financial assets measured at amortized cost 498,174 454,851 – Financial assets measured at fair value through other comprehensive income 335,787 366,861 Fixed assets 38,127 36,604 Right-of-use assets 3,901 4,209 Intangible assets 1,061 1,021 Deferred tax assets 20,709 21,667 Other assets 80,044 78,529 TOTAL ASSETS 3,703,550 3,481,092 LIABILITIES Due to the central bank 26,428 102,206 Deposits from banks and other financial institutions 393,240 344,374 Placements from banks and other financial institutions 106,861 117,459 Financial liabilities at fair value through profit or loss 177,643 55,960 Derivative financial liabilities 23,918 20,769 Financial assets sold under repurchase agreements 43,652 53,209 Customer deposits 2,191,967 2,043,466 Employee benefits payable 4,844 5,996 Taxes payable 328 1,912 Provisions 1,072 884 Debt securities issued 476,877 512,953 Lease liabilities 2,465 2,691 Other liabilities 10,536 11,878 TOTAL LIABILITIES 3,459,831 3,273,757
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13 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 Appendix 1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AT 30 SEPTEMBER 2026 (In RMB millions, unless otherwise stated) 30 September 2026 31 December 2025 (Unaudited) (Audited) EQUITY Share capital 27,464 27,464 Other equity instruments 54,995 24,995 – Perpetual bond 54,995 24,995 Capital reserve 38,570 38,570 Other comprehensive income 354 2,628 Surplus reserve 15,231 15,231 Statutory general reserve 39,501 37,919 Retained earnings 62,661 56,061 Total equity attributable to shareholders of the Bank 238,776 202,868 Non-controlling interests 4,943 4,467 TOTAL EQUITY 243,719 207,335 TOTAL LIABILITIES AND EQUITY 3,703,550 3,481,092 The consolidated financial statements were approved by the Board of Directors on October 30, 2026. Chen Haiqiang Lyu Linhua Chairman President Jing Feng Zhang Jian Principal in-charge of Finance Director of the Financial Department
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14 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 Appendix 1 CONSOLIDATED CASH FLOW STATEMENT FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 (In RMB millions, unless otherwise stated) For nine months ended 30 September 2026 2025 (Unaudited) (Unaudited) Cash flows from operating activities: Profit before taxation 15,246 15,269 Adjustments for: Expected credit losses 18,449 19,244 Other assets impairment losses 147 – Depreciation and amortization 2,573 2,050 Interest income from financial investments (15,573) (16,341) Net investment income (6,284) (7,500) Net gains from changes in fair value (1,912) (234) Net foreign exchange losses/(gains) 134 (64) Net (gains)/losses on disposal of fixed assets (1) 27 Interest expense on debt securities issued 7,300 8,786 Interest expense on lease liabilities 69 80 Deferred tax expense 400 1,347 Net changes in operating assets and operating liabilities: Net (increase)/decrease in balances with the central bank (5,238) 991 Net decrease in deposits with banks and other financial institutions 41,517 4,450 Net (increase)/decrease in placements with banks and other financial institutions (5,065) 213 Net increase in financial assets purchased under resale agreements (2,777) (3,784) Net increase in loans and advances to customers (107,851) (60,066) Net increase in financial assets held for trading (32,950) (32,358) Net decrease in other operating assets 2,414 5,696 Net decrease in due to the central bank (75,723) (12,269) Net increase/(decrease) in deposits from banks and other financial institutions 48,430 (62,223) Net (decrease)/increase in placements from banks and other financial institutions (465) 6,351 Net decrease in financial assets sold under repurchase agreements (9,566) (3,407) Net increase in customer deposits 156,394 134,416 Net increase/(decrease) in other operating liabilities 64,144 (31,883) Net cash flows generated from/(used in) operating activities before taxation 93,812 (31,209) Income tax paid (2,923) (2,146) Net cash generated from/(used in) operating activities 90,889 (33,355)
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15 China Zheshang Bank Co., Ltd. Third Quarterly Report of 2026 Appendix 1 CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2026 (In RMB millions, unless otherwise stated) For nine months ended 30 September 2026 2025 (Unaudited) (Unaudited) Cash flows from investing activities: Proceeds from disposal of fixed assets, intangible assets and other long-term assets 98 456 Payment for acquisition of fixed assets, intangible assets and other long-term assets (3,354) (8,478) Investment returns received 26,162 23,712 Proceeds from disposal of investments 1,648,539 1,887,389 Payment for acquisition of investments (1,664,901) (1,860,611) Net cash generated from investing activities 6,544 42,468 Cash flows from financing activities: Proceeds from issuance of other equity instruments 30,000 – Proceeds from issuance of debt securities 253,587 388,184 Repayment of matured debt (289,079) (384,178) Repayment of interest on debt securities issued (7,884) (8,494) Payment for dividend distribution (3,596) (4,316) Repayment for principal element of lease liabilities (517) (550) Repayment for interest element of lease liabilities (69) (80) Net cash used in from financing activities (17,558) (9,434) Effect of exchange rate changes on cash and cash equivalents (737) (289) Net increase/(decrease) in cash and cash equivalents 79,138 (610) Cash and cash equivalents at the beginning of the period 133,463 133,635 Cash and cash equivalents at the end of the period 212,601 133,025 Net cash flows from operating activities include: Interest received 53,854 59,857 Interest paid (39,063) (32,237)