On August 31, during the 2026 interim results conference held today, Vice President Wang Ying addressed inquiries regarding the growth rate of Assets Under Management (AUM).

Ms. Wang noted that China Merchants Bank operates with a particularly asset-light structure, where wealth management linked to the capital markets constitutes a significant portion of the business. Consequently, she explained that it is not guaranteed this rapid expansion will persist, given its close correlation with market activity levels.

Nevertheless, she expressed strong confidence in the bank's ability to sustain its momentum over the long haul, maintaining a trajectory characterized by a "long slope and thick snow" compound growth pattern, which reflects a steady accumulation of value over time.