公司积极创新债券市场融资方式，探索数字金融服务新模式，不断提升实体经济服务质效。本期债 券为首次引用中央国债登记结算有限责任公司区块链数字债券平台技术的金租行业金融债券。借助区块 链平台技术，可有效提高债券发行信息透明度和发行效率，加速推动债券市场全业务流程数字化转型， 为债券市场的数字化、智能化发展提供了有益探索与示范。 9月16日，国银金租于全国银行间债券市场成功发行金融租赁行业首单区块链簿记金融债券(债券简 称：25国银金租债03;债券代码：2522029.IB)。本期债券发行规模20亿元，期限3年，票面利率1.90%。 自2024年以来，公司已累计发行6期合计170亿人民币金融债券，其中2025年内发行已超百亿，有效 拉长公司人民币负债期限，提升经营稳定性，充分体现了公司良好的社会形象和行业龙头的市场地位。 未来，国银金租将坚持金融服务实体经济的根本宗旨，紧扣租赁本源，围绕金融"五篇大文章"，聚 力转型推动高质量发展，持续为新质生产力注入金融动能。 ...

智通财经APP获悉，招商证券发布研报称，维持国银金租(01606)"强烈推荐"评级。该行认为公司作为行 业龙头，业务整体发展稳健;加之，伴随美元降息周期开启、压降公司资金成本，公司业绩有望持续扩 张，预计25/26/27年归母净利润分别为49/52/58亿元。 报告提到，国银金租25H1实现营业收入146.6亿元，同比+7.7%;净利润达24.0亿元，同比+27.6%。25H1 末，公司总资产规模达41.8亿元，较年初+2.9%，资产规模稳步增长。年化ROE为11.7%，同比+1.7pct; 年化ROA为1.2%，同比+0.33pct，主要得益于净利润的良好增长。资产质量稳定，25H1末，公司不良资 产率为0.63%、且自上市以来始终控制在1%以下，融资租赁相关不良资产拨备覆盖率为540.05%、维持 高风险抵补水平。 ...

报告提到，国银金租25H1实现营业收入146.6亿元，同比+7.7%;净利润达24.0亿元，同比+27.6%。25H1 末，公司总资产规模达41.8亿元，较年初+2.9%，资产规模稳步增长。年化ROE为11.7%，同比+1.7pct; 年化ROA为1.2%，同比+0.33pct，主要得益于净利润的良好增长。资产质量稳定，25H1末，公司不良资 产率为0.63%、且自上市以来始终控制在1%以下，融资租赁相关不良资产拨备覆盖率为540.05%、维持 高风险抵补水平。 招商证券发布研报称，维持国银金租(01606)"强烈推荐"评级。该行认为公司作为行业龙头，业务整体 发展稳健;加之，伴随美元降息周期开启、压降公司资金成本，公司业绩有望持续扩张，预计25/26/27年 归母净利润分别为49/52/58亿元。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Views - The company has shown stable growth in key operating indicators, with a revenue of 14.66 billion yuan in H1 2025, up 7.7% year-on-year, and a net profit of 2.4 billion yuan, up 27.6% year-on-year [7][8]. - The company is focusing on business transformation, increasing investments in new energy, emerging industries, and vehicle leasing, which have led to significant revenue growth in these sectors [2][3]. - Despite a decline in financing leasing income by 6.2% year-on-year, the company has seen substantial growth in other income sources, particularly from asset disposal and foreign exchange gains [3][8]. Summary by Sections Financial Performance - In H1 2025, the company achieved a revenue of 14.66 billion yuan, with a net profit of 2.4 billion yuan, resulting in an annualized ROE of 11.7% [7]. - The total asset size reached 41.8 billion yuan, reflecting a 2.9% increase from the beginning of the year [7]. - The company maintained a low non-performing asset ratio of 0.63% and a high provision coverage ratio of 540.05% for financing leasing-related non-performing assets [7]. Revenue Breakdown - Financing leasing income accounted for 34.4% of total revenue, down 5.0 percentage points year-on-year, while operating leasing income accounted for 47.8%, down 4.5 percentage points [7]. - The company reported a significant increase in revenue from green energy and high-end equipment leasing, with respective revenues of 1.858 billion yuan and 1.052 billion yuan, growing 23.9% and 14.1% year-on-year [2]. Future Projections - The company is expected to continue its growth trajectory, with projected net profits of 4.9 billion yuan, 5.2 billion yuan, and 5.8 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 9.9%, 5.4%, and 11.9% respectively [10][11].

香港联交所最新资料显示，9月16日，CITIC Limited增持国银金租(01606)204.2万股，每股均价1.7037港 元，总金额约为347.90万港元。增持后最新持股数目约为2.78亿股，最新持股比例为10.02%。 本交易涉及其他关联方：CITIC Group Corporation。 ...

智通财经APP获悉，香港联交所最新资料显示，9月16日，CITIC Limited增持国银金租(01606)204.2万 股，每股均价1.7037港元，总金额约为347.90万港元。增持后最新持股数目约为2.78亿股，最新持股比 例为10.02%。 本交易涉及其他关联方：CITIC Group Corporation。 ...

Core Viewpoint - Guoyin Financial Leasing's stock price increased by over 6% during trading, with a current price of HKD 1.80 and a trading volume of HKD 123 million. The company reported a mixed performance in its mid-year results for 2025, with total revenue decreasing slightly while net profit showed significant growth due to non-recurring income [1]. Financial Performance - Total revenue for the first half of 2025 was approximately CNY 12.045 billion, a year-on-year decrease of 3.54% [1]. - Total income and other earnings amounted to approximately CNY 14.664 billion, reflecting a year-on-year increase of 7.69% [1]. - Net profit reached approximately CNY 2.401 billion, representing a year-on-year growth of 27.63% [1]. - Earnings per share were reported at CNY 0.19 [1]. Business Segments - The company is experiencing growth in its business structure, particularly in green energy and high-end equipment leasing, as well as inclusive finance vehicle leasing [1]. - The aircraft leasing segment has shown operational resilience, while the shipping leasing business experienced a slight decline due to short-term fluctuations in shipping indices [1]. - Overall, the company's asset quality remains stable, providing a safety margin for business transformation [1]. Market Outlook - The company is positioned for a value re-evaluation opportunity due to the resonance of its asset and liability sides, with a high safety margin on the liability side [1]. - The potential for a decrease in operational costs is anticipated as the Federal Reserve shows an open attitude towards interest rate cuts, with an increased likelihood of cuts in the fourth quarter [1]. - The company has innovated its financing models, resulting in a significant reduction of 31.4% in interest expenses during the first half of the year, which will further optimize costs during the interest rate cut cycle [1].

Core Viewpoint - Guoyin Financial Leasing (01606) reported a mixed performance in its 2025 interim results, with total revenue declining slightly while net profit showed significant growth due to non-recurring income [1] Financial Performance - Total revenue for the first half of 2025 was approximately 12.045 billion yuan, a year-on-year decrease of 3.54% [1] - Total income and other revenues amounted to about 14.664 billion yuan, reflecting a year-on-year increase of 7.69% [1] - Net profit reached approximately 2.401 billion yuan, representing a year-on-year growth of 27.63% [1] - Earnings per share were reported at 0.19 yuan [1] Business Segments - The company’s business structure is continuously optimizing, with rapid growth in green energy and high-end equipment leasing, as well as inclusive finance vehicle leasing [1] - The aircraft leasing business maintained operational resilience, while the shipping leasing business experienced a slight decline due to short-term fluctuations in shipping indices [1] Asset Quality and Market Conditions - Overall, the company’s asset quality remains stable, providing a safety margin for business transformation [1] - The company is positioned for a value reassessment opportunity due to the resonance of liabilities on both ends, with a high safety margin in current investments [1] - The potential for a Federal Reserve interest rate cut could drive down operational costs for the company [1] Cost Management - The company has innovated its financing model, resulting in a significant reduction of interest expenses by 31.4% in the first half of the year [1] - The optimization of costs is expected to become more pronounced during the interest rate cut cycle [1]

Core Viewpoint - Guoyin Financial Leasing (01606) has seen a stock price increase of over 6% following the announcement of its mid-term results, which showed a significant net profit growth of 27.63% year-on-year, indicating potential for improved asset yield due to the onset of a rate cut cycle [1][2] Group 1: Financial Performance - Total revenue for the first half of 2025 was approximately 12.045 billion, a decrease of 3.54% year-on-year [1] - Total income and other earnings amounted to about 14.664 billion, reflecting a year-on-year increase of 7.69% [1] - Net profit reached approximately 2.401 billion, marking a year-on-year growth of 27.63% [1] - Earnings per share stood at 0.19 [1] Group 2: Business Segments - The company has optimized its business structure, with rapid growth in green energy and high-end equipment leasing, as well as inclusive finance vehicle leasing [1] - The aircraft leasing business has shown operational resilience, while the shipping leasing business experienced a slight decline due to short-term fluctuations in shipping indices [1] Group 3: Market Outlook - The company is positioned for a value reassessment as both asset and liability sides are resonating positively, with a high safety margin on the liability side [2] - The potential for a rate cut by the Federal Reserve could lead to a reduction in operating costs for the company [2] - Interest expenses were significantly reduced by 31.4% in the first half of the year, and further optimization is expected during the rate cut cycle [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 備註： 致：香港交易及結算所有限公司 公司名稱: 國銀金融租賃股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01606 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,769,594,000 | RMB | | 1 | RMB | | 2,769,594,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 2,769,594,000 | RMB | | 1 | RMB | | 2,769,594,000 | ...