Core Viewpoint - Jiangsu Jinzu reported a solid performance in the first half of 2025, with revenue and net profit showing year-on-year growth, indicating a stable business environment and effective management strategies [1][2]. Revenue and Profitability - In H1 2025, the company achieved operating revenue of 3.006 billion yuan, up 14.91% year-on-year, and a net profit attributable to shareholders of 1.564 billion yuan, up 9.04% year-on-year [1]. - The Q2 2025 single-quarter revenue and net profit grew by 9.57% and 9.67% year-on-year, respectively [1]. - The annualized ROE for H1 2025 was 12.96%, an increase of 0.37 percentage points from Q1 2025 [1]. Interest Income and Asset Growth - The company reported net interest income of 3.041 billion yuan in H1 2025, reflecting an 18.51% year-on-year increase, although the growth rate decreased by 5.17 percentage points compared to Q1 2025 [3]. - The leasing asset balance reached 148.103 billion yuan, up 17.02% year-on-year, with a net increase of 20.3 billion yuan in H1 2025 [3][4]. - The leasing net interest margin was 3.71%, down 20 basis points from Q1 2025, primarily due to a decline in asset yields [3][4]. Asset Quality and Risk Management - As of the end of H1 2025, the company's non-performing loan ratio was 0.91%, and the attention ratio was 2.37%, showing stability in asset quality [5]. - The company maintained a provision coverage ratio of 401.49%, indicating strong risk management capabilities [5]. Investment Outlook - The company is projected to achieve operating revenues of 5.869 billion yuan, 6.564 billion yuan, and 7.238 billion yuan for 2025-2027, with year-on-year growth rates of 11.20%, 11.83%, and 10.28%, respectively [6]. - Net profit attributable to shareholders is expected to be 3.230 billion yuan, 3.629 billion yuan, and 4.006 billion yuan for the same period, with growth rates of 9.77%, 12.33%, and 10.41% [6].

Group 1: Strategy and Market Outlook - The report indicates that the computing power sector has entered a main rising market, fulfilling necessary conditions for a significant market uptrend similar to the mobile internet boom in 2013 [8][10] - Short-term opportunities are identified in packaging testing, storage, computing chips, algorithm technology, and software, which show favorable technical indicators [13] - Mid-term analysis suggests that the valuation gap between Chinese and US computing power sectors is expected to converge, with higher performance expectation adjustments in advanced packaging, storage, and power sectors in China [11][12] Group 2: Company-Specific Analysis - Tianshan Co., as the largest cement producer in China, is expected to achieve revenues of 83.3 billion, 82.6 billion, and 82.1 billion CNY from 2025 to 2027, with net profits of 1.72 billion, 2.15 billion, and 2.70 billion CNY respectively [23][24] - The company is currently valued at a low PB of 0.5x, with a target price set at 8.22 CNY per share, reflecting a "buy" rating [23] - The report highlights that Tianshan Co. is well-positioned to benefit from regional infrastructure policies and has potential for cost reduction through enhanced management and resource utilization [24] Group 3: Economic and Industry Trends - The report notes a slowdown in industrial and service sector growth, with retail sales continuing to decline, indicating a weakening domestic demand [5][26] - Fixed asset investment has decreased by 5.3% year-on-year, with significant declines in real estate development investment, which fell by 17% [27][28] - The cement demand is projected to decline by 5%-6% in 2025, but the report anticipates stabilization in the long term, particularly in regions like Xinjiang [24]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company achieved revenue and net profit of 3.01 billion and 1.56 billion CNY respectively in H1 2025, with year-on-year growth of 15% and 9% [1] - The asset scale increased by 18%, with net interest income rising by 19% [2] - The company has established three major business segments: high-end equipment, clean energy, and transportation, leading to a stable and secure asset base [2] - The company is actively exploring innovative fields to open new growth avenues [2] - The impairment provision increased by 37% year-on-year, while the non-performing loan ratio remained stable at 0.91% [3] - Operating lease income saw a slight increase of 2%, but net income from fees and commissions experienced significant losses [4] - The leverage ratio at the end of the reporting period was 6.4 times, with a TTM dividend yield of 4.62% [8] - Revenue forecasts for 2025-2026 have been adjusted upwards, with EPS estimates also revised [9] Financial Summary - In H1 2025, the company reported net interest income of 3.04 billion CNY, reflecting a year-on-year increase of 19% [2] - The company's total assets reached 156.81 billion CNY, marking a 14% increase from the end of 2024 and an 18% increase year-on-year [2] - The company’s operating revenue for 2025 is projected to be 6.26 billion CNY, with a year-on-year growth of 19% [11] - The net profit attributable to shareholders for 2025 is estimated at 3.24 billion CNY, with a year-on-year growth of 10% [11] - The company’s gross profit margin is expected to be around 51.71% in 2025 [11]

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [8]. Core Views - Jiangsu Jinzu is transforming towards retail and focusing on small and micro enterprises, leveraging the advantages of the vendor leasing model. The company benefits from equipment replacement and interest subsidy policies, leading to a significant acceleration in asset deployment. The cost of liabilities continues to improve, maintaining a high net interest margin, and the non-performing loan ratio is well-controlled, reflecting strong profitability and risk control capabilities. The company is expected to achieve a dividend yield of 5.12% in 2025E, making it an attractive investment [2][6]. Summary by Sections Financial Performance - In the first half of 2025, Jiangsu Jinzu achieved operating revenue of 3.01 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 1.56 billion yuan, up 9.0%. The weighted average return on equity (ROE) decreased by 1.4 percentage points to 6.3% [6][10]. Asset Deployment - The company maintained a steady pace of asset deployment, with new investments concentrated in modern services and transportation. As of the end of the first half of 2025, accounts receivable from financing leases reached 143.56 billion yuan, an increase of 16.3% from the beginning of the year and 3.8% from the end of the first quarter. The balance of accounts receivable from leasing in Zhejiang, Guangdong, and Anhui increased by 1.1, 0.6, and 0.4 percentage points, respectively [10][11]. Profitability and Risk Control - The net interest margin for the first half of 2025 was 3.71%, an increase of 0.03 percentage points year-on-year. The asset yield and liability cost rates were estimated at 6.1% and 2.2%, respectively. The company’s asset quality remained stable, with non-performing assets totaling 1.34 billion yuan and a non-performing loan ratio of 0.91%, unchanged from the beginning of the year [10][11]. Future Outlook - Jiangsu Jinzu is expected to achieve net profits of 3.26 billion yuan and 3.59 billion yuan in 2025 and 2026, respectively, with corresponding price-to-book ratios of 1.19 and 1.10 times. The company is well-positioned for stable market share expansion and profit growth during a strong regulatory cycle [2][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][11]. Core Views - The company reported a revenue of 3 billion RMB and a net profit of 1.6 billion RMB for the first half of 2025, representing year-on-year growth of 15% and 9% respectively [2]. - The company is expected to benefit from a market recovery, with a projected net profit of 3.204 billion RMB for 2025, reflecting an 8.9% year-on-year increase [4]. Performance Summary - As of the end of the first half of 2025, the company's total assets reached 156.8 billion RMB, with leasing assets growing by 14% year-to-date [3]. - The net interest margin for leasing business improved to 3.71%, an increase of 0.03 percentage points year-on-year [3]. - The company reported a non-performing loan ratio of 0.91%, maintaining a stable asset quality [3]. Financial Forecast and Valuation - The company is projected to achieve a dividend yield of 4.7% in 2025, supported by steady growth in interest-earning assets and an expanding interest margin [4]. - The estimated price-to-book ratio for 2025 is 1.3x, indicating a favorable valuation [4]. - Revenue is expected to grow from 4.787 billion RMB in 2023 to 7.152 billion RMB by 2027, with a compound annual growth rate of approximately 10% [9].

Group 1 - The company's revenue and net profit for H1 2025 were 3.006 billion and 1.564 billion yuan, respectively, showing a year-on-year increase of 15% and 9%, which aligns with expectations [1] - The annualized weighted average ROE for H1 2025 was 12.68%, an increase from 12.60% in Q1 2025, while the equity multiplier rose to 6.4 times [1] - The company forecasts net profits for 2025, 2026, and 2027 to be 3.26 billion, 3.62 billion, and 4.03 billion yuan, respectively, with a consistent year-on-year growth of 12% [1] Group 2 - The balance of receivable financing leases at the end of Q2 2025 was 148.1 billion yuan, reflecting a year-on-year increase of 17% and a quarter-on-quarter increase of 4% [2] - The company has established partnerships with nearly 6,000 manufacturers and dealers, enhancing its business model and asset growth [2] - The company's "3+N" industry structure effectively mitigates cyclical fluctuations across different sectors, with significant growth in modern services, agricultural machinery, clean energy, and transportation [1][2] Group 3 - The net interest margin for H1 2025 was 3.71%, a slight year-on-year increase driven by a decrease in funding costs [2] - The non-performing loan ratio remained stable at 0.91%, while the non-performing loan generation rate increased to 0.61% [2] - The company reported a credit impairment loss of 580 million yuan for H1 2025, a year-on-year increase of 37% [2]

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" (maintained) [1] Core Views - The revenue and profit growth for the first half of 2025 met expectations, with revenue and net profit at 3.006 billion and 1.564 billion yuan respectively, reflecting year-on-year increases of 15% and 9% [4] - The company is considered a high-quality, high-dividend investment target, with a current dividend yield of 4.62% and a dynamic dividend yield of 5.15% assuming a constant dividend payout ratio of 53% [4] - The company has a stable performance in terms of asset quality, with a non-performing loan ratio of 0.91% and a slight increase in the non-performing loan generation rate to 0.61% [6] Financial Performance Summary - For the first half of 2025, the annualized weighted average ROE was 12.68%, an increase from 12.60% in the first quarter [4] - The company forecasts net profits of 3.26 billion, 3.62 billion, and 4.03 billion yuan for 2025, 2026, and 2027 respectively, with a consistent year-on-year growth rate of 12% [4] - The company's revenue is projected to grow from 5.977 billion yuan in 2025 to 7.353 billion yuan in 2027, with a compound annual growth rate of approximately 10.5% [8][11] Business Model and Growth Strategy - Jiangsu Jinzu's business model, which includes "vendor leasing + regional direct sales + shareholder collaboration," has matured and is effective, with partnerships established with nearly 6,000 manufacturers and dealers [5] - The company has diversified its industry structure to mitigate cyclical fluctuations, focusing on high-end equipment, clean energy, and transportation sectors, which have shown significant growth [5] Valuation Metrics - The current price-to-book (PB) ratios for 2025, 2026, and 2027 are projected at 1.3, 1.2, and 1.1 respectively, indicating a favorable valuation [4] - The earnings per share (EPS) for the next three years are estimated at 0.6 yuan for 2025, 0.6 yuan for 2026, and 0.7 yuan for 2027 [4]

Core Viewpoint - The company reported a revenue increase of 15% year-on-year to 30.1 billion yuan in the first half of 2025, with a pre-provision profit growth of 14% to 26.7 billion yuan, and a net profit increase of 9% to 15.6 billion yuan, aligning with expectations [1] Financial Performance - For 2Q25, the company achieved a revenue of 14.6 billion yuan, reflecting a 10% year-on-year increase but a 5% quarter-on-quarter decline, while net profit was 7.9 billion yuan, up 10% year-on-year and 3% quarter-on-quarter [1] - The annualized ROAE decreased by 2.9 percentage points to 13.0% due to the impact of convertible bond conversions [1] Growth Trends - As of 1H25, the company's receivables from financing leases increased by 16% year-on-year to 1,481 billion yuan, with steady progress in asset deployment [2] - Key sectors such as clean energy, transportation, and industrial equipment saw lease balances grow by 19%, 19%, and 11% respectively, while the modern services sector experienced a 41% increase [2] - The company has established partnerships with nearly 6,000 manufacturers and dealers, enhancing its customer acquisition network [2] Cost and Profitability - The annualized net interest margin improved by 0.03 percentage points to 3.71%, while the net interest spread narrowed compared to 1Q25 [3] - The asset yield for financing leases decreased by 0.38 percentage points to 6.24%, attributed to increased liquidity and competition [3] - Financing costs dropped by 0.67 percentage points to 2.25%, indicating a positive trend in cost management [3] Future Outlook - The company is expected to benefit from a continued decline in financing costs due to loose monetary policy, supporting margin expansion [4] - The non-performing loan ratio remained stable at 0.91%, with a provision coverage ratio of 401.5%, reflecting prudent risk management [4] - Credit impairment losses increased by 37% to 580 million yuan, impacting net profit growth, but the company maintains a strong asset quality [4] Earnings Forecast and Valuation - The earnings forecast remains unchanged, with the company currently trading at 1.3x and 1.2x P/B for 2025 and 2026 respectively [5] - The target price has been raised by 10.3% to 6.4 yuan, maintaining an outperform rating with a potential upside of 9.6% [5]

Core Points - The company has ensured the authenticity, accuracy, and completeness of the semi-annual report, with all board members present at the meeting [1][3] - The board approved several key resolutions, including the work summary for the first half of 2025 and the semi-annual report [4][10] - The company conducted a risk assessment report regarding Jiangsu Transportation Holding Group Financial Co., Ltd., which received majority approval [6][8] Company Overview - Jiangsu Financial Leasing Co., Ltd. is the company in focus, with its stock code being 600901 [3] - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [2] Financial Data - The financial data for the company is presented in ten-thousand yuan (万元) and is in Renminbi (人民币) [2] Important Matters - There were no significant changes in the company's operating conditions during the reporting period that required disclosure [2]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Jiangsu Jinzu (600901.SH, latest price: 5.84 yuan) a "buy" rating due to its strong business performance and growth potential [2] - The main reasons for the rating include steady growth in main business revenue, with the clean energy and transportation sectors showing leading growth rates [2] - There is a notable increase in credit impairment losses, which is expected to be influenced by rapid growth in investments [2] - The net interest margin has slightly expanded, while the non-performing loan ratio remains at a favorable level [2]