Investment Rating - The report maintains a "Recommended" rating for Chongqing Rural Commercial Bank (601077) with a target price of 8.36 CNY / 7.60 HKD, compared to the current price of 6.96 CNY / 6.45 HKD [2]. Core Views - The bank's net interest margin has stabilized, and its risk compensation ability remains strong. The bank reported a 0.67% year-on-year increase in operating income for the first three quarters, reaching 21.658 billion CNY, and a 3.74% increase in net profit attributable to shareholders, totaling 10.694 billion CNY [2]. - The non-performing loan (NPL) ratio decreased by 5 basis points to 1.12%, while the provision coverage ratio increased by 9 percentage points to 365% [2]. - The bank's core revenue-generating capacity continues to improve, driven by net interest income, which grew by 8.7% year-on-year to 6.11 billion CNY in Q3 2025 [2][5]. - The bank's asset quality remains stable, with a slight increase in retail loan risks expected due to macroeconomic conditions [2]. Summary by Sections Financial Performance - For the first three quarters of 2025, the bank achieved operating income of 216.58 billion CNY, a year-on-year growth of 0.67%, and a net profit of 106.94 billion CNY, reflecting a 3.74% increase [2]. - The bank's total loans reached 777.973 billion CNY, with a year-on-year growth of 8.75% [2]. - The bank's net interest margin for the first three quarters was 1.59%, showing a minor decline of 1 basis point from the first half of 2025 [2]. Asset Quality - The overall NPL ratio decreased to 1.12%, with a quarterly NPL net generation rate rising to 0.67% [2][8]. - The provision coverage ratio increased to 365%, indicating strong risk compensation capabilities [2][8]. Future Outlook - The bank is expected to benefit from strategic opportunities in the Chengdu-Chongqing economic circle and the "33618" modern manufacturing cluster, which will support future performance growth [2]. - Revenue growth projections for 2025E-2027E are 1.5%, 4.5%, and 5.8% respectively, with net profit growth of 4.6%, 4.8%, and 5.3% [2][6].

格隆汇10月28日丨渝农商行(601077.SH)发布三季报，2025年前三季度实现营业总收入216.58亿元，同比 增长0.67%；归属母公司股东净利润106.94亿元，同比增长3.74%；基本每股收益为0.92元。 ...

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]

Core Insights - Chongqing Rural Commercial Bank reported a net profit of 10.925 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.32% [2] - The bank's operating income reached 21.658 billion yuan, showing a slight growth of 0.67% compared to the same period last year [2] Financial Performance - The net profit attributable to shareholders was 10.694 billion yuan, up 3.74% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 10.675 billion yuan, reflecting a growth of 7.11% year-on-year [2] - Net interest income amounted to 17.850 billion yuan, an increase of 6.88% from the previous year [2] - The net interest margin was 1.59%, a decrease of 0.02 percentage points year-on-year, but the decline was narrowed by 0.14 percentage points [2] Asset Quality - As of September 30, 2025, the bank's non-performing loan balance stood at 8.711 billion yuan, with a non-performing loan ratio of 1.12%, down 0.06 percentage points from the end of the previous year [2] - The provision coverage ratio was 364.82%, an increase of 1.38 percentage points compared to the end of the previous year [2]

农商行龙头三季报出炉！ 10月28日晚，重庆农商行（即"渝农商行"）发布2025年第三季度报告。财报显示，今年1—9月该行实现营业收 入216.58亿元，同比微增0.67%；实现归母净利润106.94亿元，同比增长3.74%。 但与此同时，受市场行情及推广商户客群影响，该行非利息净收入同比降幅逐季扩大，对全行营收形成拖累。 前三季度，该行非息收入同比下滑20.9%，降幅居上市银行前列。 值得一提的是，年初以来，北向资金连续减持重庆农商行A股股份，前三季度净减持规模约1.65亿股，其中第 三季度净减持1.11亿股。到9月末，北向资金在该行的合计持股占比已经由年初的3.81%降至2.36%。 加速"扩表" 作为国内首家"A+H"股上市农商行，今年以来，重庆农商行资产规模扩张步伐显著加快。截至9月末，该行资 产总额约1.66万亿元，较年初增加9.3%。 对比可以发现，今年前三季度该行总资产增速创近四年同期新高。此前，该行2022年1—9月、2023年1—9月、 2024年1—9月总资产增速分别约5.1%、7.07%和5.3%。 其中，今年9月末，重庆农商行客户贷款和垫款总额接近7780亿元，较年初增长8.92%，增 ...

格隆汇10月28日丨渝农商行(601077.SH)发布三季报，2025年前三季度实现营业总收入216.58亿元，同比 增长0.67%；归属母公司股东净利润106.94亿元，同比增长3.74%；基本每股收益为0.92元。 ...

2025年1至9月，重庆农商行实现营业收入216.58亿元，较上年同期增长0.67%。其中，利息净收入 178.50亿元，较上年同期增长6.88%，手续费及佣金净收入10.57亿元。净利息收益率为1.59%，较上年 同期下降0.02个百分点，降幅收窄0.14个百分点。 北京商报讯（记者 宋亦桐）10月28日，重庆农商行发布2025年三季度报告，数据显示，2025年1至9 月，该行实现净利润109.25亿元，较上年同期增长3.32%；其中归属于该行股东的净利润106.94亿元， 较上年同期增长3.74%。扣除非经常性损益后归属于该行股东的净利润106.75亿元，较上年同期增长 7.11%。 资产质量方面，截至2025年9月30日，重庆农商行不良贷款余额87.11亿元；不良贷款率1.12%，较上年 末下降0.06个百分点；拨备覆盖率364.82%，较上年末上升1.38个百分点。 ...

智通财经APP讯，重庆农村商业银行(03618)发布公告，2025年1至9月，集团实现净利润109.25亿元，较上年同期增长3.32%;其中归属于该行股东的净利润 106.94亿元，较上年同期增长3.74%。年化平均总资产回报率0.92%，较上年同期下降0.03个百分点。年化加权平均净资产收益率10.82%，较上年同期下降 0.30个百分点。 2025年1至9月，集团实现营业收入216.57亿元，较上年同期增长0.81%。其中，利息净收入178.50亿元，较上年同期增长6.88%，手续费及佣金净收入10.57亿 元。净利息收益率为1.59%，较上年同期下降0.02个百分点，降幅收窄0.14个百分点。 截至2025年9月30日，集团不良贷款余额87.11亿元;不良贷款率1.12%，较上年末下降0.06个百分点;拨备覆盖率364.82%，较上年末上升1.38个百分点。 ...

Group 1 - The core viewpoint of the articles highlights the financial performance of Chongqing Rural Commercial Bank for the first nine months of 2025, showing a modest growth in net profit and operating income compared to the previous year [1][2] Group 2 - For the period from January to September 2025, the group achieved a net profit of 10.925 billion yuan, an increase of 3.32% year-on-year, with net profit attributable to shareholders at 10.694 billion yuan, up 3.74% year-on-year [1] - The annualized average return on total assets was 0.92%, a decrease of 0.03 percentage points from the same period last year, while the annualized weighted average return on equity was 10.82%, down 0.30 percentage points year-on-year [1] - The group reported operating income of 21.657 billion yuan, a year-on-year increase of 0.81%, with net interest income at 17.850 billion yuan, up 6.88% year-on-year [1] - The net interest margin was 1.59%, a decrease of 0.02 percentage points year-on-year, but the decline was narrowed by 0.14 percentage points [1] - Operating expenses for the group were 6.124 billion yuan, an increase of 0.71% year-on-year, while other general and administrative expenses decreased by 9.17% [1] - The cost-to-income ratio was 27.21%, an increase of 0.28 percentage points year-on-year, and credit impairment losses were 3.229 billion yuan, down 14.31% year-on-year [1] Group 3 - As of September 30, 2025, the group's total assets amounted to 1,656.25 billion yuan, an increase of 140.869 billion yuan, or 9.30%, from the end of the previous year [2] - The total amount of customer loans and advances reached 777.973 billion yuan, an increase of 63.7 billion yuan, or 8.92%, with corporate loans at 418.734 billion yuan, retail loans at 303.676 billion yuan, and discounted bills at 55.563 billion yuan [2] - Financial investments totaled 656.498 billion yuan, an increase of 28.495 billion yuan, or 4.54%, from the end of the previous year [2]

2025年1至9月，集团实现营业收入216.57亿元，较上年同期增长0.81%。其中，利息净收入178.50亿 元，较上年同期增长6.88%，手续费及佣金净收入10.57亿元。净利息收益率为1.59%，较上年同期下降 0.02个百分点，降幅收窄0.14个百分点。 格隆汇10月28日丨重庆农村商业银行(03618.HK)公告，2025年1至9月，集团实现净利润109.25亿元，较 上年同期增长3.32%；其中归属于股东的净利润106.94亿元，较上年同期增长3.74%。年化平均总资产回 报率0.92%，较上年同期下降0.03个百分点。年化加权平均净资产收益率10.82%，较上年同期下降0.30 个百分点。 2025年1至9月，集团营业支出为61.24亿元，较上年同期增加0.71%。其中，其他一般及行政开支较上年 同期下降9.17%，集团持续推进降本增效"四步法"落地实施，多措并举实施精细化管理。成本收入比 27.21%，较上年同期增长0.28个百分点。信用减值损失32.29亿元，较上年同期下降14.31%。 截至2025年9月30日，集团资产总额16,562.50亿元，较上年末增加1,408.69亿元，增幅9. ...