Investment Rating - The report maintains a strong recommendation for the company, suggesting active attention due to its solid fundamentals and strong growth potential [4]. Core Views - The company has shown significant growth in total assets, with a year-on-year increase of 16.02% as of Q2 2025, driven by a 20.62% increase in corporate loans and an 18.07% increase in investment assets [2]. - The net interest margin has improved to 1.53%, which is a 2 basis points increase compared to the previous year, indicating a positive trend despite a challenging interest rate environment [2]. - The non-performing loan ratio has decreased to 1.09%, with a provision coverage ratio rising to 343.24%, reflecting improved asset quality [2]. - The company has experienced a 13.64% year-on-year increase in net fee and commission income, outperforming peers in this area [2]. Summary by Sections 1. Performance - In H1 2025, the company reported revenue growth of 5.76%, pre-provision operating profit (PPOP) growth of 6.00%, and net profit growth of 16.48% [1][4]. - The growth in net profit is supported by a decrease in provision expenses and an effective tax rate [1]. 2. Non-Interest Income - The company faced a decline in other non-interest income, with a year-on-year decrease of 24.25% in H1 2025, despite strong growth in net fees and commissions [3][30]. 3. Interest Margin and Asset-Liability Management - The net interest margin has shown resilience, increasing to 1.53% in H1 2025, while the cost of interest-bearing liabilities has improved significantly [2][12]. - The company has effectively managed its funding costs, with a notable reduction in the cost of deposits and bonds issued [2]. 4. Asset Quality - The non-performing loan ratio has decreased to 1.09%, with a significant drop in non-performing loans by 1.23 million yuan [2][12]. - The provision coverage ratio has improved to 343.24%, indicating a strong buffer against potential loan losses [2]. 5. Capital and Shareholders - The company has completed the conversion of 8 billion yuan in convertible bonds, further strengthening its capital base [4]. - The major shareholder is the Commonwealth Bank of Australia, holding a 14.66% stake [4].

中证报中证网讯(王珞)8月28日，齐鲁银行（601665）发布2025年半年度业绩报告。上半年，该行交出 了一份高质量的答卷，业务规模稳健增长，经营效益稳步提升，资产质量稳中向好。 服务实体方面，该行紧跟区域发展战略，不断完善对战略新兴行业、制造业、民营小微等重点领域的金 融服务，聚焦金融"五篇大文章"重点领域，科技、绿色贷款增速分别达到17.6%、30.03%，均高于贷款 平均增速，普惠贷款余额领跑山东省城商行。 资本实力方面，6月末，齐鲁银行核心一级资本充足率10.46%，8月14日提前赎回"齐鲁转债"，促成 79.93亿元可转债转股，预计将进一步补充核心一级资本、优化资本结构、增强资本实力，可为后续业 务扩张提供坚实保障。 股东回报方面，分红水平持续提高，2024年度现金分红比例近28%(含中期)，每股派发现金分红0.266元 (含税)，较上年提高21%。分红次数也由过去的一年一次改为一年两次，增加实施了2024年度中期分 红。该行年度股东大会已授权董事会适时确定2025年中期利润分配事宜，预计将为投资者提供持续稳定 的投资回报。 报告显示，截至6月末，该行资产总额达7513.05亿元，较上年末增长8. ...

Market Overview - The city commercial bank sector experienced a decline of 0.92% on August 29, with Suzhou Bank leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Xi'an Bank saw a significant increase of 10.00%, closing at 4.18, with a trading volume of 1.51 million shares and a transaction value of 623 million yuan [1] - Qingdao Bank and Xiamen Bank also reported slight increases of 1.03% and 0.75%, respectively [1] - Conversely, Suzhou Bank experienced a decline of 2.40%, closing at 8.12, with a trading volume of 744,000 shares and a transaction value of 612 million yuan [2] Capital Flow Analysis - The city commercial bank sector had a net outflow of 1.793 billion yuan from institutional investors, while retail investors saw a net inflow of 913 million yuan [2] - The capital flow data indicates that retail investors are showing interest in the sector despite the overall decline [2] Detailed Capital Flow by Stock - Xi'an Bank had a net inflow of 99.76 million yuan from institutional investors, while it faced a net outflow of 42.89 million yuan from retail investors [3] - Hangzhou Bank also saw a net inflow of 61.29 million yuan from institutional investors, but retail investors withdrew 35.94 million yuan [3] - In contrast, Qilu Bank experienced a significant net outflow of 62.93 million yuan from institutional investors, while retail investors had a net inflow of 35.68 million yuan [3]

Group 1 - A total of 180 stocks in the Shanghai and Shenzhen markets have received net financing inflows for five consecutive days or more as of August 28 [1] - Qilu Bank has the longest streak, with net inflows for 16 consecutive trading days [1] - Other notable stocks with significant net financing inflows include China Steel International, Kosen Technology, Chengdi Xiangjiang, Meishuo Technology, Sinan Navigation, Zhejiang Construction Investment, Huagong Technology, and Wuhan Fangu [1]

8月28日，齐鲁银行发布2025年半年度报告。报告显示，2025年上半年，该行实现营业收入67.82亿元，同比增长5.76%；其中利息净收入49.86亿元，同比增长13.29%；手续费及佣金净收入 截至上半年末，齐鲁银行资产总额7513.05亿元，较上年末增长8.96%；贷款总额3714.10亿元，较上年末增长10.16%。聚焦金融"五篇大文章"，科技、绿色贷款增速分别达到17.60%、30. 截至上半年末，齐鲁银行不良贷款率1.09%，较上年末下降0.10个百分点；关注类贷款占比0.96%，较上年末下降0.11个百分点；拨备覆盖率343.24%，较上年末提高20.86个百分点。 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 马慜）8月28日，齐鲁银行发布的2025年半年报显示，该行上半年实现营业收入67.82亿元，同比增长5.76%；其中利息净收入49.86亿元，同比增长13.29%；手 业务规模稳健增长。截至6月末，资产总额7513.05亿元，较上年末增长8.96%；贷款总额3714.10亿元，较上年末增长10.16%。聚焦金融"五篇大文章"，科技、绿色贷款增速分别达到17.6 资产质量稳中向好，不良贷款率1.09%，较上年末下降0.10个百分点；关注类贷款占比0.96%，较上年末下降0.11个百分点；拨备覆盖率343.24%，较上年末提高20.86个百分点。 ...

Core Viewpoint - The report highlights the financial performance and operational achievements of Qilu Bank for the first half of 2025, showcasing growth in assets, loans, and profitability while maintaining strong asset quality indicators [7][8]. Group 1: Company Overview - Qilu Bank focuses on supporting the real economy through increased credit provision, aligning with central and local government policies [7]. - The bank's total assets reached 751.305 billion yuan, an increase of 8.96% compared to the end of the previous year [8]. Group 2: Financial Performance - Total loans amounted to 371.410 billion yuan, reflecting a growth of 10.16% year-on-year [8]. - The bank's total liabilities were 700.858 billion yuan, up 9.30% from the previous year, while total deposits reached 478.571 billion yuan, increasing by 8.88% [8]. - Operating income for the period was 6.782 billion yuan, a year-on-year increase of 5.76%, with net interest income rising by 13.29% to 4.986 billion yuan [8]. Group 3: Profitability Metrics - Net profit attributable to shareholders was 2.734 billion yuan, marking a 16.48% increase year-on-year, with basic earnings per share at 0.54 yuan, up 17.39% [8]. - The annualized return on average equity was 12.80%, an increase of 0.14 percentage points compared to the previous year [8]. - The net interest margin improved to 1.53%, up by 2 basis points [8]. Group 4: Asset Quality - The non-performing loan ratio stood at 1.09%, a decrease of 0.10 percentage points from the previous year [8]. - The coverage ratio for loan loss provisions was 343.24%, an increase of 20.86 percentage points year-on-year [8].

Core Viewpoint - Qilu Bank (601665.SH) reported a solid performance in the first half of 2025, with significant growth in revenue and net profit, indicating a robust operational strategy and effective management of financial resources [1] Financial Performance - The bank achieved an operating income of 6.782 billion yuan, representing a year-on-year increase of 5.76% [1] - Net interest income reached 4.986 billion yuan, up 13.29% year-on-year [1] - Net fee and commission income was 817 million yuan, reflecting a growth of 13.64% compared to the previous year [1] - Net profit attributable to shareholders was 2.734 billion yuan, marking a 16.48% increase year-on-year [1] - The net interest margin stood at 1.53%, an improvement of 2 basis points from the previous year [1] - The cost-to-income ratio improved to 24.90%, a decrease of 2.51 percentage points year-on-year [1] Business Growth - As of the end of June, total assets amounted to 751.305 billion yuan, an increase of 8.96% from the end of the previous year [1] - Total loans reached 371.410 billion yuan, growing by 10.16% year-on-year [1] - The bank's focus on key financial areas resulted in technology and green loans growing at rates of 17.60% and 30.03%, respectively, both exceeding the average loan growth rate [1] - Total deposits were 478.571 billion yuan, reflecting an 8.88% increase from the end of the previous year [1]

Core Viewpoint - Qilu Bank reported a solid financial performance in the first half of 2025, with significant growth in both revenue and net profit, indicating a positive trend in its operational efficiency and profitability [1] Financial Performance - The bank achieved an operating income of 6.782 billion yuan, representing a year-on-year increase of 5.76% [1] - The net profit attributable to shareholders reached 2.734 billion yuan, showing a year-on-year growth of 16.48% [1] - As of the end of June, the total assets of the bank amounted to 751.305 billion yuan, which is an increase of 8.96% compared to the end of the previous year [1] Revenue Composition - The net interest income of the bank grew by 13.29% year-on-year [1] - The net income from fees and commissions increased by 13.64% year-on-year [1] - The net interest margin at the end of the first half was 1.53%, up by 2 basis points compared to the previous year [1]

Group 1 - Qilu Bank announced the resignation of Ms. Zhang Xiaoyan from the supervisory board due to work changes [1] - For the first half of 2025, Qilu Bank's revenue composition was 157.62% from interest income and 12.92% from non-interest income [1] - As of the report date, Qilu Bank's market capitalization was 34.7 billion yuan [1]