Investment Rating - The investment rating for Chengdu Bank is "Buy" with a target price of 21.12 CNY per share, indicating an upside potential of 18% from the current price of 17.86 CNY [5][7]. Core Insights - Chengdu Bank's H1 2025 earnings growth has improved, with revenue and net profit attributable to shareholders increasing by 5.9% and 7.3% year-on-year, respectively [2][5]. - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.66% and a provision coverage ratio of 453% as of the end of Q2 2025 [4][5]. - Future growth is supported by strong regional economic vitality and robust credit demand, which is expected to sustain rapid profit growth [3][5]. Summary by Sections Earnings Performance - Chengdu Bank's revenue and net profit for H1 2025 increased by 5.9% and 7.3% year-on-year, with quarter-on-quarter growth rates improving by 2.7 percentage points and 1.6 percentage points, respectively [2][5]. - The bank's total assets grew by 14.3% year-on-year, with loans increasing by 18.0% [2][5]. Interest Margin and Cost of Deposits - The net interest margin for Q2 2025 slightly decreased by 2 basis points to 1.58%, but improved by 1 basis point year-on-year, primarily due to a reduction in deposit costs [3][4]. - The cost of deposits improved to 1.96% in H1 2025, down from 2.16% in 2024, benefiting from interest rate cuts [3][4]. Asset Quality - The NPL ratio remained stable at 0.66%, while the attention loan ratio increased slightly to 0.44% [4][5]. - The TTM generation rate for NPLs and attention loans decreased by 14 basis points to 0.27%, indicating continued improvement in asset quality [4][5]. Profit Forecast and Valuation - Chengdu Bank's net profit is projected to grow by 7.95%, 7.35%, and 9.52% for 2025, 2026, and 2027, respectively, with corresponding book values per share of 21.12, 23.60, and 26.35 CNY [5][12]. - The target valuation for 2025 is set at a price-to-book (PB) ratio of 1.0x [5].

Core Viewpoint - Chengdu Bank announced a change in its shareholding plan due to its stock price exceeding the previously set upper limit, reflecting confidence in its future development and commitment to high-quality growth [1] Group 1: Shareholding Plan Changes - Chengdu Bank held its first extraordinary shareholders' meeting for 2025 on August 26, where it approved changes to the shareholding plan of its actual controller and the entities intending to increase their holdings [1] - The original plan set a maximum purchase price of 17.59 yuan per share, but the new plan does not set a price range and will be executed based on stock price fluctuations and overall market trends [1] Group 2: Investment Amounts - The total amount intended for the shareholding increase by Chengdu Industrial Capital Group and Chengdu Xintianyi is not less than 69,998.27 million yuan and not more than 139,996.53 million yuan [1] - Specifically, Chengdu Xintianyi plans to increase its holdings by an amount not less than 44,732.45 million yuan [1] Group 3: Commitment from State-Owned Assets - The Chengdu State-owned Assets Supervision and Administration Commission has committed not to reduce its holdings in Chengdu Bank during the implementation period of this shareholding plan [1] - The implementation of this plan will not lead to changes in the controlling shareholder or actual controller of Chengdu Bank [1]

Core Viewpoint - Chengdu Bank reported a solid performance in the first half of 2025, with significant growth in revenue and net profit, reflecting the bank's effective risk management and strategic focus on high-quality development in line with national economic policies [1][2][3]. Financial Performance - The bank achieved an operating income of CNY 12.27 billion, a year-on-year increase of 5.91% compared to CNY 11.59 billion in the same period of 2024 [2][18]. - Net profit attributable to shareholders reached CNY 6.62 billion, up 7.29% from CNY 6.17 billion in the previous year [2][18]. - Total assets increased to CNY 1.37 trillion, representing a growth of 11.02% from CNY 1.25 trillion at the end of 2024 [2][18]. Key Financial Indicators - The bank's return on assets (annualized) was 1.01%, while the cost-to-income ratio improved to 23.18% [4]. - The non-performing loan (NPL) ratio remained stable at 0.66%, with a provision coverage ratio of 452.65% [4][5]. - The capital adequacy ratio stood at 13.13%, indicating a strong capital position [5]. Business Development - Chengdu Bank's corporate finance business showed robust growth, supporting major infrastructure and livelihood projects in the region [8][9]. - The bank's investment banking segment continued to strengthen, with a leading position in bond underwriting within Sichuan province [9]. - The small and micro finance sector expanded, with a focus on technology enterprises and agricultural financing [10][11]. Strategic Focus - The bank is aligning its operations with national strategies, particularly in the Chengdu-Chongqing economic circle, to enhance its market competitiveness [8][14]. - A commitment to green finance is evident, with ongoing support for environmentally sustainable projects [10][11]. - Digital transformation initiatives are being prioritized to improve customer service and operational efficiency [12][16]. Risk Management - The bank has implemented a comprehensive risk management framework, maintaining a high level of asset quality and proactive risk identification [14][17]. - Continuous monitoring of macroeconomic conditions and industry trends is conducted to inform credit decisions and risk management strategies [14][17]. Market Position - Chengdu Bank ranked 170th in the latest global banking list by The Banker, reflecting its growing influence in the banking sector [8]. - The bank's customer base has expanded significantly, with over 10 million clients served across various financial products [15].

Core Viewpoint - Chengdu Bank reported a steady growth in financial performance for the first half of 2025, with significant increases in revenue and net profit, while maintaining a strong risk management profile [1][8]. Financial Performance - Total assets reached CNY 1,372.22 billion, an increase of 9.77% compared to the end of the previous year [1]. - Operating income for the first half of 2025 was CNY 12.27 billion, up 5.91% from CNY 11.59 billion in the same period of 2024 [1][8]. - Net profit attributable to shareholders was CNY 6.62 billion, reflecting a growth of 7.29% year-on-year [1][8]. - Basic earnings per share were CNY 1.57, with a diluted earnings per share of CNY 1.56 [2][8]. Key Financial Ratios - The return on average equity was 7.94%, down from 9.02% in the previous year [2]. - The non-performing loan ratio stood at 0.66%, with a provision coverage ratio of 452.65% [2][8]. - The liquidity ratio was reported at 95.44%, indicating a strong liquidity position [2][8]. Business Growth - Total loans and advances amounted to CNY 834.63 billion, a 12.40% increase from CNY 742.57 billion in the previous year [1]. - Total deposits reached CNY 983.48 billion, up 11.02% from CNY 885.86 billion [1]. Capital Structure - Core Tier 1 capital was CNY 83.22 billion, with a capital adequacy ratio of 13.13% [3]. - The bank's leverage ratio was reported at 6.27% [3]. Strategic Developments - The bank is in the process of dissolving Sichuan Mingshan Jincheng Village Bank, following regulatory approval [7]. - The bank has successfully issued CNY 8 billion in convertible bonds, which are now in the conversion period [6].

表决结果：同意 12 票；反对 0 票；弃权 0 票。 本议案中 2025 年半年度报告中的财务报告及相关财务信息在提 交董事会审议前，已经本公司董事会关联交易控制与审计委员会审核 通过，并同意提交董事会审议。 二、审议通过了《关于增补第八届董事会专门委员会委员的议 案》 成都银行股份有限公司（以下简称"本公司"）于 2025 年 8 月 21 日以电子邮件及书面方式向全体董事发出关于召开董事会会议的通 知和材料，本公司第八届董事会第十七次（临时）会议于 2025 年 8 月 26 日在本公司总部 5 楼 1 号会议室以现场结合视频方式召开。本 次会议应出席有表决权董事 12 名，徐登义、何维忠、王永强、郭令 海、付剑峰、余力、马晓峰、陈存泰、马骁、余海宗 10 名董事现场 出席，龙文彬、顾培东 2 名董事通过视频连线方式参加会议。经董事 推举，会议由副董事长、行长徐登义主持。党委书记黄建军、4 名监 事以及本公司部分高级管理人员列席会议。会议的召开符合《中华人 民共和国公司法》《中华人民共和国证券法》等法律、行政法规、部 门规章、规范性文件及《成都银行股份有限公司章程》的有关规定。 会议所形成的决议合法、有 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-051 成都银行股份有限公司 会议对如下议案进行了审议并表决： 审议通过了《关于成都银行股份有限公司 2025 年半年度报告及 摘要的议案》 表决结果：同意 4 票，反对 0 票，弃权 0 票。 监事会认为，公司 2025 年半年度报告及其摘要的编制和审议程 序符合法律、行政法规和中国证监会的规定，报告的内容真实、准确、 完整地反映了公司的实际情况。 特此公告。 第八届监事会第八次（临时）会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 成都银行股份有限公司（以下简称"公司"）第八届监事会第八次 （临时）会议以书面传签方式召开，决议表决截止日为 2025 年 8 月 体监事发出。本次会议应参与表决监事 4 名，实际参与表决监事 4 名。 会议的召开符合《中华人民共和国公司法》 《中华人民共和国证券法》 等法律、行政法规、部门规章、规范性文件以及《成都银行股份有限 公司章程》的有关规定。会议所形成的决议合法、有效。 成都银行股份有限公司监事会 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-049 成都银行股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 8 月 26 日 (二) 股东大会召开的地点：四川省成都市西御街 16 号成都银行大厦 5 楼 3 号会议室 (三) 出席会议的普通股股东及其持有股份情况： 份总数的比例（%） 47.1452 (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，经董事推举，由副董事长、行长徐登义先 生主持会议。本次股东大会采取现场和网络投票相结合的方式，符合《中华人民 共和国公司法》《上市公司股东会规则》等法律、法规、规章及《成都银行股份 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 有限公司章程》的规定。 (五) 公司党委书记、董事、监事和董事会秘书的出席情况 列席会议。 二、 议案审议情况 (一) 非累积投票议案 审议结果：通过 表决情况： | 股东类型 | 同意 | | 反对 ...

格隆汇8月26日丨成都银行(601838.SH)发布2025半年度报告，公司上半年实现营业收入122.70亿元，同 比增长5.91%；归母净利润66.17亿元，同比增长7.29%；扣非归母净利润65.94亿元，同比增长7.72%。 ...

成都银行8月26日晚间披露半年报，公司上半年实现营业收入122.7亿元，同比增长5.91%；归属于上市 公司股东的净利润66.17亿元，同比增长7.29%；基本每股收益1.57元。 ...

Group 1 - Chengdu Bank held its 17th temporary board meeting of the 8th session on August 26, 2025, to review the semi-annual report and summary for 2025 [1] - For the year 2024, Chengdu Bank's revenue composition shows that interest income accounted for 90.33%, while non-interest income made up 1.62% [1] - As of the report date, Chengdu Bank's market capitalization stands at 75.7 billion yuan [1]