Core Insights - The performance of listed city commercial banks in A-shares shows divergence, with Jiangsu Bank, Chengdu Bank, and Chongqing Bank achieving steady growth, while Guiyang Bank's performance declined [1][2] Group 1: Financial Performance - Jiangsu Bank reported operating income of 44.864 billion yuan, a year-on-year increase of 7.78%, and net profit attributable to shareholders of 20.238 billion yuan, up 8.05% [2] - Chengdu Bank achieved operating income of 12.27 billion yuan, a 5.91% increase, and net profit of 6.617 billion yuan, up 7.29% [2] - Chongqing Bank's operating income reached 7.659 billion yuan, a 7% increase, with net profit of 3.190 billion yuan, up 5.39% [2] - Guiyang Bank's operating income was 6.501 billion yuan, a decrease of 12.22%, and net profit of 2.474 billion yuan, down 7.2% [2] Group 2: Stock Performance - Jiangsu Bank's stock price increased by 25.54%, ranking fourth among A-share listed banks, while Chongqing Bank and Chengdu Bank saw stock price increases of 21.98% and 17.48%, respectively [2] Group 3: Business Growth Drivers - Corporate business significantly boosted net interest income for Jiangsu Bank, Chengdu Bank, and Chongqing Bank, serving as a key pillar for their positive performance [3] - Chongqing Bank's average corporate loan balance increased by 82.149 billion yuan year-on-year, contributing to a rise in interest income by 1.393 billion yuan [3] - Chengdu Bank also experienced a 17.87% year-on-year increase in average corporate loans, leading to a 10.12% rise in interest income [3] Group 4: Credit Structure Optimization - As of June 30, Chongqing Bank's small and micro enterprise loan balance reached 182.248 billion yuan, an increase of 33.119 billion yuan from the previous year [4] - Jiangsu Bank's small micro loan balance exceeded 750 billion yuan, with a significant increase in inclusive small micro loans [4] - Guiyang Bank issued 17.577 billion yuan in new inclusive small micro loans, with a weighted average interest rate of 4.20%, down 43 basis points year-on-year [5]

Core Viewpoint - Chengdu Bank reported a revenue growth of 5.91% for the first half of 2025, with pre-provision profit growth at 6.84% and net profit attributable to shareholders growing by 7.29%, indicating a recovery in performance compared to the first quarter [1] Group 1: Financial Performance - In Q2 2025, Chengdu Bank's total assets grew by 14.32% year-on-year, with a quarterly increase of 37.4 billion yuan, primarily driven by a 17.96% increase in loans [2] - The bank's net interest margin was 1.62%, a decrease of 4 basis points from 2024, but the decline is narrowing [4] - Non-interest income decreased by 0.64% year-on-year, with net fee income dropping by 52.32%, while investment income rose by 11.72% [5] Group 2: Loan and Deposit Growth - Corporate loans increased by 19.09% year-on-year, with a quarterly net growth of 24.4 billion yuan, indicating strong demand in the public finance sector [3] - Retail loans grew by 12.85% year-on-year, with significant contributions from personal housing and consumption loans, which saw growth rates of 11.67% and 26.13% respectively [3] - Total liabilities increased by 14.00% year-on-year, with deposits growing by 14.72%, although the proportion of demand deposits decreased [4] Group 3: Asset Quality and Risk Management - Chengdu Bank maintained a non-performing loan ratio of 0.66%, consistent year-on-year, with a provision coverage ratio of 452.65%, indicating strong asset quality [5] - The bank's focus on public finance and infrastructure projects aligns with national strategic development, providing a stable outlook for its business [6] Group 4: Future Outlook - The bank is expected to achieve a revenue growth of 8.17% and a profit growth of 9.51% for the full year 2025, with a target price set at 22.02 yuan, reflecting a price-to-book ratio of 1.05 [6]

Core Viewpoint - Chengdu Bank reported a revenue of 12.27 billion and a net profit of 6.62 billion for the first half of 2025, showing year-on-year growth of 5.9% and 7.3% respectively, indicating a positive trend in financial performance despite a slight decline in return on average equity [7][8]. Financial Performance - Revenue, pre-provision profit, and net profit growth rates for Chengdu Bank in the first half of 2025 were 5.9%, 6.8%, and 7.3% respectively, with improvements compared to Q1 [8]. - The net interest income and non-interest income growth rates were 7.6% and -0.2%, showing a positive shift in net interest income while non-interest income faced a decline [8]. - The cost-to-income ratio and credit impairment losses as a percentage of revenue were 23.2% and 11.5%, both showing a slight decrease year-on-year, indicating stable cost management [8]. Asset and Loan Growth - As of the end of Q2 2025, Chengdu Bank's interest-earning assets and loans grew by 12.2% and 18% year-on-year, reflecting an acceleration in scale expansion [9]. - New corporate loans and retail loans for Q2 were 24.4 billion and 2.8 billion respectively, with corporate loans showing a strong growth trend [9]. Deposit Trends - By the end of Q2 2025, the growth rates for interest-bearing liabilities and deposits were 13.7% and 14.7%, indicating steady deposit growth [10]. - The new deposit amount for Q2 was 18.8 billion, which was lower than the previous year, and the ratio of deposits to interest-bearing liabilities decreased slightly [10]. Interest Margin - The net interest margin (NIM) for the first half of 2025 was 1.62%, a slight decrease from the previous year, but the decline in margin has narrowed compared to earlier periods [11]. - The yield on interest-earning assets and loans decreased, influenced by factors such as LPR adjustments and weakened demand [11]. Non-Interest Income - Non-interest income for Chengdu Bank was 2.5 billion, reflecting a year-on-year decline of 0.2%, primarily due to reduced fees from wealth management services [12]. - Other non-interest income increased by 9.7%, supported by active trading and bond investment strategies [12]. Asset Quality - As of the end of Q2 2025, the non-performing loan (NPL) ratio was 0.66%, remaining stable, while the attention ratio slightly increased [13]. - The provision coverage ratio was 452.7%, indicating strong risk mitigation capabilities despite a slight decline [13].

Group 1: Chengdu Bank - Chengdu Bank reported a revenue of 12.27 billion yuan for H1 2025, a year-on-year increase of 5.9%, and a net profit attributable to shareholders of 6.62 billion yuan, up 7.3% year-on-year [5] - The bank's interest margin pressure has weakened, leading to accelerated revenue and profit growth [5] - The non-performing loan ratio remains low, indicating strong risk compensation ability [5] - The bank benefits from strategic opportunities in the Chengdu metropolitan area and has a natural advantage in acquiring quality corporate projects [5] Group 2: Nanda Optoelectronics - Nanda Optoelectronics achieved a revenue of 1.229 billion yuan in H1 2025, representing a year-on-year growth of 9.48%, with a net profit attributable to shareholders of 208 million yuan, up 16.30% year-on-year [5] - The company reported a non-recurring net profit of 162 million yuan, a year-on-year increase of 18.39% [5] - In Q2 2025, the company recorded a revenue of 602 million yuan, a decrease of 1.91% year-on-year and 4.12% quarter-on-quarter, while net profit was 112 million yuan, up 16.23% year-on-year and 17.47% quarter-on-quarter [5] Group 3: Weimais - Weimais reported a revenue of 2.96 billion yuan for H1 2025, a year-on-year increase of 7%, and a net profit attributable to shareholders of 272 million yuan, up 26% year-on-year [6] - The company achieved a non-recurring net profit of 253 million yuan, a year-on-year growth of 29% [6] - In Q2 2025, Weimais' revenue was 1.607 billion yuan, a year-on-year increase of 14% and a quarter-on-quarter increase of 19%, with a net profit of 171 million yuan, up 69% year-on-year and 70% quarter-on-quarter [6] Group 4: Tianfu Communication - Tianfu Communication reported a revenue of 2.456 billion yuan for H1 2025, a year-on-year increase of 57.84%, and a net profit attributable to shareholders of 899 million yuan, up 37.46% year-on-year [7] - The non-recurring net profit was 867 million yuan, reflecting a year-on-year growth of 35.27% [7] Group 5: BOE Technology Group - BOE Technology Group achieved a revenue of 6.671 billion HKD for H1 2025, a year-on-year increase of 8%, with revenue from automotive display-related businesses growing by 9% to 6.245 billion HKD [8] - The industrial display revenue increased by 5% to 426 million HKD, driven by demand growth from major customers in China [8] Group 6: Yongxin Co., Ltd. - Yongxin Co., Ltd. reported a revenue of 1.75 billion yuan for H1 2025, a year-on-year increase of 5.8%, and a net profit attributable to shareholders of 180 million yuan, up 1.7% year-on-year [9] - The company achieved revenues of 850 million yuan and 900 million yuan in Q1 and Q2 2025, respectively, with year-on-year growth of 1.6% and 10.1% [9] - The net profit for Q1 and Q2 2025 was 88.92 million yuan and 94.35 million yuan, reflecting year-on-year growth of 2.9% and 0.7% [9] Group 7: Haidilao - Haidilao reported a revenue of 20.703 billion yuan for H1 2025, a year-on-year decrease of 3.7%, with a net profit attributable to shareholders of 1.759 billion yuan, down 13.7% year-on-year [9] - The company experienced a decline in table turnover rate, while the average customer spending slightly increased [9] - Despite a decrease in net profit margin due to service quality improvements, Haidilao maintained a high dividend payout ratio [9]

Core Viewpoint - The performance of listed city commercial banks in A-shares shows divergence, with Jiangsu Bank, Chengdu Bank, and Chongqing Bank achieving steady growth, while Guiyang Bank's performance declined [1][2]. Performance Divergence - Jiangsu Bank reported operating income of 44.864 billion yuan, a year-on-year increase of 7.78%, and net profit attributable to shareholders of 20.238 billion yuan, up 8.05%. The non-performing loan ratio was 0.84%, down 0.05 percentage points from the end of last year [2]. - Chengdu Bank achieved operating income of 12.27 billion yuan, a 5.91% increase year-on-year, and net profit of 6.617 billion yuan, up 7.29%, with a low non-performing loan ratio of 0.66% [2]. - Chongqing Bank's operating income was 7.659 billion yuan, a 7% year-on-year increase, and net profit was 3.190 billion yuan, up 5.39%, with a non-performing loan ratio of 1.17%, down 0.08 percentage points [2]. - In contrast, Guiyang Bank's operating income was 6.501 billion yuan, a decrease of 12.22% year-on-year, and net profit was 2.474 billion yuan, down 7.2% [2]. - Stock performance reflected this divergence, with Jiangsu Bank's stock price increasing by 25.54%, Chongqing Bank by 21.98%, Chengdu Bank by 17.48%, and Guiyang Bank by 9.16% [2]. Corporate Business as Growth Engine - Corporate business growth significantly boosted the net interest income of Jiangsu Bank, Chengdu Bank, and Chongqing Bank, serving as a key pillar for their positive performance [3]. - Chongqing Bank's average corporate loan balance increased by 82.149 billion yuan year-on-year, contributing to a rise in interest income by 1.393 billion yuan, while retail loan interest income declined despite an increase in scale [3]. - Chengdu Bank also saw a 17.87% year-on-year increase in average corporate loans, leading to a 10.12% rise in interest income, while personal loan interest income decreased [3]. - Jiangsu Bank's net interest income reached 32.939 billion yuan, a 19.10% year-on-year increase, driven by a 3.33 billion yuan rise in debt instrument investment interest income [3]. Continuous Optimization of Credit Structure - As of June 30, Chongqing Bank's small and micro enterprise loan balance was 182.248 billion yuan, an increase of 33.119 billion yuan from the end of last year, with record high loan increments [4]. - Jiangsu Bank's small micro loan balance exceeded 750 billion yuan, with a 25.3 billion yuan increase in inclusive small micro loans [4]. - Guiyang Bank issued 17.577 billion yuan in new inclusive small micro loans, with a weighted average interest rate of 4.20%, down 43 basis points year-on-year [5].

Core Insights - The A-share listed banks are entering a concentrated disclosure period for the 2025 semi-annual reports, with mixed performance observed among city commercial banks [1][2] - Jiangsu Bank, Chengdu Bank, and Chongqing Bank reported steady growth, while Guiyang Bank experienced a decline in performance [1][2] Performance Analysis - Jiangsu Bank achieved an operating income of 44.864 billion yuan, a year-on-year increase of 7.78%, and a net profit of 20.238 billion yuan, up 8.05%. The non-performing loan ratio was 0.84%, down 0.05 percentage points from the end of last year [1] - Chengdu Bank reported an operating income of 12.27 billion yuan, a 5.91% increase, and a net profit of 6.617 billion yuan, up 7.29%, with a low non-performing loan ratio of 0.66% [1] - Chongqing Bank's operating income was 7.659 billion yuan, a 7% increase, with a net profit of 3.190 billion yuan, up 5.39%, and a non-performing loan ratio of 1.17%, down 0.08 percentage points [1] Stock Performance - The stock performance in the first half of the year showed significant differences: Jiangsu Bank's stock rose by 25.54%, Chongqing Bank by 21.98%, Chengdu Bank by 17.48%, and Guiyang Bank by 9.16% [2] Business Growth Drivers - Corporate business has been a key driver for the growth in net interest income for Jiangsu Bank, Chengdu Bank, and Chongqing Bank [2] - For Chongqing Bank, the average balance of corporate loans increased by 82.149 billion yuan year-on-year, contributing to an increase in interest income of 1.393 billion yuan [2] - Chengdu Bank also saw a 17.87% year-on-year increase in average corporate loans, leading to a 10.12% rise in interest income [2] Interest Income Contributions - Jiangsu Bank's net interest income reached 32.939 billion yuan, a year-on-year increase of 19.10%, driven by debt instrument investments and corporate loans [3] - Interest income from debt instrument investments increased by 3.33 billion yuan, while interest income from corporate loans rose by 1 billion yuan [3] Credit Structure Optimization - As of June 30, Chongqing Bank's small and micro enterprise loan balance was 182.248 billion yuan, an increase of 33.119 billion yuan from the end of last year [3] - Jiangsu Bank's small micro loan balance exceeded 750 billion yuan, with significant growth in inclusive small micro loans and technology loans [3] Guiyang Bank's Performance - Guiyang Bank faced challenges, with an operating income of 6.501 billion yuan, a year-on-year decrease of 12.22%, and a net profit of 2.474 billion yuan, down 7.2% [2] - The bank issued 17.577 billion yuan in new inclusive small micro loans, with a weighted average interest rate of 4.20%, down 43 basis points year-on-year [4]

证券代码：601838 证券简称：成都银行 公告编号：2025-052 成都银行股份有限公司关于实际控制人控制的股东 首次增持公司股份暨增持计划进展公告 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： ? 已披露增持计划情况 成都银行股份有限公司（以下简称"成都银行"）于 2025 年 4 月 ，于 2025 年 8 月 9 日披露了《成都银行股份有限公司关于 计划公告》 实际控制人控制的股东增持计划进展暨增持计划调整的公告》，对原 增持计划进行合理调整和变更，相关调整和变更事项已于 2025 年 8 月 26 日经成都银行 2025 年第一次临时股东大会审议通过。 ? 首次增持公司股份暨增持计划进展情况 成都银行于 2025 年 8 月 27 日收到成都产业资本控股集团有限公 司（以下简称"成都产业资本集团" ）、成都欣天颐投资有限责任公司 （以下简称"成都欣天颐" ）关于增持计划实施进展的通知。2025 年 竞价的方式首次增持成都银行股份 1,050,000 股，占成都银行股份总 数的比例为 0.0248 ...

证券代码：601838 证券简称：成都银行 公告编号：2025-052 成都银行股份有限公司关于实际控制人控制的股东 首次增持公司股份暨增持计划进展公告 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： 已披露增持计划情况 成都银行股份有限公司（以下简称"成都银行"）于 2025 年 4 月 9 日披露了《成都银行股份有限公司关于实际控制人控制的股东增持 计划公告》，于 2025 年 8 月 9 日披露了《成都银行股份有限公司关于 实际控制人控制的股东增持计划进展暨增持计划调整的公告》，对原 增持计划进行合理调整和变更，相关调整和变更事项已于 2025 年 8 月 26 日经成都银行 2025 年第一次临时股东大会审议通过。 首次增持公司股份暨增持计划进展情况 成都银行于 2025 年 8 月 27 日收到成都产业资本控股集团有限公 司（以下简称"成都产业资本集团"）、成都欣天颐投资有限责任公司 （以下简称"成都欣天颐"）关于增持计划实施进展的通知。2025 年 8 月 27 日，成都产业资本集团通过上海证券交 ...

公司点评报告 · 银行业 负债成本优化加速，规模稳健高增 —— 成都银行 2025 年半年报业绩点评 2025 年 8 月 27 日 研究助理 袁世麟 ：yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-08-27 | | --- | --- | | 股票代码 | 601838 | | A 股收盘价(元) | 18.04 | | 上证指数 | 3800.35 | | 总股本（万股）） | 423843.54 | | 实际流通 A 股(万股) | 423105.82 | | 流通 A 股市值(亿元) | 763.28 | 核心观点 成都银行（股票代码：601838） 推荐 维持 分析师 张一纬 ：010-8092-7617 ：zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 相对沪深 300 表现图 2025-08-27 资料来源：ifind，中国银河证券研究院 -20% 0% 20% 40% 60% 成都银行 沪深300 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的 ...

Core Viewpoint - Chengdu Bank reported a steady growth in revenue and net profit for the first half of 2025, with a focus on improving net interest margin and maintaining asset quality [1][5]. Financial Performance - The company achieved a revenue of 12.27 billion yuan, a year-on-year increase of 5.9%, with net profit reaching 6.62 billion yuan, up 7.3% year-on-year [1]. - Net interest income rose by 7.6% to 9.77 billion yuan, driven by a reduction in the drag from interest margin [2]. - The net interest margin for 1H25 was 1.62%, a decrease of 4 basis points year-on-year, but an improvement from a decline of 15 basis points in 2024 [4]. Income Sources - Non-interest income showed mixed results, with net fees and commissions dropping by 45.1% to 248 million yuan, primarily due to declines in wealth management and asset management services [2]. - Other non-interest income increased by 9.7% to 2.26 billion yuan, with notable investment returns from various accounts [2]. Loan and Deposit Trends - The total loan balance reached 833.4 billion yuan, a year-on-year increase of 18.0%, with significant contributions from public sector loans [3]. - The company saw a notable increase in bill discounting, with a net increase of 20.6 billion yuan to 22 billion yuan [3]. - Personal loans grew steadily, with a net increase of 5.1 billion yuan, although the company did not significantly increase personal loan issuance amid industry pressures [3]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.66%, with improvements in public sector asset quality, while retail NPLs saw a slight increase [5]. - The NPL ratio for public loans improved to 0.59%, while retail loans experienced a rise to 0.98% [5]. Future Outlook - The demand for infrastructure projects in the Chengdu-Chongqing area is expected to support continued loan growth, with further optimization of funding costs anticipated to enhance performance [5]. - Projected net profits for 2025-2027 are expected to be 13.893 billion, 15.101 billion, and 16.467 billion yuan, reflecting year-on-year growth rates of 8.0%, 8.7%, and 9.0% respectively [5].