单季净利息收入环比-4.7%，负债端成本率延续大幅改善趋势。2Q25 单季净利息收入环比-4.7%，单季 年化净息差环比下降7bp 至1.76%。资产端来看，下行趋势仍然延续，生息资产收益率环比下降14bp 至 3.48%，主要是利率因素的影响。 结构因素为正向贡献，贷款占比较一季度末提升1.4 个点至68.2%，零售贷款占比企稳。负债端来看， 存款成本率边际下行10bp 至1.71%，带动整体负债成本率下降10bp 至1.74%。 资产负债：零售贷款下降幅度明显收窄。（1）资产端贷款占生息资产比重提升至68.2%（环比+1.4 个 点），2Q25 单季新增贷款-32.15 亿元，其中对公贷款（不含票据）新增430.78 亿元，但票据压降 432.25 亿元；零售贷款减少30.68 亿元，下降幅度较之前几个季度明显收窄，预计调结构带来的压力接 近尾声。上半年增量贷款主要由卫生、社会保障和社会服务业、按揭和制造业贡献。（2）负债端存款 占计息负债比重升至74.1%（环比+0.2 个点），企业定期存款占比提升至29.9%（环比+0.8 个点）、个 人定期存款占比提升至20.2%（环比+0.1 个点），定期化趋势延 ...

8 月 22 日晚，平安银行披露 2025 年半年报，1H25 实现营业收入 693.85 亿元， 同比降幅收窄至-10.04%；归母净利润 248.70 亿元，同比-3.9%。不良率环比下 降 1bp 至 1.05%，拨备覆盖率 238.5%，环比上升 2pct。 评论： 公司研究 证 券 研 究 报 告 平安银行（000001）2025 年半年报点评 推荐（维持） 非息收入回暖，零售贷款继续改善 目标价：15.41 元 事项： 全国性股份制银行Ⅲ 2025 年 08 月 24 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 1,940,591.82 | | --- | --- | | 已上市流通股(万股) | 1,940,557.19 | | 总市值(亿 ...

Investment Rating - The investment rating for Ping An Bank is "Buy-A" with a 6-month target price of 14.17 CNY, compared to the current stock price of 12.06 CNY [5][12]. Core Insights - The report highlights that Ping An Bank's performance in the first half of 2025 shows a marginal recovery, driven by reduced provisioning pressure and growth in non-interest income, despite a decline in overall revenue and net interest margin [2][10]. - The bank's asset expansion remains sluggish, with a year-on-year decrease of 1.61% in interest-earning assets, indicating challenges in maintaining growth momentum [2][10]. - The report notes a shift in credit structure, with corporate loans showing growth while retail loans, particularly credit cards and consumer loans, continue to decline [3][10]. - The net interest margin has narrowed to 1.76% in Q2 2025, reflecting a decrease in asset yields and a slight reduction in funding costs [4][8]. - Non-interest income has shown signs of recovery, with a year-on-year decline of only 3.3% in Q2 2025, driven by a rebound in fee income from wealth management services [8][10]. Summary by Sections Financial Performance - Revenue for 2025 is projected to decline by 7.79%, while net profit is expected to grow by 0.82% [12]. - The bank's net profit for the first half of 2025 increased by 3.9% year-on-year, supported by lower provisioning and improved non-interest income [2][10]. Asset Quality - The non-performing loan (NPL) generation rate has decreased to 1.64% in the first half of 2025, indicating a gradual easing of credit risk [9][10]. - The NPL ratio for retail loans has improved, while the corporate loan NPL ratio has slightly increased due to exposure in the real estate sector [9][10]. Retail Banking - Retail customer growth remains stagnant, with a slight increase in the number of retail clients but overall asset under management (AUM) growth showing signs of slowing down [10][36]. - The bank's wealth management fees have rebounded, with a 13.1% year-on-year increase in Q2 2025, reflecting a positive trend in non-interest income [8][10]. Market Position - Ping An Bank's market capitalization stands at approximately 234 billion CNY, with a circulating market value nearly equal [5]. - The bank's valuation metrics indicate a price-to-book ratio of 0.60X, suggesting it is trading at a low valuation relative to its book value [12].

Core Viewpoint - Ping An Bank reported a decline in revenue and net profit for the first half of 2025, but the rate of decline has narrowed compared to the first quarter of 2025, indicating some improvement in financial performance [1][2]. Financial Performance - In 1H25, Ping An Bank achieved revenue of 69.385 billion yuan, a year-on-year decrease of 10.0%, with the decline narrowing by 3.0 percentage points compared to 1Q25 [1]. - The net profit attributable to shareholders was 24.870 billion yuan, down 3.9% year-on-year, with a decline narrowing by 1.7 percentage points compared to 1Q25 [1]. - The net interest margin stood at 1.80%, a decrease of 3 basis points from 1Q25, while the non-performing loan ratio was 1.05%, down 1 basis point from the end of 1Q25 [1]. Revenue Breakdown - The decline in performance was primarily due to pressure on interest income, which fell by 9.3% year-on-year, with a slight improvement from a 9.4% decline in 1Q25 [2]. - Non-interest income showed improvement, with fee and commission income at 12.739 billion yuan, down 2.0% year-on-year, but significantly better than the 8.2% decline in 1Q25, driven by growth in wealth management fees [2]. - Other non-interest income was 12.139 billion yuan, down 19.3% year-on-year, but improved from a 32.7% decline in 1Q25, mainly due to investment income from accounts [2]. Loan and Asset Quality - As of the end of 1H25, the loan balance was 3.4095 trillion yuan, a slight year-on-year decrease of 0.1%, but an improvement from a 1.0% decline at the end of 1Q25 [3]. - Retail loans decreased by 41.2 billion yuan, a significant reduction compared to a 156.4 billion yuan decrease in the same period last year, with a focus on reducing high-risk loans [3]. - Corporate loans increased by 9.0% year-on-year to 1.5386 trillion yuan, with a net increase of 117.4 billion yuan in the first half of the year [3]. Interest Margin and Cost Management - The net interest margin of 1.80% reflects a 16 basis point year-on-year decline, influenced by lower loan rates and a decrease in high-yield, high-risk assets [4]. - The yield on loans and advances decreased by 12 basis points to 4.03%, while the cost of deposits fell by 5 basis points to 1.76% [4]. Strategic Transformation and Risk Management - The bank's non-performing loan ratio was 1.05%, showing a decline, particularly in retail loans, which saw a decrease in the non-performing loan ratio to 1.27% [5]. - The provision coverage ratio improved to 238.48%, indicating enhanced risk mitigation capabilities [5]. - The strategic transformation in retail banking is showing positive results, with expectations for gradual recovery in retail business performance [5].

Core Viewpoint - Ping An Bank reported a decline in net profit, operating income, and PPOP for the first half of the year, but showed signs of marginal recovery in performance growth and improved asset quality [1][2]. Financial Performance - For the first half of the year, net profit, operating income, and PPOP decreased by 3.9%, 10.0%, and 10.3% year-on-year, respectively, with improvements of +1.7pct, +3.0pct, and +2.6pct compared to the first quarter [1]. - The bank declared a cash dividend of RMB 2.36 per 10 shares, representing 20.05% of net profit attributable to ordinary shareholders, with an annualized dividend yield of 3.91% [1][6]. Asset and Liability Management - As of June, total assets, loans, and deposits grew by 2.1%, -0.1%, and 3.5%, respectively, showing improvements from March [3]. - The bank adjusted its asset structure, with personal loans decreasing by 5.2% year-on-year and corporate loans increasing by 9.0% [3]. Non-Interest Income - Non-interest income for the first half of the year fell by 11.3%, but the decline rate improved by 8.5pct compared to the first quarter [4]. - Wealth management fee income increased by 12.8% year-on-year, with significant growth in personal insurance and wealth management services [4]. Asset Quality - As of June, the non-performing loan (NPL) ratio was 1.05%, and the provision coverage ratio was 238%, showing slight improvements from March [5]. - The bank's credit cost increased by 3bp to 1.43%, with a year-on-year decline in NPL generation rate [5]. Retail Transformation - The bank is deepening its retail transformation strategy, with a focus on optimizing retail asset composition [6]. - As of June, the proportion of mortgage loans in personal loans was 64.3%, indicating a shift towards more secure lending practices [6]. Valuation and Target Price - The bank's target price for 2025 is set at RMB 14.33, with a projected PB of 0.61 times, reflecting the ongoing retail transformation and pressure on interest margins [7].

Core Viewpoint - Ping An Bank's retail financial business is undergoing a significant strategic adjustment, reflected in a notable decline in revenue and profit contribution, indicating challenges in its transformation efforts [1][2][6]. Financial Performance - For the first half of 2025, Ping An Bank reported operating income of 69.385 billion yuan, a year-on-year decrease of 10.0%, and a net profit attributable to shareholders of 24.870 billion yuan, down 3.9% [1]. - The net interest margin narrowed to 1.80%, a decline of 16 basis points compared to the same period last year [1]. - The retail financial business generated operating income of 31.081 billion yuan, accounting for 44.8% of total revenue, down from 50.7% year-on-year [2]. Retail Business Challenges - The net profit from the retail business fell to 1.002 billion yuan, representing only 4.0% of the group's total net profit, down from 7.0% a year earlier [2]. - The retail business faced significant impairment losses totaling 18.845 billion yuan, which accounted for 96.9% of the group's total impairment losses, indicating pressure on asset quality [2][4]. Strategic Adjustments - Ping An Bank is actively managing its asset-liability structure by reducing high-risk business scales and optimizing asset composition, with personal loan balances decreasing by 2.3% to 1.725 trillion yuan as of June 2025 [4]. - The bank's strategy has shifted from rapid expansion to prioritizing efficiency and risk management, focusing on optimizing customer segments and asset structures [3][8]. Wealth Management and Non-Interest Income - Despite challenges in retail, wealth management has shown resilience, with retail customer assets under management (AUM) reaching 4.212839 trillion yuan, a slight increase of 0.4% [6]. - Wealth management fee income grew by 12.8% to 2.466 billion yuan, driven by a significant increase in insurance-related income [6]. Digital Transformation - The digital transformation is crucial for supporting wealth management, with registered users of the Ping An Pocket Bank app reaching 177.5986 million, a 2.0% increase [7]. - The "AI+T+Offline" service model has enhanced service efficiency and customer experience, contributing to the growth of wealth management clients [7]. Future Outlook - The bank aims to achieve a "triple reconstruction" in its business model, customer structure, and risk control systems to enhance profitability and reduce credit costs [8]. - Ping An Bank is committed to refining its business strategies and improving its professional capabilities to stabilize and enhance performance in the second half of the year [8].

Investment Rating - The investment rating for Ping An Bank is "Accumulate" [8] Core Views - The revenue growth rate shows an upward improvement trend, with a revenue of approximately 69.4 billion yuan in the first half of 2025, a year-on-year decrease of 10.04%, but a quarter-on-quarter increase of 3.01 percentage points [2][12] - Retail loan quality has significantly improved, with a non-performing loan ratio of 1.05% as of the end of the first half of 2025, down 1 basis point from the previous quarter [4][27] - The bank's net interest margin remains stable at 1.80%, with a slight decline of 3 basis points from the first quarter of 2025 [2][15] Financial Performance Summary - For the first half of 2025, net interest income was 44.5 billion yuan, accounting for 64.1% of total revenue, while non-interest income was 24.9 billion yuan, showing a year-on-year decline of 11.30% [2][12] - The bank's total interest-earning assets reached 57.1 trillion yuan, a year-on-year increase of 2.4% [22] - The provision coverage ratio stands at 238.5%, reflecting a strong buffer against potential loan losses [4][27] Asset and Liability Analysis - As of the first half of 2025, the bank's interest-bearing liabilities amounted to 36.9 trillion yuan, a year-on-year growth of 3.2% [22][26] - The structure of deposits shows a 5.4% year-on-year increase in demand deposits, while time deposits grew by 2.5% [25][26] - The bank's retail loans decreased by 5.2% year-on-year, with credit card loans under pressure, while personal housing loans increased by 12.9% [22][23] Non-Performing Loan Analysis - The non-performing loan ratio for retail loans improved to 1.27%, contributing significantly to the overall improvement in the bank's asset quality [4][28] - The non-performing loan ratio for corporate loans increased to 0.83%, with notable increases in the real estate and construction sectors [4][27]

Core Viewpoint - Ping An Bank reported a decline in net profit and total operating revenue for the first half of 2025 compared to the previous year, indicating challenges in its financial performance [1]. Financial Performance Summary - Total operating revenue for the first half of 2025 was 69.385 billion yuan, a decrease of 10.04% year-on-year [1]. - Net profit attributable to shareholders was 24.87 billion yuan, down 3.9% year-on-year [1]. - In Q2 2025, total operating revenue was 35.676 billion yuan, a decline of 7.0% year-on-year, while net profit attributable to shareholders was 10.774 billion yuan, down 1.58% year-on-year [1]. - The net profit margin improved to 35.84%, an increase of 6.83% year-on-year [1]. - Earnings per share decreased to 1.18 yuan, down 4.07% year-on-year [1]. - Operating cash flow per share increased significantly by 53.61% to 9.0 yuan [1]. Asset and Liability Changes - Derivative financial assets decreased by 47.15% due to market volatility affecting business scale [2]. - Financial assets purchased under resale agreements increased by 35% due to a rise in the scale of purchased bonds and notes [2]. - Other assets surged by 138.65% due to an increase in receivable clearing funds [2]. - Borrowings from the central bank rose by 148.78% based on the end-of-period RMB position [2]. - Derivative financial liabilities fell by 49.86% due to market fluctuations [2]. - Tax liabilities decreased by 49.92% following the corporate income tax reconciliation for 2024 [2]. Cash Flow Analysis - Net cash flow from operating activities increased by 53.6% due to higher net cash inflows from borrowing from the central bank [6]. - Net cash flow from investing activities rose by 37.71% due to increased cash flow from debt investments [6]. - Net cash flow from financing activities decreased by 12.09% due to reduced cash flow from issuing and repaying interbank certificates of deposit [7]. Market Position and Analyst Expectations - The company has a healthy cash asset position, indicating strong solvency [9]. - The estimated dividend yield for the company is 4.92% [10]. - Analysts expect the company's performance in 2025 to reach 43.738 billion yuan, with an average earnings per share of 2.18 yuan [11]. Fund Holdings - The largest fund holding Ping An Bank is the Huabao CSI Bank ETF, with a scale of 11.94 billion yuan and a recent net value of 0.8523 [12].

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. has announced the disclosure of the summary of Ping An Bank's 2025 semi-annual report, ensuring the accuracy and completeness of the information provided [1][2][3]. Group 1 - The board of directors of China Ping An Insurance guarantees that the announcement does not contain any false records, misleading statements, or significant omissions [1]. - Ping An Bank's 2025 semi-annual operational performance can be accessed on the Shenzhen Stock Exchange website [1]. - The summary of Ping An Bank's 2025 semi-annual report is also available on the Shanghai Stock Exchange website [1].

Investment Rating - The investment rating for the company is maintained at "Neutral" [5][3]. Core Views - The company's overall performance meets expectations, with a narrowing decline in revenue and profit. The forecast for net profit from 2025 to 2027 is projected at 421/425/430 million yuan, with year-on-year growth rates of -5.5%/1.1%/1.2% [3][4]. - The annualized weighted average ROE for the first half of 2025 is 10.7%, a decrease of 1.1 percentage points year-on-year [1]. - The company's total assets grew by 2.1% year-on-year to 5.87 trillion yuan, with retail AUM increasing by 0.4% year-to-date [1][2]. Financial Performance Summary - Revenue for the first half of 2025 was 69.4 billion yuan, a year-on-year decline of 10.0%, which is a 3.0 percentage point improvement compared to the first quarter [1]. - Net profit attributable to shareholders for the same period was 24.9 billion yuan, down 3.9% year-on-year, with a 1.7 percentage point improvement from the first quarter [1]. - The average net interest margin for the first half of 2025 was 1.80%, a decrease of 16 basis points year-on-year, primarily due to falling market interest rates and loan structure adjustments [2]. - Non-interest income decreased by 2.0% year-on-year, mainly due to a decline in management fee income from wealth management products [2]. Asset Quality Summary - The non-performing loan generation rate for the first half of 2025 was 2.21%, a slight decrease of 0.01 percentage points year-on-year, indicating stable asset quality [2]. - The non-performing loan ratio at the end of the second quarter was 1.05%, down 0.01 percentage points from the beginning of the year [2]. - The coverage ratio for provisions was 238% at the end of the second quarter, a decrease of 13 percentage points from the beginning of the year [2].