CGT GROUP(SZ:000066) Chang Jiang Shang Bao·2025-06-30 00:18Core Viewpoint - The transfer of over 40% equity in Changcheng Huaxi Bank marks the end of Changcheng Asset's decade-long control over the bank, leading to a change in its ownership structure [1][4]. Group 1: Ownership and Control Changes - Changcheng Huaxi Bank's 9.43 billion shares, representing 40.92% of its total equity, are being offered for transfer at a base price of 4.332 billion yuan [1][3]. - Following this transaction, Changcheng Asset will exit its position as a major shareholder after more than ten years of control, resulting in a shift in the bank's actual control [4][5]. - The transaction is set to take place between June 26 and July 23, 2025, with other shareholders waiving their preemptive rights [3][4]. Group 2: Financial Performance - As of March 2023, Changcheng Huaxi Bank's total assets reached 156.261 billion yuan, reflecting a 176.8% increase over the past decade [1][7]. - The bank's operating income for Q1 2024 was 516 million yuan, a year-on-year decrease of approximately 1.7%, while net profit fell by about 40% to 65.6 million yuan [1][8]. - The bank's non-performing loan (NPL) ratio rose to 2.03% by the end of 2024, marking a return to above 2% for the first time in two years [2][8]. Group 3: Asset Quality and Risk Management - The bank has seen fluctuations in its profitability, with operating income and net profit showing a mixed trend from 2021 to 2024 [7][8]. - In Q1 2024, the bank reported a significant increase in credit impairment losses, totaling 287 million yuan, up 37.3% year-on-year, indicating challenges in asset quality [8]. - The NPL ratio has varied over the years, with figures of 2.07%, 1.8%, 1.62%, and 2.03% from 2021 to the end of 2024, alongside a fluctuating provision coverage ratio [8].