QILU BANK(SH:601665) Di Yi Cai Jing·2025-07-24 03:39Core Viewpoint - Qilu Bank's convertible bonds ("Qilu Convertible Bonds") are approaching redemption, with the last trading day set for August 8, 2025, following a significant increase in conversion speed after the announcement of forced redemption [1][2]. Group 1: Convertible Bonds and Capital Strength - The conversion of Qilu Convertible Bonds is a crucial external channel for supplementing core Tier 1 capital, enhancing the bank's capital strength and risk resilience [3]. - As of June 30, the cumulative conversion amount of Qilu Convertible Bonds reached 2.661 billion yuan, with a conversion rate of approximately 33.26%, significantly up from 17.44% at the end of the first quarter [4]. - Following the forced redemption trigger, the unconverted balance of Qilu Convertible Bonds decreased to 2.027 billion yuan by July 22, indicating a conversion rate nearing 75% [4]. Group 2: Financial Performance and Growth Potential - In 2024, Qilu Bank achieved an operating income of 12.496 billion yuan, a year-on-year increase of 4.55%, and a net profit of 4.986 billion yuan, up 17.77%, ranking among the top in its peer group [7]. - The bank's total assets surpassed 700 billion yuan, reaching 716.397 billion yuan, with a non-performing loan ratio of 1.17% and a provision coverage ratio of 324.06%, indicating improved asset quality [8]. - Qilu Bank's focus on county-level finance and innovation in financial services is expected to further enhance its market share and long-term growth potential [6]. Group 3: Market Position and Future Outlook - Qilu Bank is recognized as a leading city commercial bank in Shandong, with a growing presence in Tianjin, Henan, and Hebei, and has expanded its branches to 194 [7]. - The bank's strategic initiatives in technology and green finance have led to significant growth in loans to technology enterprises and green projects, with respective increases of 46.64% and 38.93% year-on-year [7]. - Qilu Bank's ranking in the "Top 300 Global Banks" by the British magazine "The Banker" reflects its strengthening comprehensive strength and market position [8].