Core Viewpoint - Tianjin Bank has been in the process of preparing for its A-share IPO for ten years, facing challenges such as slowing profit growth and uncertain listing prospects, while also working on capital replenishment and asset expansion [1][2]. Group 1: IPO Progress and Challenges - The A-share IPO guidance for Tianjin Bank began on August 18, 2015, and the main bottleneck currently is the lack of external approvals required for listing [1]. - The latest guidance report indicates that the bank's corporate governance is now "effectively operational" after continuous due diligence and improvement suggestions from the advisory institutions [1][2]. Group 2: Capital Replenishment and Financial Performance - Tianjin Bank successfully issued 7 billion yuan in financial bonds in June 2025 to optimize its liability structure and support business development [2]. - The bank plans to issue up to 20 billion yuan in perpetual bonds and 20 billion yuan in subordinated bonds from 2024 to 2026 to enhance its capital structure and risk resilience [2]. - As of the end of Q1 2025, the bank's total assets reached 945.78 billion yuan, a 2.14% increase from the beginning of the year, with customer loans growing by 4.19% [2][3]. Group 3: Profitability and Asset Quality - In 2024, Tianjin Bank's operating income was 16.71 billion yuan, a 1.5% year-on-year increase, while net profit grew by 1.1%, indicating a slowdown in profit growth compared to 2023 [3]. - In Q1 2025, the bank's operating income was 4.217 billion yuan, up 2.43% year-on-year, and net profit was 1.1 billion yuan, an increase of 3.77% [3]. - The non-performing loan ratio stood at 1.70% as of March 2025, unchanged from the beginning of the year, with a provision coverage ratio of 169.97%, indicating stable risk resistance [3]. Group 4: Business Diversification and Governance - In 2024, Tianjin Bank made significant strides in consumer finance by acquiring a stake in Tianjin JD Consumer Finance Co., marking its entry into the consumer finance market [4]. - The bank has also initiated a public recruitment process for key executive positions, aiming to enhance its governance structure with a younger leadership team [5]. - The recent board restructuring in March 2025 has resulted in a management team with an average age of 52, which is considered relatively young compared to industry peers [5].
十年A股IPO长跑未竟，天津银行新班子能否破局？