Xin Lang Cai Jing·2025-09-02 10:32Core Viewpoint - The company has shown a recovery in net profit growth and a reduction in impairment pressure, leading to improved profitability in the first half of 2025 Group 1: Financial Performance - In H1 2025, the company achieved operating revenue of 369.937 billion yuan, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 139.510 billion yuan, up 2.7% year-on-year, with growth accelerating compared to Q1 [1] - The annualized ROE reached 10.16%, a decrease of 0.59 percentage points year-on-year [1] - In Q2, revenue grew by 1.4% year-on-year, and net profit increased by 3.2% year-on-year, indicating marginal improvement [1] - The growth in performance was primarily driven by optimized liability costs, positive growth in non-interest income, and alleviated provisioning pressure [1] Group 2: Asset Quality and Risk Management - The company reported a credit impairment loss decrease of 3.0% year-on-year in H1 2025, with a significant drop of 9.9% in Q2 alone [1] - The non-performing loan ratio stood at 1.28%, down 2 basis points from the end of the previous year, while the coverage ratio for provisions was 295%, indicating strong risk mitigation capabilities [3] - Retail loan non-performing ratio was 1.18%, up 15 basis points year-on-year, primarily due to fluctuations in operating loans and credit card risks [3] Group 3: Income Sources and Growth Drivers - The company’s net interest income for H1 2025 was 282.473 billion yuan, a decrease of 2.9% year-on-year, with a net interest margin of 1.32%, down 13 basis points year-on-year [2] - Non-interest income reached 87.464 billion yuan, a year-on-year increase of 15.1%, with significant growth in wealth management and agency business [2] - The total loan amount as of June 30 was 26.58 trillion yuan, a 7.3% increase from the beginning of the year, with notable growth in corporate loans and green loans [2] Group 4: Strategic Positioning and Future Outlook - The company positions itself as a leading bank for rural revitalization and a key player in serving the real economy, implementing strategies focused on inclusive finance, green finance, and digital operations [3] - The mid-term dividend payout ratio is stable at 30%, with projected BVPS for 2025-2027 at 8.04 yuan, 8.59 yuan, and 9.16 yuan, respectively [3]