Xin Lang Cai Jing·2025-09-04 02:47Core Insights - The company reported a slight increase in revenue for the first half of 2025, with operating income reaching 427.09 billion yuan, up 1.6% year-on-year, while net profit attributable to shareholders decreased by 1.4% to 168.10 billion yuan [1] - The non-performing loan ratio remained stable at 1.33%, with a provision coverage ratio of 217.71%, indicating strong risk management capabilities [3] Financial Performance - The company achieved net interest income of 313.58 billion yuan, a minor decline of 0.1% year-on-year, with an annualized net interest margin of 1.30%, down 13 basis points [2] - Fee and commission income slightly decreased by 0.6% to 67.02 billion yuan, but the decline was less severe compared to previous periods, with significant growth in corporate wealth management and asset custody services [2] - Other non-interest income increased by 18.8% to 46.50 billion yuan, driven primarily by a 52.0% rise in investment income to 32.88 billion yuan [2] Asset Quality and Risk Management - The company maintained a stable asset quality, with a non-performing loan ratio of 1.33% and a decrease in the non-performing loan ratio for corporate loans to 1.47% [3] - The company proactively managed risks, with a credit impairment loss provision of 104.01 billion yuan, reflecting a 2.2% increase year-on-year [3] Future Outlook - The company aims to deepen its transformation while supporting the real economy, with projected revenues of 822.62 billion yuan, 834.94 billion yuan, and 865.79 billion yuan for 2025-2027 [3] - Expected net profits for the same period are forecasted at 362.15 billion yuan, 367.93 billion yuan, and 383.45 billion yuan, with a projected PB valuation of 0.67, 0.61, and 0.56 times [3]