BOB(SH:601169) Zhong Guo Jin Rong Xin Xi Wang·2025-09-21 07:49Core Viewpoint - Beijing Bank has faced significant challenges in the current low-interest-rate environment, resulting in a substantial decline in its stock price and market capitalization, with a 22% drop over nearly 52 trading days and a loss of over 34 billion yuan in market value [1] Financial Performance - For the first half of 2025, Beijing Bank reported operating income of 36.218 billion yuan, a year-on-year increase of 1.02%, and a net profit of 15.053 billion yuan, up 1.12% year-on-year, indicating a slowdown in growth [1] - In contrast, Jiangsu Bank, now the leading city commercial bank, achieved revenue and net profit growth of 7.78% and 8.05% respectively during the same period, widening the performance gap [1][2] - Beijing Bank's revenue growth has been outpaced by its rising business and management expenses, which reached 9.441 billion yuan, a 3.62% increase, further eroding net profit [2] Interest Margin and Asset Quality - The net interest margin for Beijing Bank decreased from 1.47% at the end of 2024 to 1.31% by mid-2025, continuing a downward trend since 2018 [4] - As of the second quarter of 2025, the average net interest margin for city commercial banks was 1.37%, placing Beijing Bank below this average and ranking it seventh from the bottom among 30 listed city commercial banks [6] - The bank's non-interest income ratio was 28.63%, significantly lower than peers like Ningbo Bank and Hangzhou Bank, which exceeded 30% [8] Capital Adequacy and Risk Management - By the end of the second quarter of 2025, Beijing Bank's provision coverage ratio fell to 195.74%, down from 208.75% at the end of 2024, indicating weakened risk resilience [9] - The core tier one capital adequacy ratio decreased from 8.95% at the end of 2024 to 8.59%, ranking sixth from the bottom among its peers [10] - The bank's capital quality is declining despite an increase in capital scale, which may limit its business expansion capabilities [10] Management Changes and Legal Issues - In 2025, Beijing Bank experienced significant personnel changes, including the appointment of a new president and several board members, amidst ongoing challenges [11] - The bank is also facing legal repercussions related to the "Kangde Xin financial fraud case," which has negatively impacted its reputation and operations [11]