Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Guoyin Financial Leasing (01606), highlighting the company's robust overall business development and potential for continued profit expansion due to the onset of a U.S. dollar interest rate cut cycle, which is expected to lower the company's funding costs [1] Financial Performance - In the first half of 2025, Guoyin Financial Leasing achieved operating revenue of 14.66 billion, representing a year-on-year increase of 7.7% [1] - The net profit for the same period reached 2.4 billion, showing a significant year-on-year growth of 27.6% [1] - As of the end of the first half of 2025, the company's total asset size was 41.8 billion, reflecting a 2.9% increase from the beginning of the year [1] Profitability Metrics - The annualized Return on Equity (ROE) stood at 11.7%, an increase of 1.7 percentage points year-on-year [1] - The annualized Return on Assets (ROA) was recorded at 1.2%, up by 0.33 percentage points year-on-year, primarily driven by strong net profit growth [1] Asset Quality - The asset quality remains stable, with a non-performing asset ratio of 0.63% as of the end of the first half of 2025, consistently maintained below 1% since the company's listing [1] - The provision coverage ratio for non-performing assets related to financing leasing is at 540.05%, indicating a high level of risk compensation [1]