Core Viewpoint - Tianjin Bank has reported its mid-year performance for 2025, showing growth in both revenue and net profit despite challenges in the macroeconomic environment and narrowing net interest margins [3][4]. Financial Performance - As of June 2025, Tianjin Bank's total assets reached 965.675 billion yuan, a year-on-year increase of 4.3%, with operating income of 8.83 billion yuan, up 0.8%, and net profit of 2.01 billion yuan, up 1.6% [3][4]. - The bank's non-performing loan (NPL) ratio remained stable at 1.70%, while the provision coverage ratio improved to 171.29%, an increase of 2.08 percentage points from the previous year [3][4]. Market Position - Tianjin Bank's performance reflects a "scale-leading, profit-pressured" characteristic, positioning it in the mid-tier of the industry compared to peers like Qingdao Bank, which has a lower asset total but higher profitability [4][5]. - The bank's net interest margin was reported at 1.47%, a decrease of 0.13 percentage points year-on-year, indicating challenges in asset pricing capabilities [4][5]. Business Structure - The bank's loan balance reached 471.033 billion yuan, growing by 6.9% year-on-year, with corporate loans being the main contributor, while personal loans decreased by 8.1% [5][6]. - Interest income fell to 15.14 billion yuan, a decline of 5.1%, and investment income also decreased by 15.5%, reflecting the bank's struggle to balance asset returns and risk [6]. Historical Context - Tianjin Bank has evolved from a local bank to a regional financial leader, having undergone significant transformations since its establishment in 2000 and subsequent public listing in 2015 [6][7]. - The bank has raised approximately 15 billion HKD through H-share issuance, enhancing its capital base for business expansion and risk management [7]. IPO Progress - As of August 13, 2025, Tianjin Bank's A-share IPO process has entered its 28th phase, with ongoing guidance from Zhongyin Securities and CITIC Securities, marking nearly ten years since the initial IPO counseling began [8][9]. - The bank faces significant hurdles in obtaining external approvals necessary for its IPO, which are critical for its capital replenishment and growth strategy [9][10].
万亿一步之遥，天津银行A股IPO能否破局？