长沙银行股东减持未达预期，股价创新高背后营收增速放缓

Core Viewpoint - The recent shareholding reduction by Changsha Bank's fourth largest shareholder, Hunan Sanli Information Technology Co., Ltd., has drawn market attention due to the divergence between the reduction progress and the bank's operational fundamentals. While the bank's stock price reached a historical high earlier this year, operational pressures are becoming evident, raising concerns about the bank's growth targets for 2025 [2][4]. Shareholder Reduction - Hunan Sanli's reduction plan aimed to sell up to 37 million shares but only completed about one-third of this plan, cashing out approximately 117 million yuan [3]. - The share price fluctuated significantly during the reduction period, with a peak of 10.49 yuan on July 11, 2023, but falling to 9.35 yuan by October 17, 2023, representing a decline of 10.88% from the peak [4]. Financial Performance - Changsha Bank's revenue growth has been declining, with growth rates of 9.6% in 2022 and 8.5% in 2023, projected to further decrease to 4.6% in 2024 [7]. - In the first half of 2025, the bank reported operating income of 13.249 billion yuan, a year-on-year increase of 1.59%, and a net profit of 4.329 billion yuan, up 5.05% [7]. - The bank's net interest income decreased by 1.74% to 9.659 billion yuan, while non-interest income increased by 11.78% to 3.59 billion yuan, driven largely by a 118.82% increase in investment income [7]. Asset Quality Concerns - As of June 2025, the non-performing loan ratio stood at 1.17%, with a decline in risk coverage as the provision coverage ratio fell from 312.80% to 309.71% [8]. - The personal loan non-performing rate increased by 0.33 percentage points to 2.20%, indicating pressure on retail credit quality [8]. Management Changes and Strategic Goals - The bank has undergone significant management changes since 2022, with a complete turnover in key leadership positions [9]. - The bank's chairman emphasized the importance of achieving the "double five" growth targets for revenue and net profit by 2025, which will require overcoming several operational challenges [9][10]. Challenges Ahead - To achieve its growth targets, Changsha Bank must address three main challenges: restructuring its corporate business, enhancing its retail business, and maintaining asset quality [10]. - The bank's reliance on government platforms and infrastructure projects poses risks, necessitating a shift towards more diversified lending practices [10].