Xin Lang Cai Jing·2025-11-03 08:32Core Insights - The company reported stable performance with a slight increase in revenue and net profit for the first nine months of 2025, supported by rapid growth in non-interest income and reduced liability costs [1][2]. Financial Performance - For the period of January to September 2025, the company's operating revenue reached 265.08 billion yuan, a year-on-year increase of 1.82%, while net profit attributable to shareholders was 76.56 billion yuan, up 0.98% [1]. - The annualized ROE was 10.67%, a decrease of 1.12 percentage points compared to the previous year [1]. - In Q3 alone, revenue and net profit grew approximately 2.48% and 1.23% year-on-year, respectively [1]. Interest Income and Loan Growth - The net interest income for the first nine months of 2025 was 210.51 billion yuan, down 2.07% year-on-year, with a net interest margin of 1.68%, reflecting a decline of 19 basis points from last year [2]. - The average interest rate on interest-bearing liabilities fell to 1.22%, down 25 basis points year-on-year [2]. - Total loans increased by 8.33% compared to the beginning of the year, with corporate loans growing by 17.91% and retail loans by 1.90% [2]. Non-Interest Income and Asset Quality - Non-interest income reached 54.58 billion yuan, a year-on-year increase of 20.20%, driven by growth in investment banking and wealth management [3]. - The company’s non-performing loan ratio was 0.94%, up 0.04 percentage points from the end of the previous year, while the coverage ratio was 240.21%, down 45.94 percentage points [3]. Investment Outlook - The company is well-positioned with a solid retail customer base and a unique "self-operated + agency" model, focusing on inclusive finance and rural revitalization [4]. - The company maintains a stable dividend payout ratio of 30% for the mid-2025 period, with projected BVPS of 8.53 yuan, 8.99 yuan, and 9.56 yuan for 2025-2027 [4].