上市计划已中止两月，广东南海农商行大额股权又将被拍卖，三季报营收净利双降

Core Viewpoint - The auction of significant shares of Nanhai Rural Commercial Bank by Nengxing Group highlights ongoing challenges in the bank's IPO process and financial performance, with shares being sold at a substantial discount to their net asset value, reflecting broader issues in the banking sector and real estate market [1][4][11]. Group 1: Auction Details - Nengxing Group is set to auction 58 million and 7 million shares of Nanhai Rural Commercial Bank on December 30, with a starting price of 282 million yuan, representing a 30% discount from the estimated value [1][6]. - The auctioned shares are priced at 6.19 yuan per share, down from an estimated 6.7 yuan per share in 2024, and significantly below the bank's net asset value of 7.04 yuan per share as of Q3 2025 [1][6]. - The shares are limited to bids from legally qualified institutions registered in Foshan, with specific financial criteria required for participation [3][8]. Group 2: Shareholder Changes - Nengxing Group, previously the second-largest shareholder with a 5.29% stake, has seen its ownership drop to 2.91% following the auction, moving from the second to the fifth largest shareholder [3][9]. - The first auction attempt in October 2024 failed due to lack of bids, while the second attempt in December 2024 resulted in a sale to two state-owned enterprises for 374 million yuan, approximately 60% of the assessed value [3][8]. Group 3: IPO Process Challenges - Nanhai Rural Commercial Bank's IPO journey has been stalled since 2018, facing repeated interruptions due to expired financial documents, with the latest status still marked as "suspended" [4][10]. - The bank's financial reporting issues reflect deeper management and audit coordination challenges, raising concerns about regulatory compliance and the stability of its shareholder structure [4][10]. - The ongoing auction of major shareholder stakes during this sensitive period may cast a shadow over the bank's IPO prospects, as regulatory requirements emphasize stable and clear ownership [4][10]. Group 4: Financial Performance - For 2024, Nanhai Rural Commercial Bank reported revenues of 6.429 billion yuan, a decline of 6.3%, while net profit increased by 2.99% to 2.453 billion yuan, indicating a situation of profit growth without revenue increase [5][11]. - In the first three quarters of 2025, the bank's revenue fell to 4.277 billion yuan, down 8.73%, and net profit decreased by 17.08% to 1.865 billion yuan, reflecting significant operational pressures [5][11]. - Capital adequacy ratios have also declined, with the core tier one capital ratio and tier one capital ratio both at 12.51%, and the overall capital adequacy ratio at 15.04%, indicating potential challenges for future business expansion [5][11].