Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company experienced a slight decrease in revenue but a modest increase in net profit for the first half of 2025, with total revenue of 17.4 billion yuan, down 3.8% year-on-year, and net profit attributable to ordinary shareholders of 2.2 billion yuan, up 3.8% year-on-year [1][3] - The company's total assets remained stable at 363.8 billion yuan as of June 2025, reflecting a year-on-year growth of 0.6% [1] - The net interest margin slightly improved to 4.51%, up 4 basis points year-on-year, benefiting from a decline in market interest rates [2] - The asset quality is stable, with a non-performing loan ratio of 1.05%, down 0.02 percentage points from the beginning of the year [3] Financial Performance Summary - For the first half of 2025, the company reported a return on equity (ROE) of 8.7%, an increase of 0.2 percentage points year-on-year [1] - The company’s revenue from the industrial operations segment decreased by 12.6% to 6.3 billion yuan, with a gross margin of 21%, down 8 percentage points year-on-year [2] - The company’s financial forecasts for net profit attributable to ordinary shareholders for 2025-2027 are projected at 4.2 billion, 4.4 billion, and 4.6 billion yuan, respectively, with year-on-year growth rates of 8%, 5%, and 4% [3][4]
远东宏信（03360）：2025年中报点评：资产规模稳定，利润小幅回升