Core Insights - The core viewpoint of the reports indicates a mixed performance for China Merchants Bank, with a slight decrease in operating net income but a marginal increase in net profit attributable to shareholders. Financial Performance - Operating net income for the first half of 2025 was 169.92 billion RMB, a year-on-year decrease of 1.73% [1] - Net profit attributable to shareholders reached 74.93 billion RMB, reflecting a year-on-year increase of 0.25% [1] - Basic earnings per share stood at 2.89 RMB [1] - Net interest income was 106.09 billion RMB, showing a year-on-year growth of 1.57% [1] - Non-interest income amounted to 63.84 billion RMB, which is a year-on-year decline of 6.77% [1] - Annualized return on average total assets (ROAA) was 1.21%, down by 0.11 percentage points year-on-year [1] - Annualized return on average equity (ROAE) was 13.85%, down by 1.59 percentage points year-on-year [1] Asset Quality - As of the end of the reporting period, the group's non-performing loan balance was 66.37 billion RMB, an increase of 0.76 billion RMB compared to the end of the previous year [2] - The non-performing loan ratio was 0.93%, a decrease of 0.02 percentage points from the end of the previous year [2] - Provision coverage ratio stood at 410.93%, down by 1.05 percentage points from the end of the previous year [2] - Loan provision ratio was 3.83%, a decrease of 0.09 percentage points compared to the end of the previous year [2]

Investment Rating - The report maintains a "Buy" rating for Suzhou Bank [2] Core Views - Suzhou Bank's performance in the first half of 2025 shows a revenue of 6.5 billion yuan, a year-on-year increase of 1.8%, and a net profit attributable to shareholders of 3.13 billion yuan, up 6.2% year-on-year [5][7] - The bank's non-performing loan ratio remained stable at 0.83% in the second quarter of 2025, while the provision coverage ratio decreased by 9.3 percentage points to 438% [5][7] - The bank's interest income growth has turned positive, driven by an increase in asset scale and a slowdown in the decline of interest margins [7][10] Financial Data and Profit Forecast - Total revenue forecast for Suzhou Bank from 2023 to 2027 is as follows: - 2023: 11,866.12 million yuan - 2024: 12,223.79 million yuan - 2025E: 12,621.08 million yuan - 2026E: 13,415.66 million yuan - 2027E: 14,377.10 million yuan - Net profit attributable to shareholders is projected to grow from 4,600.65 million yuan in 2023 to 6,353.92 million yuan in 2027, with a year-on-year growth rate of 7.34% in 2025 [6][10] - The bank's return on equity (ROE) is expected to decline slightly from 11.96% in 2023 to 10.70% in 2027 [6] Credit and Asset Quality - The bank's credit growth in the first half of 2025 was primarily driven by corporate loans, with a total of 301 billion yuan in new loans [10][11] - The bank's focus on improving asset quality is evident, with a significant increase in provisions for credit impairment losses, reflecting a proactive approach to risk management [7][10] - The contribution of non-performing loans from retail banking has increased, with the retail non-performing loan ratio rising to 1.80% [10][12] Market Position and Shareholder Confidence - The first major shareholder, Guofang Group, increased its stake to 14.92%, indicating growing confidence in the bank's performance [7][10] - The bank's strategy of expanding its presence in out-of-province branches has contributed to asset growth, with these branches accounting for 40% of the asset increase in the first half of 2025 [10][14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 37.16 billion, a year-on-year increase of 7.9%, and a net profit attributable to shareholders of 14.77 billion, up 8.2% year-on-year [3][4] - The weighted average return on equity (ROE) stands at 13.8%, a decrease of 0.94 percentage points year-on-year [3] Revenue and Profit Growth - The company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 7.9%, 11.8%, and 8.2% respectively, showing a quarter-on-quarter improvement [4] - The growth rates for net interest income and non-interest income were 11.1% and 1.3%, with non-interest income showing significant quarter-on-quarter improvement [5] Loan and Deposit Dynamics - As of the end of Q2, the company's interest-earning assets and loans grew by 16.7% and 18.7% year-on-year, maintaining high absolute growth rates [5] - The loan structure indicates that corporate loans contributed significantly, with a notable focus on small and micro enterprises, manufacturing, and import-export businesses [6] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remains stable at 0.76%, with a slight increase in retail loan NPLs [9] - The capital adequacy ratios have improved, with the core Tier 1 capital ratio at 9.65% as of Q2 [10] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025-2027 at 4.44, 4.82, and 5.27 respectively, with the current stock price corresponding to price-to-book (PB) ratios of 0.81, 0.73, and 0.65 [11][12]

Investment Rating - The report maintains a "Buy" rating for Hangzhou Bank [1] Core Views - Hangzhou Bank's performance in the first half of 2025 shows revenue of 20.09 billion yuan, a year-on-year increase of 3.9%, and a net profit attributable to shareholders of 11.66 billion yuan, up 16.7% year-on-year [4][5] - The bank's high provisioning and return on equity (ROE) of 19% are key factors supporting sustainable performance and market valuation [7][10] - The bank's asset quality remains strong, with a non-performing loan (NPL) ratio of 0.76% and a provisioning coverage ratio of over 500% [10][12] Financial Performance Summary - Revenue and net profit growth: 1H25 revenue increased by 3.9% and net profit by 16.7% compared to the previous year [5][8] - Provisioning impact: Credit impairment losses decreased by 44% year-on-year, contributing positively to net profit growth [5][9] - Interest income: Net interest income for 1H25 was 13.09 billion yuan, reflecting a 12% increase year-on-year [15] Asset Quality and Loan Performance - NPL ratio: The NPL ratio remained stable at 0.76% in 2Q25, with a provisioning coverage ratio of 521% [10][15] - Loan growth: Total loans reached 1,009.42 billion yuan in 2Q25, a 12% increase year-on-year [15] - Sector focus: New loans in 1H25 were primarily directed towards infrastructure and manufacturing sectors, with retail loans showing a decline [12][11] Profitability Metrics - ROE: The annualized ROE for 1H25 was 19%, indicating strong profitability [7][10] - Earnings per share (EPS): The EPS for 2025 is projected at 2.60 yuan, with a corresponding price-to-earnings (P/E) ratio of 6.10 [6][10] Market Position and Valuation - Market capitalization: The circulating A-share market value is approximately 114.97 billion yuan [1] - Price-to-book (P/B) ratio: The current stock price corresponds to a P/B ratio of 0.82, indicating potential undervaluation [10][11]

Investment Rating - The report maintains an "Accumulate" rating for Zhangjiagang Bank (002839.SZ) with a current price of 4.46 CNY [1] Core Views - Zhangjiagang Bank's revenue growth has slightly slowed, but profit growth is steadily increasing. In the first half of 2025, the bank achieved a revenue of 2.6 billion CNY, a year-on-year increase of 1.7%, and a net profit attributable to the parent company of 1 billion CNY, up 5.1% year-on-year [4][5] - The bank's strategy focuses on expanding its loan portfolio, particularly targeting small and micro enterprises, with a loan growth rate of 7.6% year-on-year as of the end of Q2 2025 [5][6] - The bank has announced a mid-term dividend plan, proposing a cash dividend of 1 CNY per 10 shares, with a payout ratio of 24.6% [10] Summary by Sections Financial Performance - In H1 2025, Zhangjiagang Bank's revenue and net profit growth rates were 1.7% and 5.1%, respectively, with a weighted average return on equity (ROAE) of 9.96%, down 1 percentage point year-on-year [4][5] - The bank's net interest income and non-interest income growth rates were -10.5% and 27.4%, respectively, indicating a mixed performance in income sources [5] Loan and Deposit Growth - As of the end of Q2 2025, the bank's interest-earning assets and loan growth rates were 5.6% and 7.6% year-on-year, respectively, with a focus on small and micro enterprises [5][6] - The bank's deposit growth accelerated slightly, with a year-on-year increase of 5.5% in deposits as of Q2 2025 [7] Asset Quality and Capital Adequacy - The bank's non-performing loan (NPL) ratio was 0.94% at the end of Q2 2025, indicating stable asset quality [9] - The capital adequacy ratios as of Q2 2025 were 10.63% for core tier 1, 11.89% for tier 1, and 13.05% for total capital, reflecting a solid capital position [10][29] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025-2027 to be 0.79, 0.81, and 0.82 CNY, with corresponding price-to-book (PB) ratios of 0.56, 0.52, and 0.48 [11][12]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company reported a revenue of 2.26 billion and a net profit of 890 million for the first half of 2025, with year-on-year growth rates of 3.91% and 5.59% respectively [1][2] - The net interest margin remained stable quarter-on-quarter at 1.46%, with a narrowing year-on-year decline, primarily due to improved funding costs [2][3] - The bank is optimizing its loan structure, with total loans increasing by 10.3% year-on-year, while non-performing loan ratios improved slightly [4][5] Financial Performance - Revenue and net profit growth rates for H1 2025 were 3.91% and 5.59%, respectively, showing a decline in growth rates compared to Q1 2025 [2] - Net interest income grew by 3.44% year-on-year, with a net interest margin of 1.46%, down 4 basis points from 2024 [2] - Non-interest income decreased by 1.1% year-on-year, with investment income increasing by 14.9% [3] Asset and Liability Management - As of Q2 2025, total assets reached 230.1 billion, with total loans at 134.2 billion, reflecting a year-on-year growth of 9.4% and 10.3% respectively [4] - Total deposits increased by 6.6% year-on-year, with a significant contribution from personal time deposits [4] Asset Quality - The non-performing loan ratio stood at 0.98% as of Q2 2025, with a slight improvement in the coverage ratio to 340.3% [5][10] - The bank's credit impairment losses decreased by 6.51% year-on-year, indicating a stable asset quality [3][10] Future Outlook - The bank is expected to maintain stable loan growth in its operating region, with projected revenue and profit growth rates of 9.98% and 8.24% for 2025 [10]

Core Viewpoint - Jiangsu Bank reported a revenue growth of 7.8% in the first half of 2025, with a net profit growth of 8.0, indicating stable financial performance amidst expanding asset scale and improving capital adequacy [1][2]. Revenue Growth - The bank's net interest income increased significantly by 19.1%, driven by rapid asset scale expansion, while non-interest income saw a decline of 14.6%, although the drop was less severe due to stabilization in the bond market in Q2 [2]. - The bank's total assets grew by 21% compared to the beginning of the year, positioning it as the largest city commercial bank in terms of asset size [2]. Loan and Deposit Performance - Loans increased by 16.0% compared to the beginning of the year, with a notable 23.3% growth in corporate loans, particularly in infrastructure and manufacturing sectors [2]. - Deposits surged by 20.2%, with a rise in the proportion of demand deposits to 29.3%, primarily driven by corporate settlement deposits [2]. Cost and Profitability - The net interest margin was reported at 1.78%, a decrease of 8 basis points from the previous year, influenced by declining asset yields [3]. - The bank's credit impairment charges rose significantly, but a substantial reduction in the effective tax rate by 10.5 percentage points supported stable net profit growth [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio improved to 0.84%, down 5 basis points from the beginning of the year, with a provision coverage ratio of 331% [4]. - The net NPL generation rate decreased to 1.10%, reflecting improved risk management and a reduction in retail loan delinquency rates [4]. Investment Outlook - The bank is characterized as a dividend growth bank, with a projected dividend yield of 5.0% for 2025, making it an attractive investment option following a price correction [4]. - Current valuations stand at a price-to-book (PB) ratio of 0.80x and a price-to-earnings (PE) ratio of 6.4x, maintaining a "buy" rating [4].

Core Viewpoint - Jiangsu Bank reported a steady performance in H1 2025, with revenue and net profit growth driven by strong net interest income and effective cost management [1][2][6]. Financial Performance - H1 2025 revenue reached 44.864 billion yuan, a year-on-year increase of 7.78%, while net profit attributable to shareholders was 20.238 billion yuan, up 8.05% year-on-year [1][2]. - Net interest income for H1 2025 was 32.939 billion yuan, showing a significant increase of 19.10% year-on-year, attributed to effective liability cost management [2][4]. - Non-interest income faced pressure, with net fees and commissions growing by 5.15%, but fair value changes recorded a net loss of 226 million yuan compared to a net gain of 2.046 billion yuan in the same period last year [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased to 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [1][5]. - The provision coverage ratio stood at 331.02%, although it decreased from the beginning of the year, it remains significantly above regulatory requirements [5][6]. Credit Growth and Business Segmentation - Total new loans in H1 2025 amounted to 334.8 billion yuan, a year-on-year increase of 174.4 billion yuan, with corporate loans driving this growth [3]. - Corporate loans (excluding discounts) grew by 23.30% year-on-year, while retail loan growth showed divergence, with personal loans increasing by 3.07% [3][6]. Interest Margin and Cost Management - The net interest margin for H1 2025 was 1.78%, a decrease of 12 basis points year-on-year, but still reflects strong performance due to effective liability management [4][6]. - The average interest rate on interest-bearing liabilities was 1.89%, with the average deposit interest rate at 1.78%, down 40 basis points year-on-year, highlighting the bank's cost advantage [4]. Investment Outlook - Jiangsu Bank is positioned as a leading city commercial bank with a stable governance structure and clear strategic planning, benefiting from the developed regional economy of Jiangsu [6][7]. - The bank's long-term investment value is supported by its robust fundamentals, clear growth trajectory, and attractive valuation, with a target price of 13.03 yuan based on a target PB of 0.95X for 2025 [6][7].

Investment Rating - The investment rating for Ping An Bank is "Accumulate" [8] Core Views - The revenue growth rate shows an upward improvement trend, with a revenue of approximately 69.4 billion yuan in the first half of 2025, a year-on-year decrease of 10.04%, but a quarter-on-quarter increase of 3.01 percentage points [2][12] - Retail loan quality has significantly improved, with a non-performing loan ratio of 1.05% as of the end of the first half of 2025, down 1 basis point from the previous quarter [4][27] - The bank's net interest margin remains stable at 1.80%, with a slight decline of 3 basis points from the first quarter of 2025 [2][15] Financial Performance Summary - For the first half of 2025, net interest income was 44.5 billion yuan, accounting for 64.1% of total revenue, while non-interest income was 24.9 billion yuan, showing a year-on-year decline of 11.30% [2][12] - The bank's total interest-earning assets reached 57.1 trillion yuan, a year-on-year increase of 2.4% [22] - The provision coverage ratio stands at 238.5%, reflecting a strong buffer against potential loan losses [4][27] Asset and Liability Analysis - As of the first half of 2025, the bank's interest-bearing liabilities amounted to 36.9 trillion yuan, a year-on-year growth of 3.2% [22][26] - The structure of deposits shows a 5.4% year-on-year increase in demand deposits, while time deposits grew by 2.5% [25][26] - The bank's retail loans decreased by 5.2% year-on-year, with credit card loans under pressure, while personal housing loans increased by 12.9% [22][23] Non-Performing Loan Analysis - The non-performing loan ratio for retail loans improved to 1.27%, contributing significantly to the overall improvement in the bank's asset quality [4][28] - The non-performing loan ratio for corporate loans increased to 0.83%, with notable increases in the real estate and construction sectors [4][27]

文 | WEMONEY研究室，作者 | 王彦强 近日，第二家上市农商行——江阴银行（002807.SZ）披露了上半年业绩报告。 据中报显示，2025年上半年，江阴银行实现营业收入24.01亿元，同比增长10.45%；实现归母净利润8.46亿元，同比增长16.63%。 从资产质量来看，2025年上半年，江阴银行的不良贷款率为0.86%，与上年末持平；而拨备覆盖率为381.22%，较上年末增加11.9个百分点。 整体来看，江阴银行业绩实现双增，但净息差依然承压，2024年上半年，该行的净息差为1.54%，同比下降0.22个百分点。 而值得注意的是，江阴银行上半年的投资净收益为8.82亿元，同比大增81.44%，占营收的36.72%。同期，该行经营活动产生的现金流净额为-58.50亿元，同 比下降621.51%。 WEMONEY研究室注意到，近年来，江阴银行的利息净收入占营收的比重在不断下降，而投资净收益占营收的比重却在持续攀升。 数据显示，2022年—2024年，江阴银行的利息净收入分别为31.93亿元、29.82亿元、28.03亿元，占营收的比重分别为84.49%、77.15%、70.75%。投资净收益 分别为 ...