Core Conclusion - The performance of Jiangsu Jinzhong Leasing in the first three quarters of 2025 met expectations, with revenue and net profit attributable to shareholders reaching 4.638 billion and 2.446 billion yuan respectively, representing year-on-year growth of 17.15% and 9.82% [1] - The company’s total assets reached 162.011 billion yuan by the end of Q3 2025, an increase of 18.04% from the end of the previous year, with receivables from leasing amounting to 147.496 billion yuan, up 19.45% [1] Financial Performance - The average yield on interest-earning assets for the first three quarters of 2025 was 6.27%, a decrease of 0.36 percentage points year-on-year, primarily due to declining market interest rates and intensified industry competition [1] - The company’s average cost of liabilities was 2.20%, down 0.69 percentage points year-on-year, reflecting a strategic adjustment of the liability structure to take advantage of low-interest financing [2] - The net interest margin widened slightly to 3.75% by the end of Q3 2025, an increase of 0.08 percentage points year-on-year [2] Asset Quality - The non-performing loan ratio stood at 0.90% at the end of Q3 2025, a slight decrease of 0.01 percentage points since the beginning of the year, indicating stable asset quality [2] - The provision coverage ratio was 403.01%, down 27.26 percentage points year-on-year, which still aligns with excellent industry standards [2] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 3.222 billion, 3.589 billion, and 3.918 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.50%, 11.39%, and 9.15% [3] - The company maintains a "buy" rating based on its differentiated competitive advantages through "three-dimensional customer acquisition," technological empowerment, and green initiatives [3]