（编辑 楚丽君） 证券日报网讯 1月6日，南网能源在互动平台回答投资者提问时表示，公司遵循会计核算谨慎性原则， 充分评估公司各项金融资产（含应收账款、其他应收款等）的信用风险，并按一定的比例和方式计提信 用减值损失，同时计入坏账准备备抵科目，于财务报表"应收账款"项目中体现，相关坏账准备已计提。 藤县生物质公司于2024年度发生的信用减值损失76867023.87元，主要是公司根据生物质发电项目可再 生能源电价附加补助核减结果计提的应收账款减值准备。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者 | 刘银平编辑 | 付影 自前行长虞利明因"个人原因"辞任8个多月后，杭州银行（600926.SH）或迎来新任行长。根据"金融人 事"等多家媒体消息，副行长张精科有望被提拔为行长，具体还要等杭州银行"官宣"。 4月2日，虞利明被传"失联"，一时间引发市场广泛关注。就在舆论发酵之时，次日杭州银行就发布了虞 利明辞去副董事长、行长职务的公告，董事长宋剑斌临时接任行长职责，直至新行长获批。 高层更迭的同时，杭州银行在业绩上保持增长态势，前三季度营收双双增长，但营收却以1.35%的增 幅，创下近年来的最低水平。 1 47岁副行长或提拔为行长，监事长重回副行长座位 被传出拟出任行长的张精科出生于1978年8月，47岁正是金融高管的黄金年龄，公开资料显示其毕业于 复旦大学、浙江工商大学，研究生学历，项目管理硕士，高级经济师。 和前行长虞利明的外聘不同，张精科是一位从杭州银行内部培养起来的高管，2003年便加入了杭州银行 总行营业部，是该行当时最年轻的公司业务经理，在杭州银行体系任职超过20年。 2009年6月，张精科参与筹建杭州银行科技支行并 ...

一、关于营业收入、固定资产减值 三季报显示，公司2025年前三季度实现营业收入3.56亿元，同比减少54.25%，实现归母净利润-2.04亿 元，持续亏损。公司报告期末固定资产账面价值8.91亿元，前三季度计提固定资产减值损失0.56亿元。 请公司：（1）区分不同产品，说明2025年前三季度收入构成、毛利率及较上年同期对比情况、前五大 客户及变动情况，定量分析公司营收大幅下滑、持续亏损的原因及合理性；（2）结合固定资产可使用 状态、产能利用率等，说明固定资产可收回金额的具体测算过程，固定资产减值损失计提是否充分。 (一)区分不同产品，说明2025年前三季度收入构成、毛利率及较上年同期对比情况、前五大客户及变动 情况，定量分析公司营收大幅下滑、持续亏损的原因及合理性 1.2024-2025年前三季度分产品收入、毛利率对比情况 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688184 证券简称：ST帕瓦公告编号：2025-106 浙江帕瓦新能源股份有限公司关于2025年三季度报告的信息披露监管问询函的回复公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 ...

编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | ■其他 2025 苏州上市公司投资者集体接待日活动 | | 参与单位名称及 | | | | 参与 2025 苏州上市公司投资者集体接待日活动的广大投资者 | | 人员姓名 | | | 时间 | 2025 年 12 月 2 日 | | 地点 | 网络远程方式，全景网"投资者关系互动平台" | | | （https://ir.p5w.net） | | 上市公司接待人 | | | | 财务总监、董事会秘书窦蔷彬先生，证券事务代表许伟先生。 | | 员姓名 | | | | 一、回复投资者提出的相关问题： | | | 1、报告提及公司签署了股权收购意向协议，但未提供详细信 | | | 息。能否透露更多关于这次收购的目标公司、行业领域以及 | | | 预期对公司未来业绩的影响? | | | 答：尊敬的投资者，您好！公司收购苏州市凌臣采集计算机 | | | 有限公司事项已经有最新进展情况，详情您可参见公 ...

作者 | 郑理、刘银平 编辑 | 付影 来源 | 独角金融 11月21日，广西壮族自治区纪委监委通报，广西投资集团有限公司（下称"广西投资集团"）副总经理黎 敦满涉嫌严重违纪违法，正接受纪律审查和监察调查。 这一消息很快将总资产达2591.81亿元的柳州银行推上风口浪尖，因为黎郭满正是该行2019年至2021年 期间的董事长。 从业绩方面来看，受信用减值损失大幅上升影响，在连续6年增长之后，2024年柳州银行归母净利润同 比下降22.28%，不过得益于利息净收入、手续费及佣金净收入的增长，以及投资收益的爆发，上半年 营收、净利实现双增长。 黎敦满1971年出生，现年54岁，是柳州银行第三任董事长，他的职业生涯几乎全部扎根广西金融系统。 1991年7月，黎敦满参加工作。早年，他在中国银行柳州分行从业务股股长，一路升到桂林分行党委书 记、行长，2016年转战地方金融平台，2017年3月出任柳州银行行长，2019年8月升任董事长兼任行长， 直到2021年4月才不再兼任行长，由谢斌接任。 短短两年从行长火速升任董事长，黎敦满一度被寄予"救火队长"的厚望，外界期待他能整顿前两任留下 的乱象，但这份期待随着官宣被查最终落 ...

Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]

Core Insights - Minsheng Bank reported a revenue growth of 6.74% year-on-year for the first three quarters of 2025, marking a turnaround from a declining trend since 2021, but the net profit attributable to shareholders continued to decline, with a year-on-year decrease of 6.38% [1][4][5] Financial Performance - In Q3 2025, Minsheng Bank achieved a revenue of 36.125 billion RMB, a 4.61% increase compared to the same period last year [2] - The net interest income for the same period was 26.307 billion RMB, reflecting a growth of 4.55% [2] - The net profit attributable to shareholders was 7.162 billion RMB, showing a decline of 10.61% year-on-year [2] - For the first three quarters of 2025, total revenue reached 108.509 billion RMB, an increase of 6.74% year-on-year [4] Revenue Composition - The increase in revenue was primarily driven by a significant rise in fair value changes, contributing 87.03% to the revenue growth, while net interest income contributed only 25.80% [5] - Fair value changes in the first three quarters of 2025 amounted to 0.88 billion RMB, a 101.50% increase year-on-year [5] Credit Impairment Losses - Credit impairment losses have been a major factor affecting Minsheng Bank's profit performance, with losses increasing by 28.17% year-on-year in the first three quarters of 2025 [6][7] - The bank's credit impairment losses for the first three quarters of 2025 were 401.65 billion RMB, which accounted for 51.23% of operating expenses [16] Regulatory Issues - Minsheng Bank faced significant regulatory scrutiny, receiving a total of 72 fines from regulatory bodies in 2025, amounting to nearly 95 million RMB [2][15] - The bank's non-performing loan ratio has remained high, fluctuating around 1.48% to 1.82% from 2020 to Q3 2025 [16] Strategic Initiatives - A new leadership team was appointed in 2024, implementing measures to expand revenue and reduce credit impairment losses [17][18] - The bank has focused on strategic customer segments, including high-quality clients in technology and green sectors, with significant growth in these areas [20][21] - Enhanced risk management practices have been introduced, including setting exposure limits in high-risk sectors and utilizing AI for credit risk assessment [22][23]

Core Viewpoint - The company has been facing challenges with accounts receivable, leading to significant provisions for credit impairment losses, which have impacted net profits despite the expectation of eventual recovery of these amounts [2]. Group 1: Financial Performance - The company reported a provision of 120 million yuan for credit impairment losses in the previous year, 16.71 million yuan in the current interim report, and 28 million yuan in the third quarter, which collectively account for more than half of the profits [2]. - The net credit impairment loss reflects the net amount of bad debt provisions made and reversed during the period, indicating a continuous rolling process of provisions and reversals [2]. Group 2: Accounts Receivable Management - The company emphasizes that the provisions are primarily due to long repayment cycles from large and medium-sized public hospitals, rather than deteriorating creditworthiness of clients [2]. - The management is actively focusing on accounts receivable management and is committed to improving collection efforts [2]. Group 3: Accounting Practices - The company follows the prudence principle as per the Accounting Standards for Enterprises, leading to significant new provisions for bad debts in line with the growth of accounts receivable [2]. - The actual amount of bad debt provisions reversed during the period was lower than the new provisions made, resulting in a net provision status reflected in the profit and loss statement [2].

Core Viewpoint - Minsheng Bank reported a significant increase in credit impairment losses for the first three quarters of 2025, indicating challenges in asset quality management and the need for enhanced risk control measures [3][4]. Group 1: Financial Performance - For the first three quarters of 2025, Minsheng Bank recorded credit impairment losses of 40.165 billion yuan, an increase of 8.827 billion yuan year-on-year, representing a growth rate of 28.2% [3]. - As of the end of September, the loan provision balance stood at 94.173 billion yuan, up by 1.044 billion yuan from the end of the previous year, with a provision coverage ratio of 143%, which is an increase of 1.06 percentage points year-on-year [3]. Group 2: Factors Influencing Credit Losses - The increase in credit impairment losses is attributed to external environmental factors, particularly a rise in credit risk associated with retail loans since the second half of 2024, despite a stabilization trend compared to the previous year [3]. - Minsheng Bank has intensified efforts in the recovery and disposal of non-performing loans, with a year-on-year increase of 7.1 billion yuan in the recovery of non-performing loans during the first three quarters [3]. Group 3: Outlook and Future Measures - Looking ahead, Minsheng Bank plans to enhance risk management capabilities and maintain strong efforts in the disposal of non-performing loans, expecting an increase in provision for the full year while aiming for overall stability in asset quality by year-end [3][4]. - The bank anticipates that the level of new non-performing loans will gradually stabilize in the fourth quarter, with specific focus on managing risks in small and micro loans as well as loans to the public rental and business service sectors [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant reduction in impairment losses, with brokerage and proprietary trading achieving high growth, while asset management business is at a turning point [1][4] - For the first nine months of 2025, the company achieved revenue of 12.71 billion yuan, a year-on-year increase of 39.4%, and a net profit attributable to shareholders of 5.11 billion yuan, up 54.8% year-on-year [4] - The report highlights a strong performance in brokerage and proprietary trading, with brokerage revenue reaching 2.38 billion yuan, up 49.1% year-on-year, and proprietary trading income improving significantly [6] Financial Data and Profit Forecast - The company’s projected revenues and net profits for 2025-2027 are as follows: - Revenue: 24.25 billion yuan (2025E), 25.50 billion yuan (2026E), 26.54 billion yuan (2027E) - Net profit attributable to shareholders: 6.88 billion yuan (2025E), 7.45 billion yuan (2026E), 7.94 billion yuan (2027E) [5][7] - The report indicates a weighted ROE of 6.35% for the first nine months of 2025, an increase of 2.19 percentage points year-on-year [4] Business Performance - The company’s brokerage business revenue exceeded 1 billion yuan in a single quarter, with a continuous increase in client asset scale [6] - The investment banking business showed high growth from a low base, with quarterly average revenue increasing from 2.92 million yuan in 2024 to 3.9 million yuan in 2025 [6] - The asset management business revenue for Q3 2025 was 3.72 million yuan, showing a quarter-on-quarter increase of 24% and a year-on-year increase of 20% [6] Investment Analysis Opinion - The report raises profit forecasts and maintains a "Buy" rating, citing high growth in brokerage and proprietary trading as the main sources of performance increase, along with a recovery in investment banking and a turning point in asset management revenue [6]