Core Insights - The report indicates a modest growth in revenue and net profit for China Bank in the first three quarters of 2025, with revenue increasing by 2.69% year-on-year and net profit rising by 1.08% [2] - The bank's net interest margin remained stable, and key indicators such as non-performing loan ratio and provision coverage ratio are robust, supporting a "buy" rating [2][3] - The third quarter of 2025 saw a return to profit growth, with revenue increasing by 0.58% year-on-year and net profit up by 5.09% [2] Financial Performance - For the first three quarters of 2025, the net interest margin was 1.26%, unchanged from the first half of the year, with both asset yield and liability cost rates declining [3] - As of the end of Q3 2025, loans grew by 9.0% year-on-year, primarily driven by corporate loans, while personal loans showed no growth [3] - The non-performing loan ratio stood at 1.24%, stable compared to the previous quarter, and the provision coverage ratio was 196.60%, slightly down by 0.79 percentage points [3] Shareholder Activity - During Q3 2025, CITIC Financial Assets increased its holdings in H-shares of China Bank, acquiring approximately 1% of shares on September 5, raising its total stake to 19% [3] Earnings Forecast - The company forecasts revenues of 625.5 billion, 650.3 billion, and 683.4 billion yuan for 2025-2027, with year-on-year growth rates of -0.73%, 3.97%, and 5.08% respectively [2] - Projected net profits for the same period are 238.9 billion, 243.8 billion, and 249.1 billion yuan, with growth rates of 0.42%, 2.09%, and 2.17% [2] - Earnings per share (EPS) are expected to be 0.77, 0.79, and 0.80 yuan, with price-to-earnings (P/E) ratios of 6.96, 6.83, and 6.67, and price-to-book (P/B) ratios of 0.62, 0.58, and 0.55 [2]