Core Viewpoint - The bank's Q3 2025 performance shows a slight decline in revenue and stable net profit, aligning with expectations, while asset quality remains robust [1][3]. Financial Performance - Q3 2025 revenue decreased by 0.8% year-on-year, with a cumulative decline of 1.8% for the first three quarters, although the rate of decline has narrowed [1]. - Q3 2025 net profit attributable to shareholders slightly decreased by 0.1% quarter-on-quarter, with a cumulative growth of 0.1% for the first three quarters [1]. - Net interest income in Q3 2025 increased by 1.4% year-on-year, marking a return to positive growth, while the cumulative decline for the first three quarters was 0.6% [2]. - The net interest margin (NIM) improved by 4 basis points quarter-on-quarter to 1.57% in Q3 2025 [2]. - The cost of interest-bearing liabilities significantly decreased by 11 basis points quarter-on-quarter to 1.68%, with the deposit interest rate at 1.71%, down 32 basis points year-on-year [2]. - Total assets, loans, and deposits grew by 3.5%, 4.3%, and 7.6% year-on-year, respectively, indicating stable expansion [2]. Non-Interest Income - Non-interest income decreased by 6.3% year-on-year in Q3 2025, with a cumulative decline of 4.5% for the first three quarters [2]. - Net fee income increased by 6.1% year-on-year in Q3 2025, contributing to a cumulative growth of 3.8% for the first three quarters, driven by a recovery in the capital market [2]. - Other non-interest income decreased by 16.6% year-on-year in Q3 2025, with a cumulative decline of 9.3% for the first three quarters due to disruptions from rising interest rates [2]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.08% at the end of Q3 2025, while the attention rate slightly increased by 1 basis point to 1.67% [3]. - The net generation rate of non-performing loans for the first three quarters was estimated at 1.11%, showing a slight decline [3]. - The provision coverage ratio remained stable, with a minor decrease of 0.7 percentage points to 227.8%, and the loan-to-provision ratio remained at 2.46% [3]. Profit Forecast and Valuation - The profit forecast remains unchanged, with the bank currently trading at 0.5x P/B for 2025E and 2026E [4]. - The target price is maintained at 28.0 yuan, corresponding to 0.7x P/B for 2025E and 2026E, indicating a potential upside of 39.8% [4].