Core Viewpoint - The performance of the company meets expectations, with a slight year-on-year increase in net profit and operating income for the first three quarters of 2025 [1][2] Financial Performance - The company's net profit and revenue for the first three quarters increased by 0.5% and 0.8% year-on-year, respectively, showing an improvement from the first half of the year [1] - In Q3 alone, net profit and revenue grew by 4.1% and declined by 2.0% year-on-year, respectively, indicating a recovery in profit growth compared to Q2 [1] - The slowdown in asset impairment losses, which increased by 11.2% year-on-year in Q3 compared to 22.8% in the first half, contributed to the positive net profit growth [1] - The decline in revenue growth is attributed to a slowdown in other non-interest income, which grew by 31% year-on-year in the first three quarters, down from 55.6% in the first half [1] - Net interest income decreased by 3.0% year-on-year, showing a slight improvement from a 3.2% decline in the first half, primarily due to a slight decrease in interest margins and slower loan growth [1] Asset Growth - Total assets grew by 10.9% year-on-year in the first three quarters, an increase from 10.3% in the first half, driven by rapid growth in interbank assets [2] - The company's loan balance increased by 7.5% year-on-year, slightly down from 7.9% in the first half, with double-digit growth in key sectors such as "Five Major Articles" [2] Profit Forecast and Valuation - The profit forecast remains unchanged, with the current A-share price corresponding to 0.7x/0.6x P/B for 2025/2026 and H-share price corresponding to 0.5x P/B for both years [2] - The target price for A-shares is maintained at 11.01 yuan, representing a 19.2% upside potential, while the target price for H-shares is 8.91 yuan, indicating a 13.4% upside potential [2]