Core Insights - The company achieved revenue and net profit attributable to shareholders of 4.64 billion and 2.45 billion CNY respectively for the first three quarters of 2025, representing a year-on-year increase of 17% and 10% [1] - The company's asset scale reached 162.01 billion CNY, an increase of 18% compared to the end of 2024, and a year-on-year increase of 20% [2] - The company reported a net interest income of 4.72 billion CNY, up 21% year-on-year, with a rental business net interest margin of 3.75%, an increase of 0.08 percentage points [2] Financial Performance - In Q3 2025, the company recorded revenue and net profit attributable to shareholders of 1.63 billion and 0.88 billion CNY respectively, with a quarter-on-quarter increase of 12% and 11%, and a year-on-year increase of 22% and 11% [1] - The company’s impairment provision increased to 860 million CNY, a year-on-year increase of 55%, which is greater than the revenue growth, resulting in a profit growth of 10% being lower than the revenue growth of 17% [3] - Operating lease income slightly increased by 4% year-on-year to 90 million CNY, while net income from fees and commissions saw a significant loss of 200 million CNY, leading to total revenue growth of 17% being lower than the net interest income growth of 21% [4] Asset Quality and Leverage - The company’s non-performing financing lease asset ratio improved to 0.90% by the end of Q3 2025, down from 0.91% in previous periods [3] - The provision coverage ratio increased to 403.01% by the end of Q3 2025, indicating a strong buffer against potential losses [3] - The leverage ratio stood at 6.36 times, an increase of 0.71 times year-on-year, indicating sufficient room for leveraging [5] Dividend and Investment Outlook - The current dividend yield is 4.49%, based on the annual dividend for 2024 [6] - The company maintains its revenue forecasts for 2025-2027 at 6.261 billion, 6.902 billion, and 7.516 billion CNY, with EPS estimates remaining at 0.56, 0.62, and 0.67 CNY respectively [7]