这八个字意味深长，因为银行零售业务在宏观经济形势、居民收入变化、有效消费需求等多重因素影响 下，并没有迎来顺周期。包括五家大行在内的多家上市行，去年年报的显著共性就是零售业务集体失 速，业务收入和净利占比均不同程度下降。 平安银行对零售业务阶段性经营策略思考，正借由这八个字向外有效表达。 纵观平安银行这两年的零售调整思路，一个明显的方法论显现：高风险高收益产品，让位于中风险中收 益产品。而零售贷款余额阶段性下降，可以理解为在这个阶段内，中风险中收益产品尚在补位。 在2025年中期业绩发布会上，平安银行党委书记、行长冀光恒用了一个很形象的比喻描述这一动态平 衡："过去的东西（高风险高收益产品）有没有出清、新的后备军（中风险中收益产品）有没有在排 队。" 一些向好的、趋势性的拐点正在显现—— 上半年平安银行零售资产余额同比、环比跌幅均放缓；结构 优化，存量高风险产品基本出清，基石类和中收益产品储备上量；零售资产质量、存款付息率、资产收 益率等关键经营指标持续优化。 值得一提的是，冀光恒在概述零售改革的最新进展时，首次用了"效益优先、兼顾规模"的表述。 量可以掉，但结构不能不调 "有效需求不足，零售业务不好做。"— ...

Core Viewpoint - Ping An Bank is shifting its retail strategy from high-risk, high-return products to medium-risk, medium-return products, leading to a temporary decline in retail loan balances as the new products are being positioned [1][3][4]. Group 1: Retail Strategy Adjustments - The retail asset balance of Ping An Bank has shown a slowdown in the decline of both year-on-year and quarter-on-quarter figures, indicating a structural optimization with high-risk products being cleared out [3][5]. - The bank's retail financial assets accounted for 28.2% as of June, down from 29.4% at the end of the previous year, with personal loan balances decreasing by 2.3% to approximately 17.26 trillion yuan [5][6]. - The bank's management emphasizes the need to adjust the asset structure to enhance profitability, focusing on core loans and medium-return loans [5][7]. Group 2: Performance Metrics - Key metrics indicate that credit card receivables account for over 95% of the decline in loan scale, while mortgage loans have increased by 20.1 billion yuan [6][8]. - The non-performing loan (NPL) ratio for personal loans decreased to 1.27%, reflecting a significant improvement in asset quality [10]. - The bank's retail non-performing generation has declined for six consecutive quarters, with a notable reduction in the second quarter [10]. Group 3: Risk Management and Asset Quality - The bank has actively reduced high-risk retail products, with "New Yi Loan" balances dropping from over 150 billion yuan to just over 10 billion yuan, and credit card balances decreasing from 500 billion yuan to 390 billion yuan [8][9]. - The bank is transitioning to a self-operated team for medium-risk products, aiming for a market scale of 200-300 billion yuan in the next few years [9]. - The bank's credit and other asset impairment losses have decreased, indicating a stabilization in retail operations [9]. Group 4: Interest Margin Management - Ping An Bank's net interest margin remains relatively stable at 1.8%, compared to the industry average of 1.56%, providing a competitive advantage [11][12]. - The bank has implemented cost control measures, reducing operating expenses by 9% and optimizing liability costs, which has helped mitigate the pressure on interest margins [11][12].

"零售业务已度过最艰难的'灰暗时期'，正处于爬坡阶段，前期改革为零售业务的再次起飞与发展奠定良好基础。"8月25日，平 安银行党委书记、行长冀光恒在2025年中期业绩发布会上，谈及零售改革。 在媒体、分析师出席的这场发布会上，对平安银行管理层的大多数提问仍围绕战略转型。此次发布会上，还有两位高管"首 秀"，一位是不久前从平安信托调任的方蔚豪，现任平安银行副行长、负责对公业务；另一位是平安银行行长助理王军（原深圳 分行行长），分管零售业务。 受市场利率下行、银行业降息让利、主动调整资产结构等内外因素影响，曾被誉为"零售黑马"的平安银行近年来大力推动零售 改革，一些积极信号逐渐浮现。 2025年上半年，该行营收、净利润降幅收窄。上半年营业收入693.85亿元，同比下降10.0%，但下滑幅度有所收窄；净利润 248.70亿元，同比下降3.9%，降幅较第一季度有所收窄。 "信贷投放上，呈现'对公稳增长、零售渐企稳'的格局。"平安银行副行长项有志总结道。今年上半年，平安银行零售金融业务余 额比上年末下降2.1%，批发金融业务提升了4.5%，在资产总额中占比已超半数。 "未来，资产端将依托中风险、中收益零售贷款上量、对公 ...

Core Viewpoint - The company reported a revenue of 6.84 billion RMB and a net profit of 910 million RMB for the first half of 2025, showing a year-on-year growth of 7.1% and 21.5% respectively, with a focus on the performance of its main brand and professional sports segment [3][4]. Financial Performance - Revenue for the first half of 2025 reached 6.84 billion RMB, with a net profit of 910 million RMB, reflecting a year-on-year increase of 7.1% and 21.5% respectively [3]. - Earnings per share (EPS) stood at 0.35 RMB, with a proposed cash dividend of 0.18 HKD per share, resulting in a payout ratio of 50% [3]. - Gross margin slightly decreased by 0.1 percentage points to 45.0%, while operating profit margin increased by 0.4 percentage points to 19.1% [6][7]. Revenue Breakdown - The revenue composition for the first half of 2025 was 60.8% from footwear, 37.3% from apparel, and 1.9% from accessories, with respective year-on-year growth rates of 6.3%, 9.5%, and a decline of 7.8% [4]. - The main brand (Xtep) and professional sports brands (Saucony, Myle) accounted for 88.5% and 11.5% of total revenue, with year-on-year growth rates of 4.5% and 32.5% respectively [4]. Retail and Channel Performance - As of June 2025, the number of adult stores for Xtep was 6,360, a net decrease of 22 stores since the beginning of the year, while the number of youth stores was 1,564, a decrease of 20 stores [5]. - The professional sports brand Saucony had 155 stores in China, an increase of 10 stores [5]. Cost and Inventory Management - The inventory as of June 2025 increased by 41.3% from the beginning of the year to 2.25 billion RMB, with a year-on-year increase of 2.5% [7]. - Operating net cash flow for the first half of 2025 was 770 million RMB, a decrease of 6.4% year-on-year [7]. Strategic Focus - The company continues to strengthen its position in the running segment, with the main brand maintaining the highest wearing rate in key marathon events [8]. - Xtep is expanding its product matrix and enhancing retail channel management, with a focus on improving consumer experience and increasing the proportion of new image stores [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 6.84 billion RMB in the first half of 2025, representing a year-on-year growth of 7.1%, while the net profit attributable to shareholders increased by 21.5% to 910 million RMB [5] - The main brand and the subsidiary brand, Saucony, are experiencing synergistic growth, with a continued focus on the running segment [11] - The company has successfully divested its KP business, which had previously incurred losses, leading to a more favorable profit outlook [5] Financial Performance - The company's earnings per share (EPS) for the first half of 2025 was 0.35 RMB, with a proposed cash dividend of 0.18 HKD per share, resulting in a payout ratio of 50% [5] - Gross margin slightly decreased by 0.1 percentage points to 45.0%, while operating profit margin improved by 0.4 percentage points to 19.1% [6] - The retail revenue for the main brand and Saucony grew in the mid-single digits and over 30% respectively [6] Revenue Breakdown - In the first half of 2025, the revenue composition was 60.8% from footwear, 37.3% from apparel, and 1.9% from accessories, with respective year-on-year growth rates of 6.3%, 9.5%, and a decline of 7.8% [7] - The main brand's revenue accounted for 88.5% of total revenue, with a year-on-year growth of 4.5%, while professional sports revenue (Saucony and Maile) accounted for 11.5% with a growth of 32.5% [7] Retail and Market Strategy - The company continues to strengthen its position in the running market, with the main brand maintaining the highest wearing rate in key marathon events [11] - The company has launched new products and expanded its retail presence, with a focus on enhancing consumer experience and increasing the number of retail outlets [11] Future Earnings Forecast - The report maintains earnings forecasts for 2025 to 2027, projecting EPS of 0.49 RMB, 0.55 RMB, and 0.60 RMB respectively, with corresponding price-to-earnings (P/E) ratios of 11, 10, and 9 times [12][13]

Core Viewpoint - The appointment of Fang Weihao as the Vice President of Ping An Bank has been approved by the National Financial Regulatory Administration, marking a significant leadership change within the bank [2]. Group 1: Leadership Changes - Fang Weihao has been appointed as the Vice President of Ping An Bank, following the departure of the former Vice President Ju Weiping in January 2024 [2]. - Prior to this role, Fang served as the Party Secretary and Chairman of Ping An Trust, and he has been with the Ping An Group for approximately 13 years [2][3]. - The current management team of Ping An Bank includes Chairman Xie Yonglin, President Ji Guangheng, and other Vice Presidents [2]. Group 2: Business Performance - During Fang's tenure at Ping An Trust, the company focused on becoming a "light asset, service-oriented trust company," which led to a decline in revenue and net profit amid a challenging environment for the trust industry [3]. - In 2024, Ping An Trust reported revenues of 14.148 billion yuan and a net profit of 3.421 billion yuan, with net commission income of 9.681 billion yuan [3]. - Despite the decline in profits, the asset management scale of Ping An Trust increased significantly, reaching 993 billion yuan in 2024, a year-on-year growth of 49.88% [3]. Group 3: Banking Operations - Ping An Bank has increased its corporate credit issuance to stabilize its core business, with corporate loan balances reaching 1.6827 trillion yuan, a 4.7% increase from the previous year [4]. - The bank's corporate deposit balance was 2.3362 trillion yuan, reflecting a 4.0% growth compared to the end of the previous year [4].