来源：金融界 2025年8月19日，上海清算所网站披露公告，为保证24一汽租赁ABN001优先（债券代码：082480761） 付息兑付工作的顺利进行，现将有关事宜公告，本期票据发行总额2805000000元 ，本计息期债券利率 2.08%，付息兑付日为2025年8月26日，本次兑付本金人民币118651500元，利息人民币1,778,437.01元。 托管在银行间市场清算所股份有限公司的债券，其利息和兑付资金由该公司代理划付至债券持有人指定 的银行账户，债券付息兑付日如遇法定节假日，则划付资金的时间相应顺延。 ...

来源：金融界 2025年8月19日，上海清算所网站披露公告，一汽租赁有限公司2024年度第二期绿色资产支持票据优先 A1级将进行付息兑付。该票据债券简称24一汽租赁ABN002优先A1（绿色），债券代码082480891，发 行总额150000000元，本计息期债券利率2.05%，付息兑付日为2025年8月26日，本次兑付本金人民币 6990000元，利息人民币94,019.18元。托管在银行间市场清算所股份有限公司的债券，其利息和兑付资 金由该清算所代理划付至债券持有人指定银行账户。 ...

Core Viewpoint - Jiangsu Jinzu reported a solid performance in the first half of 2025, with revenue and net profit showing year-on-year growth, indicating a stable business environment and effective management strategies [1][2]. Revenue and Profitability - In H1 2025, the company achieved operating revenue of 3.006 billion yuan, up 14.91% year-on-year, and a net profit attributable to shareholders of 1.564 billion yuan, up 9.04% year-on-year [1]. - The Q2 2025 single-quarter revenue and net profit grew by 9.57% and 9.67% year-on-year, respectively [1]. - The annualized ROE for H1 2025 was 12.96%, an increase of 0.37 percentage points from Q1 2025 [1]. Interest Income and Asset Growth - The company reported net interest income of 3.041 billion yuan in H1 2025, reflecting an 18.51% year-on-year increase, although the growth rate decreased by 5.17 percentage points compared to Q1 2025 [3]. - The leasing asset balance reached 148.103 billion yuan, up 17.02% year-on-year, with a net increase of 20.3 billion yuan in H1 2025 [3][4]. - The leasing net interest margin was 3.71%, down 20 basis points from Q1 2025, primarily due to a decline in asset yields [3][4]. Asset Quality and Risk Management - As of the end of H1 2025, the company's non-performing loan ratio was 0.91%, and the attention ratio was 2.37%, showing stability in asset quality [5]. - The company maintained a provision coverage ratio of 401.49%, indicating strong risk management capabilities [5]. Investment Outlook - The company is projected to achieve operating revenues of 5.869 billion yuan, 6.564 billion yuan, and 7.238 billion yuan for 2025-2027, with year-on-year growth rates of 11.20%, 11.83%, and 10.28%, respectively [6]. - Net profit attributable to shareholders is expected to be 3.230 billion yuan, 3.629 billion yuan, and 4.006 billion yuan for the same period, with growth rates of 9.77%, 12.33%, and 10.41% [6].

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" and is maintained [8]. Core Views - Jiangsu Jinzu is transforming towards retail and focusing on small and micro enterprises, leveraging the advantages of the vendor leasing model. The company benefits from equipment replacement and interest subsidy policies, leading to a significant acceleration in asset deployment. The cost of liabilities continues to improve, maintaining a high net interest margin, and the non-performing loan ratio is well-controlled, reflecting strong profitability and risk control capabilities. The company is expected to achieve a dividend yield of 5.12% in 2025E, making it an attractive investment [2][6]. Summary by Sections Financial Performance - In the first half of 2025, Jiangsu Jinzu achieved operating revenue of 3.01 billion yuan, a year-on-year increase of 14.9%, and a net profit attributable to shareholders of 1.56 billion yuan, up 9.0%. The weighted average return on equity (ROE) decreased by 1.4 percentage points to 6.3% [6][10]. Asset Deployment - The company maintained a steady pace of asset deployment, with new investments concentrated in modern services and transportation. As of the end of the first half of 2025, accounts receivable from financing leases reached 143.56 billion yuan, an increase of 16.3% from the beginning of the year and 3.8% from the end of the first quarter. The balance of accounts receivable from leasing in Zhejiang, Guangdong, and Anhui increased by 1.1, 0.6, and 0.4 percentage points, respectively [10][11]. Profitability and Risk Control - The net interest margin for the first half of 2025 was 3.71%, an increase of 0.03 percentage points year-on-year. The asset yield and liability cost rates were estimated at 6.1% and 2.2%, respectively. The company’s asset quality remained stable, with non-performing assets totaling 1.34 billion yuan and a non-performing loan ratio of 0.91%, unchanged from the beginning of the year [10][11]. Future Outlook - Jiangsu Jinzu is expected to achieve net profits of 3.26 billion yuan and 3.59 billion yuan in 2025 and 2026, respectively, with corresponding price-to-book ratios of 1.19 and 1.10 times. The company is well-positioned for stable market share expansion and profit growth during a strong regulatory cycle [2][10].

Core Viewpoint - The company, Guoyin Jinzu (01606.HK), has entered into a financing lease arrangement with a total value of RMB 1,260,000,000, involving the purchase and leasing of wind power station equipment located in Xingtai City, Hebei Province, China [1] Group 1 - The company acts as the buyer in a transfer contract, agreeing to purchase the transaction target for RMB 1,260,000,000 [1] - The leasing period for the equipment is set for 216 months [1] - The transaction target refers to wind power station equipment owned by the lessee [1]

Group 1 - The company's revenue and net profit for H1 2025 were 3.006 billion and 1.564 billion yuan, respectively, showing a year-on-year increase of 15% and 9%, which aligns with expectations [1] - The annualized weighted average ROE for H1 2025 was 12.68%, an increase from 12.60% in Q1 2025, while the equity multiplier rose to 6.4 times [1] - The company forecasts net profits for 2025, 2026, and 2027 to be 3.26 billion, 3.62 billion, and 4.03 billion yuan, respectively, with a consistent year-on-year growth of 12% [1] Group 2 - The balance of receivable financing leases at the end of Q2 2025 was 148.1 billion yuan, reflecting a year-on-year increase of 17% and a quarter-on-quarter increase of 4% [2] - The company has established partnerships with nearly 6,000 manufacturers and dealers, enhancing its business model and asset growth [2] - The company's "3+N" industry structure effectively mitigates cyclical fluctuations across different sectors, with significant growth in modern services, agricultural machinery, clean energy, and transportation [1][2] Group 3 - The net interest margin for H1 2025 was 3.71%, a slight year-on-year increase driven by a decrease in funding costs [2] - The non-performing loan ratio remained stable at 0.91%, while the non-performing loan generation rate increased to 0.61% [2] - The company reported a credit impairment loss of 580 million yuan for H1 2025, a year-on-year increase of 37% [2]

Core Viewpoint - The company reported a revenue increase of 15% year-on-year to 30.1 billion yuan in the first half of 2025, with a pre-provision profit growth of 14% to 26.7 billion yuan, and a net profit increase of 9% to 15.6 billion yuan, aligning with expectations [1] Financial Performance - For 2Q25, the company achieved a revenue of 14.6 billion yuan, reflecting a 10% year-on-year increase but a 5% quarter-on-quarter decline, while net profit was 7.9 billion yuan, up 10% year-on-year and 3% quarter-on-quarter [1] - The annualized ROAE decreased by 2.9 percentage points to 13.0% due to the impact of convertible bond conversions [1] Growth Trends - As of 1H25, the company's receivables from financing leases increased by 16% year-on-year to 1,481 billion yuan, with steady progress in asset deployment [2] - Key sectors such as clean energy, transportation, and industrial equipment saw lease balances grow by 19%, 19%, and 11% respectively, while the modern services sector experienced a 41% increase [2] - The company has established partnerships with nearly 6,000 manufacturers and dealers, enhancing its customer acquisition network [2] Cost and Profitability - The annualized net interest margin improved by 0.03 percentage points to 3.71%, while the net interest spread narrowed compared to 1Q25 [3] - The asset yield for financing leases decreased by 0.38 percentage points to 6.24%, attributed to increased liquidity and competition [3] - Financing costs dropped by 0.67 percentage points to 2.25%, indicating a positive trend in cost management [3] Future Outlook - The company is expected to benefit from a continued decline in financing costs due to loose monetary policy, supporting margin expansion [4] - The non-performing loan ratio remained stable at 0.91%, with a provision coverage ratio of 401.5%, reflecting prudent risk management [4] - Credit impairment losses increased by 37% to 580 million yuan, impacting net profit growth, but the company maintains a strong asset quality [4] Earnings Forecast and Valuation - The earnings forecast remains unchanged, with the company currently trading at 1.3x and 1.2x P/B for 2025 and 2026 respectively [5] - The target price has been raised by 10.3% to 6.4 yuan, maintaining an outperform rating with a potential upside of 9.6% [5]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Jiangsu Jinzu (600901.SH, latest price: 5.84 yuan) a "buy" rating due to its strong business performance and growth potential [2] - The main reasons for the rating include steady growth in main business revenue, with the clean energy and transportation sectors showing leading growth rates [2] - There is a notable increase in credit impairment losses, which is expected to be influenced by rapid growth in investments [2] - The net interest margin has slightly expanded, while the non-performing loan ratio remains at a favorable level [2]

Group 1 - The core viewpoint of the article highlights Jiangsu Jinzhong's financial performance in the first half of 2025, showing growth in revenue and net profit despite a decline in basic earnings per share [1] Group 2 - In the first half of 2025, the company achieved an operating income of 3.006 billion yuan, representing a year-on-year increase of 14.91% [1] - The net profit attributable to shareholders was 1.564 billion yuan, reflecting a year-on-year growth of 9.04% [1] - The basic earnings per share decreased to 0.27 yuan, down 18.18% compared to the previous year [1] Group 3 - The company's total assets reached 156.808 billion yuan by the end of June, indicating steady growth [1] - The scale of leasing assets, including operating leases, was 149.083 billion yuan, with increases of 14.25% and 15.73% respectively since the beginning of the year [1] Group 4 - The quality of assets remained stable, with the non-performing loan ratio of leasing assets at 0.91%, unchanged from the beginning of the year [1]

Core Insights - Jiangsu Jinzu announced that its operating revenue for the first half of 2025 reached 3.006 billion yuan, representing a year-on-year growth of 14.91% [1] - The net profit for the same period was 1.564 billion yuan, showing a year-on-year increase of 9.04% [1] Financial Performance - Operating revenue: 3.006 billion yuan, up 14.91% year-on-year [1] - Net profit: 1.564 billion yuan, up 9.04% year-on-year [1]