Core Insights - The company reported a revenue of 40.2 billion yuan for the first half of 2025, representing a year-on-year increase of 19.9% [1] - Net profit from continuing operations reached 5.5 billion yuan, up 19.7% year-on-year, while net profit attributable to ordinary shareholders was 6.2 billion yuan, reflecting a 15.7% increase [1] - The annualized ROE was 21.1% and ROA was 1.1% for the first half of 2025 [1] Financial Performance - Total assets at the end of Q2 2025 amounted to 1.01 trillion yuan, a 2.7% increase from the beginning of the year, but a 4.2% decrease year-on-year [1] - The non-performing asset management segment saw a 2.7% increase in total assets compared to the beginning of the year, while the asset management and investment segment's total assets grew by 1.6% [1] Segment Performance - The non-performing asset management segment's revenue increased by 58.3% year-on-year, primarily due to approximately 21.3 billion yuan in income from investments in China Bank and Everbright Bank [2] - Revenue from the asset management and investment segment decreased by 85.1%, with its share of income before group offset dropping to 5.6% [2] - Within the non-performing asset segment, income from acquisition and disposal business and acquisition and restructuring business declined, while income from rescue and revitalization business and equity business increased year-on-year [2] Credit Costs and Risk Management - The credit cost rate for the first half of 2025 was 15.3%, significantly up year-on-year, primarily due to increased credit impairment on debt instruments measured at amortized cost [2] - The overall provision coverage ratio for debt instruments measured at amortized cost and those measured at fair value, with changes included in other comprehensive income, was 270% as of June 2025, an increase of 44 percentage points from the beginning of the year [2] Investment Outlook - The company is expected to achieve net profits attributable to ordinary shareholders of 10.4 billion yuan, 10.9 billion yuan, and 11.0 billion yuan for 2025-2027, reflecting year-on-year growth rates of 8.5%, 4.1%, and 1.1% respectively [3] - The estimated EPS for the same period is projected to be 0.13 yuan, 0.14 yuan, and 0.14 yuan, with corresponding PE ratios of 7.6, 7.3, and 7.3 times, and PB ratios of 1.70, 1.38, and 1.16 times [3] - The reasonable stock price range is estimated to be between 1.16 and 1.28 HKD, indicating a premium of 6% to 17% compared to the closing price on September 12 [3]

国信证券发布研报称，首次覆盖中信金融资产(02799)，给予"中性"评级，预计公司2025-2027年普通股 东净利润104/109/110亿元，同比增长8.5%/4.1%/1.1%，EPS分别为0.13/0.14/0.14元，对应PE为7.6/7.3/7.3 倍，PB为1.70/1.38/1.16倍。综合绝对估值和相对估值，认为公司合理股价在1.16-1.28港元。 从分部经营业绩来看，上半年不良资产经营分部收入同比增长58.3%，主要得益于对中国银行和光大银 行投资确认的约213亿元收入;资产管理和投资分部收入同比下降85.1%，在集团抵消前收入中的占比降 至5.6%。不良资产分部中，收购处置业务收入、收购重组业务收入同比下降，纾困盘活业务、股权业 务收入同比增加。 信用成本同比上升，增强风险抵御能力 使用"资产减值损失/以摊余成本计量的债务工具期初余额"测算的上半年信用成本率为15.3%，同比大幅 上升。从资产减值损失细项来看，信用成本上升主要是因为以摊余成本计量的债务工具信用减值增加。 大量计提减值增强了公司的风险抵御能力，2025年6月末，公司以摊余成本计量的债务工具和以公允价 值计量且其变动计入其 ...

公司2025年二季度末资产总额1.01万亿元，较年初增长2.7%，同比下降4.2%。从分部经营业绩来看，期 末不良资产经营分部总资产较年初增长2.7%，资产管理和投资分部总资产较年初增长1.6%。其中，上 半年收购处置业务资产、纾困盘活业务资产、股权业务资产较年初增长，收购重组业务资产收缩，主要 是公司主动调整资产结构，持续压降收购重组业务资产规模。 不良资产经营分部收入增长，资产管理和投资分部收入下降 智通财经APP获悉，国信证券发布研报称，首次覆盖中信金融资产(02799)，给予"中性"评级，预计公司 2025-2027年普通股东净利润104/109/110亿元，同比增长8.5%/4.1%/1.1%，EPS分别为0.13/0.14/0.14元， 对应PE为7.6/7.3/7.3倍，PB为1.70/1.38/1.16倍。综合绝对估值和相对估值，认为公司合理股价在1.16- 1.28港元。 国信证券主要观点如下： 上半年收入和净利润均增加 中信金融资产2025年上半年实现营业收入(含联营及合营公司业绩)402亿元，同比增长19.9%;实现持续 经营活动净利润55亿元，同比增长19.7%;实现归属于母公司普通股 ...