本报讯 （记者李冰）北京时间11月24日，美股上市新消费数字科技服务商乐信发布2025年第三季度未 经审计财务业绩。财报显示，第三季度该公司营收34.2亿元；利润（Non-GAAP EBIT）6.75亿元。在规 模方面，第三季度乐信交易额为508.9亿元，管理在贷余额1018.4亿元，用户数2.4亿，同比增加7.7%； 在资产质量方面，第三季度该公司全量资产90+不良率环比下降15个BP，同比下降74个BP，继续保持 稳健。 财报显示，第三季度该公司技术投入延续同比增长态势，在AI风控、AI客服等领域，保持领先投入， 持续升级底层能力。自研大模型LexinGPT引入更多维度数据，用户需求识别精准度提高了20%以上， 为各场景智能体提供更强决策能力。据披露，第三季度，乐信旗下生态业务分期电商、个人消费信贷、 普惠金融、数字科技、海外等协同能力增强，在拉动消费、服务小微方面，通过打通线上线下场景，提 升金融服务可获得性的同时，持续优化用户体验，形成服务多层级用户的业务生态。 （文章来源：证券日报） 财务指标方面，乐信净利润率（Net Profit Take Rate）2%，环比增长9个BP，同比增长92个BP。该 ...

Core Insights - The report indicates that inclusive finance business is expected to maintain steady growth, with the People's Bank of China releasing the "China Inclusive Finance Index Analysis Report (2024-2025)" [8][34] - As of June 2025, the balance of inclusive micro and small loans reached 36.09 trillion yuan, reflecting a year-on-year growth of 12.2%, which, although lower than the previous year, remains significantly higher than the general loan growth rate [8][34] - The report highlights that the proportion of inclusive micro and small credit loans is increasing, while the interest rates on these loans are declining [8][34] Industry Performance - The report notes that personal consumption loans, excluding housing loans, reached a balance of 21.29 trillion yuan by September 2025, with a year-on-year growth of 4.2% [8][34] - The report emphasizes that the implementation of special actions to boost consumption since 2025, including fiscal subsidies for personal consumption loans in key areas, is expected to sustain low but steady growth in consumption loans [8][34] Investment Recommendations - The report suggests that the issuance of policy financial tools is likely to boost bank credit demand, with regional banks expected to maintain resilient asset expansion [11][37] - It recommends focusing on state-owned banks for stable high dividend investment value, specifically mentioning Industrial and Commercial Bank of China and Bank of China, as well as opportunities for valuation recovery in joint-stock and regional banks [11][37]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 55 CNY for the next six months [5]. Core Insights - The company's revenue for 2024 showed a slight decline of 0.48% year-on-year, but the net profit attributable to shareholders increased by 1.22%, indicating a stable fundamental performance [1]. - In Q4 2024, the net profit attributable to shareholders grew by 7.64%, driven by asset expansion, growth in non-interest income, and cost reduction, despite some pressure from narrowing net interest margins and increased credit impairment provisions [1][12]. - The bank's strong deposit competitiveness is highlighted by a significant increase in deposits, with a year-on-year growth of 245.5 billion CNY in Q4 2024 [3][11]. Summary by Sections Financial Performance - The bank's total revenue for 2024 was 337.49 billion CNY, with a slight decrease from the previous year. The net profit attributable to shareholders was 148.39 billion CNY, reflecting a growth rate of 1.22% [20]. - The bank's cost-to-income ratio improved to 38.77%, down by 3.68 percentage points year-on-year, indicating effective cost management [13][39]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.93% as of Q4 2024, with slight fluctuations in various loan categories, showing resilience in asset quality [41]. - The bank's provision coverage ratio was reported at 411.98%, maintaining a strong buffer against potential credit losses [14]. Loan and Deposit Growth - The average daily balance of interest-earning assets increased by 8.76% year-on-year in Q4 2024, with significant contributions from bond investments and a recovery in credit issuance [2][23]. - Retail loans, particularly mortgage loans, saw a notable increase, with a growth of 32.5 billion CNY in Q4 2024, marking the best quarterly performance since Q3 2023 [2][17]. Non-Interest Income - Non-interest income showed signs of recovery, with a 53.6% year-on-year increase in other non-interest income in Q4 2024, driven by rising bond investment values [13]. - The bank's fee and commission income decreased by 4% year-on-year, but the decline was less severe compared to previous quarters, indicating a potential stabilization [12][36]. Market Position and Outlook - The bank's strong deposit base and competitive funding costs position it well for future asset growth, despite ongoing pressure on net interest margins [11][18]. - The outlook for 2025 anticipates a revenue growth of 0.61% and a net profit growth of 1.24%, supported by a recovering capital market and improved economic conditions [18][20].