IPO因财务资料过期被中止审核后，东莞银行、南海农商行近日披露了2025年三季度"成绩单"。2025年 前三季度，两家银行营业收入与净利润均延续"双降"趋势。其中，东莞银行实现营收69.18亿元，同比 下滑9.39%，净利润25.44亿元，同比下降20.66%；南海农商行实现营收42.77亿元，同比下滑8.73%，净 利润18.65亿元，同比下降17.08%。 业绩双双承压下，两家银行营收结构差异明显。2025年前三季度，东莞银行利息净收入、金融投资收益 同比均负增长，但中间业务净收入创历史同期新高；南海农商行中间业务同样回暖，且投资收益同比增 长50.75%，占营收比例攀升至46.84%，但利息净收入继续下滑。 再遇坎儿 营收、净利润"双降" 两家银行IPO审核均被中止 2025年前三季度，东莞银行、南海农商行均延续了去年营收、净利润"双降"态势。 东莞银行前三季度实现营收69.18亿元，同比下降9.39%；净利润25.44亿元，同比下降20.66%。南海农 商行的业绩表现同样不尽如人意，该行前三季度实现营收42.77亿元，同比下降8.73%；实现净利润 18.65亿元，同比下降17.08%。 这一下滑趋势 ...

Core Insights - Dongguan Rural Commercial Bank (9889.HK) reported a decline in both revenue and net profit for the first three quarters of 2025, with operating income at 8.611 billion yuan, down 6.6% year-on-year, and net profit at 3.794 billion yuan, down 22.26% year-on-year [2][3] Financial Performance - The bank's revenue and net profit showed signs of marginal improvement compared to the first half of the year, where operating income was 5.501 billion yuan, down 14.02%, and net profit was 2.629 billion yuan, down 22.22% [2] - Interest income and investment gains were key contributors to the bank's profitability, with net interest income at 6.557 billion yuan, down 5.74%, a smaller decline compared to the first half's 9.92% [2] - The bank's investment income surged to 1.939 billion yuan in the first three quarters, up from 1.12 billion yuan in the first half, providing significant support against the decline in interest income [2] Cost Management - The bank's business and management expenses decreased to 2.791 billion yuan from 2.937 billion yuan in the same period last year, indicating improved cost control [3] - However, the bank increased its asset impairment losses to 1.681 billion yuan, up 26.7% from 1.327 billion yuan in the previous year [3] Asset Quality - The bank's non-performing loan (NPL) ratio rose to 1.87% as of June, up from 1.84% at the end of 2024, marking the fourth consecutive year of increase [3] - The NPL balance reached 7.3 billion yuan, an increase of 323 million yuan from the previous year [3] Company Background - Dongguan Rural Commercial Bank, established from the Dongguan City Rural Credit Cooperative, was listed on the Hong Kong Stock Exchange on September 29, 2021, becoming the 13th rural commercial bank and the first local legal financial institution in Dongguan [4] - As of September 2025, the bank's total assets amounted to 769.705 billion yuan [4]

Core Viewpoint - The overall performance of the nine listed joint-stock banks in China showed a decline in both revenue and net profit for the first three quarters, indicating a challenging environment for the banking sector [2][5]. Group 1: Overall Performance - The nine joint-stock banks collectively achieved an operating income of 1.12 trillion yuan, a year-on-year decrease of 2.56%, and a net profit of 406.1 billion yuan, down nearly 1% year-on-year [2][5]. - There is a notable divergence in performance among the banks, with four banks experiencing declines in both revenue and profit, while others managed to achieve growth [2][5]. Group 2: Individual Bank Performance - As of the end of Q3, China Merchants Bank led with total assets of 12.64 trillion yuan, followed by Industrial Bank at 10.67 trillion yuan, with Shanghai Pudong Development Bank showing the fastest growth rate of 4.55% [3][4]. - Only Minsheng Bank and Shanghai Pudong Development Bank reported year-on-year revenue growth of 6.74% and 1.88%, respectively, while the remaining seven banks saw declines, with Ping An Bank experiencing the largest drop at 9.8% [7][8]. Group 3: Net Interest Income - Among the nine banks, only three reported an increase in net interest income, with China Merchants Bank leading at 160.04 billion yuan, a growth of 1.74% [11][12]. - The net interest margin pressure remains a common challenge, with most banks experiencing a decline in this metric, except for Minsheng Bank, which saw a slight increase [13][14]. Group 4: Asset Quality - Most banks reported a decrease in non-performing loan (NPL) ratios, with China Merchants Bank having the lowest at 0.94%, while the others ranged between 1% and 1.5% [15][16]. - The provision coverage ratio decreased for most banks, with Ping An Bank showing the largest decline of 21.11 percentage points [17]. Group 5: Future Outlook - The banks face challenges in narrowing net interest margins in a low-interest-rate environment, and the potential impact of "deposit migration" due to stock market recovery will test their adaptability [17].

Core Insights - The overall performance of A-share listed banks in the first three quarters of 2025 exceeded expectations, with a total operating income surpassing 4.3 trillion yuan, and over 60% of banks reporting year-on-year growth in operating income [1][2] - The stabilization of net interest margin (NIM) is identified as a key factor supporting the revenue growth of listed banks, despite being in a downward trend [1][3] Revenue Performance - As of the end of Q3 2025, the total assets of listed banks grew by 9.3% year-on-year, indicating steady expansion [2] - The overall operating income of listed banks increased by 0.9% year-on-year, while net profit rose by 1.5% [2] - More than 25 out of 42 listed banks achieved year-on-year growth in operating income, with Xi'an Bank, Chongqing Bank, and Nanjing Bank leading with growth rates of 39.11%, 10.40%, and 8.79% respectively [2] - Nanjing Bank reported an operating income of 41.949 billion yuan, with net interest income accounting for 60.09% and non-interest income for 39.91% [2] Net Interest Margin Trends - The net interest margin for listed banks in Q3 2025 was 1.33%, remaining stable compared to the first half of 2025 [3] - The decline in funding costs and the stable LPR contributed to the stabilization of NIM, with banks optimizing their asset and liability structures [3] - Changshu Bank led the industry with a net interest margin of 2.57% [3] - Despite a 10 basis point decrease in NIM for Industrial Bank to 1.72%, the decline was relatively small compared to peers [3] Non-Interest Income Challenges - The volatility in the bond market has pressured non-interest income, with many banks reporting significant declines in fair value changes [4] - Nanjing Bank's non-interest income fell by 11.63% year-on-year, with a fair value loss of 334 million yuan in Q3 2025 compared to a profit of 4.676 billion yuan in the same period last year [4] - China Merchants Bank reported a slight decline in operating income by 0.51% year-on-year, with non-interest income down by 4.23% [5] - The decline in non-interest income is attributed to reduced returns from bond and fund investments, with China Merchants Bank reporting a fair value loss of 8.827 billion yuan in the first three quarters [5]

Core Insights - The overall performance of A-share listed banks in the first three quarters of 2025 exceeded expectations, with total operating income surpassing 4.3 trillion yuan, and over 60% of banks reporting year-on-year growth in operating income [1][2] - The stabilization of net interest margin (NIM) is identified as a key factor supporting the revenue growth of listed banks, with several bank executives indicating signs of stabilization despite being in a downward trend [1][2] Revenue Performance - As of the end of Q3 2025, listed banks' total assets grew by 9.3% year-on-year, maintaining steady expansion [1] - The overall operating income of listed banks increased by 0.9% year-on-year, while net profit rose by 1.5% [1] - More than 25 out of 42 listed banks achieved year-on-year growth in operating income, with Xi'an Bank, Chongqing Bank, and Nanjing Bank leading with growth rates of 39.11%, 10.40%, and 8.79% respectively [1] Net Interest Margin Trends - The net interest margin for listed banks was reported at 1.33% in Q3 2025, remaining stable compared to the first half of 2025 [2] - The decline in liability costs is expected to continue, which may support the improvement of NIM [2] - The stability in NIM is attributed to the unchanged Loan Prime Rate (LPR) and a significant decrease in the cost of liabilities [2] Non-Interest Income Challenges - Despite positive growth in operating income and net profit, fluctuations in the bond market have led to a decline in non-interest income for many banks [3][4] - For instance, Nanjing Bank reported a year-on-year decrease of 11.63% in non-interest income, with a significant loss in fair value changes of financial assets [3] - Similarly, China Merchants Bank experienced a decline in non-interest income by 4.23%, primarily due to reduced earnings from bond and fund investments [4]

Core Insights - Jiujiang Bank reported a revenue of 8.03 billion yuan for the first three quarters of 2025, a year-on-year decline of 4.04%, while net profit reached 866 million yuan, with a growth rate recovering to 3.94% from a previous decline of 36.08% in the first half of the year [2][3] Financial Performance - The main source of revenue for Jiujiang Bank is net interest income, which amounted to 6.46 billion yuan, a decrease of 5.66 billion yuan or 8.05% year-on-year [3] - Non-interest income included net fee and commission income of 471 million yuan, down 30.97% year-on-year, while net financial investment income increased by 8.06 billion yuan, a growth of 150.33% [3] - Asset impairment losses were 4.57 billion yuan, a decrease of 328 million yuan or 6.7% year-on-year, supporting the recovery of net profit growth [3] - As of September 30, 2025, total assets reached 521.33 billion yuan, an increase of 2.61% year-on-year, with loans and advances at 324.96 billion yuan, up 4.82% [3] Capital Increase Plan - Jiujiang Bank announced a capital increase plan to issue up to 860 million domestic shares and 175 million H-shares, aiming to raise funds to supplement core tier one capital and enhance risk resistance [4][5] - If the capital increase is completed, total shares will rise from 2.847 billion to 3.882 billion, an increase of 36.4% [5] - As of September 30, 2025, the core tier one capital adequacy ratio was 8.63%, down 0.81 percentage points from the end of the previous year [4] Shareholder Structure - The top three domestic shareholders of Jiujiang Bank are Jiujiang Municipal Finance Bureau (15.78%), BAIC Group (12.85%), and Industrial Bank (10.34%) [6]

Core Viewpoint - The performance of the five major city commercial banks listed in the A-share market in the Yangtze River Delta region shows significant differentiation in growth rates, business structures, and asset quality as of the third quarter of 2025. Asset Scale - As of September 30, 2025, Jiangsu Bank leads with total assets of 4.93 trillion yuan, a year-on-year growth of 27.8% [2] - Ningbo Bank's total assets surpassed 3.5 trillion yuan for the first time, ranking second among city commercial banks [2] - Shanghai Bank continues to lag with a year-on-year asset growth of only 2% [2][13] Revenue and Profit - All five banks achieved year-on-year growth in both revenue and net profit in the first three quarters of 2025 [3] - Jiangsu Bank (67.18 billion yuan), Ningbo Bank (54.98 billion yuan), and Nanjing Bank (41.95 billion yuan) ranked in the top three for revenue [3][4] - Jiangsu Bank's net profit reached 31.9 billion yuan, leading the group with an 8.9% increase [4][5] Interest Income - Nanjing Bank reported a remarkable 28.5% year-on-year increase in net interest income, reaching 25.21 billion yuan [6][7] - Jiangsu Bank and Ningbo Bank also showed strong growth in net interest income, with increases of 19.6% and 11.8%, respectively [8] Non-Interest Income - In the first three quarters of 2025, Ningbo Bank's fee and commission income grew by 29.3% to 4.85 billion yuan, surpassing Jiangsu Bank [9] - Shanghai Bank experienced a decline in non-interest income, with a 6.9% drop [9] Financial Investment Performance - Shanghai Bank's investment income increased by 58.5% to 16.78 billion yuan, the highest among the five banks, with investment income accounting for 40.77% of its revenue [10][11] - All banks faced losses in fair value changes, with Shanghai Bank reporting the highest loss of 3.26 billion yuan [10] Asset Quality - As of September 30, 2025, the non-performing loan ratio for Jiangsu Bank, Ningbo Bank, and Nanjing Bank remained stable between 0.76% and 0.84% [14][15] - Jiangsu Bank's non-performing loan ratio decreased by 0.05 percentage points compared to the end of the previous year [14] Capital Adequacy - Jiangsu Bank's core Tier 1 capital adequacy ratio fell to 8.61%, the lowest among the five banks, and is less than one percentage point above the regulatory line [16] - Shanghai Bank maintained the highest core Tier 1 capital adequacy ratio at 10.52%, showing a slight increase [16]

Core Viewpoint - The six major state-owned banks in China have reported positive growth in both operating income and net profit for the first three quarters of 2025, collectively achieving a profit of 1.07 trillion yuan despite challenges such as narrowing interest margins [2][3]. Group 1: Financial Performance - The total operating income for the six major banks reached approximately 1.07 trillion yuan, with individual contributions from major banks: Industrial and Commercial Bank of China (ICBC) at 640.03 billion yuan (up 2.17%), China Construction Bank (CCB) at 573.70 billion yuan (up 0.82%), Agricultural Bank of China (ABC) at 550.88 billion yuan (up 1.97%), Bank of China (BOC) at 491.20 billion yuan (up 2.69%), Postal Savings Bank at 265.08 billion yuan (up 1.82%), and Bank of Communications at 199.65 billion yuan (up 1.80%) [3]. - Net profit attributable to shareholders for the six banks was as follows: ICBC at 269.91 billion yuan (up 0.33%), CCB at 257.36 billion yuan (up 0.62%), ABC at 220.86 billion yuan (up 3.03%), BOC at 177.66 billion yuan (up 1.08%), Postal Savings Bank at 76.56 billion yuan (up 0.98%), and Bank of Communications at 69.99 billion yuan (up 1.90%) [3]. Group 2: Asset Quality and Growth - The total assets of the six major banks reached approximately 218 trillion yuan, an increase of over 18 trillion yuan compared to the end of 2024 [2][8]. - The overall asset quality of the six banks has improved, with five banks reporting a decrease in non-performing loan (NPL) ratios. The only exception is Postal Savings Bank, which saw a slight increase of 4 basis points to 0.94%, the lowest among the six banks [2][9]. Group 3: Non-Interest Income - Non-interest income has become a more significant contributor to the banks' overall performance, with ICBC reporting 166.61 billion yuan (up 11.3%), CCB at 146.10 billion yuan (up 13.95%), BOC at 165.41 billion yuan (up 16.20%), and Bank of Communications at 70.99 billion yuan (up 2.41%) [4][5]. - ABC and Postal Savings Bank also showed strong growth in non-interest income, with increases of 20.65% and 27.52%, respectively, driven by wealth management transformation and market opportunities [5]. Group 4: Interest Margin and Loan Quality - The net interest margin for the six banks has been under pressure, with most banks reporting a decline in net interest income. Only Bank of Communications saw a slight increase of 1.46% [6][7]. - As of the end of Q3 2025, the net interest margins for the banks were as follows: Postal Savings Bank at 1.68%, CCB at 1.36%, ICBC at 1.28%, ABC at 1.30%, BOC at 1.26%, and Bank of Communications at 1.20% [7].

Core Insights - The six major state-owned banks in China reported a year-on-year increase in both operating income and net profit for the first three quarters of 2025, with operating income reaching approximately 2.73 trillion yuan and net profit around 1.72 trillion yuan, reflecting growth rates of 1.87% and 1.22% respectively [1][2] Financial Performance - All six banks achieved positive year-on-year growth in revenue and net profit, with Bank of China and Industrial and Commercial Bank of China leading in revenue growth rates of 2.69% and 2.17% respectively [2] - Agricultural Bank of China reported a net profit growth rate exceeding 3%, specifically at 3.03%, while other banks like Bank of Communications and Bank of China also showed net profit growth above 1% [2] - The absolute profit figures for the banks were significant, with Industrial and Commercial Bank of China earning approximately 269.9 billion yuan, followed by China Construction Bank at 257.4 billion yuan and Agricultural Bank of China at 220.9 billion yuan [2] Net Interest Margin - The net interest margin (NIM) for most banks continued to decline, with only Bank of Communications showing a year-on-year increase in net interest income of 1.46% [3] - The decline in NIM was less severe compared to the first half of the year, with quarterly declines ranging from 0.01 to 0.04 percentage points [3] Asset Quality and Growth - By the end of the third quarter, total assets of the six banks approached 218 trillion yuan, marking a growth of approximately 1.85% since mid-year [1][4] - The total loan amount exceeded 127 trillion yuan, with a growth of around 9 trillion yuan compared to the end of the previous year, particularly driven by Bank of China, Postal Savings Bank, and Agricultural Bank of China, all showing growth rates above 8% [4] Provision Coverage - The overall asset quality showed improvement, with five banks reporting a decrease in non-performing loan ratios compared to the end of the previous year, while Postal Savings Bank experienced a slight increase [4] - The provision coverage ratio for Agricultural Bank of China remained the highest among the banks, although it decreased from approximately 299.61% to 295.08% [5] Market Capitalization - As of October 30, Agricultural Bank of China led in market capitalization at approximately 2.74 trillion yuan, followed by Industrial and Commercial Bank of China at about 2.59 trillion yuan [5] - Agricultural Bank of China was noted as the only major state-owned bank with a price-to-book (PB) ratio recovering to above 1 [5]

Core Insights - Jiangsu Bank reported significant growth in total assets, reaching 4.93 trillion yuan as of September 2025, a year-on-year increase of 27.76% [2][4] - The bank's revenue for the first three quarters of 2025 was 671.83 billion yuan, reflecting a 7.83% year-on-year growth, while net profit increased by 8.87% to 318.95 billion yuan [2][3] - The bank's core tier 1 capital adequacy ratio fell to 8.61%, down 0.51 percentage points from the end of the previous year, indicating a need for capital management as it approaches regulatory requirements [2][4] Financial Performance - Interest income for the first three quarters was 498.68 billion yuan, up 19.61% year-on-year, accounting for 74.23% of total revenue [3] - Non-interest income from fees and commissions rose by 19.97% to 45.49 billion yuan, with a revenue share of 6.77% [3] - Investment income was 115.99 billion yuan, a modest increase of 2.05%, while fair value changes resulted in a loss of 10.01 billion yuan, a significant decline of 44.54 billion yuan year-on-year [3] Asset Quality and Capital Adequacy - The bank's non-performing loan ratio improved to 0.84%, a decrease of 0.05 percentage points since the beginning of the year [5] - The provision coverage ratio stood at 322.62%, down 27.48 percentage points from the previous year-end, indicating a potential concern in risk management [5] - Credit impairment losses increased by 30.42% year-on-year to 156.83 billion yuan, reflecting a proactive approach to provisioning [5]