Core Viewpoint - Lanzhou Bank, established in 1998 and listed in 2022, operates as a city commercial bank in Gansu Province, providing diversified financial services including traditional banking, foreign exchange, fund sales, and precious metals trading [1] Group 1: Financial Performance - As of Q3 2025, Lanzhou Bank reported revenue of 5.923 billion, ranking 16th in the industry, significantly lower than Jiangsu Bank's 67.183 billion and Ningbo Bank's 54.976 billion, as well as below the industry average of 23.652 billion and median of 11.740 billion [2] - The bank's net profit for the same period was 1.543 billion, placing it 17th in the industry, far behind Jiangsu Bank's 31.895 billion and Ningbo Bank's 22.578 billion, and also below the industry average of 10.212 billion and median of 5.196 billion [2] Group 2: Financial Ratios - Lanzhou Bank's debt-to-asset ratio was 92.20% in Q3 2025, a decrease from 92.79% year-on-year and lower than the industry average of 92.63%, indicating relatively good debt repayment capability [3] - The bank's gross profit margin was 25.45% in Q3 2025, down from 26.77% year-on-year and significantly below the industry average of 45.51%, suggesting a need for improvement in profitability [3] Group 3: Management and Shareholder Information - The chairman, Xu Jianping, received a salary of 1.3502 million in 2024, a decrease of 10,200 from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 5.36% to 101,500, while the average number of circulating A-shares held per shareholder decreased by 5.07% to 41,500 [5]

厦门银行成立于1996年11月26日，于2020年10月27日在上海证券交易所上市，注册及办公地址均为福建省 厦门市。它是一家具有区域影响力的城商行，在对公业务等方面具备一定优势。 长江证券指出，厦门银行上半年营收和归母净利润增速转正，利息净收入降幅收窄，非息净收入增速改 善。Q2存贷规模加速增长，对公贷款大幅上量，预计未来靠对公政府类业务拉动总资产规模。息差环比企 稳，负债成本加速下降。不良环比回落，拨备覆盖率回升，但零售贷款不良率受经营贷影响上升。该行考 虑到其底层资产质量和规模基数情况，预计未来两年信贷规模带动总资产及营收增长，中长期具备成长空 间，目前2025年PB估值0.65x，预计全年利润增速小幅正增，对应2025年预期股息率4.7%，维持"买入"评 级，同时提示信贷规模扩张不及预期和资产质量波动风险。 偿债能力方面，2025年三季度厦门银行资产负债率为92.52%，较去年同期的92.12%略有上升，但低于行业 平均的92.63%，这表明其偿债能力在行业中处于较好水平。从盈利能力看，2025年三季度毛利率为 48.80%，较去年同期的48.98%稍有下降，但高于行业平均的45.51%，显示出较强的 ...