[Table_Reportdate] 2025年09月30日 公 司 简 评 报告原因：业绩点评 蓄代理费率调整效果显现 ——公司简评报告 [证券分析师 Table_Authors] 公 司 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 王鸿行 S0630522050001 whxing@longone.com.cn | [数据日期 Table_cominfo] | 2025/09/29 | | --- | --- | | 收盘价 | 5.83 | | 总股本(万股) | 12,009,505 | | 流通A股/B股(万股) | 6,712,240/0 | | 资产负债率(%) | 93.73% | | 市净率(倍) | 0.61 | | 净资产收益率(加权) | 5.46 | | 12个月内最高/最低价 | 6.44/4.94 | [Table_QuotePic] -18% -11% -3% 5% 12% 20% 27% 35% 24-09 24-12 25-03 25-06 邮储银行 沪深300 [相关研究 Table_Report] 《邮 ...

Investment Rating - The report maintains a "Buy" rating for Postal Savings Bank of China (601658) with a target price yet to be specified [9] Core Views - The bank's revenue shows signs of improvement, with a year-on-year increase of 1.50% in H1 2025, and a sequential growth acceleration of 1.57 percentage points from Q1 2025 [2][14] - Net interest margin is expected to stabilize, recorded at 1.7% in H1 2025, slightly down from Q1 2025 [2][16] - The bank's non-interest income has significantly increased, with net fee and commission income rising by 11.59% year-on-year [3][24] Financial Performance Summary - Revenue for H1 2025 reached approximately 1794.46 billion yuan, with net interest income at 1390.58 billion yuan, accounting for 77.49% of total revenue [2][14] - Non-interest income for H1 2025 was 403.88 billion yuan, showing a year-on-year growth of 19.09% [3][24] - The bank's total interest-earning assets amounted to 17.95 trillion yuan, a year-on-year increase of 10.83% [4][24] - The non-performing loan (NPL) ratio stood at 0.92%, with a provision coverage ratio of 260% [5][29] Asset and Liability Analysis - As of H1 2025, the bank's interest-bearing liabilities totaled 16.92 trillion yuan, reflecting a year-on-year growth of 10.59% [4][28] - The structure of liabilities shows that deposits accounted for 95.21% of total interest-bearing liabilities, with a year-on-year increase of 8.35% [4][28] - The bank's loan portfolio has seen significant growth, particularly in corporate loans, which increased by 18.62% year-on-year [24][25] Provisioning and Asset Quality - The bank maintains a high level of provisioning, with a loan provision rate of 2.39% and a coverage ratio of 260.4% [5][29] - The overall NPL rate for corporate loans improved to 0.49%, while retail loans saw a slight increase to 1.53% [30][31]

Investment Rating - The report maintains a "Buy" rating for Agricultural Bank with a target price not specified [9] Core Views - Agricultural Bank's revenue and profit have shown improvement in the first half of 2025, with a year-on-year revenue increase of 0.85% and a net profit increase of 2.66% [2][6] - The bank's asset quality remains stable, with a non-performing loan ratio of 1.28% and a provision coverage ratio of 295% [5][28] Revenue and Profitability - In H1 2025, Agricultural Bank achieved a revenue of approximately 369.94 billion yuan, with net interest income of 282.47 billion yuan, accounting for 76.36% of total revenue [2][14] - Non-interest income was strong, reaching 87.46 billion yuan, a year-on-year increase of 15.10% [3][22] - The bank's net interest margin recorded at 1.32%, slightly down by 2 basis points from Q1 2025 [17][19] Asset and Liability Management - As of H1 2025, the total interest-earning assets amounted to 46 trillion yuan, growing by 8.42% from the end of 2024 [4][23] - The total interest-bearing liabilities reached 42.47 trillion yuan, with a year-on-year growth of 13.02% [4][27] Asset Quality - The non-performing loan ratio stood at 1.28%, unchanged from the previous quarter, while the overdue rate increased slightly to 1.22% [5][28] - The provision coverage ratio remains high at 295%, indicating strong risk management [5][29] Future Profitability Projections - The report forecasts Agricultural Bank's net profit growth for 2025-2027 at 1.98%, 3.94%, and 4.63% respectively [6][8]

Group 1 - The report highlights the growth trend in the treatment of hemorrhoids products and the potential for expanding into wet wipes business, with a focus on the company's strong performance in the first half of 2025 [5][6][7] - The company achieved a revenue of 1.949 billion yuan in H1 2025, a year-on-year increase of 1.11%, and a net profit of 343 million yuan, up 10.04% year-on-year [6][7] - The company is extending its product line into the field of anal health, with rapid growth in wet wipes, leveraging its established brand recognition and user base [7] Group 2 - The report discusses the strategic focus on financial technology and the acceleration of AI model applications by the company, which reported a revenue of 1.208 billion yuan in H1 2025, a decrease of 48.55% year-on-year [8][9] - The company is narrowing its business focus to financial technology, reducing non-financial IT business, while maintaining investment in core technology and product areas [9][10] - The new generation of core products is being developed to enhance self-operated technology services, with significant investments in AI [11][12] Group 3 - The report indicates that the secondary market is under pressure, with new infrastructure turnover rates leading the market, as evidenced by the issuance of 14 public REITs in 2025, a decrease from the previous year [13][14] - The REITs index has faced declines, with the market's total value dropping to 215.894 billion yuan, while the trading activity has increased slightly [14][15] - New infrastructure sectors are showing higher turnover rates, particularly in park infrastructure, which is leading in transaction volume [15] Group 4 - The report notes that competition in the food delivery sector is intensifying, leading to significant pressure on profits, with the company reporting a revenue of 91.8 billion yuan in Q2 2025, a year-on-year increase of 12% [18][19] - The core local business revenue grew by 8% to 65.3 billion yuan, but operating profits fell sharply due to increased delivery subsidies and marketing expenses [19][20] - The company is optimistic about its long-term growth potential in instant delivery and overseas expansion despite short-term profit pressures [21][22] Group 5 - The report highlights the company's investments in digital and cultural sectors, with a stable revenue of 1.179 billion yuan in H1 2025, and a focus on expanding its digital technology and cultural offerings [23][24] - The online gaming segment showed a revenue increase of 9% to 706 million yuan, while the digital marketing services revenue grew by 14% [24][25] - The company is actively investing in various innovative business areas, including digital sports and arts, to enhance its market presence [25][26] Group 6 - The report indicates that the company achieved a revenue of 13.38 billion yuan in H1 2025, a year-on-year increase of 27.9%, with a significant rise in overseas sales [31][32] - The company is focusing on expanding its IP matrix and targeting a broader age demographic, with a notable increase in sales from online channels [33][34] - The company is adjusting its revenue forecasts for 2025-2027, expecting revenues of 34.18 billion yuan, 47.16 billion yuan, and 57.25 billion yuan respectively [36]

Group 1 - The company, Hato Co., Ltd. (SH 600864), held a temporary board meeting on July 30, 2025, to review the proposal for amending the audit committee's working rules [1] - For the fiscal year 2024, the revenue composition of Hato Co., Ltd. is as follows: heating services accounted for 59.0%, fees and commission income for 20.04%, interest income for 15.68%, electricity industry for 2.8%, and building materials for 2.16% [1] - As of the report date, Hato Co., Ltd. has a market capitalization of 14.4 billion yuan [1]

Group 1: Financial Performance - The bank's net interest margin at the end of Q1 2025 was 1.34%, a decrease of 4 basis points compared to the end of 2024, which is better than the industry average [1] - The bank aims to manage interest margins proactively through reasonable growth in volume and effective quality improvements [1] - The bank's fee and commission income showed good growth in Q1 2025, with plans to expand sources of non-interest income through wealth management and new business initiatives [2] Group 2: Capital Adequacy - As of the end of Q1 2025, the bank's core Tier 1 capital adequacy ratio was 9.80%, Tier 1 capital adequacy ratio was 11.62%, and total capital adequacy ratio was 14.54%, all meeting regulatory requirements [2] - The successful conversion of nearly 5 billion RMB in convertible bonds has strengthened the bank's capital base, supporting business development [2] - The bank will continue to optimize its business structure and enhance capital management to improve capital efficiency and risk resilience [2] Group 3: Investor Relations - The investor relations activity involved thorough communication between the company's representatives and investors, adhering to regulations without disclosing any undisclosed significant information [2]

Core Viewpoint - The company reported a decline in revenue, PPOP, and net profit for Q1 2025, with year-on-year growth rates of -3.18%, -2.24%, and -2.44% respectively, indicating a significant slowdown compared to the previous year [1] Group 1: Performance Highlights - The company experienced accelerated asset expansion, with total interest-earning assets growing by 15.29% year-on-year as of Q1 2025, an increase of 3.87 percentage points compared to the end of 2024 [2] - Loan growth for Q1 2025 was 10.38% year-on-year, with a quarter-on-quarter increase of 0.73 percentage points [2] - Financial investment scale increased by 19.97% year-on-year, with a quarter-on-quarter improvement of 7.21 percentage points, despite a decrease of 8 billion in AC scale [2] - Deposit growth was robust, with a year-on-year increase of 19.11% in Q1 2025, reflecting a recovery trend since 2024, and a single-quarter deposit increment of 150.5 billion, which is 40.1 billion more than the previous year [2] Group 2: Income and Asset Quality - The company’s net fee and commission income rose by 24.42% year-on-year in Q1 2025, marking a significant increase of 32.25 percentage points compared to the previous year [2] - Retail business transformation strategies led to a rapid increase in retail customer numbers and retail AUM, reaching 31 million and 12.6 trillion respectively, with year-on-year growth rates of 5.36% and 13.84% [2] - The non-performing loan ratio slightly decreased to 1.30% as of Q1 2025, showing a marginal improvement from the previous quarter [3] - The new non-performing loan generation rate was 0.94%, down 3 basis points from the previous year, indicating easing pressure on asset quality [3] Group 3: Challenges and Outlook - Other non-interest income declined by 17.67% year-on-year in Q1 2025, a drop of 33.06 percentage points compared to the previous year, primarily due to adjustments in the bond market [3] - The net interest margin was under pressure, with a quarterly decline of 14 basis points to 1.29%, as the decrease in asset yield outpaced the reduction in liability cost [3] - The company is advised to be actively monitored due to its deepening presence in Beijing, accelerated asset scale expansion, significant deposit growth, strong performance in fee income, and stable asset quality [3]