点评：金融及咨询业务收入增长，依旧是中流砥柱，毛利率上行。1H25公司金融及咨询业务、设备运 营、产业运营分别实现收入110.90 亿元（yoy+2.1%）、43.50 亿元（yoy-10.7%）、17.97 亿元（yoy- 15.5%），占营业收入比例分别为64.0%、25.1%、10.4%，分别同比+3.7、-1.9、-1.4 个百分点。从毛利 率来看，1H25 三项业务毛利率分别为57.5%、21.6%、18.0%，分别同比+1.7、-10.4、-3.9 个百分点。 生息资产规模持平，行业分布有所调整，净收益率小幅上行。1H25 公司生息资产规模为2666.26 亿元， 环比上年末增长2.3%。分行业来看，城市公用行业规模为818.81 亿元，环比下降7.0%，占比环比下降 3.1 个百分点至30.7%，但仍是占比最大的行业；机械制造行业规模为196.98 亿元，环比增长20.7%，是 规模增长最快的行业。从收益率来看，1H25 公司生息资产平均收益率环比上年末增长0.02 个百分点至 8.08%，计息负债成本率则环比下降0.04 个百分点至4.02%，带动净利息收益率环比上升0.03 个百分点 至4. ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 3.9% year-on-year decline in revenue for the first half of 2025, totaling 17.336 billion yuan, while net profit attributable to shareholders increased by 3.8% to 2.164 billion yuan [1]. - The financial and consulting business remains a key revenue driver, with a revenue increase of 2.1% year-on-year, while equipment and industrial operations saw declines of 10.7% and 15.5%, respectively [1][17]. - The company has focused on the development of inclusive finance, achieving a 28.7% growth in the asset scale of this business, with revenue soaring by 124.1% year-on-year [3][38]. Summary by Sections Financial Performance - In the first half of 2025, the average return on equity was 8.66%, an increase of 0.17 percentage points year-on-year [1]. - The company’s interest-earning assets stood at 266.626 billion yuan, reflecting a 2.3% increase from the end of the previous year [2]. - The average yield on interest-earning assets rose to 8.08%, while the cost of interest-bearing liabilities decreased to 4.02%, leading to a net interest margin of 4.51% [2][25]. Business Segments - The financial and consulting segment generated 110.90 billion yuan in revenue, accounting for 64.0% of total revenue, with a gross margin of 57.5% [1][19]. - The inclusive finance business achieved a revenue of 14.51 billion yuan, significantly contributing to overall growth [3][38]. Asset Quality - The company reported a non-performing loan ratio of 1.05% and a watchlist ratio of 5.51%, both showing a decline from the previous year [3][36]. - The provision coverage ratio remained stable at 227.33%, indicating solid asset quality [3]. Future Outlook - The company is expected to maintain a high cash dividend payout ratio, with projections for net profit attributable to shareholders of 4.01 billion yuan, 4.23 billion yuan, and 4.48 billion yuan for 2025, 2026, and 2027, respectively [4][5].