Executive Summary
Jinshang Bank reported QQ1 2025 revenue of 980.37 million CNY, with net income of 526.18 million CNY and earnings per share of 0.0901. The quarter delivered a strong operating margin, with operating income of 549.94 million CNY representing an operating margin of approximately 56.1%, and a net income margin of about 53.7%, signaling robust profitability on a quarterly basis. Despite a QoQ revenue decline of roughly 9.4% versus Q4 2024 (1,081.14 million CNY), the year-over-year metrics remained modestly positive, aided by cost discipline and a favorable mix of income avenues. Free from balance sheet data in this release, the bank demonstrates solid profitability and operating leverage, but investors should monitor asset quality, loan growth, and liquidity as forward-looking indicators.
Key profitability metrics improved on a YoY basis while QoQ performance was mixed due to seasonality and revenue mix. The company’s EPS increased by about 2.1% YoY and by approximately 45% QoQ, underscoring earnings resiliency in a quarter that showed revenue softness. The SG&A burden (430.42 million CNY) represented ~43.9% of revenue, highlighting ongoing operating efficiency initiatives. Overall, the QQ1 2025 results portray a financially healthy bank with strong margin discipline, but with limited disclosure on balance sheet strength and cash flows requiring close surveillance in upcoming quarters for a sustainable upside.
Key Performance Indicators
Key Insights
Revenue: 980.366 million CNY, YoY +0.34%, QoQ -9.41%
Gross Profit: 980.366 million CNY, YoY +0.34%, QoQ -9.32%
Operating Income: 549.944 million CNY, YoY +2.29%, QoQ +32.03%
Net Income: 526.183 million CNY, YoY +2.13%, QoQ +45.22%
EPS: 0.0901 CNY, YoY +2.15%, QoQ +45.09%
SG&A (General & Administrative + Selling & Marketing): 430.422 million CNY, ~43.9% of revenue
Operating Margin: ~56.1%
Net Income Margin: ~53.7%
Weighted Average Shares: 5,846,472,222
EPS Diluted: 0.0900 CNY
Cashflow...
Financial Highlights
Revenue: 980.366 million CNY, YoY +0.34%, QoQ -9.41%
Gross Profit: 980.366 million CNY, YoY +0.34%, QoQ -9.32%
Operating Income: 549.944 million CNY, YoY +2.29%, QoQ +32.03%
Net Income: 526.183 million CNY, YoY +2.13%, QoQ +45.22%
EPS: 0.0901 CNY, YoY +2.15%, QoQ +45.09%
SG&A (General & Administrative + Selling & Marketing): 430.422 million CNY, ~43.9% of revenue
Operating Margin: ~56.1%
Net Income Margin: ~53.7%
Weighted Average Shares: 5,846,472,222
EPS Diluted: 0.0900 CNY
Cashflow proxies (EBITDA) exist for historical quarters but are not a cash flow proxy for banks; not a substitute for operating cash flow in banking analyses
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
980.37M |
0.34% |
-9.32% |
| Gross Profit |
980.37M |
0.34% |
-9.32% |
| Operating Income |
549.94M |
2.29% |
32.03% |
| Net Income |
526.18M |
2.13% |
45.22% |
| EPS |
0.09 |
2.15% |
45.09% |
Management Commentary
Transcript data not provided in the input. Unable to extract management themes or quotes. Expected themes in a typical call would include: growth strategy in Shanxi region, loan book quality and credit costs, NIM trajectory, deposit mobilization, and regulatory guidance. Please supply the earnings call transcript to generate thematic highlights and quotes.
Forward Guidance
No explicit forward guidance is included in the provided data. Absent a formal outlook, investors should focus on: (1) trajectory of net interest income and NIM given unspecified balance sheet details, (2) loan growth and asset quality signals (credit costs and non-performing loan trends), (3) capital adequacy and liquidity metrics, and (4) cost control effectiveness. Given the QQ1 2025 profitability strength and the absence of balance sheet detail, a cautious stance is warranted until clearer visibility on balance sheet growth, credit metrics, and funding stability is provided by management in subsequent quarters.