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PRE-MARKET CHINESE STOCKS NEWS: Earnings including from the big 4 banks

ByNewsquawk Staff

Agricultural Bank of China (1288 HK) - Co. H1 (CNY) net profit rose 5% Y/Y to CNY 146.4bln. (Newswires)

Bank of China (3988 HK) - Co. H1 (CNY) net profit rose 5.1% Y/Y to CNY 123.59bln. (Newswires)

China Construction Bank (0939 HK) - Co. H1 (CNY) net profit rose 4.6% Y/Y to CNY 169.56bln, net interest income rose 8.5% Y/Y to CNY 311bln, operating income rose to CNY 426.33bln (prev. CNY 385.91bln Y/Y). (Newswires)

ICBC (1398 HK) - Co. H1 (CNY) net profit rose 3.3% Y/Y to CNY 173.68bln, net interest income rose to CNY 341.24bln (prev. CNY 313.58bln Y/Y). (Newswires)

PetroChina (0857 HK) - Co. H1 (CNY) IFRS net rose to CNY 103.9bln (prev. CNY 85.2bln Y/Y), operating profit rose to CNY 139.4bln (prev. CNY 118.5bln Y/Y), rev. rose to CNY 1.53trln (prev. CNY 1.45trln Y/Y), interim dividend CNY 0.26/shr. (Newswires)

Meituan (3690 HK) - Co. Q2 (CNY) adjusted net profit rose 69% Y/Y to CNY 2.52bln, rev. CNY 104.64bln (exp. CNY 101.08bln). (Newswires)

BAIC Motor (1958 HK) - Co. H1 (CNY) net loss CNY 1.59bln (guided loss CNY 1.55-1.65bln), rev. fell to CNY 57.7bln (prev. CNY 82.4bln Y/Y). (Newswires)

BBMG (2009 HK) - Co. H1 (HKD) net loss HKD 2.20bln (prev. loss HKD 1.50bln Y/Y), rev. fell to HKD 36.0bln (prev. HKD 45.6bln Y/Y). (Newswires)

BYD (1211 HK) - Co. H1 (CNY) net profit fell to CNY 12.3bln (prev. CNY 15.5bln Y/Y), EBIT fell to CNY 14.7bln (prev. CNY 18.7bln Y/Y), rev. fell to CNY 344.8bln (prev. CNY 371.3bln Y/Y), gross margin 18.9% (prev. 18.4% Y/Y), no dividend recommended. (Newswires)

BYD Electronic (0285 HK) - Co. H1 (CNY) net profit fell to CNY 426mln (prev. CNY 1.73bln Y/Y), rev. rose to CNY 82.2bln (prev. CNY 80.6bln Y/Y). (Newswires)

China Eastern Airlines (0670 HK) - Co. H1 (CNY) net loss CNY 2.18bln (prelim. loss CNY 1.80-2.40bln), rev. rose to CNY 74.2bln (prev. CNY 66.8bln Y/Y). (Newswires)

China Everbright Bank (6818 HK) - Co. H1 (CNY) net profit fell to CNY 18.7bln (prev. CNY 24.6bln Y/Y), net interest income rose to CNY 46.9bln (prev. CNY 45.4bln Y/Y). (Newswires)

China Merchants Bank (3968 HK) - Co. H1 (CNY) net profit rose to CNY 76.5bln (prev. CNY 74.9bln Y/Y), net interest income rose to CNY 112bln (prev. CNY 106bln Y/Y), NIM 1.83% (prev. 1.88% Y/Y). (Newswires)

China Minsheng Banking (1988 HK) - Co. H1 (CNY) net profit fell to CNY 19.5bln (prev. CNY 21.4bln Y/Y), rev. rose to CNY 75.2bln (prev. CNY 72.4bln Y/Y). (Newswires)

China Railway Construction (1186 HK) - Co. H1 (CNY) net profit fell to CNY 8.69bln (prev. CNY 10.7bln Y/Y), rev. fell to CNY 428bln (prev. CNY 489bln Y/Y). (Newswires)

China Railway Group (0390 HK) - Co. H1 (CNY) net profit fell to CNY 8.66bln (prev. CNY 11.8bln Y/Y), rev. fell to CNY 473bln (prev. CNY 513bln Y/Y). (Newswires)

China Reinsurance (1508 HK) - Co. H1 (CNY) net profit rose to CNY 7.19bln (prev. CNY 6.24bln Y/Y), rev. rose to CNY 52.5bln (prev. CNY 51.1bln Y/Y). (Newswires)

China Resources Land (1109 HK) - Co. H1 (CNY) core net CNY 10.0bln, net fell to CNY 9.8bln (prev. CNY 11.9bln Y/Y), rev. fell to CNY 67.9bln (prev. CNY 94.9bln Y/Y). (Newswires)

China Shenhua Energy (1088 HK) - Co. H1 (CNY) net profit CNY 28.7bln (guided CNY 26.3-29.8bln), rev. rose to CNY 189bln (prev. CNY 175bln Y/Y). (Newswires)

Chongqing Rural Commercial Bank (3618 HK) - Co. H1 (CNY) net CNY 178.9mln (prelim. CNY 8.17bln), rev. CNY 15.9bln (prelim. CNY 15.9bln), NIM 1.66% (prev. 1.60% Y/Y). (Newswires)

CIFI Holdings (0884 HK) - Co. H1 (CNY) net loss CNY 6.0bln (prev. loss CNY 6.4bln Y/Y), rev. fell to CNY 4.54bln (prev. CNY 12.30bln Y/Y). (Newswires)

Country Garden (2007 HK) - Co. H1 (CNY) net loss CNY 15.6bln (prev. loss CNY 19.1bln Y/Y), rev. fell to CNY 44.1bln (prev. CNY 72.6bln Y/Y). (Newswires)

Dalian Port (2880 HK) - Co. H1 (CNY) net fell to CNY 884.9mln (prev. CNY 955.7mln Y/Y), rev. fell to CNY 5.35bln (prev. CNY 5.69bln Y/Y). (Newswires)

Guangzhou Automobile (2238 HK) - Co. H1 (CNY) net loss CNY 4.47bln (prev. loss CNY 2.54bln Y/Y), rev. rose to CNY 46.1bln (prev. CNY 42.2bln Y/Y). (Newswires)

Metallurgical Corporation of China (1618 HK) - Co. H1 (CNY) net profit fell to CNY 2.33bln (prev. CNY 3.10bln Y/Y), rev. fell to CNY 176bln (prev. CNY 238bln Y/Y). (Newswires)

PICC (1339 HK) - Co. H1 (CNY) net profit rose to CNY 37.5bln (prev. CNY 26.7bln Y/Y), insurance rev. rose to CNY 287bln (prev. CNY 280bln Y/Y), pretax profit rose to CNY 63.0bln (prev. CNY 43.1bln Y/Y). (Newswires)

Shimao Group (0813 HK) - Co. H1 (CNY) net loss CNY 6.19bln (prev. loss CNY 8.93bln Y/Y), rev. fell to CNY 11.0bln (prev. CNY 14.8bln Y/Y). (Newswires)

Sino-Ocean Group (3377 HK) - Co. H1 (CNY) net loss CNY 7.2bln (prev. profit CNY 10.2bln Y/Y), rev. rose to CNY 6.6bln (prev. CNY 6.2bln Y/Y). (Newswires)

Sunac China (1918 HK) - Co. H1 (CNY) net loss CNY 12.5bln (prev. loss CNY 12.8bln Y/Y), rev. fell to CNY 16.4bln (prev. CNY 20.0bln Y/Y). (Newswires)

Yankuang Energy (1171 HK) - Co. H1 (CNY) adjusted net profit rose to CNY 7.87bln (prev. CNY 5.01bln Y/Y), rev. rose to CNY 70.2bln (prev. CNY 60.9bln Y/Y). (Newswires)

Subscribers had this at 01:24. Published here 01:44.

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Context

The state-owned megabank cohort reporting on the same day is a fixture of the Chinese reporting calendar, and the pattern across cycles has been consistent: headline profit growth held in the low single digits, with the tell lying in net interest margin and the pace of net interest income rather than the bottom line, which provisioning policy smooths. The spread within the sector matters as much as the level; joint-stock and smaller lenders have historically shown wider dispersion than the big four, and the divergence here between the large state banks and names like Everbright and Minsheng fits that established form. The split that has defined recent Chinese earnings seasons is again visible: platform and consumer names delivering outsized adjusted profit growth, while the property developer cohort remains in loss, with the relevant read-through being whether losses are narrowing on prior periods rather than any return to profit. The autos complex repeats a familiar pattern of price-war compression, where revenue contraction and margin defence coexist and the market has tended to reward gross margin stability over volume. The follow-ons that have mattered in past episodes are the property sales data and any policy response from Beijing rather than the prints themselves, plus NIM commentary as the loan prime rate path feeds through. As a slate, the mix of resilient state banks, strong internet earnings and a still-impaired property chain matches the composition that has characterised recent interim seasons.

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