UBS has issued a research report indicating that HUISHANG BANK's 2025 revenue fell short of expectations, while net profit slightly exceeded forecasts. The target price has been increased from HK$3.05 to HK$3.25, with a "Sell" rating maintained. An upside risk includes a potential increase in the dividend payout ratio from the current 20%. Inclusion in the Stock Connect program could also serve as a short-term positive catalyst. HUISHANG BANK released a positive profit alert, reporting annual revenue of RMB 37.67 billion, a 1.2% year-on-year increase, which was approximately 3% below market expectations. This underperformance is attributed to weaker-than-expected non-interest income, particularly from investment and trading gains, considering the high base in 2024. Full-year net profit for 2025 is projected to be RMB 16.93 billion, a 6.3% year-on-year increase, roughly 2% above market expectations, likely due to lower-than-anticipated operating expenses and financial asset impairment losses. Regarding asset quality, the non-performing loan ratio stood at 0.98%, unchanged from the previous quarter and down 1 basis point compared to the same period last year.