Bank Of Qingdao (SEHK:3866) Margin Decline Challenges Bullish Earnings Growth Narrative

Simply Wall St.

Jan 29

Bank of Qingdao (SEHK:3866) has just posted its FY 2025 numbers, headlined by Q4 revenue of C¥6.7b and EPS of C¥0.20, while trailing 12 month EPS sits at C¥0.85 on revenue of C¥14.6b and net income of...

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Over the past year, the bank has seen revenue move from C¥9.9b to C¥14.6b and EPS rise from C¥0.69 to C¥0.85 on a trailing basis. This sets the backdrop for investors to focus on how margins are holding up through this latest reporting stretch.\nSee our full analysis for Bank of...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BK1560":"内银股","BK4112":"金融交易所和数据","03866":"青岛银行","002948":"青岛银行","BK1235":"区域性银行"},"translate_title":"青岛银行（SEHK：3866）利润率下降挑战看涨的盈利增长叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"002948":1.98,"03866":1.98},"content_text":"Bank of Qingdao (SEHK:3866) has just posted its FY 2025 numbers, headlined by Q4 revenue of C¥6.7b and EPS of C¥0.20, while trailing 12 month EPS sits at C¥0.85 on revenue of C¥14.6b and net income of C¥5.2b. Over the past year, the bank has seen revenue move from C¥9.9b to C¥14.6b and EPS rise from C¥0.69 to C¥0.85 on a trailing basis. This sets the backdrop for investors to focus on how margins are holding up through this latest reporting stretch. See our full analysis for Bank of Qingdao. With the headline figures on the table, the next step is to set these results against the widely followed narratives around Bank of Qingdao to see where the story lines up with expectations and where the numbers tell a different tale. Curious how numbers become stories that shape markets? Explore Community Narratives SEHK:3866 Earnings & Revenue History as at Jan 2026 AdvertisementTTM net margin at 35.6% against 40.9% last year  On a trailing 12 month basis, net profit margin sits at 35.6%, compared with 40.9% in the prior year, alongside C¥14,572.8 million of revenue and C¥5,187.7 million of net income. Bears point to the lower margin and call out pressure on profitability, yet the same trailing period shows earnings growth of 28.7% year over year and 5 year earnings growth of about 18% per year, which means:\n     The margin step down sits alongside a period where net income on the trailing data rose from C¥4,030.9 million to C¥5,187.7 million. This mix of lower margin and higher absolute profit gives skeptics a concrete margin issue to flag, while also having to account for multi year profit expansion.    Loan book near C¥390.7b with C¥4.1b in non performing loans  At the 2025 Q3 point in the data, total loans are reported at C¥390,733.5 million, with non performing loans of C¥4,129.3 million, compared with C¥356,926.9 million of loans and C¥3,959.0 million of non performing loans at 2024 Q4. Critics highlight asset quality as a key bearish topic for regional banks, and this data shows why they keep watching these ratios so closely, since:\n     Non performing loans have stayed in a relatively tight C¥3,866.2 million to C¥4,205.2 million range across the periods shown while the loan book has moved from C¥346,224.1 million to C¥390,733.5 million. The numbers do not point to a sharp break in credit quality in either direction, so bears focusing on risk base their case more on sector wide worries than on sudden moves in these reported figures.    🐻 Bank of Qingdao Bear Case P/E of 4.2x and shares below DCF fair value of HK$11.12  With the share price at HK$4.17, the stock trades on a P/E of 4.2x versus a Hong Kong banks average of 6x and peer average of 6.8x, and sits below the stated DCF fair value of HK$11.12. Bullish investors argue that strong profit trends at a discount price are the core of the opportunity here, and the current data aligns with that emphasis, because:\n     Trailing 12 month earnings growth of 28.7% and reported 5 year earnings growth of about 18% per year sit beside valuation multiples that are lower than both industry and peer averages. The gap between HK$4.17 and the HK$11.12 DCF fair value figure gives bulls a clear valuation anchor to point to when they say the stock looks inexpensive against its recent financial record.    🐂 Bank of Qingdao Bull Case  Next Steps Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Bank of Qingdao's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move. See What Else Is Out There While Bank of Qingdao reports higher absolute profits, the softer net margin and ongoing focus on loan quality leave some investors looking for cleaner balance sheets. If you want exposure to banks or financials without worrying as much about margin pressure and credit quality, check out our solid balance sheet and fundamentals stocks screener (387 results) to find companies built on stronger financial foundations today.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Bank of Qingdao might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}