**"RFPRF's Revenue Growth: A Steady Climb Amid Industry Challenges and Competitive Pressures

Performance of the Quarterly Report

As of March 31, 2025, the total operating revenue of Regional Financial Priority Depository (RFPRF) was US$17.84 billion, up from US$17.47 billion as of March 31, 2024, representing a year-on-year growth. The growth in total operating revenue reflects the company's operating capabilities and market performance during the period.

Key Data in the Quarterly Report

1. The total operating revenue as of March 31, 2025 was US$17.84 billion, up 2.93% from US$17.47 billion in 2024, indicating stable and growth potential in revenue generation.

2. Interest income increased from US$11.84 billion in 2024 to US$11.94 billion, demonstrating the company's robust performance in interest income.

3. The main driving factors include increased market demand, product or service expansion, operational efficiency improvement, and overall economic environment improvement.

Peer Comparison

1. Industry-wide analysis: In the financial industry, the overall growth trend in total operating revenue is usually closely related to market interest rates, customer confidence, and the economic cycle. It is expected that the operating revenue of listed banks in 2025 will decrease by 1.0% year-on-year, while the non-bank financial industry is expected to achieve stable development under policy support, showing the overall robustness of the industry.

2. Peer evaluation analysis: The growth rate of RFPRF's total operating revenue is 2.93%, which is at a medium level in the same industry. Compared with the average compound annual growth rate of 4.47% of the same industry's listed companies from 2018 to 2023, RFPRF's growth is slightly insufficient, which may face market competition pressure.

Summary

RFPRF's revenue growth in 2025 reflects its performance and operating capabilities in the financial services market. Despite the pressure of declining interest margins in the overall industry, RFPRF can still achieve revenue growth through increased market demand and operational efficiency improvement. However, the comparison with peers shows that its growth rate is slightly lower than the industry average, which needs to be concerned about the dynamics of market competition.

Opportunities

1. With the high growth of overseas warehouse business, RFPRF can further expand its market share.

2. Innovation in smart home and healthy office products may promote steady revenue growth.

3. The opening of new products under the cross-border e-commerce model has achieved remarkable results, meeting different user needs and contributing to revenue growth.

Risks

1. In the current economic environment, geopolitical pressures and international market volatility may affect RFPRF's investment strategies and market performance.

2. The relaxation of macroeconomic policies may affect financing costs, but insufficient market demand remains a potential risk.

3. With the narrowing of credit spreads, RFPRF needs to pay more attention to the allocation value of assets and the relative performance of yields.