Core Viewpoint - Jiangsu Bank reported a steady performance in H1 2025, with revenue and net profit growth driven by strong net interest income and effective cost management [1][2][6]. Financial Performance - H1 2025 revenue reached 44.864 billion yuan, a year-on-year increase of 7.78%, while net profit attributable to shareholders was 20.238 billion yuan, up 8.05% year-on-year [1][2]. - Net interest income for H1 2025 was 32.939 billion yuan, showing a significant increase of 19.10% year-on-year, attributed to effective liability cost management [2][4]. - Non-interest income faced pressure, with net fees and commissions growing by 5.15%, but fair value changes recorded a net loss of 226 million yuan compared to a net gain of 2.046 billion yuan in the same period last year [2][3]. Asset Quality and Risk Management - The non-performing loan (NPL) ratio decreased to 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [1][5]. - The provision coverage ratio stood at 331.02%, although it decreased from the beginning of the year, it remains significantly above regulatory requirements [5][6]. Credit Growth and Business Segmentation - Total new loans in H1 2025 amounted to 334.8 billion yuan, a year-on-year increase of 174.4 billion yuan, with corporate loans driving this growth [3]. - Corporate loans (excluding discounts) grew by 23.30% year-on-year, while retail loan growth showed divergence, with personal loans increasing by 3.07% [3][6]. Interest Margin and Cost Management - The net interest margin for H1 2025 was 1.78%, a decrease of 12 basis points year-on-year, but still reflects strong performance due to effective liability management [4][6]. - The average interest rate on interest-bearing liabilities was 1.89%, with the average deposit interest rate at 1.78%, down 40 basis points year-on-year, highlighting the bank's cost advantage [4]. Investment Outlook - Jiangsu Bank is positioned as a leading city commercial bank with a stable governance structure and clear strategic planning, benefiting from the developed regional economy of Jiangsu [6][7]. - The bank's long-term investment value is supported by its robust fundamentals, clear growth trajectory, and attractive valuation, with a target price of 13.03 yuan based on a target PB of 0.95X for 2025 [6][7].

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 13.03 yuan [2][8]. Core Views - Jiangsu Bank's performance in the first half of 2025 shows steady growth, with operating income reaching 44.864 billion yuan, a year-on-year increase of 7.78%, and net profit attributable to shareholders of 20.238 billion yuan, up 8.05% year-on-year [2][8]. - The bank's non-performing loan (NPL) ratio improved to 0.84%, down 5 basis points from the beginning of the year, while the provision coverage ratio decreased by 19.08 percentage points to 331.02% [2][8]. - The bank's strong growth in net interest income, which reached 32.939 billion yuan, represents a significant year-on-year increase of 19.10%, driven by effective cost control on liabilities [2][8]. Summary by Sections Financial Performance - Jiangsu Bank's total revenue for the first half of 2025 was 44.864 billion yuan, with a net profit of 20.238 billion yuan, reflecting solid performance [2][8]. - The bank's net interest income showed robust growth, with a year-on-year increase of 19.10%, while non-interest income faced some pressure due to market conditions [2][8]. Loan Growth and Quality - The bank's loan portfolio expanded significantly, with new loans amounting to 334.8 billion yuan, a year-on-year increase of 174.4 billion yuan, resulting in a 15.98% growth in total loans [2][8]. - The corporate loan segment was the main driver, with a 23.30% increase year-to-date, while retail loans showed mixed results [2][8]. Asset Quality - The bank's asset quality indicators improved, with the NPL ratio decreasing to 0.84% and the coverage ratio remaining strong at 331.02% [2][8]. - The bank's proactive approach to provisioning led to a 48.16% increase in credit impairment losses, which slightly constrained profit growth [2][8]. Investment Outlook - Jiangsu Bank is positioned to benefit from its strong regional economic presence and effective management strategies, with projected net profit growth rates of 7.4%, 8.0%, and 7.8% for 2025-2027 [8][9]. - The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.81X, with a target PB of 0.95X, indicating potential upside [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company demonstrated strong credit growth and maintained high asset quality, with a revenue of 44.86 billion yuan and a net profit of 20.24 billion yuan for the first half of 2025, reflecting year-on-year growth of 7.8% and 8.0% respectively [1] - The net interest income increased by 19.1% year-on-year, while non-interest income saw a decline of 20% due to market fluctuations [1][2] - The company’s asset quality indicators improved, with a non-performing loan ratio of 0.84%, marking a historical low [3] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 448.6 billion yuan and a net profit of 202.4 billion yuan, with a year-on-year growth of 7.8% and 8.0% respectively [1] - The annualized ROE was 15.64%, placing the company among the industry leaders [1] - The total assets reached 4.79 trillion yuan, with a loan balance of 2.43 trillion yuan and a deposit balance of 2.54 trillion yuan, reflecting growth rates of 21.2%, 16.0%, and 20.2% respectively compared to the beginning of the year [2] Asset Quality and Risk Management - The company reported a non-performing loan ratio of 0.84%, down 5 basis points from the beginning of the year, indicating improved asset quality [3] - The provision coverage ratio stood at 331%, demonstrating strong risk mitigation capabilities [3] - The company’s credit impairment losses increased by 48.2% year-on-year, with a specific increase of 22.56% in loan credit impairment losses [3] Earnings Forecast and Valuation - The forecasted net profit for 2025-2027 is 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan respectively, with corresponding year-on-year growth rates of 11.2%, 13.5%, and 13.2% [3] - The current stock price corresponds to a PB ratio of 0.79x for 2025, 0.71x for 2026, and 0.63x for 2027 [3]

Core Viewpoint - Jiangsu Bank's performance is stable with an increase in revenue growth, achieving operating income of 44.864 billion yuan, up 7.78% year-on-year, and net profit attributable to shareholders of 20.238 billion yuan, up 8.05% year-on-year in H1 2025 [2][3] Financial Performance - The annualized weighted average ROE is 15.64%, down 0.78 percentage points year-on-year. In Q2 2025, revenue and net profit attributable to shareholders increased by 9.38% and 7.95% year-on-year, respectively [2] - Net interest income for H1 2025 reached 32.939 billion yuan, up 19.1% year-on-year, benefiting from strong asset scale growth. The net interest margin is 1.78%, down 8 basis points from the beginning of the year [3] - As of June 30, 2025, total loans increased by 15.98% year-on-year, with corporate loans up 23.3% and retail loans up 3.07% [3] Non-Interest Income - Non-interest income for H1 2025 was 11.925 billion yuan, down 14.63% year-on-year, but the decline has narrowed. The company’s intermediary business income grew by 5.15% year-on-year [4] - The fair value changes and investment income were down 1.54% and 111.07% year-on-year, respectively, but the fair value changes saw a significant increase of 577.39% in Q2 due to a recovery in the bond market [4] Asset Quality - As of June 30, 2025, the non-performing loan ratio is 0.84%, down 2 basis points, reaching a historical low. The coverage ratio is 331.02%, indicating a strong risk mitigation level [4] - The personal loan non-performing ratio is 0.87%, down 1 basis point from the beginning of the year, with the business loan non-performing ratio down 37 basis points to 1.67% [4] Investment Recommendation - The company is well-positioned in the economically developed Jiangsu region, with strong financial resources and growth prospects. It has a robust growth momentum in on-balance sheet loans and is focusing on key sectors [5] - The company plans to maintain a dividend payout ratio of 30% in 2024 and continue mid-term dividends in 2025. The projected book value per share for 2025-2027 is 14.16 yuan, 15.67 yuan, and 17.29 yuan, respectively [5]

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank [1][4]. Core Views - Jiangsu Bank has shown steady performance with an increase in revenue growth, achieving operating income of 44.864 billion yuan in H1 2025, a year-on-year increase of 7.78%, and a net profit attributable to shareholders of 20.238 billion yuan, up 8.05% year-on-year [4]. - The bank's asset quality is improving, with a non-performing loan ratio of 0.84% as of June 2025, a decrease of 2 basis points from the previous quarter, marking a historical low [4]. - The bank's net interest income reached 32.939 billion yuan in H1 2025, reflecting a robust growth of 19.1% year-on-year, driven by strong asset scale growth [4]. - The bank is focusing on expanding its retail business and wealth management, with retail assets under management (AUM) increasing by 14.39% year-to-date [4]. Summary by Sections Financial Performance - Jiangsu Bank's H1 2025 operating income was 44.864 billion yuan, with a year-on-year growth of 7.78%. The net profit attributable to shareholders was 20.238 billion yuan, up 8.05% year-on-year. The annualized weighted average ROE was 15.64%, down 0.78 percentage points year-on-year [4]. - In Q2 2025, revenue and net profit attributable to shareholders grew by 9.38% and 7.95% year-on-year, respectively [4]. Asset Quality - The non-performing loan ratio was 0.84% as of June 2025, down 2 basis points from the previous quarter. The ratio of loans under scrutiny was 1.24%, down 9 basis points [4]. - The bank's provision coverage ratio stood at 331.02%, indicating a strong risk mitigation level [4]. Business Expansion - The bank's total loans increased by 15.98% year-to-date, with corporate loans growing by 23.3% and retail loans by 3.07% [4]. - The bank's deposits increased by 19.86% year-to-date, with corporate and personal deposits growing by 22.2% and 15.25%, respectively [4]. Investment Outlook - The report forecasts a steady growth trajectory for Jiangsu Bank, with projected BVPS of 14.16 yuan, 15.67 yuan, and 17.29 yuan for 2025, 2026, and 2027, respectively, indicating a favorable price-to-book ratio [4][42].

Core Viewpoint - Jiangsu Bank's H1 2025 performance shows steady growth in operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders, with year-on-year growth rates of 7.78%, 7.89%, and 8.05% respectively, indicating stable performance despite slight fluctuations compared to Q1 2025 [1] Group 1: Performance Highlights - The bank's interest-earning assets grew by 30.51% year-on-year by the end of H1 2025, further increasing by 2.69 percentage points from Q1 2025 [1] - Non-loan assets are the main driver of balance sheet expansion, with investment assets and interbank assets growing by 35.79% and 67.40% respectively, showing significant quarter-on-quarter increases [2] - The loan portfolio increased by 18.33% year-on-year, maintaining a high growth rate despite a slight quarter-on-quarter decline of 0.49% [2] - Interest-bearing liabilities grew by 27.87% year-on-year, with deposits increasing by 21.63%, reflecting strong growth on the liability side [2] Group 2: Income and Asset Quality - Non-interest income showed signs of recovery, with a year-on-year decline of 20.1% in other non-interest income, although the rate of decline narrowed in Q2 2025 due to a recovery in the bond market [2] - The bank's asset quality remains robust, with a non-performing loan ratio of 0.84% at the end of H1 2025, a decrease of 2 basis points from the previous quarter [2] - The provision coverage ratio stood at 331.02%, indicating sufficient provisions despite a quarter-on-quarter decline of 12.49 percentage points [2] Group 3: Risks and Opportunities - The net interest margin decreased by 19 basis points to 1.61% in Q2 2025, primarily due to a decline in the yield on interest-earning assets [3] - The growth rate of risk-weighted assets was 18.73%, which may impact the sustainability of internal capital growth, as the annualized ROE growth rate was only 10.71% [3] - The bank's strong fundamentals, high dividend yield, and resilience in performance position it as an attractive investment opportunity, especially in a favorable policy environment [3]

该基金股票持仓前十分别为：中国太保、上海银行、农业银行、杭州银行、江苏银行、南京银行、江苏 金租、福建高速、东吴证券、中金黄金。前十持仓占比合计40.19%。 来源：金融界 金融界2025年8月24日消息，华安国企改革主题灵活配置混合A(001445) 最新净值2.7230元，该基金近一 周收益率0.78%，近3个月收益率5.18%，今年来收益率-0.95%。 华安国企改革主题灵活配置混合A基金成立于2015年6月29日，基金经理关鹏，截至2025年6月30日，华 安国企改革主题灵活配置混合A规模3.55亿元。 ...

公司研究 2025 年 8 月 23 日 规模扩张再提速，业绩增长韧性高 ——江苏银行（600919.SH）2025 年半年报点评 买入（维持） 当前价：11.15 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 183.51 | | 总市值(亿元)： | 2,046.17 | | 一年最低/最高(元)： | 7.02/12.42 | | 近 3 月换手率： | 66.22% | 股价相对走势 收益表现 % 1M 3M 1Y | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -9.06 | -9.46 | 12.09 | | 绝对 | -2.79 | 3.31 | 44.23 | | 资料来源：Wind | | | | 要点 事件： 8 月 22 日，江苏银行发布 2025 年半年报，上半年公司实现营收 ...

截至2025年上半年末，集团资产总额4.79万亿元，较上年末增长21.16%。各项存款余额2.54万亿元，较 上年末增长20.22%，各项贷款余额2.43万亿元，较上年末增长15.98%。不良贷款率0.84%，拨备覆盖率 331.02%。 （江苏银行） 8月22日，江苏银行发布2025年半年度报告。报告显示，2025年上半年，该行实现营业收入448.64亿 元，同比增长7.78%，归属于上市公司股东的净利润202.38亿元，同比增长8.05%。ROA（年化）为 0.96%，ROE（年化）为15.64%，基本每股收益1.03元/股。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's projected net profit growth rates for 2025, 2026, and 2027 are 8.6%, 9.5%, and 9.9% respectively, with BVPS expected to be 14.14, 15.71, and 17.44 yuan [3] - The current stock price corresponds to PB ratios of 0.79X, 0.71X, and 0.64X for 2025, 2026, and 2027 respectively, with a target price of 13.96 yuan per share [3] Financial Performance Summary - As of 25H1, the company's revenue, PPOP, and net profit growth rates are 7.8%, 7.9%, and 8.1% respectively, showing a slight improvement compared to 25Q1 [9] - The total loan and deposit growth rates are 18.3% and 21.6% year-on-year, indicating strong asset expansion [9] - The net interest margin is reported at 1.78%, with a significant improvement in funding costs [9] - The non-performing loan ratio decreased by 2 basis points compared to 25Q1, reflecting stable asset quality [9] Financial Projections - Revenue is projected to grow from 74,293 million yuan in 2023 to 107,173 million yuan in 2027, with a CAGR of approximately 11.1% [5] - The net profit attributable to the parent company is expected to increase from 28,750 million yuan in 2023 to 41,669 million yuan in 2027 [5] - The company's average ROE is projected to decline slightly from 14.5% in 2023 to 13.2% in 2027 [5]