负债成本显著改善，资产质量稳中向好 ——江苏银行 25H1 财报点评 ⚫ 根 据 25H1 财 报 数 据 ， 预 测 公 司 25/26/27 年 归 母 净 利 润 同 比 增 速 为 8.6%/9.5%/9.9%， BVPS 为 14.14/15.71/17.44 元（原预测值为 14.13/15.64/17.30 元，主要 是适度 调高资 产 增速预期 ），当 前股价 对 应 25/26/27 年 PB 为 0.79X/0.71X/0.64X。维持相较可比公司 20%估值溢价，给予 25 年 0.99 倍 PB，对 应合理价值 13.96 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 74,293 | 80,815 | 87,898 | 96,443 | 107,173 | | 同比增长 (%) | 5.3% | 8.8% | 8.8% | 9.7% ...

Core Viewpoint - Jiangsu Bank maintains high growth in performance, with a sequential decline in interest margin and improvement in asset quality [1] Financial Performance Overview - In H1 2025, Jiangsu Bank's revenue and net profit attributable to shareholders increased by 7.8% and 8.0% year-on-year, respectively, with sequential growth rates improving by 1.6 percentage points and declining by 0.1 percentage points [2] - As of the end of Q2 2025, the non-performing loan (NPL) ratio decreased by 2 basis points to 0.84%, while the provision coverage ratio fell by 12 percentage points to 331% [2] Revenue and Profit Growth - Jiangsu Bank's revenue and profit growth rates in H1 2025 remained in the single digits, aligning with market expectations. The revenue growth improved compared to Q1 2025, primarily due to a reduction in the drag from other non-interest income, while net interest income continued to grow significantly [3] - Other non-interest income decreased by 20% year-on-year, with the decline narrowing by 13 percentage points compared to Q1 2025. Net interest income grew by 19% year-on-year, with a slowdown of 3 percentage points compared to Q1 2025 [3] - The bank's tax expenses significantly decreased year-on-year, offsetting the increased impairment losses, mainly due to enhanced recovery and disposal of non-performing assets [3] - For the full year, revenue and profit growth are expected to maintain single-digit increases, supported by strong loan growth in the first half and potential gains from bond investments [3] Interest Margin Analysis - In Q2 2025, Jiangsu Bank's interest margin declined by 18 basis points to 1.62%, with asset yield decreasing more than the cost of liabilities [4] - The asset yield fell by 26 basis points to 3.49%, influenced by lower loan and bond market rates, with respective declines of 17 basis points and 31 basis points compared to H2 2024 [4] - The cost of liabilities decreased by 9 basis points to 1.83%, continuing the downward trend due to the maturity of high-interest deposits and the renewal of interbank liabilities [4] - The costs of deposits, bond issuance, and interbank liabilities decreased by 24 basis points, 20 basis points, and 20 basis points, respectively, compared to H2 2024 [4] - Future interest margin declines are expected to narrow as loan and deposit declines are roughly matched [4] Asset Quality Improvement - Key risk indicators improved in Q2 2025, with the NPL ratio, attention rate, and overdue rate decreasing by 2 basis points, 9 basis points, and 1 basis point to 0.84%, 1.24%, and 1.10%, respectively [5] - The NPL generation rate in H1 2025 decreased by 37 basis points to 1.34% compared to 2024 [5] - By product type, the NPL ratios for corporate and retail loans decreased by 9 basis points and 1 basis point to 0.88% and 0.87%, respectively [5] - The provision coverage ratio fell by 12 percentage points to 331%, with impairment amounts slightly lower than the NPL generation [5] Profit Forecast and Valuation - Jiangsu Bank's net profit attributable to shareholders is projected to grow by 8.40%, 7.79%, and 6.83% for 2025-2027, with corresponding book values per share of 14.36, 15.74, and 17.21 yuan [6] - The current price corresponds to a price-to-book (PB) ratio of 0.78, 0.71, and 0.65 for 2025-2027. The target price is set at 14.16 yuan per share, corresponding to a PB of 0.99 for 2025, indicating a potential upside of 27% [6]

分组1 - Longi Green Energy reported a revenue of 32.81 billion yuan in the first half of 2025, a decrease of 14.83% year-on-year, with a net loss of 2.57 billion yuan, an improvement of 2.66 billion yuan compared to the previous year [1][2] - The company increased its silicon wafer shipments to 52.08 GW, with external sales of 24.72 GW, and battery module shipments of 41.85 GW, but faced losses due to market prices falling below cost levels [1][2] 分组2 - Vanke A reported a revenue of 105.32 billion yuan in the first half of 2025, a decrease of 26.23% year-on-year, with a net loss of 11.95 billion yuan, a decrease of 21.25% compared to the previous year [3][5] - The company completed the delivery of over 45,000 housing units and achieved a sales amount of 69.11 billion yuan, with a collection rate exceeding 100% [5][6] 分组3 - Tonghuashun achieved a revenue of 1.78 billion yuan in the first half of 2025, an increase of 28.07% year-on-year, with a net profit of 502 million yuan, up 38.29% [7][8] - The increase in revenue was attributed to a rise in user activity on its platform and increased demand for financial information services [7][8] 分组4 - Changan Automobile reported a revenue of 72.69 billion yuan in the first half of 2025, a decrease of 5.25% year-on-year, with a net profit of 2.29 billion yuan, down 19.09% [9][10] - The company achieved a sales volume of 1.355 million vehicles, a year-on-year increase of 1.6%, with new energy vehicle sales reaching 452,000 units, up 49.1% [9][10][11] 分组5 - Ping An Bank reported a revenue of 69.39 billion yuan in the first half of 2025, a decrease of 10.0% year-on-year, with a net profit of 24.87 billion yuan, down 3.9% [12][14] - The bank's net interest margin was 1.80%, a decrease of 16 basis points compared to the previous year [12][14] 分组6 - Longi Green Energy's net loss expanded to 4.955 billion yuan in the first half of 2025, with revenue of 40.51 billion yuan, a decrease of 7.51% year-on-year [26][28] - The company cited ongoing supply-demand imbalances in the industry as a significant challenge [26][28] 分组7 - China CNR reported a revenue of 119.76 billion yuan in the first half of 2025, an increase of 32.99% year-on-year, with a net profit of 7.25 billion yuan, up 72.48% [23][24][25] - The revenue increase was primarily driven by growth in railway equipment and new industry income [23][24] 分组8 - Jiangsu Bank reported a revenue of 448.64 billion yuan in the first half of 2025, an increase of 7.78% year-on-year, with a net profit of 202.38 billion yuan, up 8.05% [32][33] - The bank's total assets reached 4.79 trillion yuan, a growth of 21.16% compared to the previous year [32][33]

Core Viewpoint - Multiple banks in China have recently announced reductions in RMB deposit rates, affecting various types of deposits, with the highest cut reaching 20 basis points [1][2][3] Group 1: Deposit Rate Adjustments - Jiangsu Bank has lowered its 3-year personal fixed deposit rate from 1.85% to 1.75%, effective from August 20, while other terms remain unchanged [2] - Shen Zhou Rui Feng Village Bank has announced comprehensive rate cuts for personal fixed deposits, with 3-month rates dropping to 0.8% and 5-year rates to 1.3%, with reductions ranging from 10 to 20 basis points [2][3] - Jilin Longtan Huayi Village Bank has adjusted its rates, with the 3-month and 6-month rates down to 1.15% and 1.35% respectively, and 3-year and 5-year rates down to 1.75% and 1.7% [3] Group 2: Reasons for Rate Cuts - The primary motivation for small and medium-sized banks to lower deposit rates is to alleviate the pressure from narrowing net interest margins and optimize their liability cost structure [4] - The Loan Prime Rate (LPR) has been reduced multiple times, leading to a decline in loan yields, while deposit rates have lagged behind, creating a "margin squeeze" effect [4] Group 3: Future Outlook - The banking sector's net interest margin was reported at 1.42% as of the end of Q2, down 0.01 percentage points from Q1, indicating ongoing downward pressure on deposit rates [5] - Experts predict that the downward trend in deposit rates will continue in the short term, as banks seek to stabilize net interest margins and improve overall profitability [5] - Strategies for small and medium-sized banks to enhance core competitiveness include product innovation, refined asset-liability management, digital transformation, and focusing on local markets [6]

Group 1: Company Announcements - Changjiang Electric Power's controlling shareholder, China Three Gorges Group, plans to increase its stake in the company by 4 billion to 8 billion yuan within the next 12 months through secondary market transactions [1] - Huakin Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and overseas business development [2] - Tailin Microelectronics is planning to acquire all or part of the equity of Shanghai Panqi Microelectronics through a combination of share issuance and cash payment, with trading suspended for up to 10 trading days [3] - Jingwang Electronics intends to invest 5 billion yuan in expanding its Zhuhai Jinwan base to enhance its competitiveness in high-end products related to AI and other technologies [5] - Jiangsu Guotai plans to use up to 12 billion yuan of idle funds for entrusted wealth management in low-risk financial products [6] Group 2: Financial Performance - Ping An Bank reported a 3.9% year-on-year decline in net profit for the first half of 2025, with a proposed cash dividend of 2.36 yuan per 10 shares [1][9] - Several companies reported significant increases in net profit, including Zhezhang Securities with a 46.49% increase and Keg Precision Machinery with a 144% increase [7] - True Love Home reported a net profit of 197 million yuan, a year-on-year increase of 484.48% [8] - Companies like Kunlun Wanwei and Vanke A reported substantial losses, with net losses of 856 million yuan and 11.947 billion yuan respectively [9]

8月22日晚间，江苏银行发布2025年半年报。今年上半年，该行实现营收448.64亿元，同比增长 7.78%，实现归母净利润202.38亿元，同比增长8.05%。年化ROE为15.64%，年化ROA为0.96%。不 良贷款率0.84%，拨备覆盖率331.02%。在同业竞争加剧、经营压力延续的行业大背景下，江苏银行 以积极争做执行政策、遵从监管和市场表现"三好学生"的实干实绩，再次交出一份亮眼的半年度"成 绩单"。让我们透过这份半年报中的几组数字关键词，解读该行高质量发展道路上的坚实步伐和核心 密码。 营业收入448.64亿元 经营质态稳中有进 江 苏 银 行 半 年 报 显 示 ， 截 至 2 0 2 5 年 6 月 末 ， 该 行 资 产 总 额 4 . 7 9 万 亿 元 ， 较 上 年 末 增 长 2 1 . 1 6%；各项存款余额2 . 5 4万亿元，较上年末增长2 0 . 2 2%，各项贷款余额2 . 4 3万亿元， 较上年末增长1 5 . 9 8%。上半年实现营业收入4 4 8 . 6 4亿元，同比增长7 . 7 8%，实现归母净利 润 2 0 2 . 3 8 亿 元 ， 同 比 增 长 8 . ...

8月22日晚间，江苏银行发布2025年半年报。今年上半年，该行实现营收448.64亿元，同比增长7.78%， 实现归母净利润202.38亿元，同比增长8.05%。年化ROE为15.64%，年化ROA为0.96%。 资产质量方面，半年报显示，江苏银行不良贷款率较上年末的0.89%进一步降至0.84%，创上市以来最 优水平，其中，关注类贷款比例为1.24%，较上年末下降0.16个百分点。 这份半年成绩单后，则是城商行"一哥"之争愈发激烈。作为参照，北京银行2025年第一季度报告显示， 营业收入171.27亿元，同比下降3.18%；归属于母公司股东净利润76.72亿元，同比下降2.44%。截至 2025年3月末，北京银行资产总额4.47万亿元，较年初增长5.87%，不良贷款率1.30%。这也意味着，江 苏银行和北京银行在资产规模在同一个维度。 采写：南都湾财社记者 卢亮 半年报显示，截至2025年6月末，该行资产总额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%。 ...

Core Viewpoint - Jiangsu Bank reported a positive financial performance for the first half of 2025, with significant growth in revenue and net profit, indicating a strong operational capacity and asset quality improvement [1]. Financial Performance - The bank achieved an operating income of 44.864 billion yuan, representing a year-on-year increase of 7.78% [1]. - The net profit attributable to shareholders was 20.238 billion yuan, reflecting a year-on-year growth of 8.05% [1]. Asset and Deposit Growth - As of the end of the reporting period, Jiangsu Bank's total assets reached 4.79 trillion yuan, an increase of 21.16% compared to the end of the previous year [1]. - The total deposit balance stood at 2.54 trillion yuan, marking a growth of 20.22% year-on-year [1]. - The total loan balance was 2.43 trillion yuan, which is a year-on-year increase of 15.98% [1]. Asset Quality - The non-performing loan ratio was reported at 0.84%, a decrease of 0.05 percentage points from 0.89% at the end of the previous year [1].

证券代码：600919 证券简称：江苏银行 公告编号：2025-032 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 江苏银行股份有限公司（以下简称"公司"）第六届董事会第二 十一次会议通知于 2025 年 8 月 12 日以电子邮件方式发出，会议于 决董事 15 名，实际参与表决董事 15 名，监事及高级管理人员列席会 议。会议符合《公司法》等法律法规及公司章程的有关规定，表决所 形成的决议合法、有效。 会议由公司董事长葛仁余先生主持，审议通过以下议案： 一、关于江苏银行股份有限公司 2025 年上半年行长工作报告的 议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会事前认可。 三、关于江苏银行股份有限公司 2025 年半年度第三支柱信息披 露报告的议案 表决结果：同意 15 票，反对 0 票，弃权 0 票。 四、关于江苏银行股份有限公司 2024 年全球系统重要性评估指 标的议案 表决结 ...

证券代码：600919 证券简称：江苏银行 公告编号：2025-033 优先股代码：360026 优先股简称：苏银优 1 江苏银行股份有限公司监事会决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带责任。 江苏银行股份有限公司（以下简称"公司"）第六届监事会第十 三次会议通知于 2025 年 8 月 12 日以电子邮件方式发出，会议于 2025 年 8 月 22 日以现场加视频方式召开。本次会议应出席监事 9 名，实 际出席监事 9 名。会议符合《公司法》等法律法规及公司章程的有关 规定，表决所形成的决议合法、有效。 会议由季金松监事长主持，审议并通过如下议案： 一、关于江苏银行股份有限公司 2025 年半年度报告及其摘要的 议案 监事会认为： 律、法规、公司章程和公司相关内部管理制度的规定。 定，所包含的信息真实反映出本公司报告期内的经营管理和财务状况 等事项。 -1- 要编制的人员有违反保密规定、损害公司利益的行为。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 表决结果：同意 9 票，反对 0 票，弃权 ...