证券代码：601128 证券简称：常熟银行 可转债代码：113062 可转债简称：常银转债 江苏常熟农村商业银行股份有限公司 Jiangsu Changshu Rural Commercial Bank Co., Ltd. （注册地址：江苏省常熟市新世纪大道 58 号） 公开发行 A 股可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 二〇二五年五月 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《江苏常熟农村商业银行股份有限公司 2021 年公开发行 A 股可转换公司债券之 受托管理协议》（以下简称"《受托管理协议》"）《江苏常熟农村商业银行股份有 限公司公开发行 A 股可转换公司债券募集说明书》（以下简称"《募集说明书》"） 《江苏常熟农村商业银行股份有限公司 2024 年年度报告》等相关公开信息披露 文件、第三方中介机构出具的专业意见等，由本期债券受托管理人中信证券股份 有限公司（以下简称"中信证券"）编制。中信证券对本报告中所包含的从上述 文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、 准确性和完整性做出任何保证或承担任何责 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8]. Core Views - The company reported a strong performance in non-interest income and maintained prudent asset quality management [1]. - In Q1 2025, the company achieved operating revenue of 2.971 billion yuan, a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 1.084 billion yuan, up 13.81% year-on-year [4][5]. - The total asset scale at the end of Q1 was 389.015 billion yuan, reflecting a year-on-year growth of 6.67%, with a non-performing loan ratio of 0.76%, down 1 basis point quarter-on-quarter [4][5]. - The net interest margin for the quarter was 2.61%, a decrease of 22 basis points year-on-year [4][5]. Summary by Sections Financial Performance - The company’s Q1 investment income and fair value changes amounted to 471 million yuan, a year-on-year increase of 9.06%, outperforming industry levels [5]. - The net commission income reached 71 million yuan, showing a significant year-on-year growth of 495.23% [5]. Asset Quality - The company maintained a stable overall asset quality, with a non-performing loan ratio of 0.76% at the end of Q1, down 1 basis point from the previous quarter [5]. - The company continues to adopt a cautious approach, increasing provisions, with asset impairment losses rising by 13% year-on-year [5]. Future Outlook - The company expects further downward pressure on interest margins due to a new round of interest rate cuts, which will benefit its deposit structure primarily composed of personal deposits [8]. - The updated profit forecast for 2025-2027 anticipates operating revenues of 11.712 billion, 12.225 billion, and 13.570 billion yuan, respectively, with net profits of 4.238 billion, 4.687 billion, and 5.214 billion yuan [8][29].

| 证券代码：601128 | 证券简称：常熟银行 | 公告编号：2025-023 | | --- | --- | --- | | 转债代码：113062 | 转债简称：常银转债 | | 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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。 江苏常熟农村商业银行股份有限公司关于 公开发行 A 股可转换公司债券 2025 年度跟踪评级结果的公告 2025年5月28日 前次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 本次债项评级："AAA"，主体评级："AAA"，评级展望：稳定 重要内容提示： 根据本次评级结果，本行A股可转换公司债券（以下简称"常银转债"， 代码"113062"）仍可作为债券质押式回购交易的质押券 根据《上市公司证券发行管理办法》等有关规定，本行委托信用评级机构中 诚信国际信用评级有限责任公司（以下简称"中诚信"）对本行2022年9月公开 发行的"常银转债"进行了跟踪信用评级。 本行前次主体信用评级结果为"AAA"；"常银转债"前次信用评级结果为 " ...

江苏常熟农村商业银行股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0257 号 江苏常熟农村商业银行股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 2 ◼ 业务主要集中在综合经济实力雄厚的常熟市及长三角地区，发达的区域经济和良好的信用环境为其业务开展创 造了良好的运营环境，在常熟市的存贷款市场份额均居同业首位，在当地金融体系具有重要的地位 ◼ 拓展域外机构，有利于扩大业务发展空间、分散区域集中度 ◼ 信贷客户较为分散且小微信贷技术较为成熟，资产质量较为稳定 ◼ 个人存款和定期存款占比较高，存款稳定性较好 ◼ 主要服务的小微客户抗风险能力较弱，考虑到宏观经济增长仍面临多重因素挑战，未来需关注其资产质量的迁 徙情况 ◼ 经营所在区域市场竞争激烈，息差持续收窄对盈利带来不利影响 项目负责人：王钰莹 yywang01@ccxi.com.cn 项目组成员：王丽君 ljwang@ccxi.com.cn 王骁雄 xxwang@ccxi.com ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8]. Core Views - The report highlights that the company's non-interest income performance is strong, and asset quality management is prudent [1][5]. - In Q1 2025, the company achieved operating revenue of 2.971 billion yuan, a year-on-year increase of 10.04%, and a net profit attributable to shareholders of 1.084 billion yuan, up 13.81% year-on-year [4][5]. - The total asset scale at the end of Q1 was 389.015 billion yuan, reflecting a year-on-year growth of 6.67%, with a non-performing loan ratio of 0.76%, down 1 basis point quarter-on-quarter [4][5]. Summary by Sections Financial Performance - The company reported a Q1 investment income and fair value changes of 471 million yuan, a year-on-year increase of 9.06%, outperforming industry levels [5]. - The net interest margin for Q1 was 2.61%, a decrease of 22 basis points year-on-year, primarily due to lower loan rates and a decline in the proportion of high-yield personal loans [5][6]. Asset Quality - The non-performing loan ratio at the end of Q1 was 0.76%, with a provision coverage ratio of 489.56%, down 10.95 percentage points quarter-on-quarter [4][5]. - The company continues to adopt a cautious approach, increasing provisions, with asset impairment losses rising by 13% year-on-year [5]. Future Outlook - The report projects operating revenues for 2025-2027 to be 11.712 billion, 12.225 billion, and 13.570 billion yuan, respectively, with net profits of 4.238 billion, 4.687 billion, and 5.214 billion yuan [6][8]. - The company maintains a strong capital position, with a projected PB ratio of 0.82, 0.73, and 0.66 for the years 2025, 2026, and 2027, respectively [6][8].

Core Viewpoint - Jiangsu Changshu Rural Commercial Bank Co., Ltd. announced a cash dividend distribution and capital increase plan, which includes a cash dividend of 0.25 yuan per share and a capital increase of 0.1 shares for every share held, resulting in a total cash dividend payout of approximately 753.75 million yuan and an increase of 301.5 million shares [1][2][6]. Summary by Sections Dividend and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual general meeting on April 25, 2025 [2]. - The total share capital before the distribution was 3,014,986,454 shares, and after the distribution, it will be 3,316,485,099 shares [6]. Key Dates - The record date for shareholders is June 4, 2025, with the last trading day and ex-dividend date on June 5, 2025 [2][3]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3][4]. - The cash dividend for natural person shareholders and securities investment funds will be subject to a tax rate based on the holding period, with a maximum tax rate of 20% for holdings of one month or less [4][5]. Share Structure Changes - The share structure will change from 3,014,986,454 shares to 3,316,485,099 shares after the capital increase [6]. - The diluted earnings per share for the fiscal year 2024 is projected to be 1.15 yuan after the share increase [6].

Core Points - The company announced an adjustment to the conversion price of its convertible bonds due to the 2024 profit distribution plan, changing from RMB 6.89 per share to RMB 6.04 per share [1][3] - The adjustment will take effect on June 5, 2025, coinciding with the resumption of trading for the convertible bonds [1][3] Summary by Sections Conversion Price Adjustment Basis - The adjustment is based on the decision made during the 2024 annual shareholders' meeting held on April 25, 2025, where the company approved a profit distribution plan that includes a cash dividend of RMB 2.50 per 10 shares and a capital reserve increase of 1 share for every 10 shares held [2] - The record date for the profit distribution is set for June 4, 2025, with the cash dividend payment and the listing of new shares occurring on June 5, 2025 [2] Conversion Price Adjustment Formula and Results - The adjustment formula for the conversion price is specified in the bond issuance prospectus, which accounts for stock dividends, cash dividends, and capital increases [2] - The new conversion price of RMB 6.04 per share reflects the adjustments made according to the profit distribution plan [2][3]

差异化分红送转：否 证券代码：601128 证券简称：常熟银行 公告编号：2025-021 江苏常熟农村商业银行股份有限公司 2024年年度权益分派实施公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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。 重要内容提示： | | | | | | 流通股份上市日 | 发放日 | | --- | --- | --- | --- | --- | --- | --- | | 股份类别 A | 股 | 股权登记日 2025/6/4 | 最后交易日 - | 除权（息）日 2025/6/5 | 新增无限售条件 2025/6/5 | 现金红利 2025/6/5 | 一、通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经本行2025 年 4 月 25 日的2024年年度股东大会 审议通过。 二、分配、转增股本方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司 ...

| 证券代码：601128 | 证券简称：常熟银行 | 公告编号：2025-022 | | --- | --- | --- | | 转债代码：113062 | 转债简称：常银转债 | | 江苏常熟农村商业银行股份有限公司 关于根据 2024 年度利润分配方案 调整 A 股可转换公司债券转股价格的公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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。 重要内容提示： 因实施 2024 年度权益分派,本行的相关证券停复牌情况如下： 体股东每10股转增1股。 本次权益分派实施的股权登记日为2025年6月4日，现金红利发放日（除息日）、 新增无限售条件流通股份上市日为2025年6月5日，具体情况详见同日披露的《江 苏常熟农村商业银行股份有限公司2024年年度权益分派实施公告》(公告编号： 2025-021)。 根据《江苏常熟农村商业银行股份有限公司公开发行A股可转换公司债券募集 说明书》（以下简称"《募集说明书》"）的相关规定，在"常银转债"的存续 期内，当本行转增股本、派送现金股利 ...

Group 1 - The company will suspend the conversion of "Changyin Convertible Bonds" during the rights distribution period from May 27, 2025, until the first trading day after the rights registration date [1][2] - The rights distribution plan includes a cash dividend of 2.50 yuan (including tax) for every 10 shares and a capital reserve increase of 1 share for every 10 shares held [1][2] - The company will announce the adjustment of the conversion price for "Changyin Convertible Bonds" in accordance with the relevant regulations after the rights distribution [2]