Investment Rating - The report maintains a "Buy" rating for Changshu Bank [6]. Core Views - Changshu Bank reported a revenue of 3 billion yuan in Q1 2025, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 1.1 billion yuan, up 13.81% year-on-year. The non-performing loan ratio and provision coverage ratio were 0.76% and 489.56%, respectively, showing slight improvements from the previous quarter [1][2][3]. Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the growth rates for operating revenue and net profit attributable to shareholders were 10.04% and 13.81%, respectively, with non-interest income contributing positively to performance. Net interest income grew by 0.91% year-on-year, while fee and commission income surged by 495.23% due to a low comparative base from the previous year [2]. - **Asset Quality**: The non-performing loan ratio decreased by 1 basis point to 0.76%, with a provision coverage ratio of 489.56%, indicating a stable asset quality. The credit cost was 0.96%, reflecting a year-on-year increase of 5 basis points [3]. - **Balance Sheet Strength**: As of Q1 2025, total assets and loans reached 389 billion yuan and 249.6 billion yuan, respectively, with year-on-year growth of 6.67% and 6.12%. The bank's deposit total was 309 billion yuan, up 9.00% year-on-year, with a notable increase in the proportion of demand deposits [4]. Financial Projections - The report forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 4.3 billion yuan, 4.78 billion yuan, and 5.27 billion yuan, respectively, with year-on-year growth rates of 12.22%, 11.70%, and 10.17% [4].

Investment Rating - The report maintains a "Buy" rating for Changshu Bank [4][6]. Core Views - Changshu Bank reported a revenue of 3 billion yuan in Q1 2025, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 1.1 billion yuan, up 13.81% year-on-year [1]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 489.56% as of the end of Q1 2025 [3]. - The bank's strategy to optimize deposit pricing has led to an increase in the proportion of demand deposits, which reached 19.17% by the end of Q1 2025, up 1.06 percentage points from the beginning of the year [4]. Performance Summary - Revenue and net profit growth rates for Q1 2025 were 10.04% and 13.81%, respectively, showing a slight decline compared to 2024 [2]. - Net interest income grew by 0.91% year-on-year, while non-interest income saw a significant increase of 495.23% due to a low comparative base from the previous year [2]. - The bank's total assets and loans reached 389 billion yuan and 249.6 billion yuan, respectively, with year-on-year growth of 6.67% and 6.12% [4]. Asset Quality - The non-performing loan ratio decreased by 1 basis point to 0.76%, while the provision coverage ratio fell by 11 percentage points [3]. - The credit cost for Q1 2025 was 0.96%, reflecting a year-on-year increase of 5 basis points [3]. Asset and Liability Management - Total deposits reached 309 billion yuan, marking a year-on-year increase of 9.00%, with a net increase of 22.5 billion yuan in Q1 2025 [4]. - The bank's strategy has led to a significant increase in demand deposits, contributing to a more favorable funding structure [4]. Investment Outlook - The report anticipates continued high growth in net profit, projecting figures of 4.3 billion yuan, 4.8 billion yuan, and 5.3 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 12.22%, 11.70%, and 10.17% [4].

一、会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 25 日 证券代码：601128 证券简称：常熟银行 公告编号：2025-017 江苏常熟农村商业银行股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 (二)股东大会召开的地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 585 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,168,894,619 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 38.7694 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由本行董事会召集，采取现场和网络投票相结合的方式召开， 由薛文董事长主持。本次股东大会 ...

江苏常熟农村商业银行股份有限公司 第八届监事会第八次会议决议公告 江苏常熟农村商业银行股份有限公司（以下简称"本行"）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。 一、监事会会议召开情况 本行第八届监事会第八次会议于 2025 年 4 月 25 日以现场会议方式召开，会 议通知及会议文件已于 2025 年 4 月 15 日以电子邮件方式发出。会议由宋毅监事 长主持，会议应到监事 6 人，实到监事 6 人。会议符合《公司法》等法律法规及 本行《章程》的有关规定。 二、监事会会议审议情况 （一）2025 年第一季度报告审核意见 同意 6 票，反对 0 票，弃权 0 票。 监事会出具如下审核意见： 证券代码：601128 证券简称：常熟银行 公告编号：2025-019 （1）本行《2025 年第一季度报告》的编制和审议程序符合《公司法》等法 律、法规以及本行《章程》和相关内部管理制度的规定； （2）本行《2025 年第一季度报告》的内容和格式符合中国证监会和上海证 券交易所的各项规定，所包含的信息真实、准确、完整反映本行 202 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-018 江苏常熟农村商业银行股份有限公司 第八届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 本行第八届董事会第十一次会议于 2025 年 4 月 25 日以现场和视频相结合的 方式召开，会议通知及会议文件已于 2025 年 4 月 15 日发出。会议由薛文董事长 主持，会议应到董事 12 人，实到董事 12 人。监事和部分高管列席了会议，会议 符合《公司法》等法律法规及本行《章程》的有关规定。 二、董事会会议审议情况 同意 12 票，反对 0 票，弃权 0 票。 具体内容详见在本行官网投资者关系栏目中披露的《常熟银行 2025 年第一 季度第三支柱信息披露报告》。 （三）聘任本行合规部门负责人 聘任朱桦女士为本行合规部门负责人。 （一）2025 年第一季度报告 同意 12 票，反对 0 票，弃权 0 票。 具体内容详见本行同日披露在上海证券交易所网站的《常 ...

Financial Performance - The bank reported a total operating income of CNY 2,970,661, representing a year-on-year increase of 10.04%[4] - Net profit attributable to shareholders reached CNY 1,083,791, up 13.81% compared to the same period last year[4] - Total profit for Q1 2025 reached CNY 1,377,690 thousand, a 12.2% increase from CNY 1,227,311 thousand in Q1 2024[27] - Net profit attributable to shareholders of the parent company was CNY 1,083,791 thousand, up 13.8% from CNY 952,266 thousand in the previous year[27] - The bank's basic earnings per share increased to CNY 0.36, a rise of 12.50% year-on-year[4] - The basic earnings per share for Q1 2025 was CNY 0.36, compared to CNY 0.32 in Q1 2024, reflecting a growth of 12.5%[27] Asset and Liability Management - Total assets increased to CNY 389,015,217, reflecting a growth of 6.12% from the end of the previous year[4] - Total liabilities increased to CNY 357,373,140 thousand from CNY 335,913,331 thousand, reflecting a rise of about 6.4%[24] - The total equity attributable to shareholders rose to CNY 29,564,295 thousand, up from CNY 28,647,828 thousand, indicating an increase of approximately 3.2%[25] - Cash and deposits with the central bank decreased to CNY 20,642,360 thousand from CNY 23,631,074 thousand, a decline of approximately 12.6%[24] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 21.72%, totaling CNY 13,188,242[4] - The net cash flow from operating activities was CNY 13,188,242 thousand, a decrease of 21.5% from CNY 16,847,220 thousand in Q1 2024[30] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 19,169,739 thousand, an increase from CNY 13,428,969 thousand in Q1 2024[30] - Investment activities resulted in a net cash outflow of CNY 9,186,317 thousand, an improvement from a net outflow of CNY 12,159,642 thousand in Q1 2024[30] - The bank's liquidity coverage ratio was reported at 220.28%, indicating strong liquidity management[18] Loan and Deposit Metrics - The loan-to-deposit ratio stood at 71.33%, with loans under CNY 10 million amounting to CNY 178,070 million[9] - The bank's loan and advance issuance amounted to CNY 241,312,765 thousand, compared to CNY 232,489,390 thousand in the previous period, marking a growth of about 3.5%[24] - The bank's total deposits increased to CNY 316,691,902 thousand from CNY 294,965,058 thousand, reflecting a growth of about 7.4%[24] Non-Performing Loans and Risk Management - The non-performing loan ratio slightly improved to 0.76% from 0.77% at the end of the previous year[12] - Core Tier 1 capital adequacy ratio decreased to 10.78% from 11.18% at the end of the previous year[15] Income Sources - The bank's commission income surged by 67.10%, reaching CNY 117,075, driven by increased fees from precious metals and insurance[8] - Net interest income rose to CNY 2,317,246 thousand, up from CNY 2,296,382 thousand, reflecting a growth of 0.87%[26] - Net fee and commission income significantly increased to CNY 70,826 thousand, compared to CNY 11,899 thousand, marking a growth of 495.4%[26] Shareholder Information - The number of shares held by the top 10 shareholders accounted for 27.18% of total shares, with the largest shareholder holding 9.01%[21] - The bank engaged with 152 institutional investors across 16 meetings during the reporting period, indicating active investor relations[22] Other Comprehensive Income - The bank's other comprehensive income decreased to CNY 624,612 thousand from CNY 790,834 thousand, a decline of approximately 21%[25] Comparative Performance - Total operating income for Q1 2025 was CNY 2,970,661 thousand, an increase of 10.03% compared to CNY 2,699,689 thousand in Q1 2024[26]

国浩律师（苏州）事务所 关于 江苏常熟农村商业银行股份有限公司 2024 年年度股东大会 之 见证法律意见书 苏州工业园区旺墩路 269 号圆融星座商务广场 1 幢 28 楼（215000） 电话：（+86）（512）62720177 传真：（+86）（512）62720199 www.grandall.com.cn 网址/Website：http：//www.grandall.com.cn 2025 年 4 月 国浩律师（苏州）事务所 本所律师按照有关法律法规的规定对公司2024年年度股东大会召集、召开程序是否合 法及是否符合《公司章程》、出席会议人员资格的合法有效性和股东大会表决程序的合法 有效性发表法律意见。法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意 承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律法规的规定而出具。 本所律师同意将本法律意见书作为公司2024年年度股东大会的必备文件公告，并依法 对本所出具的法律意见承担责任。 本所律师已经对与出具法律意见书有关的所有文件材料及证言进行审查判断，并据此 出具法律意见如下： 一、本次 ...

常熟银行（601128）公告，2025年第一季度营收为29.71亿元，同比增长10.04%；净利润为10.84亿元， 同比增长13.81%。 ...

4月以来，9只银行股股价盘中创历史新高，行业热度持续攀升。 多家机构认为，从已披露经营情况的银行来看，一季度财务指标和资产质量总体稳健。展望后市，银行 业相对于大部分行业而言，基本面具备相对稳健特征。 此外，广发证券（000776）认为，近期银行股作为指数重要组成部分，对指数稳定起了重要作用。 去年四季度业绩改善 2024年四季度，银行股业绩明显改善，今年一季度亦有多股报喜。行业现金分红总额有望再创新高，12 只银行股年度分红金额均超百亿元。 本月9只银行股股价创新高 4月24日，银行指数收盘涨1.16%。中国银行（601988）、农业银行（601288）和工商银行（601398） 股价均创历史新高，收盘分别上涨2.1%、2.01%和1.83%。 本月以来，建设银行（601939）、交通银行（601328）和江苏银行（600919）等9只银行股盘中股价均 创历史新高。 创新高的银行股今年以来股价稳步上涨，上海银行（601229）股价年内涨幅达到15.52%，工、农、 中、建四大行股价年内涨幅均在6%以上。 4月以来，市场行情持续震荡，银行板块作为高股息、低估值的避险资产颇受资金青睐。 数据显示，农业银行、宁波 ...

银行板块9股本月创新高 4月24日，银行板块逆市上涨，行业指数收盘涨1.16%，领跑市场，中国银行、农业银行、工商银行股价均创历史新高，收盘分别上涨2.1%、2%、 1.83%。从长线来看，本月以来共有9只银行股盘中股价创历史新高，其中建设银行、交通银行、江苏银行等6股在本周一刷新历史高点。 （原标题："大象股"也疯狂！这个板块密集新高） 本月以来，共有9只银行股盘中突破历史新高，包括工农中建四大国有银行股。去年四季度，银行股业绩明显改善，今年一季度亦有多股报喜。银 行板块现金分红金额有望再创新高，12股年度分红超百亿元。 数据显示，本月以来股价突破历史新高的9只银行股中，5股属于国有大型银行，除工农中建四大行外，交通银行亦上榜。4股属于城商行，包括北 京银行、上海银行、江苏银行、成都银行。创新高的银行股今年以来股价稳健上涨，上海银行年内涨幅达到15.52%，工农中建四大行年内涨幅均 在6%以上。 4月以来，市场行情持续震荡，银行板块作为高股息、低估值的避险资产颇受资金青睐。数据显示，农业银行、宁波银行、中信银行近5日获主力 资金净流入均在1亿元以上，此外工商银行、无锡银行、邮储银行获主力资金净流入超6000 ...