Investment Rating - The report maintains a "Buy" rating for Changshu Bank [1] Core Views - Changshu Bank's performance continues to lead its peers, with a 9M25 revenue of 9.1 billion yuan, up 8.2% year-on-year, and a net profit attributable to shareholders of 3.4 billion yuan, up 12.8% year-on-year [4][9] - The bank's non-performing loan (NPL) ratio remains stable at 0.76%, while the provision coverage ratio decreased by 27 percentage points to 463% [4][9] - Long-term investors, including insurance and state-owned shareholders, have been actively increasing their holdings, reflecting confidence in the bank's growth potential [6][9] Financial Data and Profit Forecast - Revenue and profit forecasts for Changshu Bank are as follows: - Total operating income (million yuan): 2023: 9,870.29, 2024: 10,909.24, 2025E: 11,601.01, 2026E: 12,497.16, 2027E: 13,688.58 [5] - Net profit attributable to shareholders (million yuan): 2023: 3,281.50, 2024: 3,813.26, 2025E: 4,197.26, 2026E: 4,758.90, 2027E: 5,449.21 [5] - The expected year-on-year growth rates for net profit are 19.60% in 2023, 16.20% in 2024, and 10.07% in 2025 [5] Performance Analysis - The bank's net interest income increased by 2.4% year-on-year in 9M25, while non-interest income growth slowed to 35.3% [6][10] - The loan growth rate for 3Q25 was 7.1%, with corporate loans contributing nearly 60% of the new loans [6][8] - The bank's cost-to-income ratio improved, contributing to profit growth [6][10] Credit Quality - The annualized NPL generation rate is estimated at 1.02%, with the majority of new NPLs expected to come from personal business loans [9] - The bank's proactive approach to asset disposal has helped maintain a low NPL ratio [9] Market Position - Changshu Bank's current price-to-book (PB) ratio is 0.65, indicating potential for value appreciation [9] - The bank is expected to continue its high-quality growth trajectory, supported by its strategic focus on small and medium-sized enterprises and retail banking [9]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 9.05 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.15%, with a net profit of 3.56 billion yuan, up 12.82% year-on-year [1][3] - The non-performing loan ratio remained stable at 0.76%, and the company released profits due to a decrease in asset impairment losses [1][2] - The net interest margin showed a year-on-year increase of 2.4%, indicating improved deposit cost management [2][3] Summary by Sections Financial Performance - Revenue for the first three quarters of 2025 was 90.5 billion yuan, with a 4.41% growth in Q3 [1] - Net profit reached 35.6 billion yuan, with a Q3 growth of 11.86% [1] - Annualized weighted ROE was 15.02%, the highest since the company was listed [1] Loan Growth - Total loans amounted to 256.8 billion yuan, growing 7.1% year-on-year, with corporate and personal loans increasing by 10.6% and 2.5% respectively [2] - Personal operating loans showed a quarterly increase, indicating a marginal improvement in retail credit demand [2] Profitability Metrics - The net interest margin for the first three quarters was 2.57%, with a slight decrease from the previous half-year but a narrowing year-on-year decline [2] - The company is expected to maintain a net profit growth of 13.1% to 16.4% from 2025 to 2027 [3][4] Valuation - The projected PB values for 2025-2027 are 0.71x, 0.64x, and 0.56x respectively, indicating potential undervaluation [3][4] - The company is focusing on a strategy of small and scattered lending, which is expected to enhance its medium to long-term growth prospects [3]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company demonstrated strong resilience in performance growth, with a revenue of 9.05 billion and a net profit of 3.36 billion for the first three quarters of 2025, reflecting year-on-year growth rates of 8.2% and 12.8% respectively [5]. - The report highlights a slowdown in revenue growth while maintaining double-digit profit growth, with net interest income and non-interest income growth rates of 2.4% and 35.3% respectively [6]. - The bank's asset and loan growth rates were 11.6% and 7.1% year-on-year, indicating stable credit growth [7]. - Deposit growth was steady, but there are signs of a slowdown in the trend towards term deposits, with a year-on-year growth rate of 9.7% [8]. - The net interest margin (NIM) for the first three quarters was 2.57%, with a narrowing decline in the margin observed [8]. - Non-interest income grew by 35% year-on-year, but its proportion of total revenue decreased to 21.9% [9]. - The bank's non-performing loan (NPL) ratio remained low at 0.76%, indicating strong risk coverage capabilities [10]. - The capital adequacy ratios showed marginal improvement, with a core Tier 1 capital ratio of 11.14% [11]. - The report forecasts EPS for 2025-2027 at 1.28, 1.42, and 1.50 respectively, with corresponding PB valuations of 0.7, 0.62, and 0.56 [12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 90.5 billion, a year-on-year increase of 8.2%, and a net profit of 33.6 billion, up 12.8% [5]. - The weighted average return on equity (ROAE) was 15.02%, an increase of 0.06 percentage points year-on-year [5]. Revenue and Profitability - Revenue growth slowed, with year-on-year growth rates for revenue, pre-provision profit, and net profit at 8.2%, 10.1%, and 12.8% respectively [6]. - The bank's net interest income and non-interest income growth rates were 2.4% and 35.3%, respectively [6]. Asset Quality and Risk Management - The NPL ratio was stable at 0.76%, with a provision coverage ratio of 463% [10]. - The bank's risk compensation ability remains robust, with a decrease in the provision for loan losses [10]. Capital Adequacy - The core Tier 1 capital ratio improved to 11.14%, with a total capital adequacy ratio of 13.66% [11]. Earnings Forecast - The report maintains EPS forecasts for 2025-2027 at 1.28, 1.42, and 1.50, with corresponding PB valuations of 0.7, 0.62, and 0.56 [12].

Macro Insights - The Federal Reserve's October meeting resulted in a 25 basis point rate cut, with Chairman Powell indicating that December's rate cut remains uncertain, leading to a decrease in market expectations for future cuts [2][3] - The Chinese Yuan has appreciated by 2.8% against the US dollar this year, with a notable 12% increase against the Japanese Yen since July, indicating a shift towards an "independent trend" in the Yuan's valuation [2][3] Fixed Income - In October, the People's Bank of China announced a resumption of bond purchases, leading to a significant rise in government bond futures [5][6] - The US financial sector is seeing a new model of support for national strategy, with JPMorgan's $1.5 trillion initiative focusing on key industries and supply chain resilience [6] Energy and New Energy - The "15th Five-Year Plan" emphasizes the development of new energy storage and smart grid infrastructure, benefiting companies in the storage and wind power sectors [10][11] - A significant $80 billion investment in nuclear power by Cameco and Brookfield Asset Management aims to enhance energy infrastructure in the US [11] Real Estate - The "15th Five-Year Plan" outlines a shift towards high-quality development in real estate, focusing on improving housing quality and supply systems, which may enhance long-term value in the sector [13] Financial Services - The brokerage sector is experiencing a slight decrease in positions, with a focus on high-quality financial strategies amid a recovering market sentiment [9] - The banking sector shows signs of improvement, with a notable increase in credit issuance and a stable asset quality outlook [23] Key Companies - Huafeng Measurement Control reported a 67.21% year-on-year revenue increase in Q3, driven by cost reduction and improved testing performance [17] - Shaanxi Coal and Chemical Industry's Q3 revenue showed a 6.03% quarter-on-quarter increase, benefiting from a recovery in coal prices [18] - Kweichow Moutai's Q3 revenue growth was lower than expected, but the company is implementing strategies to boost market confidence [19] - Guangdong Investment's Q3 performance reflects a stable business model with strong cash flow, supporting high dividend returns [20] - Yutong Bus reported a 32.27% year-on-year revenue increase in Q3, driven by strong export performance [21]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a revenue of 9.05 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 8.15%, with a net profit of 3.56 billion yuan, up 12.82% year-on-year [1][3] - The non-performing loan ratio remained stable at 0.76%, and the company released profits through a decrease in asset impairment losses, which fell by 23.7% year-on-year in the third quarter [1][2] - The net interest margin showed a year-on-year increase of 2.4%, with a net interest income growth rate improving in the first three quarters [2][3] Summary by Sections Financial Performance - Revenue for the first three quarters of 2025 was 9.05 billion yuan, with a 4.41% increase in the third quarter [1] - Net profit reached 3.56 billion yuan, reflecting an 11.86% growth in the third quarter [1] - The annualized weighted ROE was 15.02%, the highest since the company was listed [1] Loan Growth - Total loans amounted to 256.8 billion yuan, with a year-on-year growth of 7.1%, showing a 1.9 percentage point increase from the first half of the year [2] - Corporate loans and personal loans grew by 10.6% and 2.5% year-on-year, respectively [2] - Personal operating loans showed a quarterly increase, indicating marginal improvement despite overall weak demand [2] Profitability Metrics - The net interest margin for the first three quarters was 2.57%, with a year-on-year decline of 18 basis points, but the decline rate has narrowed [2] - The company is actively managing deposit costs, leading to a higher proportion of demand deposits [2] Future Outlook - The company forecasts net profits of 4.3 billion yuan, 4.98 billion yuan, and 5.8 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 13.1%, 15.5%, and 16.4% [3][4] - The current stock price corresponds to PB values of 0.71x, 0.64x, and 0.56x for 2025-2027 [3]

Core Insights - Jiangsu Changshu Rural Commercial Bank held its 15th meeting of the 8th Board of Directors on October 29, 2025, where several important proposals were approved, including the Q3 2025 report and the Green Finance Development Strategy for 2026-2030 [1][2] Financial Performance and Asset Quality Management - The board approved the Q3 2025 report, which will be disclosed on the Shanghai Stock Exchange, reflecting the bank's performance in serving the agricultural sector and small micro-enterprises [2] - The board also approved an adjustment to the 2025 write-off plan, interpreted as a routine measure to optimize asset quality and address potential credit risks, with specific details to be announced later [2] Green Finance Strategy Implementation - A significant outcome of the meeting was the approval of the Green Finance Development Strategy and Implementation Outline for 2026-2030, marking the bank's formal inclusion of green finance in its long-term development plan [3] - The strategy will focus on areas such as green credit, green bonds, and ESG information disclosure, aiming to gradually increase the proportion of green assets over the next five years, supporting regional green economic transformation [3] - Analysts suggest that regional banks' engagement in green finance can enhance competitive advantages and align with regulatory expectations for financial support of green development [3] Internal Governance and Compliance Enhancements - The meeting also approved revisions to the Compliance Policy and Internal Audit Charter, further improving the corporate governance structure [4] - The revised compliance policy will strengthen risk control across all processes, while the internal audit charter will focus on enhancing audit independence and authority, aligning with the trend of increased regulation in the banking sector [4] - The Q3 2025 Third Pillar Information Disclosure Report will be published on the bank's investor relations section of its website, enhancing transparency in capital management under the Basel III framework [4] - The approval of multiple proposals indicates the bank's systematic efforts to solidify its operational foundation, lay out long-term strategies, and improve governance structures [4]

Financial Performance - The company reported a revenue of 9.052 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.15% [2] - The net profit attributable to shareholders was 3.357 billion yuan, with a year-on-year increase of 12.82% [2] - The net interest margin stood at 2.57%, with a narrowing decline compared to previous periods, indicating effective cost control measures [2] - Fee and commission income surged by 57.53%, driven by growth in agency wealth management and other middle-income businesses [2] Asset Expansion and Structure Optimization - Total assets reached 402.23 billion yuan, reflecting a year-on-year growth of 9.72% [3] - Total deposits amounted to 312.19 billion yuan, and total loans were 256.76 billion yuan, with respective growth rates of 8.95% and 6.60% [3] - Personal operating loans accounted for nearly 70% of personal loans, highlighting the company's focus on small and micro enterprises [3] - The proportion of demand deposits increased to 19.08%, and savings deposits with a maturity of two years or less accounted for 50.33%, indicating an optimized deposit structure [3] Asset Quality and Risk Mitigation - The non-performing loan ratio was 0.76%, a slight decrease from the beginning of the year, indicating strong asset quality [4] - The provision coverage ratio was 462.95%, although it decreased by 37.56 percentage points from the start of the year, it remains well above regulatory requirements [4] - The cost-to-income ratio was 34.44%, reflecting efficient operational management [4] Capital and Liquidity - The core Tier 1 capital adequacy ratio was 11.14%, and the total capital adequacy ratio was 13.66%, both slightly down from the beginning of the year due to asset expansion and dividend payouts [5] - The liquidity coverage ratio was 212.83%, significantly exceeding regulatory requirements, indicating strong short-term liquidity [5] Village and Town Bank Integration and Regional Expansion - The company is actively responding to regulatory policies by integrating village and town banks, completing several mergers and acquisitions in the third quarter [6][7] - The regional expansion is expected to bring about synergistic effects, although the improvement in management, risk control, and profitability will require time to assess [7] Shareholder Structure and Dividends - Major shareholders, including state-owned investment groups, increased their holdings, with shareholding ratios rising to 3.81% and 3.25% respectively [7] - The company implemented a mid-term dividend for the first time in 2025, distributing 0.15 yuan per share, totaling 499 million yuan, with a dividend payout ratio of 25.27% [7] Conclusion and Future Focus - The company has maintained high growth and excellent asset quality in the first three quarters of 2025, with ongoing optimization of its deposit and loan structure [8] - Future concerns include the pressure on net interest margins, the decline in provision coverage, and the marginal pressure on capital adequacy ratios [8] - Key areas to monitor include the stabilization of net interest margins, the effectiveness of cost control, the realization of synergies from bank integrations, and the balance between capital replenishment and dividend policies [8]

Core Insights - Changshu Bank reported a revenue of 9.052 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.15% [1] - The net profit attributable to shareholders reached 3.357 billion yuan, with a year-on-year increase of 12.82% [1] - The basic earnings per share stood at 1.01 yuan [1] Financial Performance - The bank's gross profit margin was 45.98%, an increase of 1.42 percentage points year-on-year [2] - The net profit margin improved to 39.59%, up by 1.24 percentage points compared to the same period last year [2] - The weighted average return on equity was 15.02% [2] Market Valuation - As of October 29, the price-to-earnings ratio (TTM) was approximately 5.67 times, and the price-to-book ratio (LF) was about 0.77 times [2] - The price-to-sales ratio (TTM) was around 2.00 times [2] Shareholder Dynamics - The total number of shareholders increased to 49,600 by the end of the third quarter of 2025, reflecting a growth of 20.12% [2] - The average market value of shares held per shareholder decreased from 592,500 yuan to 457,800 yuan, a decline of 22.74% [2] Business Composition - The main business revenue composition includes personal business at 51.80%, corporate business at 28.08%, funding business at 19.34%, and other businesses at 0.78% [2] - Changshu Bank is categorized under the banking sector, specifically as a rural commercial bank [2]

Core Viewpoint - Changshu Bank reported a solid financial performance for the first three quarters of 2025, with significant growth in both revenue and net profit [1] Financial Performance - The bank achieved an operating income of 9.052 billion yuan, representing a year-on-year increase of 8.15% [1] - The net profit attributable to shareholders reached 3.357 billion yuan, reflecting a year-on-year growth of 12.82% [1] Asset Quality - As of the end of September, the total assets of the bank amounted to 402.229 billion yuan, which is a 9.72% increase compared to the end of the previous year [1] - The non-performing loan ratio remained stable at 0.76%, showing a slight decrease of 0.01 percentage points from the end of the previous year [1]

证券代码：601128 证券简称：常熟银行 公告编号：2025-049 江苏常熟农村商业银行股份有限公司 第八届董事会第十五次会议决议公告 王春华董事因公务原因未能亲自出席本次董事会，委托朱勤保董事代为 出席并表决。 一、董事会会议召开情况 本行第八届董事会第十五次会议于 2025 年 10 月 29 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 10 月 17 日发出。会议由薛文董 事长主持，会议应到董事 13 人，实到董事 12 人，王春华董事因公务原因未能亲 自出席会议，委托朱勤保董事代为出席并表决。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 （一）2025 年第三季度报告 同意 13 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《常熟银行 2025 年第 三季度报告》。 本议案已经本行第八届董事会审计与消费者权益保护委员会第九次会议审 议通过。 （二）调整 2025 年度核销计划 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 ...