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 ...

江苏常熟农村商业银行股份有限公司2025 年第一季度报告 证券代码：601128 证券简称：常熟银行 江苏常熟农村商业银行股份有限公司 2025 年第一季度报告 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。 重要提示 (二) 非经常性损益项目和金额 单位:千元 币种:人民币 1.公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人薛文、行长包剑、主管会计工作负责人包剑及会计机构负责人（会计主管人员） 范丽斌保证季度报告中财务信息的真实、准确、完整。 3.第一季度财务报表未经审计。 1 / 11 江苏常熟农村商业银行股份有限公司2025 年第一季度报告 一、主要财务数据 (一) 主要会计数据和财务指标 | | | 单位：千元 | 币种：人民币 | | --- | --- | --- | --- | | 项目 | 本报告期 | | 本报告期比上年同期增减 | | | ...

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%。 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 8.82 CNY per share based on a 20% valuation premium over the average PB of comparable companies [4][7]. Core Insights - The company is positioned as a leading small and micro enterprise bank, benefiting from a strong local economy and a well-established business model that emphasizes small loans and digital transformation [11][21]. - The bank's return on equity (ROE) is expected to maintain a leading position, with projections indicating a steady increase in profitability [11][4]. - The bank's asset quality is resilient across economic cycles, supported by favorable policies for small and micro enterprises, ensuring controllable credit costs [3][4]. Summary by Sections Company Overview - Established in 2001, the company has grown to a total asset size of 366.6 billion CNY by the end of 2024, marking a 9.6% year-on-year increase [26]. - The bank has a strong focus on small and micro enterprises, with a significant portion of its business dedicated to this segment [38]. Business Expansion - The bank has strategically expanded its presence beyond its home market, with 35.9% of its branches located outside its primary area, and it controls 34 village banks across multiple provinces [30][32]. - Revenue contributions from these branches and village banks have increased, with the share of revenue from outside the home region rising significantly [32]. Financial Performance - The bank's projected net profit growth rates for 2025, 2026, and 2027 are 12.8%, 11.2%, and 13.1%, respectively, with corresponding BVPS of 10.52, 11.92, and 13.51 CNY [4][6]. - The bank's net interest margin is expected to remain favorable due to a strategy focused on small loans and high-interest deposits maturing [3][4]. Risk Management - The bank's credit quality is expected to remain superior to its peers, with a non-performing loan ratio consistently below industry averages, supported by robust risk control measures [3][4]. - The bank maintains a provision coverage ratio above 500%, indicating strong preparedness for potential credit losses [3].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 8.82 CNY per share based on a 20% valuation premium over the average PB of comparable companies [4][7]. Core Viewpoints - The company is positioned as a leading small and micro enterprise bank, with a strong focus on local economic development and a well-established business model that has evolved through three iterations [11][38]. - The bank's asset quality is expected to remain stable, with credit costs projected to stay at controllable levels due to effective risk management and supportive policies for small and micro enterprises [3][53]. - The bank's return on equity (ROE) is anticipated to maintain a leading position in the industry, supported by robust fundamentals and a favorable growth outlook [11][4]. Summary by Sections Company Overview - Jiangsu Changshu Rural Commercial Bank, established in 2001, has a total asset scale of 366.6 billion CNY as of the end of 2024, showing a year-on-year growth of 9.6% [26][30]. - The bank has a diversified ownership structure, with the largest shareholder being Bank of Communications, holding 9.01% of shares [35][36]. Business Model and Strategy - The bank has developed a unique "Changshu Microfinance Model" through the introduction of IPC technology for credit assessment and the establishment of a "credit factory" model to enhance lending efficiency [44][45]. - The bank's personal operating loans accounted for approximately 40% of total loans as of mid-2024, leading the industry by over 10 percentage points [40][43]. Financial Performance - The bank's projected net profit growth rates for 2025, 2026, and 2027 are 12.8%, 11.2%, and 13.1%, respectively, with corresponding BVPS of 10.52, 11.92, and 13.51 CNY [4][6]. - The bank's net interest margin is expected to remain favorable due to a strategy of focusing on small, scattered, and credit-based lending, combined with the maturity of high-interest deposits [3][4]. Market Position and Expansion - The bank has a strong presence in the local market and is actively expanding its footprint through the establishment of branches and the acquisition of village banks, enhancing its revenue contribution from these areas [30][32]. - The bank's revenue from non-local branches and village banks has increased significantly, indicating a successful diversification strategy [32][33].

Core Viewpoint - Changshu Bank reported strong financial performance for Q1 2025, with double-digit growth in both operating income and net profit attributable to shareholders, but concerns arose regarding declining dividend rates and high executive compensation [1][2]. Financial Performance - In Q1 2025, Changshu Bank achieved operating income of 2.971 billion yuan, a year-on-year increase of 10.04% - The net profit attributable to shareholders reached 1.084 billion yuan, growing by 13.87% - The non-performing loan ratio decreased to 0.76%, with a high provision coverage ratio of 489.56% [1]. Dividend Policy - The bank's dividend payout ratio for 2024 was only 19.77%, marking a continuous decline over six years - Historical dividend payout ratios from 2018 to 2024 were 33.20%, 30.71%, 30.40%, 25.05%, 24.97%, 20.88%, and 19.77% respectively - The bank justified the low dividend ratio by emphasizing the need to retain profits for core tier one capital and regulatory capital adequacy requirements [2]. Executive Compensation - Executive compensation at Changshu Bank has been notably high, with the chairman's salary increasing from 1.6684 million yuan in 2022 to 1.8325 million yuan in 2024 - The president's salary also saw a significant rise from 150,000 yuan to over 1.8395 million yuan in the same period - Salaries for vice presidents ranged between 1.37 million yuan and 1.56 million yuan [3][4]. Internal Management Concerns - The bank was previously reported by the trading association for inadequate internal control in bond trading and excessive incentives for traders - This incident raised scrutiny over the bank's internal management and incentive mechanisms - In the context of many bank stocks trading below book value, the bank needs to balance shareholder returns with executive compensation and consider increasing dividend rates [5].

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank [4] Core Views - The bank continues to achieve mid-to-high-speed growth, with revenue maintaining double-digit growth and a low non-performing loan ratio showing improvement [1][7] - In Q1 2025, the bank reported a 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 13.87% year-on-year [7][8] - The asset quality remains at an excellent level, with a non-performing loan ratio of 0.76% and a provision coverage ratio of 489.56% [7][8] Financial Data and Valuation - Total revenue (in million yuan) is projected to grow from 9,870 in 2023 to 13,785 in 2027, with year-on-year growth rates of 12.1%, 10.5%, 6.7%, 8.2%, and 9.5% respectively [3][30] - Net profit attributable to shareholders is expected to increase from 3,282 million yuan in 2023 to 5,380 million yuan in 2027, with growth rates of 19.6%, 16.2%, 11.5%, 12.2%, and 12.8% respectively [3][30] - The current price-to-earnings (P/E) ratio is 5.8, projected to decrease to 3.9 by 2027, indicating potential undervaluation [3][30] Investment Recommendations - The bank's focus on serving the "three rural issues and small enterprises" market segment is expected to support its growth despite recent pressures on small and micro retail operations [7] - The report suggests that with supportive domestic policies and a projected GDP growth of around 5%, the bank's risk exposure in small micro retail is likely to ease, enhancing its growth potential [7]