Core Viewpoint - Changshu Bank achieved double-digit growth in both revenue and profit in Q1 2025, despite a slight slowdown in scale growth due to weak credit demand. The recovery of the economy is expected to improve demand from small and micro enterprises, providing significant room for credit expansion. Although the net interest margin continues to narrow under asset-side pressure, the ongoing optimization of deposit costs is expected to support the margin. The bank is projected to maintain high single-digit revenue growth and double-digit profit release in 2025. The current low dividend rate has suppressed the bank's valuation, which does not align with its strong fundamentals, indicating substantial potential for valuation recovery if the dividend rate improves in the future [1][10][11]. Financial Performance - In Q1 2025, Changshu Bank reported operating revenue of 2.971 billion yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 1.084 billion yuan, up 13.9% year-on-year. The non-performing loan ratio was 0.76%, down 1 basis point quarter-on-quarter, while the provision coverage ratio decreased by 11 percentage points to 489.6% [2][3][9]. Revenue Composition - The bank's net interest income grew by 0.9% year-on-year, reflecting stable growth despite weak credit demand, particularly in small and micro loans. Non-interest income surged by 495.2%, driven by significant growth in fees from insurance and precious metals. Other non-interest income increased by 48.8%, supported by a rise in foreign exchange gains [3][4][5]. Credit Demand and Loan Growth - Credit demand remains weak, leading to a slowdown in loan growth. In Q1 2025, the loan scale increased by 6.1% year-on-year, with corporate loans growing by 7.3% and retail loans by only 0.2%. The bank's strategy of focusing on small and scattered loans has allowed it to maintain a stable loan portfolio despite the challenging environment [5][6][8]. Deposit and Funding Strategy - Changshu Bank's deposits grew by 9% year-on-year, with a notable increase in demand deposits and a reduction in high-cost savings. The bank's proactive management of deposit structure has improved the cost of funding, which is expected to support the net interest margin [7][8]. Asset Quality and Risk Management - The bank's non-performing loan ratio remains low, and it has effectively managed retail asset quality through rigorous risk control and increased write-offs. The non-performing loan ratio is expected to remain stable, allowing for a gradual release of provisions to support profit growth [9][10]. Valuation and Investment Outlook - Despite strong fundamentals, Changshu Bank's current valuation is significantly undervalued at 0.68 times the 2025 PB ratio. The low dividend yield has constrained its valuation, but there is substantial potential for recovery if the dividend rate improves. The bank is expected to maintain high single-digit revenue growth and double-digit profit growth in the coming years [10][11].

Core Viewpoint - Changshu Bank reported a strong performance in Q1 2025, with revenue and net profit showing double-digit growth, driven by enhanced non-interest income contributions [1][2]. Financial Performance - Q1 2025 revenue reached 30 billion, a 10% year-on-year increase, while net profit attributable to shareholders was 11 billion, up 13.8% year-on-year [1]. - The weighted average return on equity (ROAE) improved to 14.9%, an increase of 0.2 percentage points year-on-year [1]. - The growth rates for revenue, pre-provision profit, and net profit in Q1 2025 were 10%, 12.6%, and 13.8% respectively, with slight variations compared to Q4 2024 [2]. Asset and Loan Growth - The growth rate of interest-earning assets and loans as of the end of Q1 2025 was 8.3% and 6.1% respectively, both showing a decline compared to the end of 2024 [3]. - New loans in Q1 2025 totaled 8.8 billion, a decrease of 4 billion year-on-year, with corporate loans being the primary contributor [3]. - The bank's strategy focuses on small and micro enterprises, with loans of 10 million and below accounting for 71.3% of total loans [3]. Deposit Trends - The growth of interest-bearing liabilities and deposits in Q1 2025 was 8.6% and 9% respectively, both lower than at the end of 2024 [4]. - New deposits in Q1 2025 amounted to 22.5 billion, a decrease of 13.1 billion year-on-year, with a notable increase in the proportion of time deposits [4]. Net Interest Margin (NIM) - The net interest margin for Q1 2025 was 2.61%, narrowing by 10 basis points compared to 2024 [5]. - The yield on interest-earning assets decreased to 4.41%, down 33 basis points year-on-year, while the cost of interest-bearing liabilities fell to 2.03%, down 24 basis points [5]. Non-Interest Income - Non-interest income grew significantly, reaching 6.5 billion in Q1 2025, a 62% increase year-on-year, contributing 22% to total revenue [5][6]. - Investment income was 6.7 billion, up 21% year-on-year, despite some losses in fair value changes [6]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.76%, with a slight decrease from the end of 2024 [6]. - The bank's provision coverage ratio was 489.6%, indicating strong risk absorption capacity [6]. Capital Adequacy - As of the end of Q1 2025, the core Tier 1, Tier 1, and total capital adequacy ratios were 10.8%, 10.8%, and 13.7% respectively, all showing a decline from the end of 2024 [7]. - The bank has a low conversion ratio for its 6 billion convertible bonds, with the current stock price providing room for potential conversion [7]. Future Outlook - The bank maintains a strong growth outlook, with EPS forecasts for 2025-2027 at 1.41, 1.56, and 1.65 respectively, indicating a favorable valuation compared to peers [8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrated strong revenue resilience with a 10% year-on-year increase in revenue for Q1 2025, reaching 30 billion yuan, and a 13.8% increase in net profit attributable to shareholders, totaling 11 billion yuan [4][5] - Non-interest income has significantly contributed to the overall performance, with a remarkable 62% year-on-year growth in non-interest income, now accounting for 22% of total revenue [9][11] - The bank's net interest margin (NIM) remains under pressure, recorded at 2.61%, down 10 basis points from 2024, influenced by factors such as insufficient effective financing demand and intensified competition [8][11] Summary by Sections Financial Performance - Q1 2025 revenue and net profit growth rates were 10% and 13.8% respectively, with a return on average equity (ROAE) of 14.9%, up 0.2 percentage points year-on-year [4][5] - The bank's non-interest income reached 6.5 billion yuan, with a year-on-year increase of 62%, driven by higher fees from services like precious metals and insurance [9] Asset and Loan Growth - As of the end of Q1 2025, the bank's interest-earning assets and loans grew by 8.3% and 6.1% year-on-year, respectively, indicating a slight slowdown in asset expansion [6] - New loans added in Q1 2025 amounted to 8.8 billion yuan, with a notable focus on corporate loans, which accounted for 66 billion yuan of the new loans [6] Deposit Trends - The growth rate of interest-bearing liabilities and deposits was 8.6% and 9% year-on-year, respectively, showing a decline compared to the end of 2024 [7] - The bank's deposit structure is showing signs of improvement, with a slight increase in the proportion of fixed-term deposits [7] Risk and Capital Adequacy - The non-performing loan (NPL) ratio remained low at 0.76%, with a strong risk coverage capability indicated by a provision coverage ratio of 489.6% [10] - Capital adequacy ratios as of Q1 2025 were 10.8% for core tier 1 and 13.7% for total capital, reflecting a solid capital position [10] Earnings Forecast and Valuation - The report projects earnings per share (EPS) for 2025-2027 at 1.41, 1.56, and 1.65 yuan, with corresponding price-to-book (PB) ratios of 0.68, 0.60, and 0.54 [11][12]

Core Viewpoint - Changshu Bank reported a strong performance in Q1 2025, with revenue of 3 billion yuan and a net profit of 1.1 billion yuan, indicating year-on-year growth of 10.04% and 13.81% respectively [1][2]. Group 1: Performance - Revenue and net profit growth rates for Q1 2025 were 10.04% and 13.81%, showing a slight decline from the previous year's growth rates by 0.5 percentage points and 2.4 percentage points respectively [2]. - Net interest income increased by 0.91% year-on-year, but the growth rate decreased by 6.6 percentage points compared to the previous year, with a net interest margin of 2.61%, down 10 basis points [2]. - Non-interest income saw significant growth, with net fee and commission income increasing by 495.23% due to a low comparative base from the previous year, and other non-interest income rising by 48.84% [3]. Group 2: Asset Quality - The non-performing loan ratio stood at 0.76%, a decrease of 1 basis point from the previous quarter, while the provision coverage ratio was 489.56%, down 11 percentage points from the end of the previous year [4]. - The credit cost for Q1 2025 was 0.96%, reflecting a year-on-year increase of 5 basis points [4]. Group 3: Assets and Liabilities - As of the end of Q1 2025, total assets and loans were 389 billion yuan and 249.6 billion yuan, respectively, showing year-on-year growth of 6.67% and 6.12% [5]. - Total deposits reached 309 billion yuan, a year-on-year increase of 9.00%, with a net increase of 22.5 billion yuan in the quarter, primarily driven by time deposits [5]. - The proportion of demand deposits increased to 19.17%, up 1.06 percentage points from the beginning of the year, indicating a strategic shift in deposit pricing [5]. Group 4: Investment Outlook - Changshu Bank is viewed as having a rare "growth" attribute, with stable asset quality and a high provision buffer, suggesting continued strong performance in the coming years [5]. - Projected net profits for 2025-2027 are expected to be 4.3 billion, 4.8 billion, and 5.3 billion yuan, reflecting year-on-year growth rates of 12.22%, 11.70%, and 10.17% respectively [5].

Core Viewpoint - The key feature of the recent quarterly report from Changshu Bank is a significant slowdown in growth rate, with total assets and loans growing at 6.7% and 6.6% respectively, marking the lowest growth rates since 2012 [2][3] Group 1: Performance Metrics - As of the end of Q1, the bank's total assets grew by 6.7%, and loans increased by 6.6%, both lower than the previous year's growth rates [2] - The deposit growth rate was 9.4%, which, while lower than previous rates, still exceeded the growth rates of assets and loans [2] - The bank has actively reduced its scale expansion demands and lowered interbank liabilities, reflecting a pragmatic choice in the current uncertain macroeconomic environment [2] Group 2: Strategic Positioning - Changshu Bank differentiates itself by focusing on "true small and micro loans," which emphasizes genuine small business needs and filling financial service gaps [2] - The bank's growth premium is derived from its commitment to "true small and micro," which is based on real operational demands [2] - The current macroeconomic conditions, including weak consumer confidence and real estate recovery, have led to a cautious approach in scaling up, aligning with the bank's strategic focus [2] Group 3: Future Outlook - The bank maintains excellent asset quality and a stable asset-liability structure, with room for deposit pricing adjustments [3] - Despite the low demand for small and micro loans and macroeconomic uncertainties, the bank's adherence to its "true small and micro" strategy positions it well for future demand recovery [3] - Ongoing fiscal policies are expected to eventually translate into increased demand for small and micro loans, potentially restoring the bank's growth premium [3]

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 ...