Core Insights - The key to the competition between microfinance and large banks is further penetration and credit assessment, while the competition with internet institutions relies on offline personnel to ensure loan authenticity [1] - Changshu Bank has emerged as a benchmark in microfinance, concentrating 70% of its workforce on this sector, growing its microfinance team from an initial 10 to over 2,000 professionals [1][7] - The unique talent cultivation mechanism at Changshu Bank, which integrates recruitment, training, assessment, and incentives, is closely linked to its microfinance strategy [1][7] Recruitment and Talent Selection - Emphasis on moral character and learning ability during recruitment helps ensure alignment with microfinance principles and reduces moral risks [2] - Changshu Bank prioritizes candidates with strong moral character to mitigate risks associated with data manipulation and collusion [2] - The bank values learning ability over high academic qualifications, with 70% of new hires being recent graduates, fostering a culture of innovation within the microfinance team [2] Training and Development - Establishment of an internal trainer selection and experience transmission mechanism encourages participation and knowledge sharing among employees [3] - The bank promotes a culture of internal training, with 545 internal trainers and 971 hours of training delivered by the end of 2024 [3] - A comprehensive training structure ensures all employees receive necessary training, including new employee orientation and specialized skill enhancement programs [4] Performance Assessment and Incentives - A distinct performance evaluation system links microfinance loan issuance to annual business goals, effectively guiding employee performance [5] - The bank has implemented strict behavioral standards to prevent moral hazards, including a zero-tolerance policy for unethical practices [6] - A due diligence exemption system is in place to protect employees who conduct thorough investigations, with 86% of recognized microfinance non-performing loans deemed compliant with due diligence standards [6]

证券代码：601128 证券简称：常熟银行 公告编号：2025-027 今日，本行收到《苏州金融监管分局关于唐志锋常熟农村商业银行董事任职 资格的批复》（苏州金复〔2025〕81号），核准唐志锋先生本行董事任职资格。 唐志锋先生的简历详见本行2025年3月28日刊载于上海证券交易所网站 （www.sse.com.cn）的《常熟银行第八届董事会第十次会议决议公告》（2025-007）。 特此公告。 江苏常熟农村商业银行股份有限公司董事会 2025年6月18日 江苏常熟农村商业银行股份有限公司 关于唐志锋先生董事任职资格获核准的公告 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。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company announced its first mid-term dividend plan, reflecting its commitment to shareholder returns and ability to enhance dividend amounts by increasing capital stock by 10% annually in 2024 and 2025 [2][11]. - The bank is accelerating its branch expansion, including the absorption of Jiangsu Rudong Rongxing Village Bank and the establishment of a technology branch in Suzhou High-tech Zone, indicating a clear path for growth [2][11]. - The bank's performance remains strong, with a focus on improving asset quality and maintaining a leading position in industry growth rates [11]. Summary by Sections Company Investment Rating - The current stock price is 7.39 yuan, with a total share capital of 331,649 million shares and a net asset per share of 9.57 yuan [9]. Dividend Policy - The company plans to implement mid-term dividends for the first time, with expectations to increase the dividend per share (DPS) to 0.28 yuan or 0.30 yuan in 2025, resulting in dividend yields of 3.8% and 4.0% respectively [11]. Branch Expansion - The bank has accelerated its branch expansion since Q4 2024, with a clear growth trajectory through various acquisition and establishment strategies, including the absorption of village banks and the establishment of new branches [11][12]. Financial Performance - The bank's net interest margin remains significantly above industry averages, and it is expected to maintain a steady credit growth rate of around 8% in 2025 [11]. - The bank's non-performing loan ratio is projected to improve, with a focus on risk management and asset quality [11]. Market Position - The bank is currently valued at 0.77 times its 2025 price-to-book ratio, indicating it is undervalued compared to historical levels, and is recommended for investment due to its competitive advantages and growth potential [11].

截至2025年6月13日收盘，常熟银行（601128）报收于7.39元，较上周的7.24元上涨2.07%。本周，常熟 银行6月13日盘中最高价报7.49元。6月9日盘中最低价报7.1元。常熟银行当前最新总市值245.09亿元， 在农商行板块市值排名3/10，在两市A股市值排名613/5150。 本周关注点 交易信息汇总 常熟银行本周出现两笔折价明显的大宗交易：- 6月11日，1笔折价11.04%的大宗交易，合计成交226.2万 元。- 6月10日，1笔折价10.21%的大宗交易，合计成交199.86万元。 公司公告汇总第八届董事会第十二次会议决议公告 江苏常熟农村商业银行股份有限公司第八届董事会第十二次会议于2025年6月13日召开，审议通过以下 议案：- 提请股东大会授权董事会决定2025年中期利润分配方案。- 变更注册资本并相应修改《公司章 程》有关条款，注册资本由人民币3,014,978,914元变更为人民币3,316,485,099元，该议案还需提交股东 大会审议并经国家金融监督管理总局苏州监管分局核准。- 吸收合并江苏如东融兴村镇银行有限责任公 司并设立分支机构，该议案也需提交股东大会审议。- 设立 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders on June 30, 2025 [1] - The meeting will utilize a combination of on-site and online voting methods [1] - The online voting system will be provided by the Shanghai Stock Exchange, with voting available from 9:15 AM to 3:00 PM on the day of the meeting [1][2] Group 2 - The company plans to change its registered capital from RMB 3,014,978,914 to RMB 3,316,485,099 due to the conversion of convertible bonds and profit distribution [20] - The company will modify relevant clauses in its Articles of Association to reflect the change in registered capital [21] - The proposed changes will require approval from the general meeting of shareholders and the regulatory authority [21][28] Group 3 - The board of directors approved several proposals, including the mid-year profit distribution plan and the merger with Jiangsu Rudong Rongxing Village Bank [25][30] - The establishment of a new branch in Suzhou focused on technology finance was also authorized [31] - The board meeting was conducted in compliance with legal regulations, with all directors present [24]

Group 1 - The company has approved a change in registered capital and corresponding amendments to its Articles of Association due to the implementation of the 2024 profit distribution plan and the conversion of convertible bonds into shares [1][2] - The registered capital will be increased from RMB 3,014,978,914 to RMB 3,316,485,099 as a result of the conversion of 52,000 yuan of convertible bonds into 7,540 shares [1][2] - The company plans to modify the relevant clauses in its Articles of Association to reflect the new registered capital amount, while other provisions will remain unchanged [2]

二、董事会会议审议情况 证券代码：601128 证券简称：常熟银行 公告编号：2025-024 江苏常熟农村商业银行股份有限公司 第八届董事会第十二次会议决议公告 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十二次会议于 2025 年 6 月 13 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 6 月 5 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。部分监事和高管列席了会议，会议 符合《公司法》等法律法规及本行《章程》的有关规定。 本议案尚需提交股东大会审议。 （四）设立苏州科技支行 （一）提请股东大会授权董事会决定 2025 年中期利润分配方案 同意 12 票，反对 0 票，弃权 0 票。 本议案尚需提交股东大会审议。 （二）变更注册资本并相应修改《公司章程》有关条款 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《常熟银行 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-025 江苏常熟农村商业银行股份有限公司 关于变更注册资本并相应修改《公司章程》的公告 | 1 | 第六条 | 本行注册资本金为人民 | 第六条 | 本行注册资本金为人民币 | | --- | --- | --- | --- | --- | | | 币 | 3,014,978,914 元。 | 3,316,485,099 | 元。 | 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、变更注册资本情况 本行于 2022 年 9 月 15 日发行的可转换公司债券（以下简称"常银转债"） 自 2023 年 3 月 21 日起可转换为本行 A 股普通股。自 2024 年 5 月 29 日至 2025 年 6 月 4 日，累计 52,000 元常银转债转为本行 A 股普通股，累计转股数为 7,540 股，转股后本行股本总数由 3,014,978,914 股增加至 3,014,986,454 股。 本行于 2025 年 ...

证券代码：601128 证券简称：常熟银行 公告编号：2025-026 江苏常熟农村商业银行股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、召开会议的基本情况 (一)股东大会类型和届次 2025年第二次临时股东大会 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关 规定执行。 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 6 月 30 日 9 点 30 分 召开地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 股东大会召开日期：2025年6月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网 ...

2025 年第二次临时股东大会会议资料 江苏常熟农村商业银行股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 6 月 30 日 2025 年第二次临时股东大会会议资料 目 录 | 股东大会议程 | 2 | | --- | --- | | 股东大会会议须知 | 3 | | 提请股东大会授权董事会决定 2025 年中期利润分配方案 | 4 | | 变更注册资本并相应修改《公司章程》有关条款 | 5 | | 吸收合并江苏如东融兴村镇银行有限责任公司并设立分支机构 | 6 | 1、提请股东大会授权董事会决定 2025 年中期利润分配方案 2、变更注册资本并相应修改《公司章程》有关条款 3、吸收合并江苏如东融兴村镇银行有限责任公司并设立分支机构 四、投票表决、计票 五、宣布表决结果 六、律师宣读法律意见书 七、大会结束 2025 年第二次临时股东大会会议资料 1 2025 年第二次临时股东大会会议资料 股东大会议程 会议时间：2025 年 6 月 30 日（星期一）上午 9:30 会议地点：江苏省常熟市新世纪大道 58 号本行三楼多功能厅 主 持 人：董事长 薛文先生 一、主持人宣布会议开始 二、审 ...