江苏常熟农村商业银行股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0257 号 江苏常熟农村商业银行股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 5 月 27 日 2 ◼ 业务主要集中在综合经济实力雄厚的常熟市及长三角地区，发达的区域经济和良好的信用环境为其业务开展创 造了良好的运营环境，在常熟市的存贷款市场份额均居同业首位，在当地金融体系具有重要的地位 ◼ 拓展域外机构，有利于扩大业务发展空间、分散区域集中度 ◼ 信贷客户较为分散且小微信贷技术较为成熟，资产质量较为稳定 ◼ 个人存款和定期存款占比较高，存款稳定性较好 ◼ 主要服务的小微客户抗风险能力较弱，考虑到宏观经济增长仍面临多重因素挑战，未来需关注其资产质量的迁 徙情况 ◼ 经营所在区域市场竞争激烈，息差持续收窄对盈利带来不利影响 项目负责人：王钰莹 yywang01@ccxi.com.cn 项目组成员：王丽君 ljwang@ccxi.com.cn 王骁雄 xxwang@ccxi.com ⚫ 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8]. Core Views - The report highlights that the company's non-interest income performance is strong, and asset quality management is prudent [1][5]. - In Q1 2025, the company achieved operating 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 13.81% year-on-year [4][5]. - The total asset scale at the end of Q1 was 389.015 billion yuan, reflecting a year-on-year growth of 6.67%, with a non-performing loan ratio of 0.76%, down 1 basis point quarter-on-quarter [4][5]. Summary by Sections Financial Performance - The company reported a Q1 investment income and fair value changes of 471 million yuan, a year-on-year increase of 9.06%, outperforming industry levels [5]. - The net interest margin for Q1 was 2.61%, a decrease of 22 basis points year-on-year, primarily due to lower loan rates and a decline in the proportion of high-yield personal loans [5][6]. Asset Quality - The non-performing loan ratio at the end of Q1 was 0.76%, with a provision coverage ratio of 489.56%, down 10.95 percentage points quarter-on-quarter [4][5]. - The company continues to adopt a cautious approach, increasing provisions, with asset impairment losses rising by 13% year-on-year [5]. Future Outlook - The report projects operating revenues for 2025-2027 to be 11.712 billion, 12.225 billion, and 13.570 billion yuan, respectively, with net profits of 4.238 billion, 4.687 billion, and 5.214 billion yuan [6][8]. - The company maintains a strong capital position, with a projected PB ratio of 0.82, 0.73, and 0.66 for the years 2025, 2026, and 2027, respectively [6][8].

Core Viewpoint - Jiangsu Changshu Rural Commercial Bank Co., Ltd. announced a cash dividend distribution and capital increase plan, which includes a cash dividend of 0.25 yuan per share and a capital increase of 0.1 shares for every share held, resulting in a total cash dividend payout of approximately 753.75 million yuan and an increase of 301.5 million shares [1][2][6]. Summary by Sections Dividend and Capital Increase Plan - The profit distribution and capital increase plan was approved at the annual general meeting on April 25, 2025 [2]. - The total share capital before the distribution was 3,014,986,454 shares, and after the distribution, it will be 3,316,485,099 shares [6]. Key Dates - The record date for shareholders is June 4, 2025, with the last trading day and ex-dividend date on June 5, 2025 [2][3]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [3][4]. - The cash dividend for natural person shareholders and securities investment funds will be subject to a tax rate based on the holding period, with a maximum tax rate of 20% for holdings of one month or less [4][5]. Share Structure Changes - The share structure will change from 3,014,986,454 shares to 3,316,485,099 shares after the capital increase [6]. - The diluted earnings per share for the fiscal year 2024 is projected to be 1.15 yuan after the share increase [6].

Core Points - The company announced an adjustment to the conversion price of its convertible bonds due to the 2024 profit distribution plan, changing from RMB 6.89 per share to RMB 6.04 per share [1][3] - The adjustment will take effect on June 5, 2025, coinciding with the resumption of trading for the convertible bonds [1][3] Summary by Sections Conversion Price Adjustment Basis - The adjustment is based on the decision made during the 2024 annual shareholders' meeting held on April 25, 2025, where the company approved a profit distribution plan that includes a cash dividend of RMB 2.50 per 10 shares and a capital reserve increase of 1 share for every 10 shares held [2] - The record date for the profit distribution is set for June 4, 2025, with the cash dividend payment and the listing of new shares occurring on June 5, 2025 [2] Conversion Price Adjustment Formula and Results - The adjustment formula for the conversion price is specified in the bond issuance prospectus, which accounts for stock dividends, cash dividends, and capital increases [2] - The new conversion price of RMB 6.04 per share reflects the adjustments made according to the profit distribution plan [2][3]

差异化分红送转：否 证券代码：601128 证券简称：常熟银行 公告编号：2025-021 江苏常熟农村商业银行股份有限公司 2024年年度权益分派实施公告 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： | | | | | | 流通股份上市日 | 发放日 | | --- | --- | --- | --- | --- | --- | --- | | 股份类别 A | 股 | 股权登记日 2025/6/4 | 最后交易日 - | 除权（息）日 2025/6/5 | 新增无限售条件 2025/6/5 | 现金红利 2025/6/5 | 一、通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经本行2025 年 4 月 25 日的2024年年度股东大会 审议通过。 二、分配、转增股本方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司 ...

| 证券代码：601128 | 证券简称：常熟银行 | 公告编号：2025-022 | | --- | --- | --- | | 转债代码：113062 | 转债简称：常银转债 | | 江苏常熟农村商业银行股份有限公司 关于根据 2024 年度利润分配方案 调整 A 股可转换公司债券转股价格的公告 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。 重要内容提示： 因实施 2024 年度权益分派,本行的相关证券停复牌情况如下： 体股东每10股转增1股。 本次权益分派实施的股权登记日为2025年6月4日，现金红利发放日（除息日）、 新增无限售条件流通股份上市日为2025年6月5日，具体情况详见同日披露的《江 苏常熟农村商业银行股份有限公司2024年年度权益分派实施公告》(公告编号： 2025-021)。 根据《江苏常熟农村商业银行股份有限公司公开发行A股可转换公司债券募集 说明书》（以下简称"《募集说明书》"）的相关规定，在"常银转债"的存续 期内，当本行转增股本、派送现金股利 ...

原标题："透视银行业一季度近5亿元罚单：贷款管理不审慎" 作者 郝亚娟 张荣旺 银行业监管延续高压态势。 根据企业预警通发布的《2025年一季度银行监管处罚——数据分析报告》（以下简称《报告》），一季 度央行、金融监管总局、外管局及派出机构针对银行机构及从业人员开出罚单1466张，罚没金额4.85亿 元，罚没金额环比增长20.05%。 《中国经营报》记者注意到，贷款管理不审慎是银行被处罚的主要原因之一。一位银行业内人士表示， 信贷管理不严将直接影响银行资产质量，相关责任人员也会被处罚。 招联首席研究员、上海金融与发展实验室副主任董希淼认为，总体而言，监管部门对相关违规行为进行 处罚，有助于银行树立审慎经营理念，依法合规发展业务，更有效地防控信用风险。金融机构要建立健 全全面风险管理制度，坚持合规经营，培育合规文化，引导员工增强合规意识，不断提升合规经营管理 水平，只有这样才能更好地保护金融消费者、股东、客户、员工等利益相关者的合法权益。 双向追责成监管常态银行资产质量认定趋严 《报告》显示，一季度，央行、金融监管总局、外管局及其派出机构共针对银行机构及从业人员开出了 93张百万元以上的大额罚单，较上季度增加7 ...

Investment Rating - The report indicates a positive outlook for the banking sector, suggesting that certain stocks may have alpha potential due to policy catalysts and a cyclical recovery [4]. Core Insights - Multiple banks have lowered their deposit rates, with the one-year and five-year Loan Prime Rate (LPR) reduced by 10 basis points on May 20, 2025. This trend reflects a broader market-driven decline in deposit costs [1][2]. - The average deposit cost rate for China Merchants Bank decreased significantly by 25 basis points to 1.29% in Q1 2025, indicating a trend of improving deposit costs across the sector [1]. - The report highlights that banks like Chongqing Bank, Minsheng Bank, and CITIC Bank have substantial room for further deposit cost reductions, suggesting a favorable environment for banks to optimize their funding costs [2]. Summary by Sections Section 1: Focus of the Week - Several banks have adjusted their deposit rates downward, with over half of listed banks participating in this trend by May 24, 2025 [1]. - The report notes that the average deposit cost rate for China Merchants Bank has shown improvement since Q2 2024, aligning with previous forecasts of enhanced cost reduction in liabilities [1]. Section 2: Sector Perspective - The banking sector is expected to benefit from expansionary policies aimed at stabilizing the economy, with specific banks like Ningbo Bank, Postal Savings Bank, and China Merchants Bank highlighted as potential investment opportunities [4]. - The report emphasizes that the cyclical recovery may take time, but the ongoing interest rate cuts could sustain the dividend strategy for banks like Shanghai Bank and Jiangsu Bank [4]. Section 3: Key Data Tracking - The report tracks various financial metrics, including the issuance of interbank certificates and the average rates for different types of bank notes, indicating a dynamic market environment [9][8]. - It also notes the increase in the proportion of deposits with a remaining maturity of less than one year, which rose by 3 percentage points to 37.4% by the end of 2024, suggesting a trend towards concentrated deposit maturities [2][16].

Core Viewpoint - The A-share listed rural commercial banks demonstrated strong resilience in Q1 2025, with all 10 banks achieving positive net profit growth, highlighting their robust financial performance despite market pressures [1][5][6]. Financial Performance - All 10 A-share listed rural commercial banks reported positive net profit growth in Q1 2025, with Changshu Bank leading at a 13.81% year-on-year increase [1][7]. - Eight banks experienced positive revenue growth, while two banks, Shanghai Rural Commercial Bank and Zijin Bank, reported declines in revenue [1][5][6]. - Revenue figures for major banks include: - Chongqing Rural Commercial Bank: 72.24 billion yuan, up 1.35% - Shanghai Rural Commercial Bank: 65.60 billion yuan, down 7.41% - Qingnong Bank: 30.57 billion yuan, up 0.99% - Changshu Bank: 29.71 billion yuan, up 10.04% [3][5][6]. Asset Quality - As of the end of March, seven banks had non-performing loan (NPL) ratios below 1%, with Changshu Bank, Wuxi Bank, and Jiangyin Bank all below 0.9% [1][15]. - Qingnong Bank had the highest NPL ratio at 1.77%, despite a slight decrease from the previous year [1][15]. Asset Scale - Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank both exceeded 1.5 trillion yuan in total assets, with Chongqing leading at 1.61 trillion yuan, a 6.3% increase [9][11]. - Qingnong Bank ranked third in total assets at 511.58 billion yuan, while Changshu Bank followed closely with 389.01 billion yuan [11][12]. Interest Margin - The net interest margin for several banks has narrowed, with Zijin Bank reporting the lowest at 1.23%, below the industry average of 1.52% [4][7].

Summary of Conference Call Records Industry Overview - **Insurance Sector**: In Q1 2025, net profits for major insurers like China Ping An and China Taiping fell by 26% and 18% respectively, primarily due to declines in the bond market and equity market volatility. Conversely, PICC and China Life saw net profit growth of approximately 40%, with Xinhua also reporting positive growth, benefiting from favorable bond market and Hong Kong stock allocations [1][2]. - **Brokerage Sector**: The overall performance of 39 brokerages in Q1 2025 met expectations, with a 53% year-on-year increase in net profit, driven by a low base from the previous year and significant improvements in trading volume, which rose nearly 80% year-on-year. The number of new accounts opened increased by 32%, contributing significantly to retail business [1][3]. - **Public Fund Regulations**: New regulations for public funds shift the focus from short-term returns to long-term investor performance, potentially restoring trust and benefiting the industry's long-term development. This may exacerbate the "Matthew Effect," favoring leading fund companies [4]. - **Non-Banking Financial Sector**: The non-banking financial sector is significantly under-allocated, with only 1% of active equity funds invested compared to a standard of 6.5%. This indicates a potential recovery volume of approximately 150 billion, suggesting a sustained reallocation towards benchmark stocks, especially large-cap stocks [5][6]. Key Insights - **Brokerage Performance**: The brokerage sector is expected to see a 50% year-on-year growth in Q1 2025, with a forecasted 40% growth for the mid-year report and an overall annual growth expectation of around 25%. Current valuations remain low, with a focus on brokerages with strong retail advantages such as Guosen Securities, Huatai Securities, and GF Securities [7]. - **Insurance Recommendations**: Due to weak marginal improvements in the insurance sector, it is recommended to focus on undervalued stocks like China Taiping and China Ping An, as well as high dividend yield stocks like Jiangsu Jinzu [8]. - **Banking Sector Performance**: In Q1 2025, 42 listed banks reported a revenue decline of 1.7% and a net profit decline of 1.2%. The overall loan volume is expected to remain stable compared to 2024, with a slight narrowing of interest margins anticipated [9][14]. - **Real Estate Sector**: The real estate industry experienced a 7.5% revenue decline in Q1 2025, with a net profit loss of 10 billion yuan. The top 100 real estate companies saw a 30% drop in sales, although the decline was less severe than in previous periods. Companies with strong fundamentals in first-tier and strong second-tier cities are viewed positively [15][18]. Additional Considerations - **Market Dynamics**: The new public fund regulations may lead to a decrease in fees for banks, brokerages, and third-party sales agencies, impacting their revenues negatively but within expected limits [4]. - **Investment Strategy**: The recommendation for banks includes focusing on stable dividend strategies, with a preference for banks like CITIC Bank and Agricultural Bank of China, as well as regional banks benefiting from recovering demand from small and micro enterprises [14]. - **Future Outlook for Real Estate**: The real estate sector is expected to see a recovery in demand, particularly in first-tier and strong second-tier cities, with a focus on companies like Binjiang Group and China Merchants Shekou [18].