Core Viewpoint - The article highlights the strong performance of Changshu Bank in the first half of 2025, with significant growth in both revenue and net profit, indicating resilience in its financial performance [2][3]. Financial Performance - In the first half of 2025, Changshu Bank achieved an operating income of 6.06 billion yuan, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 1.97 billion yuan, up 13.5% year-on-year [2]. - The weighted average return on equity (ROAE) was 13.3%, reflecting a slight increase of 0.05 percentage points year-on-year [2]. Revenue and Profit Growth - The revenue and net profit growth rates for the first half of 2025 were 10.1% and 13.5%, respectively, with slight changes from the first quarter [3]. - In the second quarter of 2025, the revenue and net profit growth rates were 10.2% and 13.2%, showing stability in performance [3]. Asset and Loan Growth - As of the end of the second quarter of 2025, the total assets and loan growth rates were 9.2% and 5.2%, respectively, with a slight increase in asset growth compared to the previous quarter [5]. - The bank added approximately 1.8 billion yuan in loans during the second quarter, which was a decrease of 1.9 billion yuan year-on-year [5]. Deposit Growth - The total liabilities and deposit growth rates at the end of the second quarter of 2025 were 9% and 9.9%, respectively, indicating an acceleration in deposit growth [6]. - The bank added 1.7 billion yuan in deposits during the second quarter, which was an increase of 2.5 billion yuan year-on-year [6]. Interest Margin and Cost Control - The bank is expected to see a narrowing of the interest margin decline in the second quarter due to effective cost control measures on liabilities [7]. - The bank has adjusted deposit rates multiple times this year, which is anticipated to improve the cost structure and mitigate pressure on interest margins [7]. Capital Supplementation - The bank has a 6 billion yuan convertible bond with a low conversion ratio, and the current stock price is close to the strong redemption price, indicating potential for capital supplementation [8]. - The stable double-digit growth in revenue and profit enhances the bank's internal capital replenishment capability, supporting future expansion and growth [8].

业绩韧性较强，维持较好增长。公司披露2025年半年度业绩快报，2025年上半年实现营收60.6亿元，同比增长10.1%（2025Q1，10.0%），归母净利润19.7亿元，同比增长13.5%（2025Q 零售信贷需求依然疲软，同时公司也主动降速来夯实做小做散的根基。期末公司资产总额近4013亿元，贷款总额2515亿元（不含应计利息），较年初分别增长了9.5%和4.4%。其中，上半年合 加强存款成本管控，压降长期储蓄存款比例。期末公司存款余额3108亿元（不含应付利息），较年初增长了8.5%，低于去年同期14.0%的增速。面临信贷需求不足，债券市场波动加大的环境， 不良率和拨备覆盖率维持平稳，绝对水平优于同业。期末不良率0.76%，与3月末持平，较年初下降1bp。期末拨备覆盖率490%，与3月末持平，较年初下降了约11个百分点，不良处置压力预期 投资建议：维持2025-2027年归母净利润至44/52/62亿元的预测，对应同比增速为15.7%/18.1%/18.4%，当前股价对应2025-2027年PB值为0.75x/0.66x/0.58x。公司微贷依然承压，但 风险提示：宏观经济复苏不及预期会拖累公司净息差和 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company demonstrated strong revenue and profit resilience, with a year-on-year revenue increase of 10.1% to 6.06 billion yuan and a net profit increase of 13.5% to 1.97 billion yuan in the first half of 2025 [3][4] - The return on average equity (ROAE) improved to 13.3%, up by 0.05 percentage points year-on-year [3][4] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.76% and a provision coverage ratio of 489.5% [7][9] Revenue and Profitability - The company's revenue and net profit growth rates for the first half of 2025 were 10.1% and 13.5%, respectively, showing resilience in performance [4] - The second quarter of 2025 saw a revenue growth of 10.2% and a net profit growth of 13.2% compared to the same period last year [4] - The bank's total assets and loans grew by 9.2% and 5.2% year-on-year, respectively, indicating a steady expansion [4][5] Asset and Liability Management - The bank's total liabilities and deposits grew by 9% and 9.9% year-on-year, respectively, with a notable increase in deposit growth in the second quarter [5] - The loan-to-deposit growth rate difference widened to 4.7 percentage points, indicating a good match in growth between loans and deposits [5] Interest Margin and Cost Control - The report anticipates a narrowing of the interest margin decline due to effective cost control on liabilities and adjustments in deposit rates [6] - The bank has adjusted its deposit rates multiple times this year, which is expected to gradually alleviate the trend towards longer-term deposits [5][6] Capital Adequacy and Future Growth - The company has a strong capital replenishment capability, supported by a 6 billion yuan convertible bond that is expected to convert favorably [8] - The bank's earnings growth forecast for 2025-2027 is maintained at 11.4%, 10.7%, and 6%, respectively, with adjusted EPS estimates of 1.28, 1.42, and 1.50 yuan [9][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a strong performance in the first half of 2025, with revenue of 6.06 billion yuan, a year-on-year increase of 10.1%, and a net profit of 1.97 billion yuan, up 13.5% year-on-year, indicating stable growth [1] - The company is actively reducing the pace of credit expansion to solidify its foundation for smaller-scale operations, as retail credit demand remains weak [1][2] - The company has managed to maintain a stable non-performing loan ratio of 0.76% and a provision coverage ratio of 490%, which is better than its peers [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 6.06 billion yuan, a 10.1% increase year-on-year, and a net profit of 1.97 billion yuan, reflecting a 13.5% growth [1] - The total assets reached approximately 401.3 billion yuan, with total loans amounting to 251.5 billion yuan, marking a growth of 9.5% and 4.4% respectively compared to the beginning of the year [1] Deposit Management - The company’s deposit balance stood at 310.8 billion yuan, growing by 8.5% year-on-year, which is lower than the 14.0% growth seen in the same period last year [2] - The company is focusing on reducing high-cost long-term deposits and encouraging clients to shorten deposit terms to balance its asset-liability structure and lower deposit costs [2] Profit Forecast and Valuation - The forecast for net profit for 2025-2027 is set at 4.41 billion yuan, 5.21 billion yuan, and 6.17 billion yuan respectively, with year-on-year growth rates of 15.7%, 18.1%, and 18.4% [3] - The current stock price corresponds to a price-to-book (PB) ratio of 0.75x for 2025, 0.66x for 2026, and 0.58x for 2027, indicating a favorable valuation [3] Market Position - The company maintains a competitive edge in the small and micro-enterprise lending sector, with a comprehensive network in Jiangsu and opportunities for expansion into other provinces through village banks [3]

Core Viewpoint - Changshu Bank reported strong financial performance for the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating resilience in its operations [1][2]. Financial Performance - The bank achieved a revenue of 6.06 billion yuan, representing a year-on-year increase of 10.1%, and a net profit attributable to the parent company of 1.97 billion yuan, up 13.5% year-on-year [1][2]. - The weighted average return on equity (ROAE) was 13.3%, an increase of 0.05 percentage points compared to the previous year [1]. Revenue and Profit Growth - Revenue and net profit maintained double-digit growth, with year-on-year growth rates of 10.1% and 13.5%, respectively, showing slight changes from the first quarter of 2025 [2]. - In the second quarter of 2025, revenue and net profit growth rates were 10.2% and 13.2%, respectively, indicating stable performance [2]. Asset and Loan Growth - As of the end of the second quarter of 2025, total assets and loans grew by 9.2% and 5.2% year-on-year, respectively, with a slight increase in asset growth compared to the previous quarter [2][3]. - New loans in the second quarter amounted to approximately 1.8 billion yuan, a decrease of 1.9 billion yuan year-on-year, continuing a trend of reduced loan issuance [2]. Deposit Growth - Deposit growth accelerated, with total liabilities and deposits increasing by 9% and 9.9% year-on-year, respectively, showing improved growth rates compared to the previous quarter [3]. - The bank added 1.7 billion yuan in deposits during the second quarter, significantly higher than the previous year due to a low base effect [3]. Interest Margin and Cost Control - The bank is expected to see a narrowing of interest margin declines due to effective cost control measures on liabilities, despite a downward trend in loan rates [3][4]. - Recent adjustments to deposit rates have begun to show immediate effects, with a focus on reducing funding costs [4]. Asset Quality - The non-performing loan (NPL) ratio remained low at 0.76%, unchanged from the previous quarter, indicating stable asset quality [4]. - The provision coverage ratio was 489.5%, reflecting strong risk mitigation capabilities [4]. Capital and Growth Potential - The bank has a strong internal capital replenishment capability, supported by the conversion of convertible bonds, which provides a solid foundation for future growth [5]. - The bank's unique business model and focus on small and micro enterprises position it well for continued growth in the retail sector [5][6]. Profit Forecast and Valuation - The bank's projected net profit growth rates for 2025-2027 are 11.4%, 10.7%, and 6%, with adjusted earnings per share (EPS) forecasts of 1.28, 1.42, and 1.5 yuan, respectively [6]. - Current price-to-book (PB) and price-to-earnings (PE) ratios indicate attractive valuation levels, supporting a "buy" rating [6].

证券研究报告 | 公司点评报告 2025 年 07 月 22 日 常熟银行（601128.SH） 业绩坚挺，等待溢价 总量研究/银行 2025 年 7 月 21 日，常熟银行披露 2025 年半年度业绩快报，营收保持两位数 的相对高增长，归母净利润稳健中高速增长，不良率稳定，拨备覆盖率稳定。 核心观点： ❑ 风险提示：经济下行超预期；宏观政策力度不及预期；存款竞争加剧。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 9870 | 10909 | 11763 | 12481 | 13350 | | 同比增长 | 12.1% | 10.5% | 7.8% | 6.1% | 7.0% | | 营业利润(百万元) | 4053 | 4869 | 5206 | 5665 | 6080 | | 同比增长 | 20.5% | 20.1% | 6.9% | 8.8% | 7.3% | | 归母净利润(百万元) | 3282 | 3813 | 4222 | 4 ...

Core Viewpoint - The first half performance forecast of Changshu Bank shows a notable increase in revenue and net profit despite a challenging banking environment, indicating resilience in its operations [1][3]. Financial Performance - For the first half of 2025, Changshu Bank reported revenue of 6.062 billion and net profit attributable to shareholders of 1.969 billion, reflecting year-on-year growth rates of 10.1% and 13.55% respectively [1][4]. - The bank's total assets reached 401.251 billion, with total loans at 251.471 billion, marking a 4.4% increase compared to the end of the previous year [4]. - The non-performing loan ratio decreased to 0.76%, down from 0.77% at the beginning of the year, while the provision coverage ratio fell to 489.53% [4][5]. Loan and Deposit Dynamics - The growth in total loans was lower than the growth in deposits, which increased by 4.06 percentage points, potentially impacting the net interest margin [3][4]. - As of the first quarter, the bank's loan distribution was 38.6% for corporate loans and 54.18% for retail loans, with corporate loans growing by 7.3% while retail loans saw a minimal increase of 0.24% [5]. Key Ratios and Indicators - The annualized return on total assets and the weighted average return on equity increased by 0.02 and 0.05 percentage points respectively [3]. - The bank's basic earnings per share rose to 0.59 from 0.52 year-on-year [4]. Strategic Positioning - Changshu Bank has established a strong market position focusing on "three rural issues and two small enterprises," creating a competitive edge through its "Changyin Microfinance Model" [5].

Group 1 - Jiangte Electric plans to change its control rights, with stock suspension starting from July 22, expected to last no more than 2 trading days. Additionally, its subsidiary Yichun Yinli will suspend operations for equipment maintenance for approximately 26 days, which is not expected to significantly impact annual performance [3] - Core Technology intends to sell 100% equity of its subsidiary Zhongshan Core Automation Technology for 156 million yuan and transfer related assets for a total of approximately 82 million yuan. The company aims to optimize its business structure by consolidating resources [4] - Fengmao Co. plans to invest no more than 1.5 billion yuan to establish an intelligent chassis thermal control system production base in Yuyao, while terminating the project for a parts production base in Jiaxing, which had not yet commenced [5] - Haopeng Technology's controlling shareholder voluntarily extends the lock-up period for pre-IPO restricted shares by 12 months, reflecting confidence in the company's future development [6] - Good Products has been involved in a share transfer dispute, with the court accepting the case involving 996 million yuan. The outcome may introduce uncertainties regarding the control transfer of its major shareholder [7] Group 2 - Haitan Ruisheng expects a net profit increase of 607.01% to 960.52% for the first half of 2025, driven by rapid growth in AI technology and its applications [9] - GeKao Micro anticipates a revenue growth of 22.27% to 36.51% for the first half of 2025, supported by the recognition of its high-pixel chip integration technology [10] - Jinghe Integration forecasts a net profit increase of 39.04% to 108.55% for the first half of 2025, benefiting from improved industry conditions and increased product sales [11] - Best Beauty expects a net profit increase of 100.07% to 168.38% for the first half of 2025, attributed to significant profit growth in trade products [12] - Juzan Optoelectronics reports a net profit growth of 3.43% for the first half of 2025, with a proposed stock dividend of 4.5 shares for every 10 shares held [13] - Changshu Bank reports a net profit of 1.969 billion yuan for the first half of 2025, a year-on-year increase of 13.55% [14] - Keda Li anticipates a net profit increase of 15.73% to 26.53% for the first half of 2025, driven by the growth in new energy vehicle sales [15] - *ST Sitong reports a net loss of 16.201 million yuan for the first half of 2025, despite a revenue increase of 75.88% [16] Group 3 - Gaode Infrared has signed contracts totaling 685 million yuan for overseas market orders, representing 25.59% of its projected 2024 revenue [18] - Dajin Heavy Industry has signed a contract worth approximately 430 million yuan for offshore wind farm foundation supplies, accounting for 11.38% of its projected 2024 revenue [20] - Dongfang Precision has established a strategic partnership with Leju Robotics, focusing on embodied intelligent robots [21] - Chuling Information's subsidiary has signed a framework contract with China Mobile for a total amount of 421 million yuan, involving intelligent network integration products [22] - Hongxin Technology has entered into contracts with a leading domestic flying car company for component development and procurement [23] Group 4 - Dongcai Technology's chairman plans to reduce his stake by up to 0.43% due to personal financial needs [25] - Tianchuang Fashion's shareholder Visions plans to reduce its stake by up to 1% through centralized bidding [26]

江苏常熟农村商业银行股份有限公司 证券代码：601128 证券简称：常熟银行 公告编号：2025- 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。 本公告所载2025年半年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以本行2025年半年度报告中披露的数据为准，提请投资者注意投 资风险。 一、2025年半年度主要财务数据和指标 单位：百万元 币种：人民币 | 项目 | | | | 增减变动（%） | | | | --- | --- | --- | --- | --- | --- | --- | | | （未经审计） | | （未经审计） | | | | | 营业收入 | 6,062 | | 5,506 | | 10.10 | | | 营业利润 | 2,440 | | 2,190 | | 11.42 | | | 利润总额 | 2,458 | | 2,179 | | 12.80 | | | 归属于本行普通股股东的净利润 | | 1,969 | | | | | | ...

[Announcement Statement](index=1&type=section&id=Announcement%20Statement) This announcement is a preliminary earnings report for Jiangsu Changshu Rural Commercial Bank Co., Ltd. for H1 2025, with unaudited data and investment risk warnings - This announcement is the 2025 semi-annual performance express report of Jiangsu Changshu Rural Commercial Bank Co., Ltd. The data contained herein is unaudited by an accounting firm and represents preliminary accounting data, reminding investors to be aware of investment risks[1](index=1&type=chunk)[2](index=2&type=chunk) [Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20H1%202025) The bank's H1 2025 financial performance shows double-digit growth in revenue and net profit, with stable asset expansion and improved asset quality [Financial Data Overview](index=1&type=section&id=Financial%20Data%20Overview) In H1 2025, Changshu Bank achieved double-digit growth in operating revenue and net profit attributable to shareholders, with steady total asset growth, a decrease in non-performing loan ratio, but a slight decrease in provision coverage ratio 2025 Semi-Annual Key Financial Data and Indicators (Unit: Million Yuan, Currency: RMB) | Item | Jan-Jun 2025 (Unaudited) | Jan-Jun 2024 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,062 | 5,506 | 10.10 | | Operating Profit | 2,440 | 2,190 | 11.42 | | Total Profit | 2,458 | 2,179 | 12.80 | | Net Profit Attributable to Ordinary Shareholders of the Bank | 1,969 | 1,734 | 13.55 | | Net Profit Attributable to Ordinary Shareholders of the Bank Excluding Non-Recurring Gains and Losses | 1,952 | 1,738 | 12.31 | | Basic Earnings Per Share (Yuan/Share) | 0.59 | 0.52 | 13.46 | | Return on Total Assets (%) | 1.10 | 1.08 | Increased by 0.02 percentage points | | Weighted Average Return on Net Assets (%) | 13.33 | 13.28 | Increased by 0.05 percentage points | | **Item** | **June 30, 2025 (Unaudited)** | **December 31, 2024 (Audited)** | **Change (%)** | | Total Assets | 401,251 | 366,582 | 9.46 | | Of which: Total Loans | 251,471 | 240,862 | 4.40 | | Total Liabilities | 369,268 | 335,913 | 9.93 | | Of which: Total Deposits | 310,777 | 286,546 | 8.46 | | Owners' Equity Attributable to Ordinary Shareholders of the Bank | 29,898 | 28,648 | 4.36 | | Share Capital | 3,316 | 3,015 | 9.98 | | Net Assets Per Share Attributable to Ordinary Shareholders of the Bank (Yuan/Share) | 9.01 | 9.50 | -5.16 | | Non-Performing Loan Ratio (%) | 0.76 | 0.77 | Decreased by 0.01 percentage points | | Provision Coverage Ratio (%) | 489.53 | 500.51 | Decreased by 10.98 percentage points | [Notes on Financial Data](index=1&type=section&id=Notes%20on%20Financial%20Data) The report clarifies the annualized nature of total asset return and weighted average return on equity, the composition of total loans and deposits, and the reason for the decrease in net assets per share - Return on total assets and weighted average return on net assets are **annualized data**[3](index=3&type=chunk) - Total loans do not include accrued interest, and total deposits do not include accrued interest[4](index=4&type=chunk) - Net assets per share attributable to ordinary shareholders of the bank decreased compared to the beginning of the year, primarily due to the conversion of capital reserves into share capital[4](index=4&type=chunk) [Explanation of Operating Performance and Financial Position](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The bank maintained strong business focus, achieving double-digit growth in revenue and net profit, while expanding customer base and maintaining good asset quality - The bank consistently focused on its core business, driving down liability costs through a dual-pronged approach to assets and liabilities, expanding its customer ecosystem, achieving multi-point breakthroughs in innovative businesses, and extending its provincial footprint[5](index=5&type=chunk) - In H1 2025, operating revenue and net profit attributable to ordinary shareholders both maintained **double-digit growth**, with asset quality remaining at a relatively good industry level[5](index=5&type=chunk) 2025 H1 Key Operating Indicators | Indicator | Jan-Jun 2025 / End of June 2025 | Change from prior period / beginning of year | | :--- | :--- | :--- | | Operating Revenue | 6.062 billion yuan | Increased by 10.10% year-on-year | | Net Profit Attributable to Ordinary Shareholders of the Bank | 1.969 billion yuan | Increased by 13.55% year-on-year | | Total Assets | 401.251 billion yuan | Increased by 9.46% from beginning of year | | Total Loans | 251.471 billion yuan | Increased by 4.40% from beginning of year | | Total Deposits | 310.777 billion yuan | Increased by 8.46% from beginning of year | | Non-Performing Loan Ratio | 0.76% | Decreased by 0.01 percentage points from beginning of year | | Provision Coverage Ratio | 489.53% | Decreased by 10.98 percentage points from beginning of year | [Risk Warning](index=2&type=section&id=III.%20Risk%20Warning) This preliminary financial data for H1 2025 may differ from the final report, with an expected variance not exceeding 10% - The main financial data for H1 2025 contained in this announcement are preliminary accounting data and may differ from the data disclosed in the final semi-annual report, but the expected variance will not exceed **10%**[6](index=6&type=chunk) [Reference Documents](index=2&type=section&id=IV.%20Reference%20Documents) Reference documents include comparative balance sheets and income statements signed by key executives - Reference documents include comparative balance sheets and income statements signed and sealed by the legal representative, president, chief financial officer, and head of the accounting department[7](index=7&type=chunk) [Announcement Date and Signatures](index=2&type=section&id=Announcement%20Date%20and%20Signatures) This announcement was issued by the Board of Directors of Jiangsu Changshu Rural Commercial Bank Co., Ltd. on July 21, 2025 - This announcement was issued by the Board of Directors of Jiangsu Changshu Rural Commercial Bank Co., Ltd. on **July 21, 2025**[8](index=8&type=chunk)