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 ...

Financial Performance - The bank reported a total operating income of CNY 2,970,661, representing a year-on-year increase of 10.04%[4] - Net profit attributable to shareholders reached CNY 1,083,791, up 13.81% compared to the same period last year[4] - Total profit for Q1 2025 reached CNY 1,377,690 thousand, a 12.2% increase from CNY 1,227,311 thousand in Q1 2024[27] - Net profit attributable to shareholders of the parent company was CNY 1,083,791 thousand, up 13.8% from CNY 952,266 thousand in the previous year[27] - The bank's basic earnings per share increased to CNY 0.36, a rise of 12.50% year-on-year[4] - The basic earnings per share for Q1 2025 was CNY 0.36, compared to CNY 0.32 in Q1 2024, reflecting a growth of 12.5%[27] Asset and Liability Management - Total assets increased to CNY 389,015,217, reflecting a growth of 6.12% from the end of the previous year[4] - Total liabilities increased to CNY 357,373,140 thousand from CNY 335,913,331 thousand, reflecting a rise of about 6.4%[24] - The total equity attributable to shareholders rose to CNY 29,564,295 thousand, up from CNY 28,647,828 thousand, indicating an increase of approximately 3.2%[25] - Cash and deposits with the central bank decreased to CNY 20,642,360 thousand from CNY 23,631,074 thousand, a decline of approximately 12.6%[24] Cash Flow and Liquidity - The net cash flow from operating activities decreased by 21.72%, totaling CNY 13,188,242[4] - The net cash flow from operating activities was CNY 13,188,242 thousand, a decrease of 21.5% from CNY 16,847,220 thousand in Q1 2024[30] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 19,169,739 thousand, an increase from CNY 13,428,969 thousand in Q1 2024[30] - Investment activities resulted in a net cash outflow of CNY 9,186,317 thousand, an improvement from a net outflow of CNY 12,159,642 thousand in Q1 2024[30] - The bank's liquidity coverage ratio was reported at 220.28%, indicating strong liquidity management[18] Loan and Deposit Metrics - The loan-to-deposit ratio stood at 71.33%, with loans under CNY 10 million amounting to CNY 178,070 million[9] - The bank's loan and advance issuance amounted to CNY 241,312,765 thousand, compared to CNY 232,489,390 thousand in the previous period, marking a growth of about 3.5%[24] - The bank's total deposits increased to CNY 316,691,902 thousand from CNY 294,965,058 thousand, reflecting a growth of about 7.4%[24] Non-Performing Loans and Risk Management - The non-performing loan ratio slightly improved to 0.76% from 0.77% at the end of the previous year[12] - Core Tier 1 capital adequacy ratio decreased to 10.78% from 11.18% at the end of the previous year[15] Income Sources - The bank's commission income surged by 67.10%, reaching CNY 117,075, driven by increased fees from precious metals and insurance[8] - Net interest income rose to CNY 2,317,246 thousand, up from CNY 2,296,382 thousand, reflecting a growth of 0.87%[26] - Net fee and commission income significantly increased to CNY 70,826 thousand, compared to CNY 11,899 thousand, marking a growth of 495.4%[26] Shareholder Information - The number of shares held by the top 10 shareholders accounted for 27.18% of total shares, with the largest shareholder holding 9.01%[21] - The bank engaged with 152 institutional investors across 16 meetings during the reporting period, indicating active investor relations[22] Other Comprehensive Income - The bank's other comprehensive income decreased to CNY 624,612 thousand from CNY 790,834 thousand, a decline of approximately 21%[25] Comparative Performance - Total operating income for Q1 2025 was CNY 2,970,661 thousand, an increase of 10.03% compared to CNY 2,699,689 thousand in Q1 2024[26]