Core Viewpoint - The financial performance of listed rural commercial banks in China is showing a trend of increasing differentiation, with significant revenue growth observed in specific banks like Changshu Bank and Jiangyin Bank, while others lag behind [1][2][3]. Group 1: Revenue Performance - In the first half of 2025, the top two performing banks were Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank, with revenues of 14.741 billion and 13.444 billion respectively, both nearing 15 billion [2]. - Changshu Bank and Qingnong Bank followed with revenues exceeding 6 billion, while the remaining banks had revenues below 3 billion [2]. - Changshu Bank and Jiangyin Bank reported significant year-on-year revenue growth, both exceeding 10%, which is notably higher than other banks [3]. Group 2: Non-Interest Income - In a declining net interest margin environment, listed rural commercial banks are increasingly relying on non-interest income to stabilize revenue [5]. - Investment income has become a crucial component of non-interest income, with most banks reporting significant increases compared to the previous year, particularly Zijin Bank and Jiangyin Bank, which saw increases of 95.41% and 81.44% respectively [5]. - Chongqing Rural Commercial Bank was the only bank to report a decrease in investment income year-on-year, while its interest income ratio increased, helping maintain stable overall revenue [5][6]. Group 3: Mid-Year Dividends - Several listed rural commercial banks announced their first-ever mid-year dividend plans, including Changshu Bank, which proposed a cash dividend of 0.15 yuan per share, totaling 497 million yuan [7]. - Jiangyin Bank and Su Nong Bank also introduced mid-year dividends, aiming to enhance investor returns and boost long-term holding confidence [7][8]. - The overall trend indicates a shift towards more frequent dividend distributions, moving from annual to semi-annual payouts, which is expected to improve dividend yields in the coming years [8].

Market Overview - On September 4, the rural commercial bank sector declined by 0.61% compared to the previous trading day, with Hu Nong Bank leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Individual Stock Performance - Among the rural commercial banks, Changshu Bank saw a closing price of 7.60 with a gain of 1.20%, while Hu Nong Bank closed at 8.82, down 1.34% [1] - The trading volume and turnover for various banks were reported, with Changshu Bank having a trading volume of 565,700 shares and a turnover of 4.25 billion yuan [1] Capital Flow Analysis - The rural commercial bank sector experienced a net inflow of 384,700 yuan from institutional investors, while retail investors saw a net inflow of 11.7 million yuan [1] - The table of capital flow indicates that the majority of the funds were flowing into certain banks, with Yu Nong Bank receiving a net inflow of 73.51 million yuan from institutional investors [2] Detailed Capital Flow by Bank - Yu Nong Bank had a net inflow of 73.51 million yuan from institutional investors, while it faced a net outflow of 41.89 million yuan from speculative funds [2] - Changshu Bank experienced a net inflow of 19.16 million yuan from institutional investors, but a significant outflow of 51.75 million yuan from speculative funds [2] - Other banks like Zijin Bank and Su Nong Bank also reported net outflows from institutional and speculative funds, indicating varied investor sentiment across the sector [2]

Investment Rating - The report indicates a positive outlook for the banking industry, with overall revenue and net profit growth rates turning positive in the first half of 2025, at 1.0% and 0.8% respectively, showing improvements from the previous quarter [4]. Core Insights - The banking sector's net interest margin for the first half of 2025 is reported at 1.42%, a decrease of 10 basis points compared to the previous year, but the decline is narrowing due to improved cost management on the liability side [5]. - Non-interest income, particularly from fees and commissions, has increased by 3.1% year-on-year, driven by a recovery in wealth management and a more active market environment [5]. - The asset quality remains stable, with a non-performing loan ratio of 1.23% and a provision coverage ratio of 239%, indicating a solid credit environment [5]. Summary by Sections Financial Performance Overview - The overall revenue and net profit growth for listed banks in the first half of 2025 were 1.0% and 0.8%, respectively, with both metrics showing improvement from the first quarter [4][22]. - The total assets of listed banks reached 321.3 trillion yuan, growing by 6.35% year-to-date, with loans and advances totaling 179.4 trillion yuan, accounting for 55.84% of total assets [21][24]. Income Sources - Net interest income decreased by 1.3% year-on-year, but the decline rate has slowed, reflecting better management of funding costs [5]. - Fee and commission income grew by 3.1% year-on-year, benefiting from a recovering market and the gradual impact of regulatory changes [5]. - Other non-interest income saw a significant increase of 10.7%, primarily due to favorable market conditions in the bond market [5]. Asset Quality and Management - The non-performing loan ratio remained stable at 1.23%, with a provision coverage ratio of 239%, indicating a robust asset quality [5]. - The credit cost for the first half of 2025 was 0.81%, a decrease of 5 basis points year-on-year, suggesting manageable credit risks [5]. Loan Growth and Composition - Loan growth was primarily driven by corporate lending, with significant contributions from infrastructure and manufacturing sectors [20]. - Personal loan growth was weaker, with a year-on-year increase of only 3.6%, reflecting a cautious approach to consumer lending amid rising risks [20]. Investment and Market Conditions - The investment asset proportion decreased to 34% as banks adjusted their strategies in response to market volatility [20]. - The overall yield on bonds fluctuated significantly, prompting banks to engage in tactical trading to enhance returns [20].

Core Insights - The rural commercial bank sector experienced a rise of 2.83% on September 2, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - Chongqing Rural Commercial Bank (601077) closed at 6.65, up 4.23%, with a trading volume of 1.68 million shares and a transaction value of 1.11 billion [1] - Shanghai Rural Commercial Bank (601825) closed at 60.6, up 3.89%, with a trading volume of 814,600 shares and a transaction value of 734 million [1] - Jiangyin Bank (002807) closed at 4.90, up 2.08%, with a trading volume of 479,800 shares and a transaction value of 233 million [1] - Other notable performances include Zijin Bank (601860) up 1.70%, Changshu Bank (601128) up 1.46%, and Zhangjiagang Bank (002839) up 1.34% [1] Fund Flow Analysis - The rural commercial bank sector saw a net outflow of 6.54 million from institutional investors, while retail investors experienced a net outflow of 102 million [1] - Speculative funds recorded a net inflow of 109 million [1] - Detailed fund flow for Chongqing Rural Commercial Bank shows a net inflow of 11.57 million from institutional investors, but a net outflow of 88.18 million from retail investors [2] - Shanghai Rural Commercial Bank had a net inflow of 14.69 million from institutional investors and a net inflow of 49.14 million from speculative funds [2] - Other banks like Zijin Bank and Su Nong Bank experienced significant net outflows from institutional investors, indicating a mixed sentiment in the sector [2]

Financial Performance - In the first half of 2025, the company's operating revenue was 2,392.666 million, showing a slight increase from 2,381.006 million in the same period of 2024 [1] - The total profit for the same period was 1,064.758 million, up from 1,045.583 million year-on-year [1] - The net profit attributable to shareholders was 912.482 million, compared to 911.411 million in the previous year [1] - The net profit after deducting non-recurring gains and losses was 908.187 million, slightly higher than 903.322 million in the previous year [1] - The net cash flow from operating activities was 1,295.694 million, a significant decline of 90.53% from 13,677.388 million in the previous year [1][21] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders increased to 20,381.258 million from 19,936.160 million at the end of the previous year [1] - The company's debt investments decreased by 18.03%, while loans and advances increased by 1.51% [27] - Customer deposits and interbank deposits rose by 2.48%, while borrowed funds decreased by 68.9% [29] Shareholder Structure - The top ten circulating shareholders as of the end of the first half of 2025 included a new shareholder, Hu Yongtang, replacing Suning Electric Group [32] - The shareholding of Hong Kong Central Clearing Limited increased, while Nanjing Zijin Investment Group's shareholding decreased [32] Valuation Metrics - As of the market close on August 29, the company's price-to-earnings (P/E) ratio was approximately 6.72 times, the price-to-book (P/B) ratio was about 0.54 times, and the price-to-sales (P/S) ratio was around 2.44 times [1]

Core Points - The Supervisory Board of Jiangsu Zijin Rural Commercial Bank Co., Ltd. held a meeting on August 27, 2025, to review the half-year report and its summary for 2025, confirming compliance with relevant laws and regulations [1][2] - The meeting had full attendance with 9 supervisors present, and all resolutions were passed unanimously with 9 votes in favor, 0 against, and 0 abstentions [2] Summary by Sections Meeting Details - The meeting was convened in accordance with the Company Law and internal regulations, with prior notification sent via email on August 17, 2025 [1] - All 9 supervisors attended the meeting, ensuring a quorum for decision-making [1] Resolutions Passed - The Supervisory Board approved the half-year report and its summary, affirming that the preparation and review processes adhered to legal and regulatory requirements [1] - The content and format of the report were deemed compliant with regulatory standards, accurately reflecting the bank's operations without any breaches of confidentiality or harm to the bank's interests [1]

Core Viewpoint - Jiangsu Zijin Rural Commercial Bank reported steady growth in key financial metrics for the first half of 2025, with a focus on supporting rural and small enterprises while maintaining a robust risk management framework [2][3]. Financial Performance - Total operating income for the first half of 2025 reached CNY 2,392.67 million, a slight increase of 0.49% compared to CNY 2,381.01 million in the same period of 2024 [2]. - Total profit amounted to CNY 1,064.76 million, reflecting a 1.83% increase from CNY 1,045.58 million year-on-year [2]. - Net profit attributable to shareholders was CNY 912.48 million, a marginal increase of 0.12% from CNY 911.41 million in the previous year [2]. - The bank's total assets grew to CNY 272.09 billion, up 0.79% from CNY 269.94 billion at the end of the previous year [2]. - The non-performing loan ratio stood at 1.24%, with a provision coverage ratio of 200.48% [3]. Business Operations - The bank's loan balance for agricultural and small enterprises reached CNY 1,283.80 billion, accounting for 66.9% of total loans [3]. - The bank has focused on enhancing its service to the real economy, particularly in rural and small business sectors, aligning with national policies [3][4]. - The bank has implemented a strategic transformation, upgrading its microfinance department and signing strategic cooperation agreements with local governments [4][5]. Risk Management - The bank has established a comprehensive risk management system, focusing on credit, market, liquidity, and operational risks [9]. - The management has emphasized compliance culture and risk awareness among staff, enhancing the overall risk control framework [4][9]. Market Positioning - The bank maintains a strong commitment to serving rural areas and small enterprises, positioning itself as a key player in local economic development [8]. - The bank's governance structure is designed to integrate party leadership with corporate governance, ensuring effective oversight and management [8].

公司代码：601860 公司简称：紫金银行 江苏紫金农村商业银行股份有限公司 第一节 重要提示 未来发展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 权董事会在符合监管要求和利润分配的条件下制定具体的中期分红方案，相关方案确定后 另行公告。 前十名股东持股情况（不含通过转融通出借股份） | 第二节 | 公司基本情况 | | | | | | --- | --- | --- | --- | --- | --- | | | 公司股票简况 | | | | | | 股票种类 股票上市交易所 | | 股票简称 | 股票代码 | | 变更前股票简 | | 称 | | | | | | | 普通股A股 上海证券交易所 | | 紫金银行 | 601860 | - | | | 联系人和联系方式 | | 董事会秘书 | | 证券事务代表 | | | 姓名 许国玉 | | | 张毅 | | | | 联系地址 | 南京市建邺区江东中路 | 381 号 | 南京市建邺区江东中路 | 381 号 | | | 电话 | 025-88 ...

董事会会议决议公告 本公司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法律责任。 江苏紫金农村商业银行股份有限公司（以下简称"本行"或"公司"）第五 届董事会第二次会议于 2025 年 8 月 27 日在公司总部以现场方式召开。会议通知 及会议文件已于 2025 年 8 月 15 日以电子邮件方式发出。会议应出席董事 11 名， 实际出席董事 11 名，因部分董事任职资格尚需报金融监管机构核准，本次会议 有表决权董事 9 人。部分监事及高级管理人员列席会议。会议由董事长邵辉先生 主持，会议的召集、召开符合《公司法》等法律法规和公司章程的有关规定。 会议以现场记名投票表决方式审议通过了以下议案： 一、关于 2025 年半年度报告及摘要的议案 表决情况：9 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 详见上海证券交易所网站（www.sse.com.cn）发布的相关内容。 二、2025 年半年度第三支柱信息披露报告 表决情况：9 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会审计委员会审议通过。 三、关于修 ...

Market Overview - On August 29, the rural commercial bank sector declined by 0.23%, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Key stock performances in the rural commercial bank sector included: - Zijin Bank: Closed at 2.98, up 1.71% with a trading volume of 1.1942 million shares and a turnover of 3.56 billion [1] - Wuxi Bank: Closed at 6.10, up 1.50% with a trading volume of 520,700 shares and a turnover of 321 million [1] - Zhangjiagang Bank: Closed at 4.52, up 0.67% with a trading volume of 671,100 shares and a turnover of 304 million [1] - Qingnong Bank: Closed at 3.42, up 0.59% with a trading volume of 661,700 shares and a turnover of 228 million [1] - Jiangyin Bank: Closed at 4.80, up 0.21% with a trading volume of 510,100 shares and a turnover of 247 million [1] - Ruifeng Bank: Closed at 5.61, down 0.18% with a trading volume of 182,100 shares and a turnover of 103 million [1] - Changshu Bank: Closed at 7.52, down 0.27% with a trading volume of 445,800 shares and a turnover of 338 million [1] - Sunong Bank: Closed at 5.29, down 0.38% with a trading volume of 477,800 shares and a turnover of 255 million [1] - Hunan Rural Commercial Bank: Closed at 18.70, down 0.68% with a trading volume of 364,400 shares and a turnover of 320 million [1] - Yunnan Rural Commercial Bank: Closed at 6.29, down 0.79% with a trading volume of 865,600 shares and a turnover of 552 million [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 13.4605 million from main funds, while speculative funds saw a net inflow of 38.5712 million, and retail investors had a net outflow of 25.1107 million [1] - Detailed capital flow for individual stocks included: - Sunong Bank: Main funds net inflow of 22.3068 million, speculative funds net inflow of 30.55 million, retail net outflow of 22.6123 million [2] - Jiangyin Bank: Main funds net inflow of 7.4654 million, speculative funds net inflow of 73.39 million, retail net outflow of 8.1993 million [2] - Zijin Bank: Main funds net inflow of 7.3454 million, speculative funds net inflow of 819.73 million, retail net outflow of 15.5427 million [2] - Qingnong Bank: Main funds net inflow of 6.0408 million, speculative funds net inflow of 374.38 million, retail net outflow of 9.7846 million [2] - Wuxi Bank: Main funds net inflow of 3.1286 million, speculative funds net inflow of 96.36 million, retail net outflow of 4.0922 million [2] - Ruifeng Bank: Main funds net outflow of 1.3678 million, speculative funds net inflow of 794.01 million, retail net outflow of 6.5722 million [2] - Zhangjiagang Bank: Main funds net outflow of 2.5651 million, speculative funds net inflow of 438.50 million, retail net outflow of 1.8199 million [2] - Hunan Rural Commercial Bank: Main funds net outflow of 7.2508 million, speculative funds net inflow of 596.70 million, retail net inflow of 128.37 million [2] - Changshu Bank: Main funds net outflow of 8.2141 million, speculative funds net inflow of 620.80 million, retail net inflow of 200.61 million [2] - Yunnan Rural Commercial Bank: Main funds net outflow of 40.3497 million, speculative funds net inflow of 12.71 million, retail net inflow of 40.2227 million [2]