2024 年年度股东大会 现场会议时间：2025 年 5 月 22 日 14：00 现场会议地点：江苏省苏州市吴江区东太湖大道 10888 号 5 楼报告厅 主持人：董事长徐晓军 审议议案： 听取报告： 会议材料 2025 年 5 月 22 日 江苏苏州农村商业银行股份有限公司 2024 年年度股东大会会议材料目录 | 2024 年年度股东大会会议议程 | 1 | | --- | --- | | 2024 年年度股东大会会议须知 | 3 | | 审议议案一：2024 | 年度董事会工作报告 5 | | 审议议案二：2024 | 年度监事会工作报告 12 | | 审议议案三：2024 | 年年度报告及摘要 17 | | 审议议案四：2024 | 年度财务决算报告及 2025 年度预算方案 18 | | 审议议案五：2024 | 年度利润分配方案 22 | | 审议议案六：关于 2025 | 年中期分红安排的议案 23 | | 审议议案七：2024 | 年度关联交易专项报告 24 | | 审议议案八：关于部分关联方 | 2025 年度日常关联交易预计额度的议案 28 | | 审议议案九：关于聘请 2025 | 年 ...

Market Overview - A-shares opened higher but quickly entered a downward trend, with the Shanghai Composite Index up 0.17% and the Shenzhen Component down 0.13% by the afternoon close [1] - Total trading volume in the A-share market was 13,260 billion yuan, a decrease of 149 billion yuan from the previous day [1] Banking Sector Performance - The banking sector saw a collective rise, with Shanghai Bank, Pudong Development Bank, and Jiangsu Bank reaching historical highs [2] - The banking sector overall rose by 1.64%, ranking third among industry sectors for the day, with a weekly increase of 1.59% [2] - All 42 constituent stocks in the banking sector experienced gains, with Chongqing Bank rising over 4% and several others, including Shanghai Bank and Pudong Development Bank, increasing over 3% [2] Financial Indicators - In Q1, 42 banks reported a total net profit of 5,639.79 billion yuan, with the four major state-owned banks accounting for over 52% of this profit [3] - Analysts expect the banking sector to stabilize by 2025, with reduced net interest margin pressure and improved asset-liability management [3] Shipping and Port Sector - The shipping sector experienced significant gains, with the shipping index (European line) futures rising over 10% at the open and closing up 5.79% [4] - The shipping concept sector overall rose by 2.51%, ranking second among industry concepts for the day, with notable gains in stocks like Guohang Ocean and Huaguang Source Sea [4] Economic and Trade Relations - Recent U.S.-China trade talks showed signs of easing tensions, positively impacting financial and shipping trade sentiments [5] - The reduction of tariffs and supportive financial policies are expected to enhance corporate profitability and market sentiment in the short term, while promoting high-quality economic development in the long term [5]

Core Viewpoint - The meeting in Shengze Town, Wujiang District, Suzhou, focused on exploring innovative paths for low-carbon green development in the textile industry, with significant contributions from various organizations including Suzhou Rural Commercial Bank and GIZ [1][2]. Group 1: Carbon Footprint Certification - Wujiang Rongliang Chemical Fiber Co., Ltd. received the "Product Carbon Footprint Verification Statement" from TUV Rheinland, marking the first international certification of its kind for Shengze textile enterprises [1]. - The company completed a "life cycle carbon footprint assessment" over seven months, supported by Suzhou Rural Commercial Bank, covering the entire process from raw material procurement to fabric sales [1]. Group 2: Low-Carbon Transformation Project - The "Shengze Town Textile Industry Low-Carbon Transformation and Financial Innovation Guide Project" was executed by GIZ and Beijing Zhongchuang Carbon Investment Technology Co., Ltd., focusing on the carbon footprint of typical export products like four-way stretch fabrics [2]. - The project created a localized management demonstration case for carbon footprints and proposed targeted performance improvement plans for textile enterprises [2]. Group 3: Green Finance and Industry Support - Suzhou Rural Commercial Bank played a leading role in green finance, collaborating with various stakeholders to address challenges in the low-carbon transformation of the traditional textile industry [2]. - The outcomes of the project provide a replicable and promotable "Shengze Solution" for low-carbon green transformation in the textile industry, benefiting the Yangtze River Delta region and beyond [2].

对此，苏商银行特约研究员武泽伟在接受记者采访时表示，六大国有行2024年分红总额大幅高于上一 年，这体现了银行业盈利能力的强劲及管理层对加大股东回报的重视。他进一步分析称，银行加大分红 主要有三大原因：第一，六大行净利润实现稳健增长，强劲的盈利能力成为六大行进行高分红的底气； 第二，过去监管层屡次强调上市公司要通过分红、回购等方式，增强投资者回报，银行通过大力分红响 应落实监管要求；第三，体现了银行管理层对市值管理的重视，通过高频分红、定期分红等，可以坚定 投资者长期持有公司股票的信心。 武泽伟指出，对于银行自身而言，加大分红力度，可以强化投资者对银行股"压舱石"属性的认可，吸引 社保、险资等中长期资金加大对银行板块的配置力度，从而促进银行股整体估值水平上升和股价水平上 涨。 随着近期财报的陆续披露完毕，各家上市银行去年分红情况也浮出水面。已公告的A股42家上市银行 2024年度累计分红总额为6315.42亿元，其中作为分红的"主力军"，六大国有行2024年现金分红总额达 到约4206.36亿元，大幅高于上一年。另外，今年部分银行的分红落地时间也大幅提前。 4月29日晚间，西安银行（600928）、苏农银行（ ...

证券代码：603323 证券简称：苏农银行 公告编号：2025-013 江苏苏州农村商业银行股份有限公司 关于召开 2024 年度业绩说明会的公告 江苏苏州农村商业银行股份有限公司（以下简称"本行"或"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。 重要内容提示： 本行已于 2025 年 4 月 30 日发布《2024 年年度报告》，为便于广大投资者更 全面深入地了解本行 2024 年度经营成果、财务状况，本行计划于 2025 年 5 月 16 日下午 15:30-16:30 举行 2024 年度业绩说明会，就投资者关心的问题进行交 流。 一、说明会类型 本次投资者说明会以网络互动形式召开，本行将针对 2024 年度的经营成果 及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 16 日下午 15:30-16:30 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 ( ...

Investment Rating - The report maintains a positive outlook on the banking sector, highlighting it as a low-volatility dividend play in a counter-cyclical environment and a strong performer in absolute returns during a pro-cyclical phase [6]. Core Insights - The first quarter of 2025 saw a decline in both revenue and net profit for listed banks, with revenue and net profit down 1.7% and 1.2% year-on-year, respectively. The main reasons for this decline were the expected decrease in interest margins and pressure from non-interest income [3][12]. - Loan growth has remained stable, with a year-on-year increase of 7.9% in the first quarter. Notably, banks in Jiangsu and Zhejiang, as well as Chengdu, continue to show strong economic performance, while Chongqing has emerged as a new growth area with loan growth exceeding 16% [3][4]. - The average net interest margin for listed banks was 1.54% in the first quarter, reflecting a slight quarter-on-quarter increase of 2 basis points, supported by a decrease in the cost of interest-bearing liabilities [4][12]. - The non-performing loan (NPL) ratio for listed banks decreased to 1.23%, with an estimated annualized NPL generation rate of approximately 0.63% [5][19]. - The report emphasizes the importance of focusing on high-dividend yield banks, particularly those with solid provisions and growth opportunities in favorable policy environments [6][19]. Summary by Sections Performance Overview - The first quarter of 2025 saw a significant impact from the decline in interest margins and non-interest income, leading to a negative growth in both revenue and profit for listed banks [10][12]. - The report indicates that the performance of state-owned banks was below expectations, while city and rural commercial banks generally met expectations [3][19]. Loan and Credit Analysis - Loan growth has been stable, with a year-on-year increase of 7.9% in the first quarter. The report highlights that the demand for loans from small and medium-sized enterprises has weakened, affecting the growth rates of rural commercial banks [3][4]. Interest Margin and Cost Analysis - The report notes that the average net interest margin for listed banks improved slightly, with a quarter-on-quarter increase attributed to a reduction in the cost of interest-bearing liabilities [4][12]. Asset Quality and Risk Management - The NPL ratio for listed banks decreased to 1.23%, with proactive measures taken to manage and dispose of non-performing assets [5][19]. - The report indicates that the retail sector is experiencing some risk exposure, but overall asset quality remains stable [5][19]. Investment Recommendations - The report recommends focusing on banks with high dividend yields and solid fundamentals, particularly those that are well-positioned to benefit from favorable policy changes [6][19].

2025 年 05 月 05 日 苏农银行 (603323) ——息差同比降幅收敛，城区增长极贡献持续深化 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 5.24 | | 一年内最高/最低（元） | 5.83/4.13 | | 市净率 | 0.5 | | 股息率%（分红/股价） | 3.44 | | 流通 A 股市值（百万元） | 9,616 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.01 | | 资产负债率% | 91.72 | | 总股本/流通 A 股(百万) | 1,835/1,835 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03- ...

Core Viewpoint - Su Nong Bank reported resilient growth in revenue and profit for 2024 and Q1 2025, with a focus on strategic expansion into urban areas and improved deposit stability [1][2][3][4][9] Financial Performance - In 2024, Su Nong Bank achieved operating income of 4.17 billion, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 1.95 billion, up 11.7% [1] - For Q1 2025, the bank reported operating income of 1.13 billion, a 3.3% increase year-on-year, and a net profit of 440 million, up 6.2% [1] - The annualized weighted average return on equity for Q1 2025 was 9.6%, a decrease of 0.8 percentage points year-on-year [1] Revenue and Profit Growth - Revenue growth rates for 2024 and Q1 2025 were 3.2% and 3.3%, respectively, with net interest income and non-interest income growth rates of -5% and 25.6% for 2024 [2] - The cost-to-income ratio for 2024 and Q1 2025 was 35.2% and 30.6%, respectively, showing a year-on-year change of +0.6 and -0.7 percentage points [2] Loan and Deposit Trends - As of Q1 2025, the bank's interest-earning assets and loans grew by 5.9% and 3.3% year-on-year, respectively [3] - Total loans for 2024 included 7.5 billion for corporate, 200 million for retail, and -700 million for bills, with a focus on agricultural, small and micro enterprises, and green loans [3] - Deposits grew by 10.1% year-on-year in Q1 2025, with a significant increase in demand deposits [4] Net Interest Margin (NIM) and Cost of Funds - The NIM for 2024 was reported at 1.55%, with a slight increase from mid-year but a decrease of 19 basis points from 2023 [5][6] - The cost of interest-bearing liabilities decreased to 1.81% in Q1 2025, down 21 basis points from 2024 [7] Asset Quality and Capital Adequacy - The non-performing loan (NPL) ratio remained low at 0.9% as of Q1 2025, with a coverage ratio of 420% [8][9] - The bank's capital adequacy ratios were robust, with core Tier 1 capital at 10.77% as of Q1 2025 [9] Strategic Outlook - The bank's "Five-Year Reconstruction" plan is ongoing, with a focus on expanding market share in urban areas and enhancing non-interest income [9][10] - The bank plans to implement a mid-term dividend in 2025, enhancing investor confidence [9]

营收稳健增长，不良走势平稳 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 区域性银行 | 苏农银行 24 年营收、PPOP、归母净利润同比+3.2%、+2.4%、+11.6%， 与业绩快报一致。25Q1 营收、PPOP、归母净利润分别同比+3.3%、+4.4%、 +6.2%，利润增速下滑主要因拨备反哺力度减轻。24 年拟每股分红 0.18 元， 分红比例为 16.98%（23 年：18.62%），股息率为 3.44%（25/04/29），此 外以资本公积向全体股东每 10 股转增 1 股。公司经营稳健，维持买入评级。 信贷增长放缓，零售有所回暖 证券研究报告 苏农银行 (603323 CH) 负债成本优化，其他非息波动 24 年净息差 1.55%，较 24H1+2bp，较 23 年-19bp。其中贷款收益率、存 款成本率分别较 23 年-43bp、-10bp。测算 25Q1 净息差较 24 年下行 6bp， 其中生息资产收益率、计息负债成本率分别-28bp、-23bp，随定期存款集中 到期重定价，预计负债成 ...

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company has shown stable revenue growth, with operating income reaching 4.174 billion yuan in 2024 and 1.132 billion yuan in Q1 2025, representing year-on-year growth of 3.17% and 3.29% respectively. The net profit attributable to shareholders for 2024 and Q1 2025 was 1.945 billion yuan and 440 million yuan, with year-on-year growth of 11.62% and 6.19% respectively [1][3] - The company maintains a solid asset quality, with a non-performing loan ratio of 0.90% as of Q1 2025, and a provision coverage ratio of 420% [3][8] - The company is expanding its scale, with total assets growing by 5.64% year-on-year in 2024 and 4.78% in Q1 2025, reaching 2218.90 billion yuan [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating income of 41.74 billion yuan, a 3.17% increase from the previous year. The net profit attributable to shareholders was 19.45 billion yuan, reflecting an 11.62% increase [1][4] - For Q1 2025, operating income was 11.32 billion yuan, up 3.29% year-on-year, and net profit was 4.40 billion yuan, a 6.19% increase [1][4] Asset Quality - The non-performing loan ratio stood at 0.90% as of Q1 2025, remaining stable compared to previous periods. The provision coverage ratio was 420% [3][8] Capital and Growth - The company's total assets reached 2218.90 billion yuan by the end of Q1 2025, with a year-on-year growth of 4.78%. Loans increased by 3.77% and deposits by 10.46% in the same period [2][3] - The core Tier 1 capital adequacy ratio was reported at 10.77% as of Q1 2025 [2][3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 2.114 billion yuan, 2.298 billion yuan, and 2.492 billion yuan respectively, with corresponding year-on-year growth rates of 8.7% for 2025 and 2026, and 8.5% for 2027 [3][4]