Group 1 - As of January 22, 2025, five listed banks in A-shares have reported their preliminary performance for the year, showing an overall increase in net profit attributable to shareholders compared to 2024 [1] - Among these banks, three have reported a decrease in non-performing loan (NPL) ratios compared to the end of 2024 [1] - Shanghai Pudong Development Bank (SPDB) reported a revenue of 173.96 billion yuan, a year-on-year increase of 1.88%, and a net profit of 50.02 billion yuan, up 10.52% [1] - CITIC Bank and Industrial Bank reported revenues of 212.48 billion yuan and 212.74 billion yuan, with net profits of 70.62 billion yuan and 77.47 billion yuan, reflecting year-on-year growth of 2.98% and 0.34% respectively [1] - Ningbo Bank and Su Nong Bank also reported positive growth, with Ningbo Bank's revenue at 71.97 billion yuan (up 8.01%) and net profit at 29.33 billion yuan (up 8.13%), while Su Nong Bank's revenue was 4.19 billion yuan (up 0.41%) and net profit was 204.3 million yuan (up 5.04%) [1] Group 2 - Ningbo Bank disclosed its revenue structure, reporting net interest income of 53.16 billion yuan (up 10.77%) and net fee and commission income of 6.09 billion yuan (up 30.72%) [2] - All five listed banks have shown steady growth in total assets, with SPDB and CITIC Bank both surpassing 1 trillion yuan in total assets, reaching 1.008 trillion yuan and 1.013 trillion yuan respectively, marking increases of 6.55% and 6.28% from 2024 [2] - Industrial Bank's total assets reached 1.109 trillion yuan, up 5.57%, while Ningbo Bank's total assets grew by 16.11% to 363 billion yuan, and Su Nong Bank's total assets increased by 8% to 231.1 billion yuan [2] - In terms of asset quality, SPDB, CITIC Bank, and Su Nong Bank reported declines in NPL ratios, with ratios of 1.26%, 1.15%, and 0.88% respectively, while Ningbo Bank's NPL ratio remained stable and Industrial Bank's increased by 0.01 percentage points [2] Group 3 - The banking industry is expected to maintain stable performance in 2025, supported by significant improvements in funding costs, which are likely to stabilize net interest margins and boost interest income [3] - Analysts predict that the growth rates of revenue and net profit for listed banks in 2025 will improve compared to the first three quarters of 2025, driven by stable net interest margins and declining credit costs [3] - SPDB noted a significant decrease in interest costs, leading to a stabilization of net interest margins, while Ningbo Bank benefited from a 33 basis point drop in deposit interest rates, resulting in substantial growth in interest income [3] - The effects of previous reductions in deposit rates are expected to continue into 2026, helping to improve funding costs and reduce pressure on net interest margins, indicating a potential recovery phase [3]

Core Viewpoint - Jiangsu Suzhou Rural Commercial Bank (referred to as "Su Nong Bank") reported steady growth in its 2025 annual performance, but the growth rate has significantly slowed compared to 2024 [2] Financial Performance - In 2025, Su Nong Bank achieved operating income of 4.191 billion yuan, a slight increase of 0.41% year-on-year; net profit attributable to shareholders was 2.043 billion yuan, up 5.04% year-on-year [2] - Compared to 2024, where operating income and net profit growth rates were 3.17% and 11.62% respectively, the performance growth in 2025 shows a clear downward trend [2][3] Interest Margin and Income - The narrowing interest margin is a primary factor behind the slowdown in revenue growth; the net interest margin for the first half of 2025 was 1.39%, down 16 basis points from the end of 2024, and below the industry average [3] - Interest income decreased by 2.91%, 2.91%, and 3.84% year-on-year in the first three quarters of 2025, with the decline accelerating each quarter [3] Non-Interest Income Growth - Non-interest income has been a key driver for maintaining revenue and profit growth despite the pressure from narrowing interest margins; in 2023, non-interest income increased by 20.07%, and in 2024, it grew by 25.55% [5] - In 2025, non-interest income continued to grow rapidly, with net income from fees and commissions increasing by 346.02%, 69.44%, and 21.32% in the first three quarters [5] Strategic Adjustments - Su Nong Bank is focusing on optimizing its asset-liability structure and enhancing risk management to stabilize its interest margin while improving profitability [4][6] - The bank is accelerating its retail transformation, with retail deposits reaching 110.024 billion yuan, an increase of 8.57% from the beginning of the year [6] Investment and Asset Management - As of the end of 2025, Su Nong Bank's total assets reached 231.103 billion yuan, a growth of 8.00% from the beginning of the year; total loans increased by 7.81% to 139.432 billion yuan [7] - The bank has increased its investment in bonds to optimize its asset structure and enhance yield levels, which is crucial for sustainable development [7]

Core Viewpoint - The rural commercial bank sector experienced a rise of 0.58% on January 22, with Changshu Bank leading the gains, while the Shanghai Composite Index and Shenzhen Component Index also saw slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4122.58, up 0.14% [1] - The Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Changshu Bank's stock price increased by 1.96% to 7.29, with a trading volume of 631,600 shares and a transaction value of 457 million yuan [1] Group 2: Individual Stock Performance - Yunnan Rural Commercial Bank's stock rose by 1.29% to 6.27, with a trading volume of 698,700 shares and a transaction value of 437 million yuan [1] - Jiangyin Bank's stock price increased by 0.67% to 4.52, with a trading volume of 258,400 shares and a transaction value of 117 million yuan [1] - Wuxi Bank's stock price rose by 0.34% to 5.82, with a trading volume of 123,800 shares and a transaction value of 72 million yuan [1] Group 3: Fund Flow Analysis - The rural commercial bank sector saw a net inflow of 93.8 million yuan from main funds, while retail investors experienced a net outflow of 80.29 million yuan [1] - Yunnan Rural Commercial Bank had a main fund net inflow of 37.2 million yuan, but retail investors had a net outflow of 26.99 million yuan [2] - Changshu Bank experienced a main fund net inflow of 15.36 million yuan, with retail investors seeing a net inflow of 33.52 million yuan [2]

1月21日晚间，苏农银行披露了2025年业绩快报，这是A股上市农商银行首份业绩快报。 2025年是"十四五"规划的收官之年，也是对苏农银行具有特殊意义的一年。五年前，苏农银行掌舵人、公司董事长徐晓军 上任之时曾提出"五年再造一个苏农银行"的目标，成为市场关注的焦点。 现在，苏农银行"五年再造"的交卷时刻已到，最新披露的业绩快报也是一份"快检试剂"，可以让外界先期一睹苏农银行过 去五年的发展成绩单。 多项业绩指标五年翻番 最新的业绩快报显示，截至2025年末，苏农银行总资产2311.03亿元，较年初增长8.00%；总贷款1394.32亿元，较年初增长 7.81%；总存款1829.59亿元，较年初增长7.47%，其中储蓄存款1125.12亿元，较年初增长11.03%。 2025年度，苏农银行经营效益稳步提升，实现营业收入41.91亿元，同比增长0.41%；归属于母公司股东的净利润20.43亿 元，同比增长5.04%。 从数据看，过去一年，苏农银行规模指标和经营业绩继续保持稳健增长。"九层之台，起于累土"，每个报告期各项指标的 稳健增长，也最终促成苏农银行过去五年间多项业绩指标实现翻番。 其中，储蓄存款由2020年 ...

近日，江苏苏州农村商业银行股份有限公司（以下简称"苏农银行（603323）"）发布2025年度业绩快 报。公告显示，苏农银行在2025年延续稳健发展态势，业务规模持续稳步增长，营业收入和净利润均实 现正向增长，资产质量保持优良。 根据业绩快报，2025年苏农银行实现营业收入41.91亿元，同比增长0.41%；归母净利润20.43亿元，同 比增长5.04%。尽管整体经济形势复杂，苏农银行立足战略全局，聚焦主责主业，以"三一五"发展战略 规划为指引，围绕"三个银行"建设，统筹量的合理增长和质的有效提升，全行高质量发展取得新突破。 截至2025年末，苏农银行总资产达到2311.03亿元，较年初增长8.00%；总贷款1394.32亿元，较年初增 长7.81%；总存款1829.59亿元，较年初增长7.47%在风险控制方面，苏农银行的资产质量保持稳健。不 良贷款率为0.88%，较上年下降0.02个百分点，关注贷款率1.33%，拨备覆盖率370.19%，资产质量健康 稳健。（王珞） ...

国信证券研报指出，苏农银行25年营收利润增速平稳，资产质量稳健。整体来看，公司不良贷款率、拨 备覆盖率大致平稳，资产质量稳定。公司目前拨备覆盖率仍然较高，有助于维持未来净利润的稳定增 长。公司快报数据显示的整体业绩表现较为稳定，与三季报相比变化不大，目前公司拨备覆盖率仍处于 较高水平，有助于维持业绩增长的稳定性。略微下调盈利预测，维持"中性"评级。 ...

浙商证券研报指出，苏农银行25A营收和利润维持稳健增长，不良和拨备均环比改善。快报显示， 2025A苏农银行营业收入、归母净利润同比分别增长0.4%、5.0%，增速较25Q1-3提升0.3pc、持平。展 望2026年：①从营收端来看，苏农银行核心营收压力减弱，主要考虑息差拖累有望改善和中收增长预期 较好；②从利润端来看，预计苏农银行有望继续维持中小个位数的利润增速增长。维持目标价6.77元/ 股，对应目标估值2026年0.66xPB，现价空间37%。 ...

证券研究报告 | 2026年01月21日 2026年01月22日 苏农银行（603323.SH）2025 年度业绩快报点评 中性 营收利润增速平稳，资产质量稳健 苏农银行披露 2025 年度业绩快报。公司 2025 年实现营业收入 41.91 亿元， 同比增长 0.41%，实现归母净利润 20.43 亿元，同比增长 5.04%，加权平均 净资产收益率 10.84%，同比下降 0.83 个百分点。 资产规模增长平稳。公司 2025 年末资产总额 2311.03 亿元，较年初增长 8.00%，扩张速度保持平稳。其中年末贷款总额 1394.32 亿元，较年初增长 7.81%；存款总额 1829.59 亿元，较年初增长 7.47%，其中储蓄存款 1125.12 亿元，较年初增长11.03%。公司2025 年末归属于普通股股东的净资产189.75 亿元，较年初增长 5.17%。 营收利润增速平稳，ROE 同比略微回落。公司 2025 年实现营业收入 41.91 亿元，同比增长 0.41%，增速较前三季度上升 0.33 个百分点；2025 年实现 归母净利润 20.43 亿元，同比增长 5.04%，增速较前三季度略升 0 ...

Group 1 - The company reported a revenue of 4.191 billion yuan for 2025, representing a year-on-year growth of 0.41%, and a net profit attributable to shareholders of 2.043 billion yuan, with a year-on-year increase of 5.04% [1] - The total assets of the company reached 231.103 billion yuan by the end of 2025, an increase of 8.00% from the beginning of the year, with total loans amounting to 139.432 billion yuan, up 7.81%, and total deposits of 182.959 billion yuan, up 7.47% [1] - The weighted average return on equity (ROE) was 10.48%, a decrease of 0.83 percentage points compared to the same period last year [1] Group 2 - The non-performing loan (NPL) ratio stood at 0.88% at the end of 2025, a decrease of 0.02 percentage points from both the beginning of the year and the third quarter [2] - The provision coverage ratio was 370.19% at the end of 2025, down 58.77 percentage points from the beginning of the year but increased by 14.34 percentage points compared to the end of the third quarter [2] - The company maintains a high provision coverage ratio, which supports stable growth in net profit [2] Group 3 - The company slightly adjusted its profit forecast, expecting net profits of 2.043 billion, 2.136 billion, and 2.267 billion yuan for 2025-2027, with year-on-year growth rates of 5.0%, 4.6%, and 6.1% respectively [2] - The diluted EPS is projected to be 1.11, 1.16, and 1.24 yuan for the same period, with current price-to-earnings (PE) ratios of 4.9, 4.7, and 4.4 times, and price-to-book (PB) ratios of 0.51, 0.47, and 0.43 times [2]

Investment Rating - The investment rating for the company is "Neutral" [5] Core Views - The company's overall performance in the 2025 earnings report is stable, with a slight increase in revenue and profit compared to the previous year. The revenue reached 4.191 billion yuan, a year-on-year growth of 0.41%, while the net profit attributable to shareholders was 2.043 billion yuan, reflecting a growth of 5.04% [1][2] - The asset quality remains robust, with a non-performing loan ratio of 0.88%, which has decreased by 0.02 percentage points compared to the beginning of the year. The provision coverage ratio stands at 370.19%, showing a decrease of 58.77 percentage points year-on-year but a recovery of 14.34 percentage points from the previous quarter [2][3] Financial Performance Summary - For 2025, the company reported total assets of 231.103 billion yuan, an 8.00% increase from the beginning of the year. The total loans amounted to 139.432 billion yuan, up 7.81%, and total deposits reached 182.959 billion yuan, increasing by 7.47%, with savings deposits growing by 11.03% [1][2] - The weighted average return on equity (ROE) for 2025 is 10.84%, which is a decrease of 0.83 percentage points year-on-year [1][2] - The earnings forecast for 2025-2027 projects net profits of 2.043 billion, 2.136 billion, and 2.267 billion yuan, with growth rates of 5.0%, 4.6%, and 6.1% respectively. The diluted EPS is expected to be 1.11, 1.16, and 1.24 yuan for the same years [3][4]