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]

Group 1: Profit Forecasts - Gan Li Pharmaceutical expects a net profit of 1.1 billion to 1.2 billion yuan for 2025, an increase of 78.96% to 95.23% year-on-year [1] - Astone Technology anticipates a net loss of 40 million to 60 million yuan for 2025, compared to a loss of 25.34 million yuan in the previous year [2] - JinkoSolar forecasts a net loss of 5.9 billion to 6.9 billion yuan for 2025 [6] - Time Space Technology expects a net loss of 235 million to 290 million yuan for 2025 [7] - Phi Li Hua predicts a net profit of 412 million to 472 million yuan for 2025, a year-on-year increase of 31.12% to 50.22% [8] - Southern Precision expects a net profit of 300 million to 370 million yuan for 2025, representing a growth of 1130% to 1417% [10] - Daikin Heavy Industries anticipates a net profit of 1.05 billion to 1.2 billion yuan for 2025, an increase of 121.58% to 153.23% [11] - Qianfang Technology expects a net profit of 250 million to 320 million yuan for 2025, recovering from a loss of 1.193 billion yuan in the previous year [18] - Bohai Leasing forecasts a net loss of 250 million to 500 million yuan for 2025, with a significant goodwill impairment loss expected [13] - Qujiang Cultural Tourism anticipates a net loss of 130 million to 165 million yuan for 2025 [31] Group 2: Corporate Announcements - Hualan Biological Engineering received approval for clinical trials of its recombinant shingles vaccine [3] - Baishan Nonferrous Metals announced the resignation of its chairman, Wang Pugong, due to work changes [4] - Binhai Energy plans to invest approximately 548 million yuan in two projects related to porous carbon and silicon-carbon anode materials [15] - Nankai Group signed a 296 million yuan equipment sales contract with Inner Mongolia Xijin Mining Co., Ltd. [16] - Tianhua New Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange [12] - Xinneng Technology is also planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange [28] - Lu Wei Optoelectronics intends to raise no more than 1.38 billion yuan through a private placement [26]

Investment Rating - The investment rating for Su Nong Bank is "Buy" (maintained) [8] Core Views - Su Nong Bank's 2025 performance report indicates steady growth in revenue and profit, with improvements in non-performing loans and provisions [1] - The bank's revenue and net profit for 2025 are projected to grow by 0.4% and 5.0% year-on-year, respectively, with an increase in growth rates compared to the first three quarters of 2025 [2][3] - The outlook for 2026 suggests reduced pressure on core revenue, with expectations of improved interest margins and good growth in non-interest income [3] Financial Performance Summary - For Q4 2025, Su Nong Bank's non-performing loan ratio was 0.88%, a decrease of 2 basis points from the previous quarter, while the provision coverage ratio increased by 14 percentage points to 370% [5] - Loan and deposit growth rates as of Q4 2025 were 7.8% and 7.5% year-on-year, respectively, with a cautious lending strategy expected to maintain single-digit growth in loans for 2026 [4] - The forecast for net profit growth from 2025 to 2027 is 5.04%, 5.27%, and 6.26%, respectively, with a target price of 6.77 CNY per share, indicating a potential upside of 37% [6]

注2：由于本行在2024年年度利润分配中实施了以资本公积金转增股本方案，股份总数由1,835,037,670 股增加至2,018,541,437股。 证券代码：603323 证券简称：苏农银行 公告编号：2026-003 江苏苏州农村商业银行股份有限公司 2025年度业绩快报公告 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。 本公告所载2025年度主要财务数据为初步核算的集团口径数据，未经会计师事务所审计，具体数据以本 行2025年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年度主要财务数据和指标 单位： 人民币 百万元 ■■ 注1：总贷款不含应收利息，总存款含应付利息。 二、经营业绩和财务状况情况说明 2025年，是"十四五"规划的收官之年，也是本行"五年再造"的交卷之年。本行立足战略全局，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，本行总资产2 ...