Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 5.36 [6][10]. Core Insights - The company reported a year-on-year increase in net profit and revenue of 5.8% and 1.2% respectively for the first nine months of 2025, indicating stable profit growth supported by credit stability and improved capital levels [6][9]. - The company has shown effective business transformation with steady operational efficiency, focusing on credit stability, interest margin stabilization, and robust non-interest income growth [6][8]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024, 2025E, 2026E, and 2027E are RMB 4,711 million, RMB 4,767 million, RMB 4,845 million, and RMB 4,971 million respectively, with growth rates of 3.75%, 1.18%, 1.64%, and 2.61% [5]. - **Net Profit Forecast**: Expected net profits for the same years are RMB 1,879 million, RMB 1,985 million, RMB 2,090 million, and RMB 2,198 million, reflecting growth rates of 5.13%, 5.67%, 5.31%, and 5.16% [5]. - **Asset Quality**: The non-performing loan (NPL) ratio is projected to remain stable at 0.94% through 2027, with a robust provision coverage ratio of 355% as of September [9][32]. Business Operations Summary - **Credit and Deposits**: As of September, total assets, loans, and deposits grew by 2.5%, 7.5%, and 6.3% respectively, indicating a stable credit environment [7]. - **Non-Interest Income**: Non-interest income increased by 22.4% year-on-year, with significant growth in wealth management and other non-interest income streams [8]. - **Capital Adequacy**: The capital adequacy ratio and core tier 1 capital ratio improved to 13.49% and 11.06% respectively, enhancing the company's risk resilience [9].

Core Insights - Zhangjiagang Bank, as the first rural commercial bank established from a rural credit cooperative, maintains a strategic focus on supporting agriculture and small enterprises, showcasing strong operational resilience and growth potential [1] Financial Performance - For the first three quarters of 2025, Zhangjiagang Bank reported operating income of 3.676 billion yuan, a year-on-year increase of 1.18%, and a net profit attributable to shareholders of 1.572 billion yuan, up 5.79% year-on-year, indicating improved profitability and cost control [2] - The bank's wealth management business has seen significant growth, with agency sales reaching 4.343 billion yuan, a 162.73% increase from the beginning of the year, and wealth management balances at 24.434 billion yuan, up 14.85% [2] - The shift towards a more diversified income structure reflects the bank's strategy to reduce reliance on traditional interest margins, enhancing its adaptability in a complex environment [2] Asset and Loan Growth - As of September 2025, Zhangjiagang Bank's total assets reached 221.201 billion yuan, a 1.05% increase from the beginning of the year, with total deposits at 176.346 billion yuan, up 5.83%, and total loans at 146.311 billion yuan, increasing by 6.55% [3] - The bank has maintained a strong focus on agricultural and small enterprise lending, with loans to these sectors totaling 124.786 billion yuan, accounting for 90.34% of total loans, and growing faster than the overall loan portfolio [3] Risk Management and Asset Quality - The bank's non-performing loan ratio stood at 0.94% as of September, unchanged from the beginning of the year, indicating stable asset quality, while the provision coverage ratio was 355.05%, reflecting robust risk resilience [4] - Zhangjiagang Bank has implemented an innovative risk control system, establishing a "1+1+3" risk management team model to ensure stable business operations [4] Strategic Development - The bank is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to solidify its foundation for high-quality development [5] - As of September 2025, the bank's green credit balance was 5.298 billion yuan, a 21% increase, and loans to technology enterprises reached 12.204 billion yuan, up 19.42% [5] Digital Transformation and Shareholder Returns - In the digital finance sector, the bank has introduced local applications of open-source models to enhance internal processes, with transaction volumes exceeding 89 billion yuan since the pilot [6] - The bank's decision to implement a mid-term dividend for the first time in October 2025 reflects its commitment to shareholder returns and signals confidence in its development [6]

Core Viewpoint - Zhangjiagang Bank (002839.SZ) reported a slight increase in revenue and net profit for the first three quarters of 2025, indicating stable financial performance amid market conditions [1] Financial Performance - The company's operating revenue for the first three quarters reached 3.676 billion yuan, representing a year-on-year growth of 1.18% [1] - Net profit attributable to shareholders of the listed company was 1.572 billion yuan, showing a year-on-year increase of 5.79% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 1.574 billion yuan, reflecting a year-on-year growth of 8.44% [1] - Basic earnings per share stood at 0.6 yuan [1]

Core Insights - Zhangjiagang Rural Commercial Bank reported a revenue of 3.676 billion yuan for Q3 2025, reflecting a year-on-year growth of 1.18% [1] - The net profit attributable to shareholders reached 1.572 billion yuan, marking a year-on-year increase of 5.79% [1] Financial Performance - As of the end of September 2025, the total assets of Zhangjiagang Rural Commercial Bank amounted to 221.201 billion yuan, an increase of 2.293 billion yuan from the beginning of the year, representing a growth rate of 1.05% [1] - Total deposits stood at 176.346 billion yuan, up by 9.716 billion yuan since the start of the year, with a growth rate of 5.83% [1] - The total loan balance reached 146.311 billion yuan, increasing by 8.995 billion yuan year-to-date, which corresponds to a growth rate of 6.55% [1] Asset Quality - The non-performing loan ratio remained stable at 0.94%, unchanged from the beginning of the year [1] - The provision coverage ratio was reported at 355.05%, indicating a robust level of asset quality management [1]

Group 1 - Zhangjiagang Bank held its eighth board meeting on October 29, 2025, to review the proposal for revising the recovery plan [1] - For the first half of 2025, the bank's revenue composition was 75.14% from interest income and 2.73% from non-interest income [1] - The current market capitalization of Zhangjiagang Bank is 10.8 billion yuan [2]

证券代码：002839 证券简称：张家港行 公告编号：2025-031 表决结果：同意 11 票，反对 0 票，弃权 0 票。 江苏张家港农村商业银行股份有限公司 第八届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏。 江苏张家港农村商业银行股份有限公司（以下简称"公司"）于 2025 年 10 月 17 日以电子邮件及书面方式向全体董事发出关于召开第八届董事会第十二次 会议的通知，会议于 2025 年 10 月 29 日在总行 19 楼会议室召开，以现场加视频 会议表决方式进行表决。公司应参会董事 11 名，实际参会董事 11 名。会议由董 事长孙伟先生主持，高级管理人员列席，本次会议的召集、召开符合《公司法》 《深圳证券交易所股票上市规则》和《公司章程》的规定，会议合法有效。会议 经逐项表决，通过以下议案： 一、审议通过了《行长室 2025 年三季度业务经营报告》； 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过了关于《公司 2025 年第三季度报告》的议案； 公司 2025 年第三季度报告同日在《证券时报 ...

Core Insights - The rural commercial bank sector experienced a slight increase of 0.03% on October 30, with Changshu Bank leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Changshu Bank (601128) closed at 7.04, up 1.73% with a trading volume of 1,123,500 shares and a transaction value of 800 million yuan [1] - Other notable performances include: - Yunnan Rural Commercial Bank (601077) at 6.88, up 0.29% [1] - Wuxi Bank (600908) at 6.06, up 0.17% [1] - Jiangyin Bank (002807) at 4.79, down 0.21% [1] - Shanghai Rural Commercial Bank (601825) at 8.49, down 0.35% [1] Capital Flow - The rural commercial bank sector saw a net outflow of 21.47 million yuan from institutional investors, while retail investors contributed a net inflow of 18.53 million yuan [1] - Specific capital flows for selected banks include: - Jiangyin Bank (002807) with a net outflow of 29.87 million yuan from institutional investors [2] - Yunnan Rural Commercial Bank (601077) with a net inflow of 19.57 million yuan from institutional investors [2] - Shanghai Rural Commercial Bank (601825) with a significant net outflow of 23.35 million yuan from institutional investors [2]

Core Insights - Zhangjiagang Bank reported third-quarter revenue of 1.071 billion yuan, a year-on-year decrease of 0.10% [1] - The net profit for the third quarter was 577 million yuan, reflecting a year-on-year increase of 6.99% [1] - For the first three quarters, the total revenue reached 3.676 billion yuan, showing a year-on-year growth of 1.18% [1] - The net profit for the first three quarters amounted to 1.572 billion yuan, with a year-on-year increase of 5.79% [1]

张家港行公告称，2025年10月29日召开的第八届董事会第十二次会议，审议通过多项议案。包括《行长 室2025年三季度业务经营报告》《公司2025年第三季度报告》等。其中，《关于吸收合并江苏东海张农 商村镇银行有限责任公司并改建为分支机构的议案》获通过，此议案需提交最近一次股东会审议，股东 会时间另行通知。此外，还通过了修订恢复计划、《内部审计章程》等议案，各议案表决结果均为11票 同意、0票反对、0票弃权。 ...

4、公司本季度财务报告未经审计。 证券代码：002839 证券简称：张家港行 公告编号：2025-032 江苏张家港农村商业银行股份有限公司 2025 年第三季度报告 重要内容提示： 1、公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、误导 性陈述或者重大遗漏，并承担个别和连带的法律责任。 2、公司于 2025 年 10 月 29 日召开了江苏张家港农村商业银行股份有限公司第八届董事会第十二次会 议，应出席董事 11 名，实到董事 11 名，会议一致同意通过关于《江苏张家港农村商业银行股份有限公司 2025 年第三季度报告》的议案。 3、本行法定代表人孙伟、行长吴开、主管会计工作负责人朱宇峰、会计机构负责人褚云声明：保证季 度报告中财务报告的真实、准确、完整。 一、主要会计数据和财务指标 1.主要会计数据 公司是否需追溯调整或重述以前年度会计数据 □是 √否 单位：人民币元 | 项目 | 本报告期末 | | 本报告期末比上年度 上年度末 | | | --- | --- | --- | --- | --- | | | | | | 末增减 | | 总资产 | 221,200,80 ...