Changshu Bank(SH:601128) Ge Long Hui A P P·2025-08-13 08:21Core Viewpoint - Ping An Securities report indicates that Changshu Bank achieved a net profit attributable to shareholders of 1.97 billion yuan in the first half of 2025, representing a year-on-year growth of 13.5% [1] Financial Performance - As of June 30, 2025, Changshu Bank's total assets reached 401.2 billion yuan, an increase of 9.45% compared to the beginning of the year [1] - Loans increased by 4.40% year-to-date, while deposits grew by 8.46% [1] - The mid-term dividend payout ratio is set at 25.27%, an increase from previous years [1] Business Strategy - The company maintains a focus on the "three rural issues and two small businesses" market positioning, emphasizing inclusive finance and expanding into underserved customer segments [1] - Retail and small micro-businesses are steadily developing, with expectations of continued benefits from the recovery in demand from small enterprises and retail customers [1] Capital Structure - As of August 12, the company's convertible bond balance reached 6 billion yuan, with the closing price on that date (7.88 yuan) exceeding the redemption price (7.85 yuan) [1] - Successful conversion of these bonds could further enhance the company's capital strength [1] Investment Outlook - The company maintains its profit forecast and is optimistic about the growth potential of its small micro-business segment, sustaining a "strongly recommend" rating [1]