股价震荡，近20%中小股东投反对票，苏农银行怎么了？

Core Viewpoint - The recent shareholder meeting of Su Nong Bank highlighted significant dissent among minority shareholders regarding a merger proposal, reflecting growing caution among investors towards capital-consuming mergers in the banking sector [3][5][7]. Group 1: Shareholder Dissent - At the shareholder meeting on January 15, 2026, the proposal to merge with Jiangsu Zhangjiagang Yunnong Commercial Village Bank was approved, but 18.42% of minority shareholders (holding less than 5% of shares) voted against it, indicating a lack of confidence among nearly one-fifth of small investors [5][6]. - The overall opposition to the merger proposal was 13.08%, with a small percentage of shareholders abstaining from voting [5][6]. Group 2: Financial Performance - Su Nong Bank reported a slight increase in revenue for 2025, achieving 4.191 billion yuan, a year-on-year growth of 0.41%, while net profit rose to 2.043 billion yuan, reflecting a 5.04% increase [8][10]. - The growth rates for revenue and net profit have significantly slowed compared to the previous year, where revenue growth was 3.17% and net profit growth was 11.62% [8][10]. Group 3: Market Performance - The stock price of Su Nong Bank has been on a downward trend, with a decline of over 15% from its peak of 5.88 yuan in June 2025, closing at 4.98 yuan on January 27, 2026 [4][11]. - The bank's stock experienced an overall increase of 10.87% throughout 2025, but recent performance has raised concerns among investors [11]. Group 4: Management Changes and Future Outlook - Following the decline in performance and shareholder dissent, Su Nong Bank appointed a new management team, including a new president and two younger vice presidents, indicating a shift towards revitalizing the bank's strategy [13][14]. - The new management faces the challenge of balancing business strategies with shareholder interests, particularly in a period of narrowing interest margins, to restore investor confidence and find sustainable revenue growth [14].