格隆汇12月9日丨常熟银行(601128.SH)公布，经中国人民银行批准，本行近日在全国银行间债券市场成 功发行2025年科技创新债券。本期债券于2025年12月4日簿记建档，并于2025年12月8日发行完毕，发行 规模为人民币5亿元，品种为5年期固定利率债券，票面利率为1.90%。本期债券的募集资金将依据适用 法律和监管机构的批准，专项支持科技创新领域业务。 本次科技创新债券的成功发行，有效拓宽了本行支持科创企业发展的融资渠道，有助于降低科创企业融 资成本，进一步助力本行加大科技创新业务发展。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 1.478 billion yuan for the first half of 2025, representing a year-on-year increase of 10.0%. The net profit attributable to shareholders was 97 million yuan, up 22.1% year-on-year, aligning with previous forecasts [2][6] - The company focuses on special industries, new energy vehicles, aerospace, and integrated circuits, maintaining a good level of prosperity with rapid growth in orders and revenue. It continues to prioritize economic efficiency, resulting in an improvement in net profit margin [2][6] Summary by Sections Revenue Performance - In the first half of 2025, the company achieved a revenue of 1.478 billion yuan, a 10.0% increase year-on-year. The second quarter revenue was 860 million yuan, up 13.8% year-on-year. The company’s performance was in line with its prior guidance [6][12] - Revenue by business segment for the first half of 2025 includes: - Measurement services: 348 million yuan, up 1.1% - Reliability and environmental testing: 374 million yuan, up 17.7% - Integrated circuit testing: 130 million yuan, up 17.6% - Electromagnetic compatibility testing: 166 million yuan, up 11.7% - Data science analysis and evaluation: 65 million yuan, up 47.1% - Life sciences: 210 million yuan, down 8.5% - EHS evaluation services: 41 million yuan, down 13.8% [12] Profitability - The company’s net profit margin for the first half of 2025 was 6.2%, an increase of 0.7 percentage points year-on-year. The gross profit margin was 43.4%, up 1.47 percentage points. The expense ratio was 37.8%, up 1.68 percentage points [12][12] Cash Flow and Dividends - The company generated a net operating cash flow of 79 million yuan in the first half of 2025, with the second quarter alone contributing 185 million yuan, an increase of 18.7% year-on-year. The company plans to distribute a cash dividend of approximately 84 million yuan, with a dividend payout ratio of 86.4% [12] Future Outlook - The company plans to raise up to 1.3 billion yuan through a private placement to enhance its capabilities in emerging industries. The funds will be allocated to various projects, including testing platforms for aerospace equipment and artificial intelligence chips [12] - Revenue projections for 2025-2027 are 3.57 billion yuan, 3.98 billion yuan, and 4.45 billion yuan, with year-on-year growth rates of 11.3%, 11.6%, and 11.8% respectively. The net profit attributable to shareholders is expected to reach 423 million yuan, 512 million yuan, and 625 million yuan during the same period, with corresponding growth rates of 20.0%, 21.2%, and 22.1% [12]