Core Viewpoint - Jiangsu Bank's Xuzhou branch is committed to high-quality financial services to support the modernization of Xuzhou, achieving a total financing balance of nearly 120 billion yuan as of the end of March, maintaining a leading position in the industry [1] Group 1: Service to the Real Economy - The bank integrates itself into local development, aiming to be a "good student" in policy execution, regulatory compliance, and market performance [2] - It has implemented a three-year action plan to support the high-quality development of the manufacturing industry, focusing on smart and digital transformation, with manufacturing loans ranking first in the city [2] - The "Suyin e-chain" financial service system addresses supply chain challenges, with a supply chain loan balance exceeding 2.5 billion yuan [2] - The bank has created the "Suyin Financial Steward" platform to provide integrated and intelligent services for enterprises, enhancing efficiency in financial and operational processes [2] Group 2: Green Finance Initiatives - Jiangsu Bank has optimized its "Suyin Green Finance" service model, achieving intelligent recognition of green business and automatic measurement of environmental benefits [4] - By the end of 2024, the bank's green investment and financing scale is expected to exceed 550 billion yuan, with green loans ranking among the top in 21 commercial banks directly managed by the central bank [4] - The bank has launched various green financing products, with green credit exceeding 20 billion yuan and a growth rate of 24.2% [4] Group 3: Support for Small and Micro Enterprises - Since launching its first online loan product for small and micro enterprises in 2015, the bank has continuously explored financing channels and introduced innovative products [5] - As of the end of March, the bank's inclusive finance loan balance reached nearly 10 billion yuan, earning recognition as an advanced unit in inclusive financial services [5] Group 4: Comprehensive Financial Services - The bank has developed a multifunctional mobile banking app to meet diverse financial and non-financial needs, with over 1.25 million users as of the end of March [8] - It has upgraded its pension financial services and created a dedicated product system for elderly clients, with over 60,000 personal pension accounts established [8] - The bank is actively promoting consumption through various loan products and initiatives, enhancing the quality of life for the public [8] Group 5: Digital Transformation - The bank leverages advanced technologies such as big data and artificial intelligence to innovate its product offerings, launching products like "Suyin e-chain" and "Sui e-loan" [9] - It supports nearly 1,000 technology innovation enterprises, with a technology loan balance of nearly 10 billion yuan [9] - The bank has introduced a "Talent Service Toolbox" to provide comprehensive support for talent development, optimizing services for technology enterprises throughout their lifecycle [9]

Group 1 - The core event is the collaboration between Jiangsu Bank and the Galaxy Left Bank Music Festival, scheduled for May 17-18, 2025, at the Jin Niu Lake Olympic Sailing Center in Nanjing, featuring numerous well-known bands and artists [1] - The music festival will offer an immersive experience combining music and finance, with interactive activities at Jiangsu Bank's booth, where attendees can participate to win customized merchandise and music festival souvenirs [1] - A financial service area will be set up at the event, providing various convenient services such as card processing and app activation, along with games and quizzes for attendees to win prizes [1] Group 2 - Jiangsu Bank is focused on creating a mobile banking experience that better understands customer needs, continuously optimizing its business model and upgrading its "finger-tip service" through digital transformation [2] - The Jiangsu Bank App has developed a thriving service ecosystem, allowing customers to enjoy convenient financial services, including ticket purchasing for the music festival through the app [2] - The integration of music and finance is expected to create a unique and engaging experience for attendees, highlighting the innovative services offered by Jiangsu Bank [3]

Core Insights - Jiangsu Bank has launched a new personal loan customer exclusive benefit program called "Beautiful Life Circle," focusing on cultural finance and enhancing customer experience in various lifestyle scenarios [1][2] - The bank aims to integrate resources from cultural tourism, sports, and arts to create a community-based ecosystem that promotes shared experiences and growth among customers [2] - Jiangsu Bank's subsidiary, Su Yin Wealth Management, plans to introduce high-quality financial products during the upcoming "518 Wealth Management Festival," targeting over 1.3 million customers with an expected investment return exceeding 17.2 billion yuan in 2024 [2] Group 1 - Jiangsu Bank's recent consumer loan customer lottery event has successfully engaged customers by offering tickets to popular stand-up comedy shows, reflecting the bank's commitment to enhancing customer satisfaction and lifestyle [1] - The bank's strategy includes organizing various exclusive activities such as music festivals, art exhibitions, and marathons, which will be communicated through its "Jiangsu Bank Personal Loan" WeChat account [2] - The bank has expanded its collaboration with major cultural institutions like the Nanjing Museum and Suzhou Silk Museum to enhance cultural financial value through co-branded digital debit cards [2] Group 2 - Jiangsu Bank has initiated a consumption boost action in line with national policies, providing convenient services for home decoration subsidies and electric bicycle trade-in programs, benefiting over 107,000 residents in Jiangsu Province [3] - The bank plans to continue developing new cultural consumption scenarios and enhance its "smart retail" capabilities to meet the complex financial, cultural, and emotional needs of customers [3] - The bank's efforts aim to stimulate cultural industry growth while promoting economic prosperity, aligning with the evolving trends in cultural consumption [3]

Core Viewpoint - The Chinese banking industry is experiencing deep differentiation due to multiple factors such as declining loan interest rates and intensified competition. Jiangsu Bank, as a leading city commercial bank, has demonstrated resilience and high-quality development through its 2024 annual report, showcasing robust financial performance and effective risk management [1]. Financial Performance - Jiangsu Bank achieved an operating income of 80.815 billion yuan, a year-on-year increase of 8.78%, and a net profit attributable to shareholders of 31.843 billion yuan, up 10.76% year-on-year, maintaining a strong position among listed banks [1]. - The bank's non-performing loan ratio stood at 0.89%, reflecting strong risk control capabilities amid industry-wide asset quality pressures [1]. Interest Margin Management - The net interest margin (NIM) for Jiangsu Bank was reported at 1.86%, with a significant reduction in the decline from the previous year, down only 12 basis points compared to a 34 basis point drop the previous year [2]. - The bank's net interest income reached 55.957 billion yuan, marking a 6.29% increase year-on-year, indicating strong income stability during a period of industry-wide interest margin pressure [2]. Non-Interest Income Growth - Jiangsu Bank's non-interest income has become a crucial buffer against declining interest income, with net fee and commission income reaching 4.417 billion yuan, showing steady growth [3]. - Investment income and net gains from fair value changes amounted to 14.650 billion yuan and 3.755 billion yuan, respectively, contributing significantly to the growth of non-interest income [3]. Efficiency Metrics - The bank's annualized return on equity (ROE) and return on assets (ROA) improved to 13.59% and 0.91%, respectively, both indicators remaining among the industry's best, showcasing effective resource allocation and value creation [4]. Business Transformation - Jiangsu Bank's dual-driven strategy in corporate and retail banking has led to stable performance, with a focus on serving the real economy and innovative financial products for technology enterprises [5]. - The bank's manufacturing loans exceeded 303.3 billion yuan, with a year-on-year growth of 19.41%, and green financing reached over 550.9 billion yuan, up 22.40% [6]. Digital Transformation - Jiangsu Bank is leveraging digital transformation to enhance its core competitiveness, integrating AI and big data into its operations, which has improved service efficiency and customer experience [7][8]. - The bank's supply chain loan balance surpassed 220 billion yuan, and its mobile banking app reached over 7 million monthly active users, leading the city commercial banking sector [8]. Risk Management - The bank has implemented advanced risk management strategies, including the development of a proprietary language model to enhance risk identification and control, resulting in a non-performing loan ratio of 0.89%, the lowest since its listing [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for 2024 is projected at 8.8% year-on-year, with a significant acceleration in the fourth quarter, achieving a growth rate of 18.5% [2][6]. - The net profit attributable to shareholders is expected to grow by 10.8% year-on-year, with a fourth-quarter growth rate of 16.5% [2][6]. - The interest income for the year increased by 6.3%, with a notable rise in the fourth quarter [6]. - The year-end non-performing loan ratio remained stable at 0.89%, while the provision coverage ratio decreased by 1 percentage point to 350% [2][6]. Summary by Sections Revenue and Profitability - The company's total revenue for 2024 is expected to grow by 8.8%, with a fourth-quarter growth of 18.5%. The net profit attributable to shareholders is projected to increase by 10.8% for the year, with a fourth-quarter growth of 16.5% [2][6]. - Interest income growth for the year is 6.3%, with a significant fourth-quarter increase of 23% [11]. Loan and Asset Quality - Year-end loans increased by 10.7% compared to the beginning of the year, with retail loans showing a quarter-on-quarter growth of 4.2% in the fourth quarter [2][6]. - The year-end non-performing loan ratio was stable at 0.89%, and the provision coverage ratio decreased to 350% [2][6]. Interest Margin and Cost of Liabilities - The net interest margin for the year was 1.86%, down 4 basis points from the first half of the year and down 12 basis points year-on-year. However, the decline in the fourth quarter is expected to stabilize, leading to accelerated growth in interest income [11]. - The cost of liabilities improved significantly, with the annual cost of liabilities decreasing by 21 basis points [11]. Retail Loan Demand and Market Position - There was a notable recovery in retail loan demand in the fourth quarter, with various retail loan categories showing growth compared to the beginning of the year [11]. - The bank's dividend payout ratio for 2024 is expected to remain stable at 30%, corresponding to a projected dividend yield of 5.5%, which is among the highest in the A-share banking sector [11].

Core Viewpoint - The announcement details a partnership between Bohai Huijin Securities Asset Management Co., Ltd. and Jiangsu Bank Co., Ltd. for fund sales through Jiangsu Bank's Ronglian Chuang interbank trading platform, effective from April 23, 2025 [1][2]. Group 1: Fund Sales and Services - Starting from April 23, 2025, investors can open accounts, subscribe, redeem, and set up regular investments for certain funds managed by the company through Jiangsu Bank's platform [1]. - The specific procedures for these transactions will follow the regulations set by the sales agency [1]. Group 2: Fee Discount Activities - Investors purchasing the company's funds through Jiangsu Bank's platform will benefit from a fee discount with no upper limit on the discount rate, although the platform cannot sell the funds below cost [1]. - If the company introduces new funds for sale through Jiangsu Bank's platform during the discount period, those funds will also be eligible for the same discount activities starting from their subscription opening date [2]. Group 3: Important Notes - The fee discount applies only to the front-end subscription fees for funds that are in the normal subscription period and does not include redemption fees or other service fees [4]. - The interpretation rights of the discount activities belong to Jiangsu Bank's platform, and any changes to the specific regulations will be announced accordingly [4]. - Investors are encouraged to read the fund contracts and prospectuses for detailed information about the funds [4]. Group 4: Contact Information - Investors can consult details through Jiangsu Bank's Ronglian Chuang platform or Bohai Huijin Securities Asset Management Co., Ltd. via their respective websites and customer service numbers [5].

Core Insights - Jiangsu Bank reported a revenue growth of 8.8% year-on-year for 2024, with a net profit attributable to shareholders increasing by 10.8% [2] - The bank's total assets grew by 16% year-on-year, with loans increasing by 11% and financial investments rising by 24% [2] - The net interest margin for 2024 was 1.86%, a decrease of 12 basis points compared to the previous year [2] Financial Performance - Net interest income showed positive growth, supported by the expansion of the bank's scale [2] - The bank's fee and commission income increased by 3.3% year-on-year, primarily driven by growth in settlement, clearing, and underwriting services [2] - The bank's asset quality remained stable, with a non-performing loan ratio of 0.89%, down 2 basis points year-on-year [2] Profit Forecast and Investment Recommendations - The bank is expected to maintain strong growth resilience, with projected net profits of 34.4 billion, 36.2 billion, and 38.3 billion yuan for 2025-2027, reflecting year-on-year growth rates of 7.91%, 5.47%, and 5.73% respectively [3] - The current dividend per share is 0.52 yuan, resulting in a dividend yield of 5.3% based on the closing price of 9.87 yuan on April 18 [3] - The bank's price-to-book (PB) ratios for 2025-2027 are projected to be 0.72, 0.65, and 0.59 respectively [3]

Core Viewpoint - Jiangsu Bank has released its 2024 ESG and Social Responsibility Report, marking its fourth ESG report and twelfth social responsibility report since 2013, aiming to comprehensively showcase its ESG practices [1] Group 1: ESG Performance - In 2024, Jiangsu Bank's Wind ESG rating improved to A, ranking second among 66 listed banks (A+H) [1] - The MSCI ESG rating also increased to BBB, the highest rating among domestic city commercial banks, highlighting its leadership in sustainable development [1] Group 2: Support for Economic Development - Jiangsu Bank is committed to supporting major project construction and enhancing credit investment to benefit the real economy [2] - The bank has established a service base for corporate listings and developed a comprehensive financial service plan for technology enterprises [2] - Initiatives to support the private economy and boost consumption include issuing consumption vouchers in collaboration with local departments [2] Group 3: Green Finance Initiatives - Jiangsu Bank has integrated responsible banking practices into its green finance strategy and has been recognized for its contributions to sustainable finance [3] - The "Su Yin Green Finance" system has been developed to manage ESG risks and support low-carbon industries [3][4] - The bank has launched a "Green Factory Loan" product to provide quality financial support for green and low-carbon sectors [3] Group 4: Digital Transformation and Governance - Jiangsu Bank is advancing its digital transformation by leveraging big data and AI to enhance product innovation and operational efficiency [5][6] - The bank has established specialized committees to improve governance and ensure effective execution of its ESG strategy [6] - A comprehensive risk management system has been implemented to enhance risk identification and control capabilities [6] Group 5: Corporate Culture and Employee Engagement - Jiangsu Bank emphasizes the integration of party building into its core competitiveness, fostering a strong corporate culture [7] - The bank promotes fairness in talent selection and focuses on the professional development of young employees [7] - Initiatives to enhance employee well-being and engagement are in place, including support systems for female employees and cultural activities [7]

Investment Rating - The investment rating for Jiangsu Bank is maintained at "Accumulate" [3][4]. Core Views - Jiangsu Bank's revenue growth for 2024 is projected at 8.8%, with a net profit growth of 10.8% year-on-year, supported by scale expansion [2]. - The bank's total assets are expected to grow by 16% year-on-year by the end of 2024, with loans increasing by 11% and financial investments by 24% [2]. - The net interest margin for 2024 is estimated at 1.86%, reflecting a year-on-year decline of 12 basis points [2]. - The bank's asset quality remains robust, with a non-performing loan ratio of 0.89%, down 2 basis points year-on-year [3]. Summary by Sections Financial Performance - For 2024, Jiangsu Bank's operating income is projected to be 80,815 million yuan, with a growth rate of 8.78% [4]. - The net profit attributable to shareholders is expected to reach 31,843 million yuan, reflecting a growth rate of 10.76% [4]. - The bank's earnings per share for 2024 is estimated at 1.65 yuan, with a price-to-earnings ratio of 5.98 [4]. Asset Quality - The non-performing loan ratio is 0.89%, with a coverage ratio of 350.1%, indicating a strong asset quality management [3]. - The bank has increased its asset disposal efforts, leading to a rise in write-offs [3]. Future Projections - The projected net profit for 2025-2027 is 344 billion yuan, 362 billion yuan, and 383 billion yuan, with respective growth rates of 7.91%, 5.47%, and 5.73% [3][4]. - The price-to-book ratios for 2025-2027 are estimated at 0.72, 0.65, and 0.59 [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for Jiangsu Bank, expecting the stock to outperform the market by over 20% within the next six months [3][13]. Core Insights - Jiangsu Bank reported a revenue of 80.8 billion yuan for 2024, representing an 8.8% year-on-year growth, and a net profit attributable to shareholders of 31.8 billion yuan, up 10.8% year-on-year [4][7]. - The bank's annualized return on equity (ROE) was 13.59% as of the end of 2024, with total assets growing by 16.1% year-on-year [4][7]. - The bank's profit distribution plan includes a dividend of 2.144 yuan per 10 shares, with an annual payout ratio of 30% [4]. Financial Performance Summary - **Revenue and Profit Growth**: Jiangsu Bank's net profit for 2024 increased by 10.8%, with a steady growth in revenue of 8.8%. The bank's interest income rose by 6.3%, while non-interest income surged by 14.8% [7][9]. - **Loan and Deposit Growth**: Total loans grew by 10.7% year-on-year, and deposits increased by 12.8%. The bank's total assets reached 3,952.04 billion yuan [4][10]. - **Cost Management**: The bank's net interest margin (NIM) was 1.86%, with a decrease in interest expenses by 1.93% year-on-year, indicating effective cost control [7][11]. Asset Quality and Risk Management - **Asset Quality**: The non-performing loan (NPL) ratio remained stable at 0.89%, with a provision coverage ratio of 350% as of the end of 2024 [8][10]. - **Future Projections**: The bank's EPS is projected to be 1.91 yuan in 2025, with a growth rate of 10.2% [11][12]. Investment Outlook - The report highlights the bank's strong regional advantages and ongoing retail transformation, which are expected to enhance profitability and operational quality [7][9]. The bank is positioned favorably within the domestic city commercial bank sector, with a focus on local market development and retail banking [8][10].