这两天让银行业内人士直呼"内行"的一个事情，是广州农商行完成了账面价值约为121.33亿元"低效益"资产 的出售，买方是广州资产管理有限公司（下称广州资管）。目前广州农商行已收到30%（36.75亿元）现 金，剩余70%（85.75亿元）将在9年内分期回款。 乍看上去，这就是一起再普通不过的地方AMC收购银行正常或关注类资产的例子。银行出售资产包，通常是 基于优化信贷结构（比如压降某块信贷集中度，释放额度到更优质资产上）、减轻资产质量包袱等考虑。 但细细回溯此前公告，不同寻常之处就显现了——广州资管承接这笔资产是溢价，将共计支付122.5亿元，高 于资产包账面价值约1.17亿元。 为何让业内哗然 这让一些同业看了直呼"内行"。记者根据公开披露的信息做了计算，综合对几名资深从业人士和观察人士的采 访，来讨论下这笔"低效益"资产的转让，为何让业内哗然。 在本次转让语境下，何为"低效益"资产，什么定价水平，逾期多久？这是一个颇具调节空间的、非标准化的概 念。 记者查阅广州农商行此前发布的"有关潜在非常重大出售事项之建议授权及2025年第一次临时股东大会通告"， 该通告显示了出售资产的性质、分布及利率。 本次出售资产 ...

Core Viewpoint - Guangzhou Rural Commercial Bank is actively divesting high-risk assets and restructuring its village bank system to alleviate performance pressure and reduce non-performing assets, marking a significant phase in the integration of its village banks outside the province [1][6]. Group 1: Asset Sales - The bank has listed its stakes in Suzhou Wuzhong Zhujiang Village Bank and Jiangsu Qidong Zhujiang Village Bank for a total price of approximately 146 million yuan, with financial data indicating projected net profits of 367,800 yuan and a net loss of 21.76 million yuan for 2024, respectively [1][9]. - On December 1, the bank announced the completion of a sale of over 12.25 billion yuan in debt assets to Guangzhou Asset Management Co., with 30% of the total price already paid and the remaining 70% to be paid in nine installments from 2026 to 2034 [2][3]. - The sold assets primarily consist of low-yielding assets, and the transfer price is slightly above the book value, aligning with the interests of the bank and its shareholders [2][3]. Group 2: Financial Performance - The bank's revenue for the first three quarters of 2025 was 11.02 billion yuan, a year-on-year decline of 2.35%, while net profit fell by 18.73% to 1.72 billion yuan, continuing a trend of declining performance over the past two years [9]. - The assets being sold have been in a state of loss, recording after-tax net losses of approximately 381 million yuan and 795 million yuan for the fiscal years 2023 and 2024, respectively [3][4]. Group 3: Industry Distribution - The sold assets are concentrated in the leasing and business services sector, real estate, and wholesale and retail industries, with the leasing and business services sector accounting for 38.78% of the total principal balance [4][5]. Group 4: Restructuring Efforts - Since 2025, the bank has accelerated the integration of its Zhujiang village banks, with several banks in Guangdong province already approved for absorption and merger into the bank's branches [6][7]. - The bank's strategy includes enhancing management of subsidiaries and promoting quality improvements while reducing the number of subsidiaries [6].

Core Viewpoint - Guangzhou Rural Commercial Bank is focusing on high-quality development by enhancing its services to the real economy and deepening financial reforms, aiming for a synergistic leap in scale, efficiency, and quality while continuously showcasing its comprehensive competitiveness in the market [1] Group 1: Business Performance - The bank's financial market business asset scale exceeded 500 billion yuan by June 2025, with significant profit growth in the first half of 2025, indicating enhanced profitability [2] - The bond trading volume reached 2.3 trillion yuan in the first half of 2025, a 71% year-on-year increase, while bond lending transactions grew by 178%, increasing market share to 2.83% [2] Group 2: Technological Innovation - The bank is driving business innovation through technology, integrating fintech with financial market operations, and implementing key projects like quantitative trading platforms and RPA robots, which have improved automation processing efficiency by over 60% [3] - An intelligent research and investment system has been established, enhancing market analysis and decision-making capabilities to support business innovation and stable operations [3] Group 3: Innovation and Market Position - The bank has actively engaged in innovative business layouts, participating in various initiatives at the foreign exchange trading center, and has been recognized as the "Annual Market Influential Institution" for 2024 in the interbank local currency market [4] - The bank's innovative business has completed over 30,000 transactions with a trading volume exceeding 7 trillion yuan, demonstrating its professional execution capabilities and rapid market responsiveness [4] - Significant achievements in the bond market innovation pilot include steady expansion of counter-trade business and breakthroughs in green finance, such as the successful implementation of carbon emission reduction re-loan pledge business [4]

北京商报讯（记者 孟凡霞 周义力）12月1日，广州农商行发布公告称，该行完成非常重大出售事项。该 行董事会宣布，本次出售事项已于2025年11月29日完成，广州农商行以总代价人民币122.5亿元向广州 资产管理有限公司（买方）出售所出售资产，最终代价不低于该行通函所披露的初步最低代价。 本次交易代价将分批次以现金方式进行支付。买方已向广州农商行支付转让价款的30%，即人民币 36.75亿元，剩余转让价款买方应在2026年至2034年的每年12月20日前分9期平均向广州农商行支付合计 转让价款的70%，合计人民币85.75亿元。 公告表示，此次出售的资产主要为低效益资产，剩余转让价款的支付安排考虑了资产预计可收回时间、 资产性质及买方违约风险等多重因素。尽管资产出售事项的代价采取分期支付方式，但所出售资产能够 以略高于账面价值出售，符合广州农商行及股东的整体利益。 ...

Core Viewpoint - Guangzhou Rural Commercial Bank has completed the sale of debt assets to Guangzhou Asset Management Co., Ltd. for a total consideration of RMB 12.25 billion [1] Group 1: Transaction Details - The sale was finalized on November 29, 2025, with the total consideration being RMB 12.25 billion [1] - The buyer has paid 30% of the transfer price, amounting to RMB 3.675 billion, with the remaining 70% to be paid in nine annual installments from 2026 to 2034 [1] - The total remaining transfer price to be paid is RMB 8.575 billion [1] Group 2: Agreement Compliance - The asset transfer agreement aligns with the authorization disclosed in the circular approved by shareholders on November 21, 2025 [1] - All rights, interests, and obligations related to the sold assets have been transferred to the buyer as of November 29, 2025 [1]

(1)分期付款按年等额分期支付；(2)所出售资产主要为低效益资产。尽管资产出售事项的代价采取分期 支付方式，但所出售资产能够以略高于账面价值出售，符合本行及股东的整体利益。若采纳一次性付款 或更短周期的付款安排将导致本行需在价格方面给予更大的折扣；(3)在该行向买方出售不良资产的历 史交易中，买方未发生过违约行为，亦未出现过逾期支付该行任何款项的情形。本行认为买方的违约风 险属于可控范围；及(4)该行自身流动性需求。 剩余转让价款的支付安排乃经考虑(其中包括)所出售资产预计可收回时间、资产性质、买方的违约风险 等因素后确定，具体而言： 格隆汇12月1日丨广州农商银行(01551.HK)公告，内容有关出售资产及建议授权。董事会欣然宣布，本 次出售事项已于2025年11月29日完成，该行以总代价人民币122.5亿元向广州资产管理有限公司("买方") 出售所出售资产，最终代价不低于该行通函所披露的初步最低代价。本次交易代价将分批次以现金方式 进行支付。买方已向该行支付转让价款的30%，即人民币36.75亿元，剩余转让价款买方应在2026年至 2034年的每年12月20日前分9期平均向该行支付合计转让价款的70%，合 ...

广州农商银行(01551)发布公告，有关出售债权资产的相关事宜。本次出售事项已于2025年11月29日完 成，本行以总代价人民币122.5亿元向广州资产管理有限公司(买方)出售所出售资产，最终代价不低于本 行通函所披露的初步最低代价。本次交易代价将分批次以现金方式进行支付。买方已向本行支付转让价 款的30%，即人民币36.75亿元，剩余转让价款买方应在2026年至2034年的每年12月20日前分9期平均向 本行支付合计转让价款的70%，合计人民币85.75亿元。 买方与本行签署的资产转让协议符合通函披露的建议授权(由股东于2025年11月21日批准)。截至2025年 11月29日，与所出售资产有关的权益、利益及义务，从中产生就应收款项的请求、要求、获取及接受的 权利，任何债权还款的总金额以及与执行和体现该等资产的价值有关的权利及权力，均已从本行移交到 买方。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Guangzhou Rural Commercial Bank Co., Ltd.* 廣州農村商業銀行股份有限公司 * 完成非常重大出售事項 茲提述廣州農村商業銀行股份有限公司（「本行」）日期為2025年10月9日及2025年 11月21日的公告以及日期為2025年11月6日的通函（「通函」），內容有關本行出售 資產及建議授權。除另有規定者外，本公告所用詞彙與通函所界定者具有相同涵 義。 由於根據《上市規則》經合併測算的一項或多項適用百分比率（定義見《上市規 則》）超過75%，因此建議出售事項構成本行根據《上市規則》第14章項下的一項非 常重大的出售事項，故須遵守《上市規則》第14章項下的申報、公告及股東批准的 規定。本行股東已於2025年11月21日召開的2025年第一次臨時股東大會審議並批 准本次交易及建議授權。 本行董事會欣然宣佈，本次出售事項已於2025年11月29日完成，本行以總代價 人民幣1 ...

Core Viewpoint - Guangzhou Rural Commercial Bank plans to absorb and merge two village banks, furthering its integration strategy within the province, despite facing significant operational challenges and legal disputes related to its financial products [2][6]. Group 1: Merger and Integration - The absorption and merger of Shenzhen Pingshan Zhujiang Village Bank and Heshan Zhujiang Village Bank will convert them into branches of Guangzhou Rural Commercial Bank, enhancing its regional coverage [4][5]. - Guangzhou Rural Commercial Bank holds a 35% and 34% stake in the two village banks, making it the largest shareholder [3]. - Since 2024, the bank has announced the absorption of five village banks in the province, with three already approved by regulatory authorities [4]. Group 2: Financial Performance - For the first three quarters of 2025, Guangzhou Rural Commercial Bank reported revenues of 11.02 billion yuan, a decrease of 2.35% year-on-year, and a net profit of 1.722 billion yuan, down 18.73% [6]. - The bank's non-performing loan ratio rose to 1.98% by mid-2025, an increase of 0.32 percentage points from the previous year [6]. - The bank has been selling off significant assets, with a potential sale of approximately 18.928 billion yuan in debt assets, which have incurred substantial losses in recent fiscal years [6]. Group 3: Legal and Operational Challenges - The bank is facing lawsuits related to its financial product "Anxin Return No. 262," with a total claim amounting to 126 million yuan from three external rural banks [6]. - The profitability of the absorbed village banks is under scrutiny, particularly Heshan Zhujiang Village Bank, which reported a 50.8% decline in net profit year-on-year [3][5]. - The integration process raises concerns about whether the bank can effectively leverage the geographical advantages of the village banks to achieve sustainable growth [7].

Core Viewpoint - Guangzhou Rural Commercial Bank plans to absorb and merge two village banks, furthering its integration strategy within the province, despite facing operational challenges and legal disputes related to its financial products [2][6]. Group 1: Merger and Integration - The absorption and merger of Shenzhen Pingshan Zhujiang Village Bank and Heshan Zhujiang Village Bank will convert them into branches of Guangzhou Rural Commercial Bank, enhancing its regional coverage [4][5]. - Guangzhou Rural Commercial Bank holds a 35% and 34% stake in the two village banks, making it the largest shareholder [3]. - Since 2024, the bank has announced the absorption of five village banks, with three already approved by regulatory authorities [4]. Group 2: Financial Performance - For the first three quarters of 2025, Guangzhou Rural Commercial Bank reported revenues of 11.02 billion yuan, a decrease of 2.35% year-on-year, and a net profit of 1.722 billion yuan, down 18.73% [6]. - The bank's non-performing loan ratio rose to 1.98% by mid-2025, an increase of 0.32 percentage points from the previous year [6]. - The bank has been selling off significant assets, with a potential sale of approximately 18.928 billion yuan in debt assets, which have incurred substantial losses in recent fiscal years [6]. Group 3: Legal and Operational Challenges - The bank is facing lawsuits related to its financial product "Anxin Return No. 262," with a total claim amounting to 126 million yuan from three external rural commercial banks [6]. - The profitability of the absorbed village banks is under scrutiny, particularly Heshan Zhujiang Village Bank, which reported a 50.8% decline in net profit in 2024 [3][5]. - The integration process poses risks, as the bank must address legacy issues from the village banks while managing its own operational pressures [7].