证券代码：601077 证券简称：渝农商行 公告编号：2025-034 重庆农村商业银行股份有限公司 本次业绩说明会以视频结合网络互动形式召开，本行将针对 2025 年半年度 的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允 许的范围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2025 年 9 月 9 日(星期二)14:00-16:30 会议召开时间：2025 年 9 月 9 日(星期二)14:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 9 月 2 日(星期二)至 9 月 8 日(星期一)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过本行邮箱 ir@cqrcb.com 进行提问。本行将在 2025 年半年度业绩说明会上对投资 者普遍关注的问题进行回答。 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 ...

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分內容 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。 Chongqing Rural Commercial Bank Co., Ltd. * * : 3618 海外監管公告 本公告乃重慶農村商業銀行股份有限公司Chongqing Rural Commercial Bank Co., Ltd.* （「本行」）根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列本行在上海證券交易所網站刊發之《重慶農村商業銀行股份有限公司關於召開2025 年半年度業績說明會的公告》，謹供參閱。 承董事會命 重慶農村商業銀行股份有限公司* Chongqing Rural Commercial Bank Co., Ltd.* 证券代码：601077 证券简称：渝农商行 公告编号：2025-034 執行董事兼行長 隋軍 中國 • 重慶，2025年9月1日 於本公告日期，本行執行董事為隋軍先生；本行非執行董事為胡淳女士、殷祥林先生及 彭玉龍先生；及本行獨立非執行董事為 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 重慶農村商業銀行股份有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03618 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,513,336,041 | RMB | | 1 RMB | | 2,513,336,041 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 2,513,336,041 | RMB | | 1 RMB | | 2,513,336,041 | | 2. 股份分類 | 普通股 | 股份 ...

Market Performance - On September 1, the rural commercial bank sector rose by 0.17% compared to the previous trading day, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.38, with a gain of 1.43% and a trading volume of 1.21 million shares, totaling a transaction value of 772 million [1] - Shanghai Rural Commercial Bank (601825) closed at 8.75, up 0.57%, with a trading volume of 561,000 shares and a transaction value of 493 million [1] - Jiangyin Bank (002807) remained unchanged at 4.80, with a trading volume of 1.39 million shares and a transaction value of 186 million [1] - Other banks such as Changshu Bank (601128), Ruifeng Bank (601528), and Zijin Bank (601860) experienced slight declines [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 98.58 million from institutional investors, while retail investors experienced a net outflow of 119 million [1] - Shanghai Rural Commercial Bank had a net inflow of 60.40 million from institutional investors, but a net outflow of 66.99 million from retail investors [2] - Qingnong Commercial Bank (002958) reported a net inflow of 32.51 million from institutional investors, with a net outflow of 18.25 million from retail investors [2]

Investment Rating - The report maintains a "Recommendation" rating for Chongqing Rural Commercial Bank (601077) with a target price of 7.8 CNY / 7.02 HKD [2]. Core Views - The bank has demonstrated significant effectiveness in managing liability costs, resulting in stable asset quality. The bank's net profit for the first half of 2025 increased by 4.63% year-on-year, supported by a reduction in credit impairment losses [2][5]. - The bank's total assets reached 1.63 trillion CNY, growing by 7.60% year-to-date, with total loans increasing by 7.14% and total deposits by 8.84% [5]. - The bank's non-interest income has declined by 16.56% due to market interest rate fluctuations and business expansion strategies [5]. Financial Performance Summary - **Revenue and Profit**: In the first half of 2025, the bank achieved operating revenue of 147.41 billion CNY, a slight increase of 0.46% year-on-year, and a net profit attributable to shareholders of 76.99 billion CNY, up 4.63% [2]. - **Asset Quality**: The non-performing loan (NPL) ratio stood at 1.17%, down 1 basis point from the beginning of the year, with a provision coverage ratio of 355.58%, down 7.86 percentage points [2][5]. - **Loan Growth**: Corporate loans were the main growth driver, with a balance of 4.16 trillion CNY, a significant increase of 16.25% year-to-date [5]. Key Financial Indicators - **Net Interest Margin**: The net interest margin for the first half of 2025 was 1.60%, showing a slight decrease of 3 basis points year-on-year [5]. - **Earnings Forecast**: The projected revenue growth rates for 2025E-2027E are 1.5%, 4.5%, and 5.8%, respectively, while net profit growth rates are expected to be 4.6%, 4.8%, and 5.3% [5][6]. - **Valuation Metrics**: The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.55X, with a target PB of 0.68X, indicating growth potential based on regional advantages and business characteristics [5].

Market Overview - On August 29, the rural commercial bank sector declined by 0.23%, with Yunnan Rural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Individual Stock Performance - Key stock performances in the rural commercial bank sector included: - Zijin Bank: Closed at 2.98, up 1.71% with a trading volume of 1.1942 million shares and a turnover of 3.56 billion [1] - Wuxi Bank: Closed at 6.10, up 1.50% with a trading volume of 520,700 shares and a turnover of 321 million [1] - Zhangjiagang Bank: Closed at 4.52, up 0.67% with a trading volume of 671,100 shares and a turnover of 304 million [1] - Qingnong Bank: Closed at 3.42, up 0.59% with a trading volume of 661,700 shares and a turnover of 228 million [1] - Jiangyin Bank: Closed at 4.80, up 0.21% with a trading volume of 510,100 shares and a turnover of 247 million [1] - Ruifeng Bank: Closed at 5.61, down 0.18% with a trading volume of 182,100 shares and a turnover of 103 million [1] - Changshu Bank: Closed at 7.52, down 0.27% with a trading volume of 445,800 shares and a turnover of 338 million [1] - Sunong Bank: Closed at 5.29, down 0.38% with a trading volume of 477,800 shares and a turnover of 255 million [1] - Hunan Rural Commercial Bank: Closed at 18.70, down 0.68% with a trading volume of 364,400 shares and a turnover of 320 million [1] - Yunnan Rural Commercial Bank: Closed at 6.29, down 0.79% with a trading volume of 865,600 shares and a turnover of 552 million [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 13.4605 million from main funds, while speculative funds saw a net inflow of 38.5712 million, and retail investors had a net outflow of 25.1107 million [1] - Detailed capital flow for individual stocks included: - Sunong Bank: Main funds net inflow of 22.3068 million, speculative funds net inflow of 30.55 million, retail net outflow of 22.6123 million [2] - Jiangyin Bank: Main funds net inflow of 7.4654 million, speculative funds net inflow of 73.39 million, retail net outflow of 8.1993 million [2] - Zijin Bank: Main funds net inflow of 7.3454 million, speculative funds net inflow of 819.73 million, retail net outflow of 15.5427 million [2] - Qingnong Bank: Main funds net inflow of 6.0408 million, speculative funds net inflow of 374.38 million, retail net outflow of 9.7846 million [2] - Wuxi Bank: Main funds net inflow of 3.1286 million, speculative funds net inflow of 96.36 million, retail net outflow of 4.0922 million [2] - Ruifeng Bank: Main funds net outflow of 1.3678 million, speculative funds net inflow of 794.01 million, retail net outflow of 6.5722 million [2] - Zhangjiagang Bank: Main funds net outflow of 2.5651 million, speculative funds net inflow of 438.50 million, retail net outflow of 1.8199 million [2] - Hunan Rural Commercial Bank: Main funds net outflow of 7.2508 million, speculative funds net inflow of 596.70 million, retail net inflow of 128.37 million [2] - Changshu Bank: Main funds net outflow of 8.2141 million, speculative funds net inflow of 620.80 million, retail net inflow of 200.61 million [2] - Yunnan Rural Commercial Bank: Main funds net outflow of 40.3497 million, speculative funds net inflow of 12.71 million, retail net inflow of 40.2227 million [2]

投资建议：公司2025E、2026E、2027E PB 0.55X/ 0.52X/ 0.48X；公司深耕重庆，实现存贷款规模快速 扩张，同时在负债端拥有低成本优势，资产质量保持稳健，业绩整体向好，建议关注。预测公司2025- 2027 年营收分别同比增长0.6%、1.8%、2.0%，归母净利润分别同比增长5.4%、4.8%、4.0%，对应每股 收益分别为1.07、1.12、1.16元，维持"买入"评级。 从期限结构来看，定期存款、活期存款分别增长12.1%、0.1%，定期存款占比较年初提升2.2 个百分点 至75.7%。 资产质量稳定。1H25 银行不良贷款率为1.17%，环比年初下降1bp，其中公司贷款、个人贷款不良率分 别为0.68%、2.04%，分别较年初-0.36、+0.43 个百分点。细分对公行业来看，批发和零售业、建筑业不 良率相对较高，1H25 分别为1.8%、1.4%。不良生成0.78%，同比下降6bp。逾期率为1.41%，较年初提 升8bp。1H25 银行拨备覆盖率为355.58%，环比一季度下降7.8 个百分点；拨贷比4.16%，环比下降 11bp。 资本充足率环比上行。1H25 银行核心 ...

瑞财经 王敏 8月27日，重庆农村商业银行股份有限公司（以下简称"渝农商行"）2025年半年度报告，实 现营收净利双增。 2025年上半年，渝农商行实现营业收入147.41亿元，同比增加0.68亿元，增幅0.46%；净利润78.47亿 元，同比增加2.86亿元，增幅3.79%；归属于本行股东的净利润76.99亿元，同比增加3.41亿元，增幅 4.63%。 截至2025年6月末，渝农商行资产总额16,301.31亿元、较上年末增长1,151.89亿元，存款余额10,251.95亿 元、较上年末增长832.49亿元，贷款余额7,652.45亿元、较上年末增长509.72亿元。 据渝农商行2024年发布的公告显示，当年10月16日，该行董事长谢文辉因工作调动原因宣布辞任，同 日，渝农商行董事会通过决议，推举行长隋军代为履行重庆农村商业银行股份有限公司董事长职务。 当前，隋军代为履行渝农商行董事长已有10个多月。 2025年4月，渝农商行董事会选举刘小军担任该行第五届董事会董事长，刘小军担任该行董事长的资格 尚需自股东大会选举其担任该行执行董事后，经银行业监督管理机构核准其董事及董事长任职资格后生 效。 但在监管批复 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's net profit growth is forecasted at 5.5%/7.9%/8.5% for the years 2025/2026/2027, with a target price of 7.70 CNY per share, reflecting a 10% premium over comparable companies [2][5] - The company's asset deployment capability has been validated, with a significant increase in loan issuance, achieving 661 billion CNY in new loans in the first half of 2025, which is more than double the total for 2024 [9] - The net interest margin remains resilient at 1.60%, with a notable improvement in funding costs, indicating strong deposit-taking capabilities [9] Financial Performance Summary - Revenue for 2023 is projected at 27,956 million CNY, with a slight decline of 3.6% year-on-year, but expected to grow gradually in subsequent years [4] - The company's net profit attributable to shareholders is expected to reach 10,902 million CNY in 2023, with a growth rate of 6.1% [4] - The forecasted earnings per share (EPS) for 2025 is 1.05 CNY, with a projected book value per share (BVPS) of 11.85 CNY [2][4] Asset Quality and Risk Management - The non-performing loan (NPL) ratio remains stable, with a significant improvement in corporate loan quality, while individual loan quality shows some structural pressure [9] - The provision coverage ratio stands at 356%, indicating sufficient risk mitigation capacity [9]

资产投放能力得到验证，净息差韧性十足 ——渝农商行 25H1 财报点评 核心观点 ⚫ 盈利预测与投资建议 ⚫ 根 据 25H1 财 报 数 据 ， 预 测 公 司 25/26/27 年 归 母 净 利 润 同 比 增 速 为 5.5%/7.9%/8.5%， BVPS 为 11.85/12.70/13.62 元（维持原预测），当前股价对应 25/26/27 年 PB 为 0.53X/0.50X/0.46X。可比公司 25 年 PB 0.59 倍，维持 10%溢 价，对应 25 年 0.65 倍 PB，目标价 7.70 元/股，维持"买入"评级。 风险提示 经济复苏不及预期；信贷需求不及预期；资产质量恶化。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 27,956 | 28,261 | 28,724 | 29,670 | 30,888 | | 同比增长 (%) | -3.6% | 1.1% | 1.6% | 3.3% | 4.1% | | 营业利润( ...