1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - In recent years, the risks of small and medium - sized banks have gradually increased due to economic transformation, regional development differences, and bank risk events. The central government has emphasized the timely disposal of risks in small and medium - sized financial institutions [1][10]. - The business share and profitability of small and medium - sized banks have declined. Their asset quality has also deteriorated during the rapid expansion period, and they are now gradually digesting historical legacy issues [2][33]. - The operations of urban and rural commercial banks across the country have shown differentiation. Underdeveloped regions generally have higher asset - to - total ratios, and there are differences in asset quality, profitability, and business growth rates among different regions [3]. - The core path for resolving the risks of small and medium - sized banks is the reform of the rural credit system, and the reform process of provincial rural credit unions has accelerated significantly in recent years [4]. - In the disposal of major risk events of small and medium - sized banks, a large amount of public funds are often consumed, and the restoration of the subject's qualifications and regional credit usually takes a long time [5]. 3. Summary According to Relevant Catalogs 3.1 Small and Medium - Sized Bank Risk Resolution Background - **Macro - background**: Since 2010, with China's economic transformation, the profitability of the real economy has declined, and the default rate of small and medium - sized enterprises has increased, leading to a rise in the non - performing loan ratio of small and medium - sized banks from 2010 - 2020. After 2020, macro - factors have put pressure on the asset quality and operations of small and medium - sized banks. Regional economic development imbalances and the limited risk - control capabilities of small and medium - sized banks, along with events such as the Baoshang Bank incident in 2019, have attracted more attention to the risk resolution of small and medium - sized banks [1][10]. - **High concentration of rural commercial bank credit risks**: In 2023, rural financial institutions accounted for 95% of the 3936 banking financial institutions rated by the central bank, and high - risk rural financial institutions accounted for 96% of the total high - risk bank institutions [15]. - **Non - redemption of Tier 2 and perpetual bonds concentrated in urban and rural commercial banks**: All cases of non - redemption of Tier 2 and perpetual bonds occurred in urban and rural commercial banks, especially in small and medium - sized banks in Liaoning, Tianjin, Shandong and other places. Since 2023, the non - redemption ratio has continued to decline, which may indicate an improvement in the capital adequacy of small and medium - sized banks in recent years [17]. 3.2 Operating Conditions of Urban and Rural Commercial Banks - **Overview of the fundamentals of urban and rural commercial banks**: Before 2016, small and medium - sized banks rapidly expanded their scale, but since 2019, their market share has continued to decline. During the rapid expansion period, their asset quality deteriorated, and since 2020, they have gradually digested historical legacy issues. Their profitability has also decreased significantly, and there are differences in capital adequacy among different types of banks [28][33][35]. - **Operating conditions of urban and rural commercial banks in different regions**: The market status of urban and rural commercial banks shows a two - tiered differentiation. Underdeveloped regions and Jiangsu, Zhejiang, and Anhui have a high asset - to - total ratio, while developed regions have a low ratio. There are also differences in asset quality, profitability, and business growth rates among different regions. For example, in 2024, the asset quality of urban and rural commercial banks in the three northeastern provinces and the northwest was generally poor, while that in Jiangsu, Zhejiang, Anhui, Beijing, and Shanghai was relatively good [3][38][41]. 3.3 Progress and Plans for the Reform of Provincial Rural Credit Unions in Different Regions - **The reform of the rural credit system is the core path for resolving the risks of small and medium - sized banks**: The reform of provincial rural credit unions is an important part of risk resolution for small and medium - sized banks. Currently, there are two main reform models: the joint - bank model and the unified - legal - person model. The reform process has accelerated significantly in recent years [4][59][62]. - **Cases of rural credit system reform**: Examples include the Zhejiang Rural Commercial United Bank (joint - bank model), Liaoning Rural Commercial Bank (unified - legal - person model), and Henan Rural Commercial Bank (a combination of joint - bank and unified - legal - person models) [64][66]. 3.4 Cases of Risk Disposal of Small and Medium - Sized Banks - **Sources of funds for risk disposal of small and medium - sized banks**: The order of fund use in the financial risk disposal process is the shareholders and actual controllers of the disposed financial institution, market - based funds, the deposit insurance fund, local public resources, and the financial stability protection fund. In recent years, the deposit insurance fund has been widely used in major risk resolution of small and medium - sized banks, and as of July 2025, a total of 530 billion yuan of special bonds for risk resolution of small and medium - sized banks have been issued [69][70][72]. - **Cases of risk disposal of small and medium - sized banks**: After the risk exposure of Baoshang Bank in 2019, risks of small and medium - sized banks in various places broke out concentratedly. Taking Liaoning Rural Commercial Bank and Jinzhou Bank as examples, the causes of risks, disposal plans, and related risks are analyzed [76].

创新驱动：构建全链条绿色产品体系 2025年，徽商银行将迎来成立二十周年的重要里程碑。回首过往，该行始终积极践行国有企业担当，秉 持改革创新基因，在服务地方经济社会发展中实现自身高质量发展。 截至2024年末，徽商银行总资产规模突破2万亿大关，贷款余额首次跨越万亿门槛，存贷规模双双实现 历史性突破。在英国《银行家》2025年全球银行1000强榜单中，排名全球银行第101位。该行绿色信贷 业务余额达1158.8亿元，较上年增长40.62%，服务客户超2100户，近三年实现跨越式发展。 战略先行：筑牢绿色金融发展基石 徽商银行始终以战略眼光拥抱时代变革，将绿色金融作为特色化经营的重要方向。早在2021年，《徽商 银行2021-2025年战略规划》就明确提出提升绿色金融服务能力，将其纳入核心发展战略。 为推动绿色金融落地，徽商银行构建了完善的组织体系。总行成立绿色金融工作专项领导小组，总行公 司银行部设立专职绿色金融团队，分支行精准对接区域绿色项目，形成"总分支"三级联动机制。2022 年，《徽商银行绿色金融行动方案（2022-2025年）》的出台，进一步明确了具体目标与保障措施，从 制度层面夯实发展根基。 在行业 ...

Core Viewpoint - Huishang Bank's A-share listing progress remains stagnant after six years of the "H+A" plan, with internal approvals extended but no substantial advancements made [1][4]. Group 1: A-share Listing Progress - The 23rd phase of the A-share listing guidance period from April to June 2025 saw the shareholders' meeting approve the extension of the A-share issuance plan and authorization [1]. - The internal approval and authorization for the A-share listing remain effective, indicating ongoing efforts despite lack of progress [1]. Group 2: Governance Issues - Governance problems persist, with the fourth board of directors and supervisory board having expired terms, and several members serving beyond three years [4]. - Out of 15 board members, 9 have exceeded their three-year term, while 4 out of 8 supervisory board members are also over their term limits [4]. Group 3: Shareholder Disputes - The major obstacle to Huishang Bank's A-share listing is the ongoing shareholder dispute between "Zhongjing" and "Shanshan," which has lasted nearly six years [5]. - The dispute began in 2019 when "Zhongjing" attempted to transfer shares worth 12.15 billion yuan to "Shanshan," leading to legal actions due to disagreements over share delivery and payment [5]. - The status of the dispute remains unresolved, with implications for potential changes in major shareholders that could affect the A-share issuance [5]. Group 4: Compliance Issues - Huishang Bank is currently facing a compliance issue with a single employee holding over 500,000 shares, which is against regulations [5]. - The bank is actively negotiating with shareholders to reduce the number of shares held by a single employee below the regulatory limit [5].

Group 1 - The announcement reveals that Mr. Yan Chen has resigned from his positions as Chairman, Executive Director, and various committee roles at Huishang Bank [1] - To ensure the orderly operation of the Strategic Committee and Risk Committee, Mr. Kong Qinglong, an Executive Director, will temporarily assume the role of Chairman of the Strategic Committee, while Mr. Lu Hao, a Non-Executive Director, will take on the role of Chairman of the Risk Committee [1]

为保障战略委员会和风险委员会工作有序开展，经战略委员会、风险委员会各自过半数委员共同推举， 在各自主任委员缺位情况下，分别由执行董事孔庆龙先生代为履行战略委员会主任委员职责，由非执行 董事卢浩先生代为履行风险委员会主任委员职责。 智通财经APP讯，徽商银行(03698)发布公告，有关(其中包括)严琛先生辞任该行董事长、执行董事、发 展战略与消费者权益保护委员会(战略委员会)主任委员及委员、风险管理委员会(风险委员会)主任委员 及委员、人事提名和薪酬委员会委员职务。 ...

非執行董事 馬淩霄 盧浩 王朝暉 左敦禮 Gao Yang（高央） 王文金 獨立非執行董事 Huishang Bank Corporation Limited* 徽商銀行股份有限公司 * （於中華人民共和國註冊成立的股份有限公司） （股份代號：3698） 董事名單及其角色與職能 徽商銀行股份有限公司董事會（「董事會」）成員載列如下。 執行董事 孔慶龍 （行長） # 代為履行主任委員的職責 中國安徽省合肥市 2025年8月8日 2 戴培昆 周亞娜 劉志強 殷劍峰 黃愛明 徐佳賓 1 附註： C 有關董事會專門委員會之主任委員 M 有關董事會專門委員會之成員 * 徽商銀行股份有限公司根據銀行業條例（香港法例第155章）並非一家認可機構，並非受限 於香港金融管理局的監督，及不獲授權在香港經營銀行╱接受存款業務。 董事會設有五個董事會專門委員會。下表載列各董事會成員所任職之該等委員會 之成員資料。 董事會專門 委員會 董事 發展戰略與 消費者權益 保護委員會 審計委員會 人事提名和 薪酬委員會 關聯交易 控制委員會 風險管理 委員會 孔慶龍 M# M M 馬淩霄 M 盧浩 M M# 王朝暉 M 左敦禮 M M M G ...

（股份代號：3698） 推舉委員代行發展戰略與消費者權益保護委員會主任委員 及風險管理委員會主任委員職責 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之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Huishang Bank Corporation Limited* 徽商銀行股份有限公司 * （於中華人民共和國註冊成立的股份有限公司） 中國安徽省合肥市 2025年8月8日 於本公告日期，本行董事會成員包括執行董事孔慶龍；非執行董事馬淩霄、 盧浩、王朝暉、左敦禮、Gao Yang（高央）及王文金；獨立非執行董事戴培昆、周 亞娜、劉志強、殷劍峰、黃愛明及徐佳賓。 * 徽商銀行股份有限公司根據銀行業條例（香港法例第155章）並非一家認可機構，並非受限 於香港金融管理局的監督，及不獲授權在香港經營銀行╱接受存款業務。 茲提述徽商銀行股份有限公司（「本行」）日期為2025年7月31日的公告，內容有關 （其中包括）嚴琛先生辭任本行董事長、執行董事、發展戰略與消費者權益保護委 員會（「戰略委員會」）主任委員 ...

Core Viewpoint - The decision by Shenzhen Futian Yinzuo Village Bank to offer 365-day service reflects the banking industry's efforts to enhance service quality and efficiency in response to intense market competition [1][3] Group 1: Service Model Changes - Shenzhen Futian Yinzuo Village Bank has adjusted its operating hours to provide year-round service, which is a rare model among banks in China [1] - The bank's new hours are Monday to Friday from 8:30 AM to 5:30 PM, and weekends and holidays from 9:00 AM to 4:00 PM [1] - This shift indicates a trend towards differentiated services as banks seek to improve customer experience and retention [3] Group 2: Industry Trends - Many banks still follow a weekend and holiday rotation system for branch operations, with some branches closed on weekends while others remain open [2] - The banking sector is transitioning from a transaction-based model to a service-oriented approach, focusing on comprehensive and experiential banking [4] - The industry is facing pressure to transform from reliance on interest income to offering a broader range of services [5] Group 3: Future Directions - Banks are expected to enhance their service ecosystems and focus on scenario-based financial services to increase customer loyalty [6] - The trend towards digital transformation and the use of technology in banking operations is crucial for cost control and service enhancement [6] - There is an anticipated increase in the number of small and medium-sized banks adopting unique branch models to remain competitive in the evolving market [6]

公司名稱: 徽商銀行股份有限公司 呈交日期: 2025年8月6日 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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 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) | 03698 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,478,750,000 | RMB | | 1 | RMB | | 3,478,750,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 3,478,750,000 | RMB | | 1 | RMB | | 3,478,750,000 | | 2 ...

资产质量指标 资产总额：约人民币2.25万亿元，较年初增长约11.8% 营业收入：约人民币211亿元，同比增长约2.2% 净利润：约人民币93亿元，同比增长约3.8% 不良贷款率：约0.98%，维持较低水平 不良贷款拨备覆盖率：约289%，较上年末上升约3个百分点 资产质量水平持续向好，风险抵补能力进一步增强 坚守金融本源，全力服务实体经济 加大重点领域信贷投放，推进业务均衡发展 持续优化资产结构，抓好负债管理 加大不良资产处置力度，成效显著 业绩向好主要驱动因素 重要提示 数据基于未经审阅的综合管理账目初步测算，正式中期业绩公告预期2025年8月底前发布。 徽商银行正面盈利预告要点解读核心财务数据（截至2025年6月30日止六个月） ...