中信证券股份有限公司、国泰君安证券股份有限公司 关于上海浦东发展银行股份有限公司公开发行可转换公司债券 2024年度持续督导报告书 | 上市公司：上海浦东发展银行股份有限公司（以下简称"浦发银行""公司"） | | | | | --- | --- | --- | --- | | 保荐人名称：中信证券股份有限公司（以下简称"中信证券"）、国泰君安证券股份有限公 | | | | | 司（以下简称"国泰君安"）（以下合称"联席保荐机构"） | | | | | 中信证券 | | | | | 保荐代表人姓名：朱 | 钰 | 联系电话：021-2026 | 2306 | | 保荐代表人姓名：姜 | 颖 | 联系电话：021-2026 | 2300 | | 国泰君安 | | | | | 保荐代表人姓名：朱哲磊 | | 联系电话：021-3867 | 7941 | | 保荐代表人姓名：郁伟君 | | 联系电话：021-3867 | 6493 | 经原中国银行保险监督管理委员会出具的《关于浦发银行公开发行 A 股可 转换公司债券相关事宜的批复》（银保监复〔2018〕387 号）及中国证券监督管 理委员会（以下简称"中国证监会" ...

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) has achieved a record high in net credit growth for the year 2024, reflecting strong operational performance and a successful strategic transformation towards "digital intelligence" [1][2]. Financial Performance - As of the end of 2024, SPDB's total assets reached 9.46 trillion yuan, a year-on-year increase of 5.05% - The total amount of loans (including bill discounting) was 5.39 trillion yuan, up 7.45% from the previous year - The net credit growth exceeded 370 billion yuan, marking a historical high - The bank reported operating income of 170.75 billion yuan, a year-on-year growth of 0.92% after excluding one-time factors from the previous year - Net profit attributable to shareholders was 45.26 billion yuan, reflecting a year-on-year increase of 23.31% [2]. Asset Quality - By the end of 2024, SPDB's non-performing loan balance was 73.15 billion yuan, with a non-performing loan ratio of 1.36% - The provision coverage ratio stood at 186.96%, an increase of 13.45 percentage points from the previous year, the highest level in nearly a decade [2]. Digital Transformation Strategy - 2024 marked the inaugural year for SPDB's "digital intelligence" strategy, focusing on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance - The bank aims to enhance its competitive edge and improve financial service capabilities through this strategic focus - The execution of the "digital intelligence" strategy has already shown positive effects on operational performance, with significant resource integration and management improvements [3]. Credit Quality Management - In 2024, SPDB's net interest margin was 1.42%, a decrease of 10 basis points year-on-year - The bank aims to maintain a favorable marginal performance in net interest margin through efforts on both asset and liability sides - A "white list" mechanism for client credit access will be implemented in 2025 to enhance credit asset quality, allowing for better authorization and management of credit clients [4][5].

Core Viewpoint - The year 2024 marks the beginning of Shanghai Pudong Development Bank's "digital intelligence" strategy, with significant attention on its transformation outcomes and performance metrics [1] Group 1: Digital Transformation Effectiveness - The bank has identified five strategic areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance, to enhance its digital infrastructure and services [2] - The ultimate goal of the strategy is to address operational and service challenges, shifting from management-centric to customer-centric thinking [2] - The bank has developed a "Five Forces Model" for evaluating technology enterprises, serving over 71,000 tech firms with a loan scale exceeding 600 billion yuan, leading among joint-stock banks [2] Group 2: Core Operating Indicators - In 2024, the bank achieved an operating income of 170.748 billion yuan, a year-on-year increase of 0.92%, and a net profit attributable to shareholders of 45.257 billion yuan, up 23.31%, marking a 12-year high [4] - The bank's total assets reached 9.46 trillion yuan, a growth of 5.05% year-on-year, with total loans (including bill discounting) amounting to 5.39 trillion yuan, up 7.45% [5] - The bank's non-performing loan (NPL) ratio decreased to 1.36%, with a provision coverage ratio of 186.96%, the highest since 2015 [6] Group 3: Retail Business Development - The bank's retail business has shown steady progress, serving 157 million personal customers, with significant growth in high-asset clients and wealth management [7] - The bank's personal assets under management (AUM) reached 3.88 trillion yuan, with a 35% increase in asset management scale from subsidiaries [7] - Opportunities for retail business in 2025 include consumption stimulus policies, demographic shifts, and the integration of wealth and asset management services [7] Group 4: Future Goals and Outlook - The bank aims to enhance its "digital intelligence" strategy, focus on high-quality development, and optimize asset and customer structures to improve operational efficiency [6] - The bank's net interest margin for 2024 was 1.42%, a decline of 10 basis points, but better than the average decline in the banking sector [6] - The bank plans to reshape its image as a quality blue-chip through value creation, transmission, and realization strategies [8]

Group 1 - Shanghai Pudong Development Bank Co., Ltd. has applied for a patent titled "A Method and Device for Interpreting Policy Texts," with publication number CN 119740568 A, and the application date is November 2024 [1] - The patent involves deep learning technology and aims to improve the accuracy and efficiency of quantitative evaluation of policy texts, thereby enhancing the prediction accuracy of the tightness of policy texts [1] - The method includes extracting core sentences from the policy text, comparing them with historical policy texts, and using a pre-trained model for classification and evaluation [1] Group 2 - Shanghai Pudong Development Bank was established in 1992 and is located in Shanghai, primarily engaged in monetary financial services [2] - The bank has a registered capital of approximately 2,935.21 million RMB and a paid-in capital of approximately 402.64 million RMB [2] - The bank has made investments in 42 enterprises, participated in 5,000 bidding projects, and holds 1,028 patent pieces of information [2]

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) reported its 2024 performance, showing a revenue of 170.748 billion yuan, a slight increase of 0.92% year-on-year, and a net profit of 45.257 billion yuan, up 23.31% year-on-year, indicating progress in its business transformation [1] Group 1: Corporate Banking - SPDB has established a digital strategy for its corporate banking sector, aiming to enhance competitiveness through digital technology [2] - The bank has actively reduced low-yield assets, decreasing over 50 billion yuan in low-efficiency credit assets, which has opened up space for key sector credit [2] - The non-performing loan (NPL) ratio for corporate loans improved to 1.34% from 1.67% the previous year, with a provision coverage ratio of 186.96%, the highest since 2015 [2][3] Group 2: Retail Banking - SPDB's retail banking segment reported a net income of 54.435 billion yuan, with personal customer accounts reaching 157 million and personal deposits increasing by 12.33% to 1.550383 trillion yuan [6] - The bank has refined its customer segmentation from five tiers to 16 levels, enhancing service offerings and product matching for different customer groups [7] - The NPL ratio for retail loans was 1.61%, with credit card and overdraft loans having the highest NPL ratio at 2.45% [7][8] Group 3: Financial Markets - SPDB's investment income reached 29.141 billion yuan, contributing 52.01% to non-interest income, highlighting the importance of financial market operations [9] - The bank plans to shift its focus from strong asset allocation to strong trading strategies, adapting to market volatility and seeking diversified trading opportunities [10]

Group 1 - The first SPV (Special Purpose Vehicle) renewable energy equipment leasing project in China has been successfully implemented, supporting the private sector's role in promoting green and low-carbon development [1] - The project involves financing leasing for a photovoltaic power station by Huizhou TCL Photovoltaic Technology Co., Ltd., marking a significant step in the development of the green energy industry [1] Group 2 - SPD Bank launched its upgraded "Technology Financial Service System 2.0," focusing on seven high-frequency technology activity scenarios to provide comprehensive "financial + non-financial" services [2] - The system aims to create value for technology enterprises through industry research and AI insights [2] Group 3 - Zhejiang Commercial Bank actively participated in the trading of newly launched 3-year and 7-year standard bonds, contributing to the high-quality development of the RMB fixed income market [3] - The bank is committed to building FICC 3.0 to provide continuous and high-quality quotes for various market products [3] Group 4 - Tianjin Bank successfully issued the first green asset-backed commercial paper (ABCP) in the Beijing-Tianjin-Hebei region for 2025, with a total issuance amount of 1.16 billion and 2.38 billion [4] - The underlying assets for this ABCP include green financing leasing assets such as biomass energy thermal power equipment and waste power generation equipment [4] Group 5 - Hangzhou United Rural Commercial Bank has received approval to issue up to 2 billion RMB of perpetual capital bonds, with the issuance to be completed within 24 months [5] - The bank must adhere to relevant regulations and report the issuance status to the Zhejiang Regulatory Bureau within 10 working days after the completion of the bond issuance [5]

Core Viewpoint - The article discusses the "Pu Yin Risk Management" brand by Shanghai Pudong Development Bank, which combines artificial intelligence with expert insights to provide comprehensive risk management services for enterprises and institutions in a volatile global economic environment [1][10]. Group 1: Market Trends and Economic Outlook - The gold market is expected to experience a shift in dynamics by 2025, with traditional influences like real interest rates diminishing and various factors coming into play, leading to potential volatility [2]. - The oil market is anticipated to remain under pressure due to challenges within OPEC+ and increasing supply from non-OPEC countries, alongside slow global economic recovery and the rise of electric vehicles [3]. - The RMB exchange rate is projected to maintain a stable yet fluctuating trend, supported by domestic growth policies and foreign investment inflows, despite ongoing international economic uncertainties [4]. Group 2: Financial Products and Services - The ticket market is expected to play a significant role in supporting the real economy in 2025, aided by proactive fiscal and monetary policies [5][6]. - "Pu Yin Risk Management" offers tailored foreign exchange strategies to help enterprises manage currency risk effectively, utilizing innovative tools like "American-style range options" and "difference settlement" derivatives [8][9]. Group 3: Future Development and Strategy - The company aims to enhance its risk management services by leveraging advanced technologies such as AI and big data to improve market trend predictions and decision-making support [10]. - There is a focus on product innovation in line with national development strategies, particularly in green finance and technological innovation, to better serve the high-quality development of the real economy [10].

Core Insights - Shanghai Pudong Development Bank (SPDB) reported impressive financial results for 2024, with operating income reaching 170.748 billion yuan, a year-on-year increase of 0.92% after excluding one-time factors from the previous year [1] - The bank's total profit amounted to 48.366 billion yuan, reflecting an 18.86% increase year-on-year, while net profit attributable to shareholders rose to 45.257 billion yuan, marking a 23.31% increase and the highest in nearly 12 years [1] - SPDB is committed to ESG principles, actively engaging in green finance and inclusive financial initiatives to support sustainable economic development [1] ESG Initiatives - SPDB integrates party leadership into its ESG actions, aligning its operations with the spirit of the 20th National Congress of the Communist Party of China, enhancing governance structures, and ensuring compliance and ethical standards [2] - The bank has implemented a comprehensive governance framework, linking executive compensation to sustainability metrics and improving transparency in investor communications [2] - SPDB emphasizes compliance and ethical business practices, establishing a robust management system covering various compliance areas to ensure sound operations [2] Green Finance - SPDB has launched the "Pudong Green Innovation" brand, focusing on integrating green finance with real economy services, and enhancing its green finance product offerings [3][4] - The bank introduced a comprehensive service plan for green low-carbon transitions, creating a digital platform that encompasses green finance, carbon finance, and transition finance [4] - By the end of the reporting period, SPDB's green credit balance reached 625.6 billion yuan, a 19.25% increase from the previous year, with significant contributions to carbon reduction projects [4][5] Inclusive Finance - SPDB prioritizes inclusive finance as a key aspect of its ESG strategy, providing tailored support for small and micro enterprises [6] - The bank has optimized its credit policies to enhance lending capabilities and established a digital ecosystem for inclusive finance [6][7] - SPDB actively protects consumer rights and enhances customer satisfaction through various initiatives, including financial literacy programs and community support [7][8]

Core Insights - In 2024, Shanghai Pudong Development Bank (SPDB) reported a revenue of 170.748 billion RMB, a year-on-year decrease of 1.55%, while net profit attributable to shareholders increased by 23.31% to 45.257 billion RMB [1][3] - The bank has reversed the trend of declining net profit, but its revenue has decreased for four consecutive years [3] Financial Performance - Revenue for 2024: 170.748 billion RMB, down 1.55% year-on-year [1][3] - Net profit attributable to shareholders: 45.257 billion RMB, up 23.31% year-on-year [1][3] - Net profit excluding non-recurring items: 44.207 billion RMB, up 30.47% year-on-year [1] - Cash flow from operating activities: -333.654 billion RMB, down 185.91% year-on-year [1] Historical Revenue and Profit Trends - Revenue from 2020 to 2023: 196.384 billion RMB, 190.982 billion RMB, 188.622 billion RMB, 173.434 billion RMB, with year-on-year changes of 2.99%, -2.75%, -1.24%, and -8.05% respectively [1][3] - Net profit from 2020 to 2023: 58.325 billion RMB, 53.003 billion RMB, 51.171 billion RMB, 36.702 billion RMB, with year-on-year decreases of 0.99%, 9.12%, 3.46%, and 28.28% respectively [1][3] Profit Distribution Plan - The bank plans to allocate 10% of the after-tax profit to statutory surplus reserves, totaling 4.329 billion RMB [4] - A cash dividend of 4.1 RMB per 10 shares will be distributed, amounting to a total of 12.034 billion RMB [4] Asset and Liability Overview - Total assets at the end of 2024: 9,461.880 billion RMB, an increase of 5.05% year-on-year [5] - Total liabilities: 8,717.099 billion RMB, an increase of 5.35% year-on-year [5] - Total loans: 5,391.530 billion RMB, an increase of 7.45% year-on-year [5] - Total deposits: 5,145.959 billion RMB, an increase of 3.24% year-on-year [5] Interest Income and Non-Interest Income - Net interest income: 114.717 billion RMB, down 3.14% year-on-year [6] - Non-interest income: 56.031 billion RMB, up 1.88% year-on-year [7] Credit Impairment Losses - Credit impairment losses for the period: 69.437 billion RMB, down from 76.754 billion RMB in the previous year [9] Non-Performing Loans - Non-performing loan balance: 73.154 billion RMB, a decrease of 10.44 billion RMB from the previous year [11] - Non-performing loan ratio: 1.36%, down 0.12 percentage points from the previous year [11] Capital Adequacy Ratios - Core Tier 1 capital adequacy ratio: 8.92% [11] - Tier 1 capital adequacy ratio: 10.04% [11] - Total capital adequacy ratio: 13.19% [11] Management Changes - In 2024, the bank's chairman and president received regulatory approval for their positions [2][13]

Core Insights - Shanghai Pudong Development Bank (SPDB) reported strong financial performance for 2024, with operating income reaching 170.748 billion yuan, a year-on-year increase of 0.92% after excluding one-time factors from the previous year [1][3] - The bank's net profit attributable to shareholders was 45.257 billion yuan, reflecting a significant year-on-year growth of 23.31%, driven by credit expansion, asset structure optimization, and enhanced risk management capabilities [3][6] - SPDB achieved a historic high in credit growth, with net credit increase exceeding 370 billion yuan for the year, while maintaining improving asset quality with a decrease in both non-performing loan balance and ratio [3][5] Financial Performance - The total assets of SPDB reached 9.46 trillion yuan by the end of 2024, marking a 5.05% increase from the previous year [3] - The total loans (including discounted bills) amounted to 5.39 trillion yuan, up 7.45% year-on-year [3] - The total liabilities of the bank were 8.72 trillion yuan, a 5.35% increase, with total deposits reaching 5.15 trillion yuan, reflecting a 3.24% growth [3] Asset Quality - Non-performing loan balance stood at 73.154 billion yuan, with a non-performing loan ratio of 1.36%, indicating continuous improvement in asset quality [5] - The provision coverage ratio increased to 186.96%, up 13.45 percentage points from the previous year, the highest level since 2015 [5] Strategic Focus - SPDB emphasized its commitment to serving the real economy through five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [6][7] - The bank served over 71,000 technology enterprises, with technology finance loans exceeding 600 billion yuan, ranking first among joint-stock banks [6] - Green credit balance reached 625.6 billion yuan, with a year-on-year growth of 19.25%, positioning the bank among the leaders in the sector [6] Digital Transformation - SPDB's digital banking client base surpassed 87 million, with significant upgrades in digital financial services [7] - The bank's asset management business grew to 2.7 trillion yuan, a 35% increase from the previous year, showcasing the success of its digital strategy [8] - Investment in information technology reached 7.169 billion yuan, a 2.92% increase, supporting the bank's digital transformation efforts [9]