Investment Rating - The investment rating for the company is "Buy" and is maintained [5] Core Views - The company has shown steady profit growth with a year-on-year increase in revenue and net profit of 0.5% and 4.6% respectively for the first half of 2025, although the growth rates have slightly decreased compared to the first quarter [2][5] - The net interest margin remains resilient, with a slight decrease to 1.60% in the first half of 2025, indicating improved profitability despite challenges in non-interest income [2][3] - The non-interest income has faced significant pressure, declining by 16.6% year-on-year, primarily due to a substantial drop in card-related income [2] Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of 28,741 million and a net profit attributable to the parent company of 12,114 million, with respective year-on-year growth rates of 0.5% and 4.6% [6] - The non-performing loan ratio remained stable at 1.17% as of the end of Q2 2025, while the provision coverage ratio decreased by 8 percentage points to 356% [4][6] Profitability and Margins - The average net interest margin for the first half of 2025 was 1.60%, slightly down from the previous quarter, with the asset yield decreasing to 3.05% [3] - The cost of liabilities improved, with a decrease in the cost of time deposits contributing to a better margin [3] Asset Quality - The non-performing loan ratio for retail operating loans increased to 2.46% by the end of the first half of 2025, indicating a need for close monitoring of this segment [4] - The company’s TTM non-performing loan generation rate was 0.86%, showing a slight increase in pressure [4] Earnings Forecast and Valuation - The company is expected to achieve a net profit growth of 5.2%, 5.5%, and 6.3% for the years 2025 to 2027, with a target price of 7.81 CNY per share, reflecting a potential upside of 21% [5]

Core Insights - The core viewpoint of the article is the financial performance of Chongqing Rural Commercial Bank in the first half of 2025, highlighting growth in revenue and net profit along with improvements in asset quality and capital adequacy [1] Financial Performance - In the first half of 2025, the bank achieved an operating income of 14.741 billion yuan, and a net profit of 7.847 billion yuan, representing year-on-year growth of 0.46% and 3.79% respectively [1] - The net profit attributable to shareholders was 7.699 billion yuan, an increase of 341 million yuan, with a growth rate of 4.63% [1] Asset and Deposit Growth - As of the end of the first half, the total assets of the bank reached 1.63 trillion yuan, an increase of 115.189 billion yuan compared to the end of the previous year [1] - The deposit balance stood at 1.03 trillion yuan, reflecting a growth of 83.249 billion yuan from the end of the previous year [1] - The loan balance was 765.245 billion yuan, which increased by 50.972 billion yuan compared to the end of the previous year [1] Loan Quality and Capital Adequacy - The bank's non-performing loan ratio was 1.17%, a decrease of 0.01 percentage points from the end of the previous year, indicating improved loan quality [1] - The capital adequacy ratio was reported at 15.11%, and the provision coverage ratio was 355.58%, demonstrating strong risk absorption capacity [1] Cost Management - The cost-to-income ratio was 26.58%, while the deposit interest rate was 1.52%, which decreased by 27 basis points year-on-year, indicating effective cost control measures [1]

Group 1: Financial Performance - As of the end of the reporting period, the total assets of Chongqing Rural Commercial Bank reached 1,630.131 billion yuan, an increase of 115.189 billion yuan compared to the end of the previous year [1] - The bank's operating income for the first half of 2025 was 14.741 billion yuan, an increase of 0.068 billion yuan, representing a growth rate of 0.46% year-on-year [3] - The net profit for the first half of 2025 was 7.847 billion yuan, an increase of 0.286 billion yuan, with a growth rate of 3.79% year-on-year [3] Group 2: Asset Quality and Capital Adequacy - The non-performing loan ratio stood at 1.17%, a decrease of 0.01 percentage points from the end of the previous year, indicating improved asset quality [1] - The capital adequacy ratio was reported at 15.11%, and the provision coverage ratio was 355.58%, demonstrating strong risk compensation capabilities [1] - The cost-to-income ratio was 26.58%, and the interest rate on deposits was 1.52%, which decreased by 27 basis points year-on-year [1] Group 3: Deposits and Loans - The deposit balance reached 1,025.195 billion yuan, an increase of 83.249 billion yuan compared to the end of the previous year [1] - The loan balance was 765.245 billion yuan, reflecting an increase of 50.972 billion yuan from the previous year [1]

每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 每经AI快讯，渝农商行（SH 601077，收盘价：6.44元）8月26日晚间发布公告称，公司第五届第六十次 董事会会议于2025年8月26日在本行总行401会议室以现场结合通讯方式召开。会议审议了《关于审议重 庆农村商业银行股份有限公司2025年半年度报告及其摘要、业绩公告的议案》等文件。 2025年1至6月份，渝农商行的营业收入构成为：利息收入占比105.29%，债务工具投资占比51.72%，非 利息收入占比6.43%。 截至发稿，渝农商行市值为731亿元。 （记者 王晓波） ...

资产质量方面，截至报告期末，重庆农商行不良贷款率1.17%，较上年末下降0.01个百分点；资本充足 率15.11%，拨备覆盖率355.58%，具备较强的风险抵补能力；成本收入比26.58%，存款付息率1.52%， 同比下降27个基点。 北京商报讯（记者 孟凡霞 实习记者 周义力）8月26日，重庆农商行发布2025年半年度报告。数据显 示，2025年上半年，该行实现营业收入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%。 资产规模方面，截至报告期末，重庆农商行资产总额16301.31亿元，较上年末增长1151.89亿元；存款余 额10251.95亿元，较上年末增长832.49亿元；贷款余额7652.45亿元，较上年末增长509.72亿元。 ...

格隆汇8月26日丨重庆农村商业银行(03618.HK)发布公告，2025年上半年，集团深入构建数字驱动 、产 业链动 、场景圈动"三种新动能"，积极服务地方经济，夯实业务发展基础，规模效益持续增长。本期 实现营业收入147.36亿元(人民币，下同)，同比增加0.94亿元，增幅0.64%；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%。 ...

Core Viewpoint - Chongqing Rural Commercial Bank reported a stable financial performance for the first half of 2025, with a slight increase in net profit and a focus on enhancing digital and ecological financial services to support local economic development [8][10]. Financial Performance Summary - Net interest income reached RMB 11,744 million, a 5.98% increase from RMB 11,081 million in the same period last year [8][12]. - Non-interest income decreased by 16.56% to RMB 2,996.7 million from RMB 3,591.5 million [8][12]. - Total operating income was RMB 14,740.7 million, a marginal increase of 0.46% compared to RMB 14,672.5 million [8][12]. - Net profit for the period was RMB 7,846.9 million, up 3.79% from RMB 7,560.7 million [8][12]. Asset and Liability Overview - Total assets amounted to RMB 1,630,130.9 million, reflecting a 7.60% increase from RMB 1,514,941.7 million at the end of the previous year [9][12]. - Customer loans and advances reached RMB 765,245 million, a 7.14% increase from RMB 714,273 million [9][12]. - Total liabilities were RMB 1,491,275.4 million, up 7.96% from RMB 1,381,332.9 million [9][12]. Capital Adequacy and Risk Management - The capital adequacy ratio stood at 15.11%, with a core Tier 1 capital ratio of 13.30% [9][12]. - The non-performing loan ratio improved slightly to 1.17% from 1.18% [9][12]. - The bank has implemented comprehensive risk management strategies to enhance operational resilience and compliance with regulatory requirements [11][12]. Strategic Focus and Development - The bank aims to strengthen its role in supporting rural revitalization and small to medium-sized enterprises, leveraging digital transformation and innovative financial products [11][12]. - Emphasis on developing a digital financial ecosystem to enhance customer experience and operational efficiency [11][12]. - The bank is actively involved in green finance initiatives, with green loan balances reaching RMB 802.19 million, an increase of RMB 124.66 million from the previous year [11][12].

Core Viewpoint - Chongqing Rural Commercial Bank reported a stable performance with a slight increase in net profit and total assets, while facing challenges in non-interest income and maintaining a strong capital adequacy ratio [9][10]. Financial Performance - Net interest income reached RMB 11,744 million, a year-on-year increase of 5.98% [9] - Non-interest income was RMB 2,996.7 million, down 16.56% compared to the previous year [9] - Total operating income was RMB 14,740.7 million, showing a slight increase of 0.46% [9] - Net profit amounted to RMB 7,846.9 million, reflecting a growth of 3.79% year-on-year [9] Asset and Liability Management - Total assets reached RMB 1,630,130.9 million, an increase of 7.60% from the previous year [2] - Customer loans and advances stood at RMB 765,245 million, up 7.14% [2] - Total liabilities were RMB 1,491,275.4 million, reflecting a growth of 7.96% [2] Capital Adequacy and Risk Management - Capital adequacy ratio was reported at 15.11%, indicating a strong capital position [9] - Provision coverage ratio was 355.58%, demonstrating robust risk mitigation capabilities [3] - Non-performing loan ratio was 1.17%, slightly improved from the previous year [2] Market Position and Strategic Initiatives - The bank's market image improved, being included in the CSI 300 Index and MSCI Index, ranking 112th globally according to The Banker [9] - The bank aims to enhance its digital financial services and support rural revitalization, with nearly 70% of its workforce dedicated to this initiative [10] - Focus on developing green finance and supporting small and micro enterprises, with a loan balance of RMB 1,478.46 million for small enterprises [10] Shareholder Information - The total number of shareholders reached 125,825 as of July 31, 2025, with a majority being A-shareholders [4] - Major shareholders include state-owned enterprises and investment groups, indicating a stable ownership structure [6][7]

Core Viewpoint - The board of directors of Chongqing Rural Commercial Bank convened a meeting to approve various proposals, including the 2025 semi-annual report and several reform action plans for the next three years [1][2][3]. Group 1: Meeting Details - The meeting was held on August 26, 2025, with 8 directors present, including 2 in person and 6 via communication [1]. - The meeting complied with legal and regulatory requirements, and the voting results showed unanimous support for all proposals [1]. Group 2: Approved Proposals - The board approved the 2025 semi-annual report and its summary, with 7 votes in favor [2]. - A donation of 4.8 million yuan for rural revitalization in Youyang County was approved, also receiving 7 votes in favor [2]. - The board approved three reform action plans for inclusive finance, technology finance, and pension finance for the years 2025-2027, each with unanimous support [2][3]. - Amendments to the management measures for agency business and personal client agency financial management procedures were also approved, with 7 votes in favor for each [2][3]. - The board reviewed and approved the risk management evaluation report for the first half of the year, receiving unanimous support [2]. - The board approved the third pillar disclosure report and the fees for internet loan collection services, both with 7 votes in favor [3]. - Several related party transactions were approved, including those involving Zhejiang Wangshang Bank and Chongqing Xinyu Financial Leasing, with 6 votes in favor for each, as some directors recused themselves due to conflicts of interest [4][5].

重大影响。 一、关联交易基本情况 （一）审议程序 证券代码：601077 证券简称：渝农商行 公告编号：2025-033 重庆农村商业银行股份有限公司 关于关联交易事项的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 六十次会议审议，同意对浙江网商银行股份有限公司（以下简称"浙江网商银行"） 给予同业综合授信额度 12 亿元，授信期限 1 年；同意向浙江网商银行支付贷款 服务费，关联交易金额不超过 3000 万元。以上关联交易金额合计不超过 12.3 亿元。 （二）关联关系及关联交易情况 本次关联交易定价依据市场原则，相关条件不优于本行对非关联方同类业务， 按照商业原则和一般商业条款或更佳条款进行，并符合本行定价政策。 四、关联交易的影响 本次关联交易为本行的正常业务，定价合理，符合监管要求及本行关联交易 管理相关规定，对本行正常经营活动及财务状况无重大影响。 本行第五届董事会第六十次会议审议通过了《关于审议浙江网商银行股份有 限公司授信类关联交易的议案》《关于审议浙江网商银行股份有限公司非授信类 关联交易 ...