Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has experienced a slowdown in growth, with total revenue for the first three quarters of 2025 reaching 3.356 billion yuan, a year-on-year increase of 1.03%, while the third quarter saw a decline of 4.41% due to a drop in non-interest income [1] - The net profit attributable to shareholders for the same period was 1.526 billion yuan, reflecting a year-on-year growth of 5.85%, with a 6.22% increase in the third quarter, primarily due to improved asset quality and reduced asset impairment losses, which decreased by 18% year-on-year [1] - The net interest margin widened to 1.49%, with net interest income growing by 6.1% year-on-year, benefiting from improved deposit cost management [1][2] Summary by Sections Financial Performance - Total assets at the end of the period were 230.3 billion yuan, a 4.4% increase from the beginning of the year, with total loans amounting to 133.5 billion yuan, up 2.0% year-on-year [2] - The non-performing loan ratio remained stable at 0.98%, with a provision coverage ratio of 197%, an increase of 5 percentage points from the previous quarter [2] Profit Forecast and Financial Indicators - The forecast for net profit attributable to shareholders for 2025-2027 is 2.034 billion yuan, 2.198 billion yuan, and 2.444 billion yuan, respectively, with corresponding year-on-year growth rates of 5.8%, 8.1%, and 11.2% [3][4] - The price-to-book (PB) ratios for 2025-2027 are projected to be 0.52x, 0.48x, and 0.44x, indicating a favorable valuation [3][4] Market Position and Strategy - The company primarily serves small and micro enterprises, facing intense competition and weak credit demand, which may pressure short-term operations [3] - However, the solid customer base and regional advantages suggest good growth potential in the medium to long term as the small loan market improves with economic recovery [3]

2025年10月29日，瑞丰银行(601528.SH)发布2025年三季报。 公司营业总收入为33.56亿元，较去年同报告期营业总收入增加3432.00万元，实现5年连续上涨，同比较去年同期上涨1.03%。归母净利润为15.26亿元，较去 年同报告期归母净利润增加8432.50万元，实现5年连续上涨，同比较去年同期上涨5.85%。经营活动现金净流入为31.03亿元，较去年同报告期经营活动现金 净流入增加65.47亿元。 公司最新资产负债率为91.50%，较上季度资产负债率减少0.06个百分点。 公司最新ROE为7.90%。 公司摊薄每股收益为0.78元，较去年同报告期摊薄每股收益增加0.05元，实现3年连续上涨，同比较去年同期上涨6.85%。 公司最新总资产周转率为0.01次。 公司股东户数为2.98万户，前十大股东持股数量为8.23亿股，占总股本比例为41.92%，前十大股东持股情况如下： | 序号 | 股东名称 | 持股 | | --- | --- | --- | | 1 | 浙江柯桥转型升级产业基金有限公司 | 8.10 | | 2 | 浙江明牌卡利罗饰品有限公司 | 4.24 | | 3 | 浙江上虞 ...

Core Insights - 瑞丰银行 reported a total operating income of 3.356 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.03% [1] - The net profit attributable to shareholders of the parent company reached 1.526 billion yuan, showing a year-on-year increase of 5.85% [1] - The basic earnings per share stood at 0.78 yuan [1]

Core Insights - 瑞丰银行 reported a revenue of 3.356 billion and a net profit attributable to shareholders of 1.526 billion for the first three quarters of 2025, representing year-on-year growth of 1.03% and 5.85% respectively [1] - As of the end of September, the bank's total assets reached 230.265 billion, reflecting a growth of 4.43% since the beginning of the year [1] - The non-performing loan ratio stood at 0.98%, which is an increase of 0.01 percentage points compared to the beginning of the year [1]

本行于 2025 年 10 月 17 日以电子邮件及书面方式向全体监事发出关于召开 第五届监事会第五次会议的通知。本次会议于 2025 年 10 月 28 日在本行以现场 和视频相结合的方式召开。会议由监事长罗妙娟主持，会议应到监事 9 人，实到 监事 9 人。本次会议符合《中华人民共和国公司法》（以下简称"《公司法》"）等 法律法规及《公司章程》的有关规定。 证券代码：601528 证券简称：瑞丰银行 公告编号：2025-031 浙江绍兴瑞丰农村商业银行股份有限公司 第五届监事会第五次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"） 监事会及全体监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。 详情请查阅本行官方网站投资者关系专栏中披露的《浙江绍兴瑞丰农村商业 1 本次会议审议并通过了以下议案： 一、2025年第三季度报告 监事会出具如下审核意见： （一）本行《2025 年第三季度报告》的编制和审议程序符合《公司法》等 法律、法规以及《公司章程》和相关内部管理制度的规定； （二）本行《2025 年第三季度报告》的 ...

证券代码：601528 证券简称：瑞丰银行 公告编号：2025-029 浙江绍兴瑞丰农村商业银行股份有限公司 第五届董事会第五次会议决议公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"） 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。 本次会议审议并通过了以下议案： 一、2025年第三季度报告 该事项已经本行董事会审计委员会审议通过。 详情请查阅本行同日披露在上海证券交易所网站（www.sse.com.cn）的《浙 江绍兴瑞丰农村商业银行股份有限公司 2025 年第三季度报告》。 表决结果：同意 16 票，反对 0 票，弃权 0 票。 二、2025年第三季度第三支柱信息披露报告 该事项已经本行董事会审计委员会审议通过。 详情请查阅本行官方网站投资者关系专栏中披露的《浙江绍兴瑞丰农村商业 银行股份有限公司 2025 年第三季度第三支柱信息披露报告》。 表决结果：同意 16 票，反对 0 票，弃权 0 票。 本行于 2025 年 10 月 17 日以电子邮件及书面方式向全体董事发出关于召开 第五届董事会第五次会议的 ...

Financial Performance - Total revenue for Q3 2025 was CNY 1,097,833, a decrease of 4.41% compared to the same period last year[5] - Total profit amounted to CNY 671,147, reflecting a 14.41% increase year-over-year[5] - Net profit attributable to shareholders reached CNY 636,308, up 6.22% from the previous year[5] - Total operating income for the first three quarters of 2025 reached RMB 3,356,440 thousand, a slight increase of 1.03% compared to RMB 3,322,120 thousand in the same period of 2024[25] - The total profit for the first three quarters of 2025 was RMB 1,532,538 thousand, representing an increase of 8.96% from RMB 1,406,334 thousand in 2024[25] - Net profit for the first three quarters of 2025 reached RMB 1,514,826 thousand, compared to RMB 1,427,128 thousand in the same period of 2024, reflecting an increase of about 6.12%[31] - The net profit attributable to shareholders of the parent company was RMB 1,525,945 thousand, an increase of 5.86% from RMB 1,441,620 thousand in the previous year[26] - Earnings per share for the first three quarters of 2025 were RMB 0.78, up from RMB 0.73 in the same period of 2024[26] Assets and Liabilities - The total assets of the bank increased to CNY 230,265,090, representing a growth of 4.43% from the end of the previous year[5] - Total assets increased to RMB 224,033,424 thousand as of September 30, 2025, up from RMB 215,427,011 thousand at the end of 2024, representing a growth of approximately 3.73%[29] - Total liabilities increased to RMB 210,692,356 thousand from RMB 201,276,705 thousand year-over-year[24] - The bank's total liabilities amounted to RMB 204,920,407 thousand as of September 30, 2025, compared to RMB 196,639,040 thousand at the end of 2024, indicating a growth of about 4.6%[29] Equity and Capital - The bank's total equity increased to RMB 19,572,734 thousand from RMB 19,226,184 thousand[24] - The bank's total equity increased to RMB 19,113,017 thousand as of September 30, 2025, compared to RMB 18,787,971 thousand at the end of 2024, reflecting a growth of approximately 1.73%[30] - The capital adequacy ratio was reported at 14.05%, down from 14.87% at the end of 2024[13] - The bank's capital reserve and surplus remained unchanged at RMB 1,348,976 thousand and RMB 3,503,070 thousand respectively[24] Loans and Deposits - The bank's total loans and advances amounted to RMB 129,201,725 thousand, up from RMB 127,100,520 thousand at the end of 2024[23] - Total deposits reached CNY 170,211,461, an increase of 4.69% from CNY 162,691,518 at the end of 2024[8] - Customer deposits and interbank deposits net increase was RMB 7,216,903 thousand in the first three quarters of 2025, down from RMB 8,874,762 thousand in 2024, a decrease of approximately 18.7%[33] Profitability Ratios - The bank's basic earnings per share for the quarter was CNY 0.32, a 6.67% increase year-over-year[5] - The weighted average return on equity was 13.24%, a decrease of 0.36 percentage points compared to the previous year[5] Cash Flow - The net cash flow from operating activities improved to RMB 3,102,638 thousand, compared to a negative cash flow of RMB -3,444,193 thousand in the same period last year[27] - The bank's cash flow from operating activities generated a net amount of RMB 3,389,723 thousand in the first three quarters of 2025, a significant recovery from a net outflow of RMB -3,518,598 thousand in 2024[33] - The total cash and cash equivalents at the end of the period were RMB 6,846,836 thousand, compared to RMB 8,350,978 thousand at the end of the same period last year[28] - The ending balance of cash and cash equivalents for the first three quarters of 2025 was 6,658,390, down from 8,236,022 in 2024[34] Non-Performing Loans - The bank's non-performing loan ratio stood at 0.98%, slightly up from 0.97% at the end of 2024[11] - The bank's non-performing loan ratio remains stable, with no significant changes reported in the shareholder structure during the reporting period[21] Other Financial Metrics - The bank's financial investments in debt instruments rose to RMB 33,059,629 thousand from RMB 28,558,012 thousand[23] - The bank's interest income decreased to RMB 5,091,940 thousand in the first three quarters of 2025, down from RMB 5,206,599 thousand in 2024, a decline of approximately 2.2%[31] - The bank's investment activities resulted in a net cash outflow of RMB -983,479 thousand in the first three quarters of 2025, an improvement from a net outflow of RMB -1,133,659 thousand in 2024[33] - The company reported a net cash outflow from financing activities of RMB -2,237,623 thousand, a decrease from a net inflow of RMB 1,055,403 thousand in the previous year[28] - Other comprehensive income after tax attributable to the parent company was RMB -797,348 thousand, a significant decline from RMB 163,390 thousand in the same period of 2024[26]

证券代码：601528 证券简称：瑞丰银行 公告编号：2025-030 浙江绍兴瑞丰农村商业银行股份有限公司 关于关联交易的公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"或"公司"） 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： 1 经本行第五届董事会第五次会议审议通过，同意给予浙江恒晨印染有限 公司（以下简称"恒晨印染"）在原 9900 万元授信额度上增加授信额度 3600 万元。至本次关联交易为止，过去十二个月内本行给予恒晨印染及 其同一关联人的授信总额度为 9900 万元（不含本次关联交易），上述授 信额度已于 2025 年 8 月 27 日在上海证券交易所（以下简称"上交所"） 网站披露。本次关联交易后，本行给予恒晨印染及其同一关联人的授信 总额度为 13500 万元。 经本行第五届董事会第五次会议审议通过，同意：给予绍兴佳颖电子科 技有限公司（以下简称"佳颖电子"）新增授信额度 1000 万元；给予绍 兴林盈贸易有限公司（以下简称"林盈贸易"）新增授信额度 1000 万元。 至本次关联交易为 ...

Market Overview - The rural commercial bank sector experienced a decline of 0.75% on October 28, with Jiangyin Bank leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Individual Stock Performance - Key stock performances in the rural commercial bank sector included: - Ruifeng Bank: Closed at 5.51, unchanged - Sunong Bank: Closed at 5.24, down 0.19% - Zijin Bank: Closed at 2.91, down 0.34% - Changshu Bank: Closed at 7.00, down 0.57% - Yuanxi Bank: Closed at 6.14, down 0.65% - Hunan Rural Commercial Bank: Closed at 8.70, down 0.68% - Qingnong Bank: Closed at 3.24, down 0.92% - Yunnan Rural Commercial Bank: Closed at 6.96, down 1.00% - Zhangjiagang Bank: Closed at 4.49, down 1.10% - Jiangyin Bank: Closed at 4.94, down 1.20% [1] Capital Flow Analysis - The rural commercial bank sector saw a net inflow of 16.51 million yuan from institutional investors, while retail investors experienced a net outflow of 25.96 million yuan [1] - Detailed capital flow for selected banks included: - Sunong Bank: Net inflow of 13.07 million yuan from institutional investors, with a net outflow of 9.25 million yuan from retail investors [2] - Hunan Rural Commercial Bank: Net inflow of 13.06 million yuan from institutional investors, with a net outflow of 16.03 million yuan from retail investors [2] - Qingnong Bank: Net inflow of 7.95 million yuan from institutional investors, with a net outflow of 7.73 million yuan from retail investors [2] - Jiangyin Bank: Net outflow of 5.93 million yuan from institutional investors, with a net inflow of 8.14 million yuan from retail investors [2]

Core Insights - The agricultural commercial bank sector experienced a slight decline of 0.13% on October 27, with the Shanghai Agricultural Commercial Bank leading the drop [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance - The closing prices and performance of key agricultural commercial banks are as follows: - Yunnan Agricultural Commercial Bank (601077) closed at 7.03, up 1.44% with a trading volume of 651,800 shares and a transaction value of 455 million [1] - Wuxi Bank (600908) closed at 6.18, up 0.32% with a trading volume of 176,600 shares and a transaction value of 109 million [1] - Zhangjiagang Bank (002839) closed at 4.54, up 0.22% with a trading volume of 373,600 shares and a transaction value of 170 million [1] - Other banks like Su Nong Bank (603323) and Zijin Bank (601860) saw declines of 0.19% and 0.34% respectively [1] Fund Flow Analysis - The agricultural commercial bank sector saw a net inflow of 24.73 million from institutional investors and 41.41 million from retail investors, while retail investors had a net outflow of 66.14 million [1] - Detailed fund flow for specific banks indicates: - Jiangyin Bank (002807) had a net inflow of 9.34 million from institutional investors and a net outflow of 18.65 million from retail investors [2] - Wuxi Bank (600908) had a net inflow of 8.72 million from institutional investors and a net outflow of 10.73 million from retail investors [2] - Other banks like Zijin Bank (601860) and Yunnan Agricultural Commercial Bank (601077) also experienced mixed fund flows with significant retail outflows [2]