证券代码：601528 证券简称：瑞丰银行 公告编号：2025-010 浙江绍兴瑞丰农村商业银行股份有限公司 关于召开 2024 年度业绩说明会的公告 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： 会议召开时间：2025 年 4 月 16 日(星期三) 上午 10:00-11:30 本行已于 2025 年 3 月 28 日在上海证券交易所网站（www.sse.com.cn）披 露本行 2024 年年度报告，为便于广大投资者更加全面深入地了解本行 2024 年 度经营成果、财务状况，本行计划于 2025 年 4 月 16 日 上午 10:00-11:30 举 行 2024 年度业绩说明会，就投资者关心的问题进行交流。 会 议 召 开 地 点 ： 上 海 证 券 报 · 中 国 证 券 网 路 演 中 心 （ 网 址 https://roadshow.cnstock.com/） 一、业绩说明会类型 会议召开方式：上海证券报·中国证券网路演中心视频直播和 ...

事件描述 投资建议：我们认为公司是小微黑马银行，长期以来业绩增速优异、资产质量持续向好，通过投资入股 浙江优质农商行股权，不依赖经济周期实现ROE 抬升。基于2025 年3 月31 日收盘价，目前估值 0.50x2025PB，重点推荐，维持"买入"评级。 瑞丰银行2024 年营业收入同比增长15.3%（前三季度同比增长14.7%），归母净利润同比增长11.3%（前 三季度同比增长14.6%）。2024 年末不良率环比持平于0.97%，拨备覆盖率321%，环比下降9pct，较期 初提升17pct，风险抵补能力持续提升。 资产质量稳健性显著优于小微银行同业。2024 年银行业零售资产质量出现波动，公司不良净生成率 0.59%，同比上升11BP 但依然保持相对低位。个人贷款的不良率同比上升27BP 至1.76%，但对公贷款 总体质量稳定。2024 年末拨备覆盖率环比下降9pct 至321%，但较期初进一步提升17pct，上市以来保持 连续上行的趋势。如果今年宏观经济企稳复苏，零售贷款资产质量有望改善，未来拨备覆盖率仍有进一 步提升的空间。 战略投资中小银行稳步推进，扣非净利润高增长。2024 年6 月进一步增持苍南 ...

Core Insights - 瑞丰银行's 2024 annual report indicates a robust growth trend, with total assets reaching 220.50 billion yuan, an increase of 23.61 billion yuan or 11.99% from the beginning of the year [1] - The bank's operating income for 2024 was 4.39 billion yuan, a year-on-year increase of 15.29%, while net profit attributable to shareholders was 1.92 billion yuan, up 11.27% [1] - Despite the overall growth, net interest income declined by 1.65% to 3.00 billion yuan, with the net interest margin narrowing from 1.73% in 2023 to 1.50% [1] - Non-interest income surged by 84.25% to 1.38 billion yuan, driven by a 100.52% increase in investment income, which reached 942 million yuan [1] Financial Performance - The cost-to-income ratio improved to 31.24%, down 3.46 percentage points from the previous year, indicating effective cost management [2] - Employee compensation decreased to 702 million yuan, a reduction of 14.93 million yuan from the previous year, while total remuneration for directors and executives rose to 14.62 million yuan, an increase of 1.38 million yuan [2] Asset Quality - As of the end of 2024, the non-performing loan (NPL) ratio remained stable at 0.97%, while the provision coverage ratio increased by 16.75 percentage points to 320.87% [2] - However, the loan migration rate for suspicious loans significantly increased to 52.90%, compared to 22.00% in the previous year, indicating potential risks in loan quality [2] Capital Adequacy - The bank's core Tier 1 capital adequacy ratio stood at 13.67%, with the Tier 1 capital ratio at 13.68% and the total capital adequacy ratio at 14.87%, all showing improvement from the end of 2023 [3]

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [1]. Core Views - Ruifeng Bank achieved a revenue of 4.4 billion yuan in 2024, representing a year-on-year growth of 15.3%, and a net profit attributable to shareholders of 1.9 billion yuan, up 11.3% year-on-year [4][6]. - The bank's non-interest income saw significant growth, primarily driven by investments related to the bond market, which increased by 84.3% year-on-year [6]. - The bank's loan growth exceeded expectations, with a total loan increase of 17.6 billion yuan in 2024, marking a 15.5% year-on-year growth [6][8]. Financial Data and Profit Forecast - Revenue and profit forecasts for Ruifeng Bank are as follows: - Total revenue (million yuan): 3,803.58 (2023), 4,384.97 (2024), 4,623.53 (2025E), 4,903.84 (2026E), 5,310.38 (2027E) [5]. - Net profit (million yuan): 1,727.12 (2023), 1,921.70 (2024), 2,104.80 (2025E), 2,323.68 (2026E), 2,577.12 (2027E) [5]. - The forecasted growth rates for net profit are 9.5% (2025), 10.4% (2026), and 10.9% (2027) [9]. Loan and Asset Quality - The bank's non-performing loan (NPL) ratio remained stable at 0.97% in Q4 2024, with a provision coverage ratio of 321% [9][12]. - The bank's loan growth was driven by a strategic focus on high-quality customer segments and a significant increase in loans in the fourth quarter [6][8]. Strategic Initiatives - The "One Base and Four Arrows" strategy is showing positive results, with nearly 40% of loan contributions coming from outside the primary market [6]. - The bank's interest margin is under pressure, but there are signs of improvement in funding costs, with a projected interest margin of 1.50% for 2024 [6][10].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 6.60 [8][11]. Core Insights - The company is expected to achieve a 2024 net profit and operating income growth of 11.3% and 15.3% year-on-year, respectively, with a strategic transformation proving effective and significant business expansion potential [1][5]. - The company has accelerated credit expansion, with total assets, loans, and deposits growing by 12.0%, 15.5%, and 12.8% year-on-year by the end of 2024 [2]. - Non-interest income has shown strong growth, increasing by 75.9% year-on-year, contributing to 30.6% of total revenue [3]. - The company has improved its retail non-performing loan (NPL) ratio, which decreased to 1.76% by the end of 2024 [4]. Summary by Sections Financial Performance - The company's 2024 operating income is projected at RMB 4,385 million, with a year-on-year growth of 15.29% [7]. - The net profit for 2024 is expected to reach RMB 1,922 million, reflecting an 11.27% increase year-on-year [7]. - The non-performing loan ratio is stable at 0.97%, with a provision coverage ratio of 321% [4][7]. Asset Quality - The company has maintained a non-performing loan ratio of 0.97% and a provision coverage ratio of 321% as of the end of 2024, indicating strong asset quality management [4][7]. - The attention rate has decreased to 1.45%, suggesting an improvement in forward-looking risk [4]. Capital Adequacy - By the end of 2024, the capital adequacy ratio and core tier 1 capital ratio are reported at 14.87% and 13.67%, respectively, showing a slight increase from the previous quarter [3][7]. Valuation Metrics - The target price for 2025 is set at a price-to-book (PB) ratio of 0.65, with a projected book value per share (BVPS) of RMB 10.15 [5][7]. - The company is expected to maintain a dividend yield of approximately 3.72% in 2025 [7].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6] Core Views - The company achieved a revenue of 4.4 billion yuan in 2024, representing a year-on-year growth of 15.29%, and a net profit attributable to shareholders of 1.9 billion yuan, up 11.27% year-on-year [1][2] - The decline in net interest margin has narrowed compared to the previous year, primarily due to a slowdown in the decline of interest-earning asset yields [2][3] - The company has maintained a stable asset quality with a non-performing loan ratio of 0.97% and a provision coverage ratio of 320.87% as of Q4 2024 [4] Performance Summary - Revenue and net profit growth rates for 2024 were 15.29% and 11.27%, respectively, with improvements in scale growth and a decrease in credit costs contributing positively to performance [2] - Net interest income decreased by 1.65% year-on-year, while non-interest income saw a significant increase of 84.25%, driven by a 100.52% rise in investment income [3][4] - The company distributed a cash dividend of 2.00 yuan per 10 shares, resulting in a total dividend payout ratio of 20.42% for the year [1] Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight increase in corporate loan non-performing rates to 0.43% [4] - The company reported a non-performing loan generation rate of 0.55% for 2024, which is an increase of 10 basis points compared to the previous year [4] Asset and Liability Management - As of Q4 2024, total assets and loans reached 220.5 billion yuan and 131.0 billion yuan, respectively, with year-on-year growth rates of 11.99% and 15.50% [5] - Total deposits amounted to 162.7 billion yuan, reflecting a year-on-year increase of 12.82% [5] Investment Outlook - Short-term performance may face pressure due to weak retail and small business demand, but medium to long-term growth is expected as the company’s market share increases and asset quality improves [11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 4.4 billion yuan in 2024, representing a year-on-year growth of 15.29%, and a net profit attributable to shareholders of 1.9 billion yuan, up 11.27% year-on-year [1][2] - The decline in net interest margin has narrowed compared to the previous year, with a net interest margin of 1.50% for 2024, down 23 basis points year-on-year [2][3] - The company has maintained a stable asset quality with a non-performing loan ratio of 0.97% and a provision coverage ratio of 320.87% as of Q4 2024 [4] Performance Summary - Revenue and net profit growth rates for 2024 were 15.29% and 11.27%, respectively, with improvements in scale growth and a decrease in credit costs contributing positively to performance [2] - Net interest income decreased by 1.65% year-on-year, while non-interest income saw a significant increase of 84.25%, primarily driven by a 100.52% rise in investment income [3][4] - The company distributed a cash dividend of 2.00 yuan per 10 shares, resulting in a dividend payout ratio of 20.42% for the year [1] Asset Quality - The non-performing loan ratio remained stable at 0.97%, with a slight decrease in the overdue rate to 1.69% [4] - The provision coverage ratio decreased by 9% compared to the previous quarter, indicating a potential improvement in asset quality [4] Asset and Liability Management - As of Q4 2024, total assets and loans reached 220.5 billion yuan and 131.0 billion yuan, respectively, with year-on-year growth rates of 11.99% and 15.50% [5] - Total deposits amounted to 162.7 billion yuan, reflecting a year-on-year increase of 12.82% [5] Investment Outlook - In the short term, the company may face pressure on performance due to weak retail and small business demand, as well as intense competition [11] - In the medium to long term, the company is expected to benefit from stable loan growth in its operating region and potential improvements in market share, alongside steady asset quality enhancements [11]

21世纪经济报道记者 边万莉 杭州报道 3月27日，瑞丰银行(601528,SH)发布2024年度报告。 报告显示，截至2024年末，瑞丰银行总资产2205.03亿元，较年初增长11.99%。2024年，公司营业收入 为43.85亿元，同比增长15.29%；归母净利润为19.22亿元，同比增长11.27%。 存贷款方面，截至2024年末，瑞丰银行贷款总额1309.6亿元，较上年末增加175.77亿元。其中，公司贷 款655.22亿元，占比50.03%，较上年末增加112.03亿元；个人贷款559.28亿元，占比42.71%，较上年末 增加40.69亿元。总存款1626.92亿元，较年初增加12.82%。 2024年，商业银行不良贷款余额3.3万亿元，较年初增加536亿元；不良贷款率1.5%，较年初下降0.09个 百分点。其中，农商行不良贷款余额7776亿元，较年初减少848亿元；不良贷款率2.80%，较年初下降 0.54个百分点。报告期末，瑞丰银行不良贷款余额12.65亿元，不良率0.97%，与去年持平，在农商行中 处于较优水平。 值得关注的是，相比于2023年，瑞丰银行2024年贷款迁徙率中，可疑类贷款迁徙 ...

浙江绍兴瑞丰农村商业银行股份有限公司 内部控制审计报告 您可使用手机"扫一扫"或进入"注册会计师行业绩一些管出身有执业许可的会计师事务所出具, 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 报告编码:京25TYSHFZCM ۱зԇ٤Ԣ㞦ѫઋࡂ (࠺ࣔޯପՠѪ) И֢Ԙч Б؍੪ 1 ՚ ك 8 ࠡםࡂ֫ٺސБ ु:100738ݺଽ ऄઢ +86 (10) 8508 5000 Ѯऱ +86 (10) 8518 5111 ৠ֭ kpmg.com/cn Ӄܰӱؘਗ਼۶ղ ࡂԢ㞦ؙআ 2504362 ՚ 䂑㿄ҽࣶЙӌߖЏୣ੧ਁѡ߄ஒҸ՛ҶѽਁБ ܷࣁ澦ѣЏӄୂݏӲؙઋܶږ澧ՃИ֢ࡨӆѫઋ٤ۼЏӕөङबҼࡌͫ۩ћؙઋд䂑㿄 ҽࣶЙӌߖЏୣ੧ਁѡ߄ஒҸ՛ (љЈএ०ȔࣶЙୣ੧ȕ) 2024 وٴ 12 ߃ 31 ޙङીԇܕճ ӄୂݏӲङۅݼ߄澞 ▁澝ѢЎتӃܰӱࣩઐџ ܶӲછџݏୂ澧澝澦ѣЏӄږऀܶځӲݏୂਸ澧澝澦ѣЏӄઁߎׂӲݏୂ澦ѣЏӄࣁܷ Ѡ澞ુ੧嗋зѫङୣЙࣶީۅݼ߄છџҿۇٴͫӲݏୂӄޑؘݼ߄ॹҡҶչڏઁؔͫ澧ङږ з澝ࡉӅѪਗ਼٣ࣩઐџ ۩ћ ...

(一)本人简介 以p公室 本人孙同全,1968年11月出生,中国国籍,博士研究生学 历,中共党员。现任中国社会科学院农村发展研究所研究员、农 村金融研究室主任,中国社会科学院大学教授、博士生导师,兼 任中国农村发展学会秘书长、中国社会科学院贫困问题研究中心 副秘书长,担任瑞丰银行独立董事、发展战略规划委员会委员。 (二) 不存在影响独立性的情况 独立董事孙同全 2024 年度试职报告 根据《上市公司独立董事管理办法》及《浙江绍兴瑞丰农村 商业银行股份有限公司独立董事工作规则》,本人作为浙江绍兴 瑞丰农村商业银行股份有限公司(以下简称"瑞丰银行")独立 董事,现向董事会和股东大会提交年度述职报告,对履行职责的 情况进说明。请予审查。 一、基本情况 本人及本人的直系亲属均不在瑞丰银行及其附属企业任职 或享有权益,与瑞丰银行及其主要股东之间不存在妨碍本人独立 客观判断的关系,不存在影响本人独立性的情况。 2024年,瑞丰银行召开董事会 9次,本人应参加 6 次,实 际亲自出席会议6次,对提交董事会的议案,本人在会前认真审 阅相关文件材料,全面了解各项议题背景,与高级管理层进行充 分研究讨论,客观独立地发表建议意见, ...