独立董事提名人声明与承诺 提名人浙江绍兴瑞丰农村商业银行股份有限公司董事会,现提名 贾玉革、黄志刚、黄卓、蒋岳祥、鲁瑛均、孙同全为浙江绍兴瑞丰农 村商业银行股份有限公司（以下简称"本公司"）第五届董事会独立 董事候选人,并已充分了解被提名人职业、学历、职称、详细的工作 经历、全部兼职、有无重大失信等不良记录等情况。被提名人已同意 出任本公司第五届董事会独立董事候选人(参见该独立董事候选人声 明与承诺)。 提名人认为,被提名人具备独立董事任职资格,与本公司之间不 存在任何影响其独立性的关系，具体声明并承诺如下: 一、被提名人具备上市公司运作的基本知识,熟悉相关法律、行 政法规、规章及其他规范性文件,具有 5 年以上法律、经济、会计、 财务、管理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明 材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要 求: (一)《中华人民共和国公司法》关于董事任职资格的规定; (二)《中华人民共和国公务员法》关于公务员兼任职务的规定; (三)中国证监会《上市公司独立董事管理办法》、上海证券交 易所自律监管规则以及公司章程 ...

证券代码：601528 证券简称：瑞丰银行 浙江绍兴瑞丰农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | --- | |-------|---------------------|----------------------------------------------|----------|-----------------------------------------------|-------------------------------------------| | 序号 | 投资者关系活动 类别 | 时间 | 活动形式 | 参与单位名称 | 上市公司接待人员姓名 | | 1 | R 券商策略会 | 2024 年 11 月 6 日 13：00-14 ： 00 | 现场会议 | 光大证券、杭银理财、海通富基金、三井 住友资管 | 证券事务代表曹驰 | | 2 | R 特定对象调研 | 2024 年 11 月 7 日 9：00-11：00 | 现场会议 | 海通证券、海通国际 | 董事会办公室主任冯新 红、证券事务代表曹驰 | | 3 | ...

浙江绍兴瑞丰农村商业银行股份有限公司 关于董事会秘书任职资格获监管机构核准的公告 浙江绍兴瑞丰农村商业银行股份有限公司（以下简称"本行"）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。 近日，本行收到了《国家金融监督管理总局绍兴监管分局关于章国江瑞丰银 行董事会秘书任职资格的批复》（绍金复〔2024〕127 号），国家金融监督管理总 局绍兴监管分局核准了章国江的本行董事会秘书任职资格。根据相关规定，章国 江先生自 2024 年 11 月 28 日起就任本行董事会秘书。 证券代码：601528 证券简称：瑞丰银行 公告编号：2024-041 章国江先生的简历详见本行于 2024 年 10 月 1 日刊载于上海证券交易所网 站（www.sse.com.cn）的《浙江绍兴瑞丰农村商业银行股份有限公司关于聘任董 事会秘书的公告》（2024-036）。 特此公告。 浙江绍兴瑞丰农村商业银行股份有限公司董事会 2024 年 11 月 28 日 1 ...

证券代码：601528 证券简称：瑞丰银行 1 浙江绍兴瑞丰农村商业银行股份有限公司 投资者关系活动记录表 日期：2024 年 11 月 19 日 | --- | --- | --- | --- | |--------------|----------------------------|------------------------------------------|------------------------------------------------------------| | | | | | | 投资者关系活 | £ | 特定对象调研 □分析师会议 □媒体采访 | | | | R | 业绩说明会 □新闻发布会 □路演活动 | | | 动类别 | □ 现场参观 □其他 | | | | 参与单位名称 | | | 通过网络互动的形式参与公司本次业绩说明会的投资者 | | 时间 | 2024 年 11 月 19 | 日 上午 9:00—10:00 | | | 地点 | 上海证券交易所上证路演中心 | | | | | （网址： | http://roadshow.sseinfo.com/ | ） ...

Investment Rating - The report assigns a **Buy** rating to Ruifeng Bank (601528 SH) with a target price of **6 53 yuan** per share, compared to the current price of **5 33 yuan** [2] Core Views - Ruifeng Bank has a strong foothold in the Shaoxing Keqiao District, with its business extending to Yuecheng District, Shengzhou City, and Yiwu City in Jinhua The region's robust GDP and active private economy provide fertile ground for small and micro-enterprise (SME) business development [2] - The bank has built a deep moat in SME services through innovative models such as the "Enterprise Credit Database" and the "Three Divides, Three Looks, and Three Weights" approach, which have effectively countered competition from larger banks [2] - Ruifeng Bank's SME loans grew by **15 4% YoY** in Q2 2024, with SME loans accounting for **39 91%** of total loans, ranking second among listed rural commercial banks [2] - The bank's merger and acquisition (M&A) strategy has enhanced profitability By acquiring stakes in Yongkang and Cangnan Rural Commercial Banks, Ruifeng Bank has boosted its ROE by **0 4 PCT** and **0 3 PCT**, respectively, in 2024 [3] - The bank's ROA is at the mid-level among rural commercial banks, supported by higher interest income, non-interest income, and lower operating costs [3] - Ruifeng Bank's asset quality remains stable, with a non-performing loan (NPL) ratio of **0 97%** for four consecutive quarters and a steadily increasing provision coverage ratio [3] Regional Advantages - Ruifeng Bank is deeply rooted in the Keqiao District, which is the largest textile industry cluster in China The district's industrial transformation and the construction of SME industrial parks provide a solid foundation for sustainable credit growth [2] - The bank's business extends to Yuecheng District, Shengzhou City, and Yiwu City, with Keqiao contributing **78 86%** of operating income and **57 64%** of operating profit in H1 2024 [50] - The bank's deposit and loan market share in Keqiao reached **32 26%** and **20 34%**, respectively, in 2023, significantly higher than its average market share in Shaoxing [50] SME Business Model - Ruifeng Bank has developed a unique SME model, combining the "Enterprise Credit Database" with the "Three Divides, Three Looks, and Three Weights" approach This model ensures efficient credit assessment and loan approval for SMEs [92] - The bank has also implemented the "One Township, One City, One Market" model, which caters to the diverse financial needs of rural, urban, and market-based SMEs [92] - The "Hundred Parks Project" has established service stations in 100 SME industrial parks, providing grid-based, mobile, and professional services to fill service gaps [93] Financial Performance - Ruifeng Bank's net profit is expected to grow by **12 52%** and **10 32%** in 2024 and 2025, respectively, with EPS of **0 99 yuan** and **1 09 yuan** per share [3] - The bank's current valuation is **5 38X** and **4 88X** PE for 2024 and 2025, respectively, with a PB of **0 57X** and **0 52X** [3] - The report values Ruifeng Bank at **0 7X PB** for 2024, corresponding to a target price of **6 53 yuan** per share [3]

证券代码：601528 证券简称：瑞丰银行 公告编号：2024-040 浙江绍兴瑞丰农村商业银行股份有限公司 关于召开 2024 年第三季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"）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： 本行已于 2024 年 10 月 31 日在上海证券交易所网站（www.sse.com.cn）披 露本行 2024 年第三季度报告，为便于广大投资者更全面深入地了解本行经营成 果、财务状况，本行计划于 2024 年 11 月 19 日(星期二)上午 9:00-10:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络互动形式召开，本行将针对 2024 年第三季度经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 1 会议召开时间：2024 年 11 月 19 日(星期二) 上午 9:00-10:00 ...

Investment Rating - The report maintains a "Buy" rating for Ruifeng Bank [4][6]. Core Views - Ruifeng Bank's performance in the first three quarters of 2024 shows a revenue of 3.3 billion yuan, with a year-on-year growth rate of 14.7%, and a net profit attributable to shareholders of 1.4 billion yuan, also growing by 14.6% year-on-year [1][2]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 329.96% as of the end of Q3 2024, indicating a solid buffer against potential loan losses [1][3]. Financial Performance - Revenue and net profit growth rates for Q1-Q3 2024 are 14.7% and 14.6%, respectively, showing a slight decline compared to H1 2024 [2]. - Net interest income decreased by 1.3% year-on-year, but the decline has narrowed compared to the first half of 2024, with a net interest margin of 1.52% [2]. - Non-interest income surged by 77.9%, driven primarily by other non-interest income, which grew by 73.5% [2]. Asset Quality - As of Q3 2024, the bank's non-performing loan ratio and attention loan ratio remained stable at 0.97% and 1.56%, respectively [3]. - The provision coverage ratio increased by 6.2 percentage points from Q2 2024, with a cumulative increase of 25.8 percentage points throughout 2024 [3]. Asset and Liability Management - Total assets and total loans grew by 9.88% and 9.85% year-on-year, respectively, with a net increase in loans of 3.3 billion yuan in Q3 2024 [4]. - Total liabilities and total deposits increased by 9.8% and 8.1% year-on-year, but there was a net decrease in deposits of 4.8 billion yuan in Q3 2024, primarily due to a reduction in corporate demand deposits [4]. Future Outlook - The bank is expected to maintain a leading growth rate in the industry, with a projected narrowing of the interest margin decline for the full year [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a strong revenue growth trend, leading the listed banks with a year-on-year revenue increase of 14.67% and a net profit increase of 14.57% for the first three quarters of 2024 [1] - Non-interest income has significantly contributed to the overall performance, with a remarkable year-on-year growth of 73.87% in other non-interest business, primarily driven by a substantial increase in investment income [1][5] - The asset quality remains stable, with a non-performing loan ratio of 0.97% and a provision coverage ratio of 329.96%, indicating a solid safety cushion [4] Summary by Relevant Sections Financial Performance - For 1H24, the company maintained a high growth trend in both revenue and profit, with revenue and net profit growth rates of 14.67% and 14.57% respectively [1] - The company’s total assets, loans, and deposits grew by 9.88%, 9.51%, and 8.22% year-on-year in 3Q24, although the growth rates showed a slight slowdown compared to 1H24 [1][4] - The company’s net interest margin was 1.56% in 3Q24, slightly down from 1H24, but the decline in margin has narrowed over the past two quarters [1][4] Investment and Market Position - The company has a leading market share in the Shaoxing Keqiao area and has shown significant growth in other regions such as Yuecheng and Yiwu [5] - The company is well-positioned to benefit from the economic growth in Shaoxing Keqiao, with expectations of improved credit demand [5] - The company’s capital adequacy ratio is among the top tier of listed banks, which supports its growth and profitability [5] Future Outlook - The company is expected to maintain a robust growth trajectory, with projected revenue growth rates of 8.43%, 8.23%, and 7.96% for 2024-2026, and net profit growth rates of 12.45%, 10.44%, and 10.47% for the same period [5][7] - The company’s focus on small and micro retail customers is anticipated to mitigate risks associated with macroeconomic fluctuations [5]

Investment Rating - The report maintains a "Buy" rating for the company [6][11]. Core Views - The company achieved a revenue of 3.3 billion yuan in the first nine months of 2024, representing a year-on-year growth of 14.7%, which is the highest growth rate in its industry [6][7]. - The net profit attributable to shareholders for the same period was 1.44 billion yuan, also reflecting a year-on-year increase of 14.6% [6][7]. - The asset quality remains strong, with a non-performing loan (NPL) ratio stable at 0.97% and a provision coverage ratio increasing to 330% [6][11]. Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 3,525.00 in 2024E to 4,824.82 in 2026E, with a compound annual growth rate (CAGR) of approximately 6.31% [5]. - The net profit attributable to shareholders is expected to increase from 1,990.39 million yuan in 2024E to 2,495.25 million yuan in 2026E, with a CAGR of 12.27% [5]. - The return on equity (ROE) is forecasted to rise from 11.41% in 2024E to 11.83% in 2026E [5]. Revenue and Profitability Drivers - Non-interest income saw a significant increase of 78% year-on-year, contributing to the revenue growth, with approximately 110 million yuan recognized from subsidies for small and micro enterprises [7][8]. - Interest income faced pressure but the decline is narrowing, with a year-on-year decrease of 1.3% in the first nine months of 2024 [7][9]. - The cost-to-income ratio improved, decreasing by 3.7 percentage points to 27%, which positively impacted profit growth [7]. Loan and Asset Quality - Loan growth accelerated slightly, with a year-on-year increase of 9.8% in the third quarter of 2024 [9]. - The company continues to strengthen its provision reserves, with a year-to-date annualized NPL generation rate of 0.4% [11]. - The company has maintained a low NPL ratio and a strong provision coverage ratio, indicating robust risk management [11].

Investment Rating - The report maintains a "Recommend" rating for Ruifeng Bank (601528) with a target price of 6.73 yuan, compared to the current price of 5.09 yuan [1] Core Views - Ruifeng Bank achieved double-digit growth in revenue and profit, with stable net interest margins and improved asset quality in Q3 2024 [1] - The bank's revenue growth remained around 15%, driven by scale growth, stable net interest margins, and high growth in intermediate business income [1] - Despite a slight slowdown in net profit growth due to increased provisioning, the bank's asset quality improved, with the non-performing loan ratio remaining flat at 0.97% and the provision coverage ratio increasing by 6 percentage points to 330% [1] Financial Performance - In the first three quarters of 2024, Ruifeng Bank achieved operating revenue of 3.322 billion yuan, a year-on-year increase of 14.7%, and net profit attributable to the parent company of 1.442 billion yuan, a year-on-year increase of 14.6% [1] - The bank's net interest margin (NIM) slightly increased by 1 basis point to 1.52% in Q3 2024, mainly due to a significant decline in liability costs [1] - The bank's loan growth rate increased by 0.98 percentage points to 9.85% in Q3 2024, driven by improved demand for corporate and retail loans [1] Asset Quality - The non-performing loan ratio remained flat at 0.97% in Q3 2024, while the provision coverage ratio increased by 6 percentage points to 330% [1] - The bank's asset quality improved, with the non-performing loan generation rate and the attention rate declining by 55 basis points and remaining flat at 0.33% and 1.56%, respectively [1] Future Outlook - The report forecasts that Ruifeng Bank's revenue growth will be 6.7%, 6.4%, and 10.8% in 2024, 2025, and 2026, respectively, while net profit growth will be 10.8%, 9.4%, and 10.0% in the same period [1] - The bank is expected to benefit from the rapid growth of the export economy in Shaoxing's Keqiao and Yuecheng districts, optimization of loan structure, and investment in rural commercial banks in other regions [1] Valuation - The report values Ruifeng Bank at 0.67x PB for 2025, corresponding to a target price of 6.73 yuan [1] - The bank's current valuation is only 0.51x PB for 2025, indicating potential upside [1]