证券代码：601825 证券简称：沪农商行 公告编号：2025-039 上海农村商业银行股份有限公司 关于公司章程修订获国家金融监督管理总局上海监管局 核准并撤销监事会的公告 本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。 2025 年 5 月 23 日，上海农村商业银行股份有限公司（以下简称 "公司"）董事会 2025 年第四次会议审议通过了《关于撤销监事会 并修订<上海农村商业银行股份有限公司章程>及相关附件的议案》， 2025 年 6 月 13 日，公司 2024 年度股东大会审议批准了该议案。具 体 情 况 请 见 公 司 2025 年 6 月 14 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的《公司 2024 年度股东大会决议公告》。 近日，经修订的《公司章程》及相关附件《股东会议事规则》《董 事会议事规则》获国家金融监督管理总局上海监管局核准生效。本次 经修订的《公司章程》生效后，公司监事会和监事同步撤销，由审计 委员会承接和行使《公司法》规定的监事会职权。 公司监事会自设立 ...

Market Performance - The rural commercial bank sector increased by 1.75% on September 24, with Yunnan Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Yunnan Rural Commercial Bank (601077) closed at 6.54, up 1.87% with a trading volume of 853,400 shares and a transaction value of 559 million [1] - Changshu Bank (601128) closed at 7.11, up 1.57% with a trading volume of 412,600 shares and a transaction value of 291 million [1] - Shanghai Rural Commercial Bank (601825) closed at 8.67, up 0.70% with a trading volume of 244,700 shares and a transaction value of 212 million [1] - Jiangyin Bank (002807) closed at 4.56, up 0.44% with a trading volume of 258,000 shares and a transaction value of 118 million [1] - Qingnong Commercial Bank (002958) closed at 3.17, down 0.31% with a trading volume of 435,000 shares and a transaction value of 138 million [1] Fund Flow Analysis - The rural commercial bank sector experienced a net outflow of 639,800 yuan from main funds, while retail funds saw a net inflow of 28.92 million yuan [1] - Individual stock fund flows showed that Changshu Bank had a main fund net inflow of 22.92 million yuan, while Yunnan Rural Commercial Bank had a net inflow of 9.09 million yuan from main funds [2] - Jiangyin Bank experienced a significant net outflow of 18.43 million yuan from main funds, indicating a potential concern among investors [2]

Group 1 - The article highlights the top 20 performing stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) as of September 22, 2025, showcasing significant year-to-date gains and dividend yields [1][2] - The top performer is Youfa Group (601686.SH) with a year-to-date increase of 15.82% and a dividend yield of 4.85% [1] - Other notable performers include HERRIG (601598.SH) with a 36.27% increase and a 4.06% dividend yield, and Yutong Bus (600066.SH) with an 18.96% increase and a 6.74% dividend yield [1] Group 2 - The overall dividend yield for the index is reported at 5.12%, with a historical price-to-earnings ratio of 10.47 and an expected price-to-earnings ratio of 9.88 [2] - The index consists of 100 stocks, with individual stock weight capped at 3% and sector weight limited to 33% [2] - The data is sourced from the Shanghai Stock Exchange and Wind, reflecting the performance and characteristics of the index as of late August 2025 [2]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 9.61 CNY per share, corresponding to a PB of 0.70 for 2025 [4][7]. Core Views - The company's revenue growth has shown marginal improvement, with a cumulative year-on-year growth of -3.4% for revenue, +0.6% for net profit attributable to the parent company, and a decrease in net interest income by 5.5% [11]. - The loan portfolio has expanded steadily, with a year-on-year growth of 5.2%, primarily driven by corporate loans, which increased by 7.8% [11]. - The net interest margin remains under pressure at 1.39%, but there is significant potential for improvement in funding costs as high-interest deposits are re-priced [11]. - Asset quality remains stable, with a non-performing loan ratio holding steady, while the attention ratio has increased slightly to 1.77% [11]. Financial Summary - The company's projected net profit attributable to the parent company for 2025 is 12,415 million CNY, reflecting a year-on-year growth of 1.0% [6]. - The earnings per share (EPS) for 2025 is estimated at 1.29 CNY, with a book value per share (BVPS) of 13.81 CNY [4][6]. - The total assets are projected to reach 1,583,350 million CNY by 2025, with a capital adequacy ratio of 17.73% [14].

Core Viewpoint - The mid-term dividend plans of A-share listed banks for 2025 are progressing steadily, reflecting confidence in development and returning value to investors [1] Group 1: Mid-term Dividend Distribution - As of September 22, 17 A-share listed banks have disclosed their mid-term profit distribution plans, with major state-owned commercial banks being the main contributors, each proposing dividends exceeding 10 billion [2] - Notably, Changsha Bank has implemented its first mid-term dividend since its listing, with a payout of 0.20 yuan per share totaling 804 million [2] - The six major state-owned banks maintain a dividend payout ratio around 30%, showcasing their commitment to stable operations and shareholder returns [2] Group 2: Industry Trends and Insights - The participation and enthusiasm for mid-term dividends among listed banks have significantly increased in 2025, becoming a new trend in the industry [4] - Experts attribute this trend to improved bank performance, corporate governance, and market confidence, indicating a strong belief in future profitability [4] - The implementation of mid-term dividends is seen as a proactive measure to boost investor confidence and manage valuations [4] Group 3: Sustainability and Future Outlook - The widespread adoption of mid-term dividends is expected to enhance investor returns and attract long-term capital, fostering a positive market cycle [5] - Experts predict that with the continuous improvement of the macro economy, the profitability of the banking sector is likely to improve steadily, supporting the expansion of dividend scales [5] - Factors such as easing interest margin pressures and the growth of non-interest income from wealth management are expected to further enhance the stability of bank earnings [5]

Core Viewpoint - The financial ETF (510230) has seen a rise of over 0.5%, supported by mid-term dividend announcements from banks, which are aiding in the valuation recovery of the sector [1] Group 1: Dividend Announcements - Changsha Bank announced a dividend of 0.20 CNY per share (before tax), totaling 804 million CNY in payouts [1] - Shanghai Rural Commercial Bank declared a dividend of 0.241 CNY per share (before tax), with total distributions amounting to 2.324 billion CNY [1] - By September 19, 2025, four banks, including Minsheng Bank, Jiangsu Rural Bank, Changsha Bank, and Shanghai Rural Commercial Bank, have released specific mid-term dividend plans [1] Group 2: Market Impact - The gradual rollout of mid-term dividends by listed banks is expected to attract more financial investments from funds that prioritize dividends, thereby driving the recovery of the banking sector's valuations [1] - The financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial sector, including banks, insurance, and securities, to reflect the overall performance of listed companies in the financial industry [1] - The 180 Financial Index is characterized by high industry concentration and style allocation, effectively representing market trends in the financial sector [1]

Core Viewpoint - The mid-term dividend distribution among A-share listed banks is progressing, with several banks announcing their plans for 2025, indicating a positive trend in the banking sector's profitability and governance [1][4]. Group 1: Dividend Announcements - Recently, Hu Nong Commercial Bank and Changsha Bank announced their mid-term cash dividends, totaling 3.128 billion yuan, with Hu Nong distributing 2.324 billion yuan and Changsha distributing 804 million yuan [1][2]. - As of September 22, 17 banks have disclosed their mid-term profit distribution plans for 2025, with several banks, including Changsha Bank and Ningbo Bank, implementing mid-term dividends for the first time since their listings [1][4]. Group 2: Dividend Distribution Details - Hu Nong Commercial Bank's cash dividend is based on a total share capital of 9.644 billion shares, distributing 0.241 yuan per share, while Changsha Bank's distribution is based on 4.022 billion shares at 0.20 yuan per share [2]. - In September, three other banks, including Changshu Bank and Minsheng Bank, completed their mid-term dividend distributions, totaling 6.633 billion yuan [2]. Group 3: Dividend Ratios and Trends - The six major state-owned commercial banks have a cash dividend ratio of around 30%, with some city commercial banks and rural commercial banks exceeding this level [3]. - The expansion of mid-term dividends among listed banks reflects a recovery in bank performance, providing sufficient profit space for such distributions [4]. Group 4: Market Implications - Analysts suggest that mid-term dividends enhance predictability, boost investor confidence, and improve valuations, supported by the current strong performance of listed banks [4]. - The overall improvement in bank performance, driven by easing interest margin pressures and growth in non-interest income, is expected to sustain and potentially increase dividend distributions in the future [4][5].

Market Performance - On September 22, the rural commercial bank sector rose by 0.05% compared to the previous trading day, with Shanghai Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Shanghai Rural Commercial Bank (601825) closed at 65.8, with a gain of 1.30% and a trading volume of 301,400 shares, amounting to a transaction value of 258 million yuan [1] - Other notable performances include: - Chongqing Rural Commercial Bank (601077) at 6.27, up 0.16% [1] - Qingdao Rural Commercial Bank (002958) at 3.17, unchanged [1] - Zhangjiagang Bank (002839) at 4.32, down 0.23% [1] - Zijin Bank (601860) at 2.86, down 0.69% [1] - Ruifeng Bank (601528) at 5.31, down 0.93% [1] - Wuxi Bank (600908) at 5.84, down 1.02% [1] - Sunong Bank (603323) at 4.98, down 1.39% [1] - Changshu Bank (601128) at 6.95, down 1.56% [1] - Jiangyin Bank (002807) at 4.52, down 1.74% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net inflow of 61.3 million yuan from institutional investors, while retail investors saw a net inflow of 291,200 yuan [1] - Notable capital flows for individual stocks include: - Shanghai Rural Commercial Bank had a net outflow of 35.5 million yuan from institutional investors [2] - Zijin Bank saw a net inflow of 17.5 million yuan from institutional investors [2] - Changshu Bank had a net inflow of 13.0 million yuan from institutional investors [2] - Wuxi Bank had a net inflow of 10.6 million yuan from institutional investors [2] - Jiangyin Bank experienced a net outflow of 11.5 million yuan from institutional investors [2]

Core Viewpoint - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" highlighted the commitment of Hu Nong Commercial Bank (601825) to stable dividend distribution, emphasizing its strong performance in returning value to shareholders [1] Summary by Relevant Sections - **Dividend Policy** - The company announced a cash dividend of 2.41 yuan (after tax) per 10 shares for the mid-year of 2025, with a cash dividend rate of 33.14%, slightly higher than the 33.07% rate for the mid-year of 2024 [1] - This positions the bank among the top performers in terms of dividend distribution within the listed banking sector [1] - **Future Dividend Strategy** - The company expressed its intention to develop a balanced dividend policy that considers business development needs, capital adequacy, and shareholder return expectations [1] - The management indicated a willingness, capability, and confidence to provide stable and reliable returns to investors in the capital market [1]

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