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。 上海农村商业银行股份有限公司（以下简称"公司"）近日收到 《国家金融监督管理总局上海监管局关于应长明上海农村商业银行 股份有限公司董事任职资格的批复》（沪金复〔2024〕567 号），国 家金融监督管理总局上海监管局已核准应长明先生的公司董事任职 资格。 应长明先生的简历详见公司于 2024 年 7 月 26 日在上海证券交易 所网站（www.sse.com.cn）披露的《上海农村商业银行股份有限公司 关于选举职工董事的公告》（公告编号：2024-034）。 特此公告。 证券代码：601825 证券简称：沪农商行 公告编号：2024-045 上海农村商业银行股份有限公司董事会 上海农村商业银行股份有限公司 关于董事任职资格获监管机构核准的公告 2024 年 9 月 20 日 ...

证券代码：601825 证券简称：沪农商行 公告编号：2024-044 上海农村商业银行股份有限公司 2024 年半年度权益分派实施公 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。 重要内容提示： 每股分配比例 A 股普通股每股现金红利 0.239 元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2024/9/24 | － | 2024/9/25 | 2024/9/25 | 差异化分红送转：否 3. 分配方案： 本次利润分配以方案实施前的公司总股本 9,644,444,445 股为基 数，对普通股每股派发现金红利 0.239 元（含税），共计派发现金红利 2,305,022,222.36 元。 一、 通过分配方案的股东大会届次和日期 上海农村商业银行股份有限公司（以下简称"公司"）本次中期分 红安排经公司 2024 年 6 月 7 日的 2023 年度 ...

编号：2024-11 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------------|---------------------------------------------------------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved positive growth in both revenue and net profit in the first half of 2024, slightly exceeding expectations, while maintaining stable asset quality [4] - The company implemented its first interim dividend with an increased payout ratio, raising the target price to 7.85 CNY, corresponding to a 0.62 times price-to-book ratio for 2024 [5] - The report adjusts the net profit growth forecasts for 2024-2026 to 2.6%, 4.0%, and 6.2%, respectively, with corresponding book value per share (BVPS) estimates of 12.60 CNY, 13.76 CNY, and 14.74 CNY [5] Summary by Sections Financial Performance - The company reported a revenue of 26,793 million CNY for 2024E, with a growth rate of 1.4% [12] - The net profit attributable to the parent company is projected to be 12,456 million CNY for 2024E, reflecting a growth of 2.6% [12] - The core tier 1 capital adequacy ratio stands at 14.68%, indicating a solid capital position [5] Dividend Policy - The company has increased its dividend payout ratio from 30% to 33%, with an expected dividend yield increase of 0.6 percentage points to 6.3% [5] Asset Quality - The non-performing loan (NPL) ratio improved slightly to 0.97% as of Q2 2024, with a provision coverage ratio of 372% [5] - The company has seen a marginal improvement in asset quality, although retail and real estate sectors still face pressure [5] Market Position - Approximately 95% of the company's loans are concentrated in the Shanghai area, with a focus on differentiated advantages in technology innovation, inclusive finance, and retail banking [5] - The company has strategically deepened its presence in suburban areas, positioning itself for differentiated competition against peers [5]

证券代码：601825 证券简称：沪农商行 公告编号：2024- 043 本公司董事会、全体董事及相关股东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。 上海农村商业银行股份有限公司 关于高级管理人员和部分董事、监事自愿增持 公司股份进展的公告 1 上海农村商业银行股份有限公司（以下简称"公司"）高级管 理人员和部分董事、监事合计 12 人（以下简称"增持主体"） 计划自 2024 年 8 月 19 日起 6 个月内以自有资金通过上海证 券交易所交易系统集中竞价交易方式增持不少于 550.00 万元 人民币公司 A 股股份，拟增持公司股份价格不设区间。 截至 2024 年 9 月 5 日，部分增持主体通过上海证券交易所交 易系统以集中竞价的方式累计增持公司股份 509,900 股，累计 增持金额 3,457,596 元，占本次增持股份计划金额下限的 62.87%。 人。 二、增持计划的主要内容 公司高级管理人员和部分董事、监事合计 12 人基于对公司未来 发展的信心和价值成长的认可，计划自 2024 年 8 月 19 日起 6 个月内 以自有资金 ...

会议召开时间：2024 年 9 月 13 日（星期五）下午 14:00-16:30 会议召开地点： 一、说明会类型 会议召开方式：网络互动 投资者可于 2024 年 9 月 12 日下午 17:00 前通过公司邮箱 ir@shrcb.com 进行提前留言提问。公司将在说明会上对投资者普遍 关注的问题进行回答。 上海农村商业银行股份有限公司（以下简称"本公司"）于 2024 年 8 月 17 日发布本公司 2024 年半年度报告，为便于广大投资者更全 面深入地了解本公司 2024 年上半年经营成果、财务状况，本公司定 于 2024 年 9 月 13 日(星期五)下午 14:00-16:30 参加"2024 年上海 辖区上市公司集体接待日暨中报业绩说明会"活动，就投资者关心的 问题进行交流。 证券代码：601825 证券简称：沪农商行 公告编号：2024-042 上海农村商业银行股份有限公司 关于参加 2024 年上海辖区上市公司集体接待日 暨中报业绩说明会的公告 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。 重要内容提示： ...

编号：2024-10 证券代码：601825 证券简称：沪农商行 上海农村商业银行股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告 2024 年 08 月 21 日 湘财证券研究所 公司研究 沪农商行（601825） 业绩保持正增，中期分红率提高 相关研究： 1.《沪农商行：资产稳健扩张，资 本水平充足》 2024.05.10 % 1 个月 3 个月 12 个月 相对收益 7.88 4.61 38.78 绝对收益 2.05 -4.78 26.85 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 营收增长放缓，非息收益贡献减弱 公司评级：增持 近十二个月公司表现 注：相对收益与沪深 300 相比 2024H1 与 2024Q1，沪农商行营业收入同比增长 0.23%/3.69%，归母净利润 同比增长 0.62%/1.48%，利息净收入同比下降 2.61%/1.95%,非息净收入同比 增长 8.86%/20.98%。营收增速较一季度放缓，主要是资产增速趋缓导致利 息收入增速下降，而费率下调、投资收益增速放缓压低非息收入贡献。与 一季度相比，拨备计提力度有所降低，归母净利润维 ...

Investment Rating - The report assigns a "Recommended" rating for the company, marking its first coverage [2][27]. Core Insights - The company achieved a revenue of 13.917 billion yuan in H1 2024, reflecting a year-on-year growth of 0.23%, while the net profit attributable to shareholders was 6.971 billion yuan, up 0.62% year-on-year. However, Q2 2024 saw a decline in both revenue and net profit by 3.13% and 1.18% respectively, with growth primarily driven by other non-interest income [5][7]. - The company has optimized its funding costs, with a net interest income of 10.181 billion yuan in H1 2024, down 2.61% year-on-year. The net interest margin (NIM) stood at 1.56%, a decrease of 11 basis points from the end of the previous year. The yield on interest-earning assets and the cost of interest-bearing liabilities were 3.48% and 1.98%, respectively, both lower than the previous year-end [7][17]. - The company has shown strong support for key sectors of the real economy, with significant growth in green credit (21.7%), technology enterprises (17.34%), and inclusive small and micro loans (5.7%) compared to the beginning of the year [7][17]. Summary by Sections Revenue and Profitability - In H1 2024, the company reported a revenue of 13.917 billion yuan, with a year-on-year increase of 0.23%, and a net profit of 6.971 billion yuan, up 0.62% year-on-year. The growth in the first half was mainly attributed to other non-interest income [5][7]. Non-Interest Income - Non-interest income increased by 8.86% year-on-year, accounting for 26.85% of total revenue, although it decreased by 1.87 percentage points from the first quarter. The middle-income revenue fell by 17.39%, primarily due to a decline in insurance rates and a 25.46% drop in agency business income. Other non-interest income surged by 29.41%, driven by asset disposal gains and investment income [17][19]. Asset Quality and Capital Adequacy - As of June 2024, the company reported a non-performing loan (NPL) ratio of 0.97% and a focus loan ratio of 1.23%, both down from the previous quarter. The provision coverage ratio was 372.42%, a decrease of 9.42 percentage points. The core Tier 1 capital adequacy ratio improved to 14.68%, up 19 basis points [23][27]. Investment Recommendations - The company is well-positioned in the Shanghai market and the economically developed Yangtze River Delta region, with a strong focus on serving key sectors of the real economy. The report highlights the company's robust asset quality and risk absorption capacity, along with its first implementation of a mid-term dividend, increasing the payout ratio to 33.07% [27][30].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company's operating income for H1 2024 increased by 0.23% year-on-year, while the net profit attributable to the parent company rose by 0.62%. The mid-term dividend payout ratio reached 33%, indicating a stable net interest margin quarter-on-quarter and a decrease in non-performing loans in the corporate real estate sector [4][6] - The mid-term dividend payout ratio has improved compared to the 2023 fiscal year, with a cash dividend of RMB 2.39 per 10 shares (before tax) [4] - The net interest margin for Q2 2024 is estimated to be 1.49%, remaining stable compared to Q1 2024, primarily due to a decrease in the cost of interest-bearing liabilities [4][6] - The non-performing loan ratio at the end of Q2 2024 was 0.97%, down 2 basis points from Q1 2024, while the proportion of loans under special attention decreased by 4 basis points to 1.23% [4][6] - The company’s loans to technology enterprises grew significantly, with a balance of RMB 108.6 billion, representing a year-on-year increase of 30% [4][6] Summary by Sections Financial Performance - The company forecasts EPS for 2024-2026 to be RMB 1.29, 1.36, and 1.44, with net profit growth rates of 2.45%, 5.31%, and 6.30% respectively [4][6] - The estimated reasonable value based on the DDM model is RMB 8.65, while the PB-ROE model gives a reasonable value of RMB 8.42, leading to a valuation range of RMB 8.42-8.65 [4][6] Dividend Policy - The mid-term dividend payout ratio for 2024 is 33.07%, an increase from 30.10% in 2023, reflecting the company's capital adequacy and moderate growth [4][6] Asset Quality - The company reported a decrease in the non-performing loan balance and ratio in the corporate real estate sector, with the non-performing loan ratio dropping to 1.73% [4][6] - The coverage ratio for provisions decreased to 372.42% from Q1 2024 [4][6] Loan Growth - The company’s loan growth rate for Q2 2024 was 6.18% year-on-year, while deposit growth was 4.94%, showing a slight slowdown compared to Q1 2024 [4][6] - The company is actively promoting innovative financing products for technology enterprises, enhancing its competitive position in the market [4][6]