证券代码：601825 证券简称：沪农商行 公告编号：2024-027 本期债券于 2024 年 5 月 22 日簿记建档，并于 2024 年 5 月 24 日 在全国银行间债券市场发行完毕。本期债券发行规模人民币 50 亿元， 品种为 3 年期固定利率债券，票面利率为 2.23%。本期债券募集的资 金将依据适用法律和监管部门的批准，专项用于发放小型微型企业贷 款，加大对小型微型企业信贷支持力度，推动小型微型企业业务稳健、 健康发展。 特此公告。 上海农村商业银行股份有限公司董事会 2024 年 5 月 25 日 上海农村商业银行股份有限公司 关于 2024 年小型微型企业贷款专项金融债券 （第一期）发行完毕的公告 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。 经中国人民银行《准予行政许可决定书》（银许准予决字〔2024〕 第 53 号）批准，上海农村商业银行股份有限公司近日在全国银行间 债券市场成功发行"上海农村商业银行股份有限公司 2024 年小型微 型企业贷款专项金融债券（第一期）"（以下简称"本期债券")，并 在中 ...

上海农村商业银行股份有限公司 2023 年度股东大会 会 议 材 料 2024 年 6 月 上海 上海农村商业银行股份有限公司 2023 年度股东大会会议文件 上海农村商业银行股份有限公司 2023 年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事 效率，保证大会的顺利进行，特制定本会议须知。 一、本行根据《公司法》《证券法》《上市公司股东大会规则》及 《公司章程》的规定，认真做好召开股东大会的各项工作。 二、本行设立股东大会秘书处，具体负责大会有关程序方面的事 宜。 三、董事会以维护股东的合法权益、确保大会正常秩序和议事效 率为原则，认真履行有关职责。 四、股东参加股东大会依法享有知情权、发言权、质询权、表决 权等权利。根据本行章程规定，股东于股权登记日在本行授信逾期或 质押本行股权数量达到或超过其持有本行股权的 50%时，其表决权应 当受到限制。 五、股东参加股东大会，应当认真履行其法定义务，不得侵犯其 他股东的权益，不得扰乱大会的正常秩序。 六、除出席会议的股东（或其代理人）、董事、监事、高级管理 人员以及被邀请的参加人员和列席人员外，本行有权依法拒绝其他人 士入场，对于干 ...

证券代码：601825 证券简称：沪农商行 公告编号：2024-026 上海农村商业银行股份有限公司 关于召开 2023 年度股东大会的通知 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： 一、召开会议的基本情况 （一）股东大会类型和届次 2023 年度股东大会 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 6 月 7 日 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络 投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2024 年 6 月 7 日 14 点 00 分 召开地点：上海市浦东新区来安路 1045 号 4 号楼 205 会议室 股东大会召开日期：2024年6月7日 本次股东大会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 （五）网络投票的系统、起止日期和投票时间。 （二）股东大会召集人：董事会 至 2024 年 6 月 7 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的 ...

证券代码：601825 证券简称：沪农商行 公告编号：2024-025 三、关于制定《上海农商银行国别风险管理办法》的议案 表决情况：同意 17 票，反对 0 票，弃权 0 票。 会议经审议并表决通过以下议案： 一、关于公司 2023 年度主要股东及大股东评估情况报告的议案 表决情况：同意 17 票，反对 0 票，弃权 0 票。 同意在公司股东大会上报告大股东评估情况。 二、关于制定 2024 年度总行战略 OKR 任务的议案 表决情况：同意 17 票，反对 0 票，弃权 0 票。 上海农村商业银行股份有限公司 第四届董事会第三十三次会议决议公告 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。 上海农村商业银行股份有限公司（以下简称"公司"）第四届 董事会第三十三次会议以书面传签表决方式于 2024 年 5 月 17 日召 开，会议通知及会议文件已于 2024 年 5 月 10 日以电子邮件方式发 出。本次会议由徐力董事长召集，应参加表决董事 17 人，实际参加 表决董事 17 人。本次会议符合《公司法》和《公司章程》关于召 ...

Strategic Goals - The bank aims to build a "quality bank with steady development" as part of its 2023-2025 strategy, emphasizing stability in the current economic environment [1] - The strategic implementation focuses on four main aspects: maintaining good business growth, reducing business concentration, enhancing risk control, and improving capital efficiency [1] Credit and Loan Strategy - In 2024, the bank plans to maintain moderate asset growth while focusing on key areas such as manufacturing, technology, inclusive finance, and green finance [2] - The bank's credit demand will primarily come from supporting the real economy, specialized technology finance, and green finance initiatives [2] Financial Performance - The bank's non-interest income reached CNY 57.14 billion in 2023, a year-on-year increase of 17.26% [5] - The bank's bad loan ratio was 0.97% at the end of 2023, an increase of 0.03 percentage points from the previous year, but still below 1% [2] Retail Banking Transformation - The bank has made significant progress in retail banking, with a focus on customer-centric operations and enhancing value creation [2] - The organizational structure of the retail sector was adjusted to improve management and coordination capabilities [2] Digital Transformation - The bank is committed to a "firm digital transformation" strategy, enhancing its digital banking services and risk management systems [4] - New systems have been launched to support retail and corporate banking operations, improving overall efficiency [4] Green Finance Initiatives - As of the end of 2023, the bank's green credit balance was CNY 614.31 billion, a 41.00% increase from the previous year [4] - The bank actively promotes sustainable development through green finance, focusing on energy-saving industries and clean energy projects [4] Market Position and Competitive Advantage - The bank has a strong presence in suburban Shanghai, with 274 out of 357 branches located in these areas, achieving a market share in deposits and loans among the top three in their respective districts [5] - The bank's technology finance loans reached CNY 925.65 billion by the end of 2023, with a growth rate of 29.99% [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The company reported a revenue growth of 3.9% year-on-year in Q1 2024, compared to a full-year growth of 3.0% in 2023. However, net profit growth was only 1.49% in Q1 2024, significantly lower than the 10.64% growth in 2023, primarily due to a 72.2% increase in credit impairment losses [7][12]. - The report highlights that the company has a solid capital base, stable asset quality, and a high dividend payout ratio, which is expected to continue. The focus on innovation in financial services and retail transformation is showing initial positive results [3][4]. Summary by Sections Financial Overview - The company's total revenue for 2023 was 26,381 million yuan, with a projected revenue of 27,259 million yuan for 2024, reflecting a growth rate of 3.3% [2]. - Net profit for 2023 was 12,142 million yuan, with an expected increase to 12,720 million yuan in 2024, indicating a growth rate of 4.8% [2]. Revenue and Profitability - Q1 2024 saw a revenue increase of 3.9% year-on-year, while net profit growth was impacted by credit impairment losses [7]. - The net interest margin for Q1 2024 decreased by 3 basis points to 1.52%, with a slight increase in interest income by 1.4% [12]. Asset and Liability Management - The company’s total loans increased by 6.1% year-on-year, with a significant portion of new loans being corporate loans [14]. - Total deposits grew by 6.2% year-on-year, although the growth in new deposits was lower compared to the previous year [15]. Non-Interest Income - Non-interest income showed a strong recovery in Q1 2024, with a year-on-year growth of 22%, driven by investment income and one-time revenues [4][8]. Asset Quality - The non-performing loan ratio remained stable at 1%, with a slight increase in overdue loans [4][14]. - The company has maintained a high coverage ratio for loan loss provisions, ensuring a strong safety margin [4]. Dividend Policy - The company continues to maintain a dividend payout ratio of over 30%, reflecting its commitment to returning value to shareholders [4][14].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near future [3]. Core Views - The company has shown steady growth in revenue and profit, with a 3.9% year-on-year increase in revenue for Q1 2024, although net profit growth was impacted by credit impairment losses [7][13]. - The bank's financial health remains robust, with a focus on maintaining a high dividend payout ratio of over 30% and a strong capital adequacy ratio [3][15]. - The report highlights the bank's strategic positioning in Shanghai and the Yangtze River Delta, which supports its growth potential [3]. Summary by Sections Financial Overview - Q1 2024 revenue increased by 3.9% year-on-year, while net profit rose by 1.49%, affected by a 72.2% increase in credit impairment losses [7][9]. - The bank's total assets grew by 9.3% year-on-year, with total loans increasing by 6.1% [15][17]. Income and Profitability - Net interest income for Q1 2024 increased by 1.4% quarter-on-quarter, but the net interest margin decreased by 3 basis points to 1.52% [13][14]. - Non-interest income saw a significant rise of 69% year-on-year, driven by other non-interest income sources [15]. Asset and Liability Management - The bank's asset structure shows a decrease in the proportion of real estate loans, with corporate loans being the main driver of growth [15][17]. - Total deposits grew by 6.2% year-on-year, with a notable increase in interest-bearing liabilities by 9.7% [16][17]. Risk and Asset Quality - The non-performing loan ratio remains stable at below 1%, with a slight increase in overdue loans [15][18]. - The bank's provisioning coverage ratio is high, indicating a strong buffer against potential loan losses [15].

证券研究报告 2024 年05 月10 日 湘财证券研究所 公司研究 沪农商行（601825）业绩点评 资产稳健扩张，资本水平充足 相关研究： 核心要点：  营业收入增速稳定，投资收益贡献增加 1《. 银行业：高股息投资价值仍存》 2024.04.12 2023年，沪农商行营业收入同比增长3.07%，归母净利润同比增长10.64%。 2024Q1，营业收入同比增长3.69%，归母净利润同比增长1.48%。一季度营 收增速较上年略有提升，主要是投资收益增长带动非息收入增速提高，利 润增速放缓则由于拨备计提力度加大，信用减值损失同比增长72%，为应 对资产风险分类新规，预计一次性减值计提因素影响加大。收入结构方面， 2023年与2024Q1利息净收入分别同比下降0.26%/1.95%,非利息净收入同比 公司评级：增持 增长17.26%/20.98%。  资产稳健扩张，重点发力科创与普惠金融 近十二个月公司表现 2023年与2024Q1，沪农商行总资产同比增长8.65%/9.13%，贷款同比增长 6.09%/6.14%，存款同比增长7.73%/6.16%，业务规模稳健扩张。2023年， 科技型企业贷款余额同比增 ...

Summary of the Conference Call Company Overview - The conference call is hosted by Shanghai Rural Commercial Bank, with the Chief Financial Officer, Yao Xiaogang, leading the discussion [1] Key Points and Arguments - The bank expresses gratitude towards investors, analysts, and media for their ongoing support and interest in the bank's performance [1] Other Important Content - The call marks the annual performance briefing for 2023, indicating a focus on financial results and strategic insights for the year [1]

Summary of the Conference Call Company Overview - The conference call is regarding Shanghai Rural Commercial Bank's 2023 annual performance presentation, hosted by the Secretary of the Board and Chief Financial Officer, Yao Xiaogang [1] Key Points and Arguments - The company expresses gratitude towards investors, analysts, and media for their support and attention over the years [1] Other Important Content - No specific financial data, industry trends, or detailed performance metrics were provided in the excerpt [1]