Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 10.40 CNY [2][4]. Core Insights - The company reported a steady performance with a slight increase in net profit of 0.78% year-on-year for the first three quarters of 2025, despite a revenue decline of 3.18% [2][4]. - The non-performing loan ratio has remained stable at 0.97% for six consecutive quarters, with a provision coverage ratio increasing to 340% [2][4]. - The company is expected to maintain a high dividend payout ratio of 33%, translating to a dividend yield of approximately 5% [2][4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved operating income of 19.83 billion CNY, a decrease of 3.18% year-on-year, while net profit attributable to shareholders was 10.57 billion CNY, reflecting a growth of 0.78% [2][8]. - The report forecasts revenue growth rates of -3.1%, 4.4%, and 5.8% for 2025E, 2026E, and 2027E respectively, with net profit growth rates of 0.9%, 1.3%, and 4.0% for the same periods [2][8]. - The company’s total assets are projected to grow from 1,487.81 billion CNY in 2024 to 1,888.15 billion CNY by 2027 [9][10]. Asset Quality and Risk Management - The non-performing loan ratio is expected to remain stable at 0.97% through 2025, with a slight decrease to 0.96% in 2026 and 0.95% in 2027 [11]. - The provision coverage ratio is projected to decrease from 352.34% in 2024 to 300.02% by 2027, indicating a robust risk management framework [11][12]. - The report highlights a decrease in the net interest margin to 1.34% in Q3 2025, primarily due to weak credit demand [7][11]. Market Position and Future Outlook - The company is well-positioned in the market with a solid customer base and steady business development, particularly in sectors like technology and elder finance [2][4]. - The report anticipates significant market growth opportunities in the context of Shanghai's development initiatives, which could enhance the company's business expansion [2][4].

Core Viewpoint - The financial performance of Hu Nong Commercial Bank for the first three quarters of 2025 shows a decline in total operating income while maintaining a slight increase in net profit attributable to shareholders [1] Financial Performance - Total operating income for the first three quarters reached 19.831 billion yuan, a year-on-year decrease of 3.18% [1] - Net profit attributable to shareholders was 10.567 billion yuan, reflecting a year-on-year growth of 0.78% [1] - Basic earnings per share stood at 1.1 yuan [1]

Group 1 - The core viewpoint of the articles highlights Shanghai Rural Commercial Bank's steady financial performance in the first three quarters of 2025, with a focus on revenue growth and asset quality stability [1][2] Group 2 - In the first three quarters of 2025, the bank achieved an operating income of 19.831 billion yuan, with non-interest net income of 5.370 billion yuan, reflecting a year-on-year growth of 2.24% [1] - The net profit attributable to shareholders reached 10.567 billion yuan, showing a year-on-year increase of 0.78% [1] - As of the end of September, the bank's total assets amounted to 1.56 trillion yuan, a growth of 4.72% compared to the end of the previous year [1] - The total loans and advances stood at 767.304 billion yuan, increasing by 1.60% year-on-year [1] - The total liabilities reached 1.43 trillion yuan, marking a 5.00% increase from the previous year [1] - The bank's non-performing loan ratio was 0.97%, with a provision coverage ratio of 340.10% [1] Group 3 - The bank distributed a mid-term cash dividend of 0.241 yuan per share, totaling 2.324 billion yuan, with a dividend payout ratio of 33.14% [1] - Shanghai Rural Commercial Bank has been recognized as the top-rated urban rural commercial bank for five consecutive years by the China Banking Association [2] - The bank's ESG rating was upgraded from A to AA by Morgan Stanley Capital International, positioning it as a leader in the global industry [2] - Looking ahead, the bank aims to deepen value creation and enhance its unique operational strategies to provide greater value to customers, shareholders, and society [2]

Core Insights - Shanghai Rural Commercial Bank (沪农商行) is the only municipal rural commercial bank in Shanghai, established on August 23, 2005, and listed on the Shanghai Stock Exchange on August 19, 2021, with a focus on serving agriculture, small and micro enterprises, and technology innovation [1] Financial Performance - For Q3 2025, the bank reported revenue of 19.831 billion yuan, ranking second in the industry, with the industry leader, Chongqing Rural Commercial Bank, at 21.658 billion yuan [2] - The bank's net profit for the same period was 10.814 billion yuan, also ranking second, just behind Chongqing Rural Commercial Bank's 10.925 billion yuan [2] Profitability and Debt Ratios - The bank's debt-to-asset ratio stood at 91.64% in Q3 2025, slightly up from 91.63% year-on-year, exceeding the industry average of 91.45% [3] - The gross profit margin was reported at 65.64%, an increase from 63.13% year-on-year, significantly higher than the industry average of 51.47% [3] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 0.81% to 74,000, while the average number of circulating A-shares held per shareholder decreased by 0.19% to 126,700 [5] Executive Compensation - The chairman, Xu Li, received a salary of 994,600 yuan in 2024, a decrease of 452,400 yuan from 2023 [4] Market Outlook - Analysts from Zheshang Securities and Dongfang Securities have provided positive forecasts for the bank's future performance, with expected net profit growth rates of 1.30%, 1.77%, and 2.21% for 2025 to 2027 [5]

Core Viewpoint - The report indicates that Hu Nong Commercial Bank achieved a net profit of 10.567 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 0.78% [1] Financial Performance - As of the end of September, the total assets of Hu Nong Commercial Bank reached 1,558.094 billion yuan, an increase of 4.72% compared to the end of the previous year [1] - The total loans and advances amounted to 767.304 billion yuan, showing a growth of 1.60% from the end of last year [1] Asset Quality - The non-performing loan ratio stood at 0.97% as of the end of September, consistently maintained below 1% since the bank's listing [1] - The provision coverage ratio is reported at 340.10% [1] Capital Adequacy - The core tier one capital adequacy ratio, tier one capital adequacy ratio, and total capital adequacy ratio are 14.49%, 14.52%, and 16.87% respectively [1] Dividend Policy - Hu Nong Commercial Bank has completed the mid-term cash dividend distribution for 2025, paying a cash dividend of 0.241 yuan per share (tax included), totaling 2.324 billion yuan, with a cash dividend rate of 33.14% [1] - The bank expressed its intention to balance business development needs, capital adequacy, and investor return demands when formulating future cash dividend policies, indicating a commitment to providing stable and reliable returns to investors [1]

Core Viewpoint - Shanghai Rural Commercial Bank (SRCB) reported a relatively stable performance in its Q3 2025 financial results, with a slight decline in operating income but a modest increase in net profit, indicating resilience among peer banks [1][3]. Financial Performance - For the first nine months of 2025, SRCB achieved operating income of 19.83 billion yuan, a year-on-year decrease of 3.18% [1][4]. - The net profit attributable to shareholders was 10.57 billion yuan, reflecting a year-on-year growth of 0.78% [1][4]. - The bank's cost management was effective, with business and management expenses amounting to 5.38 billion yuan, down 8.28% year-on-year, resulting in a cost-to-income ratio of 27.16%, a decrease of 1.50 percentage points [3]. Revenue Structure - Non-interest income increased to 5.37 billion yuan, a year-on-year growth of 2.24%, while interest income decreased by 5.05% [5]. - Investment income was strong, reaching 3.46 billion yuan, a significant increase of 72.23% year-on-year, contributing positively to non-interest income growth [5][6]. - Foreign exchange gains also saw substantial growth, amounting to 404 million yuan, up 648% year-on-year [5]. Retail and Corporate Banking - Retail financial assets (AUM) reached 841.42 billion yuan, an increase of 5.80% from the end of the previous year, with personal customer numbers rising by 5.82% to 26.17 million [7]. - The bank's savings AUM increased by 5.32% to 589.99 billion yuan, while non-savings AUM grew by 6.93% to 251.43 billion yuan [7]. - Personal loan balances (excluding credit cards) decreased by 32.82 billion yuan to 190.13 billion yuan, with a slight increase in mortgage loans [7]. Strategic Client Development - SRCB has focused on cultivating strategic clients, with total strategic client loan balances increasing by 6.35 billion yuan to 98.93 billion yuan [8]. - Corporate loan balances rose by 8.05 billion yuan (1.64% increase) and corporate deposit balances increased by 37.21 billion yuan (7.71% increase) [8].

上海农村商业银行股份有限公司 信息披露管理办法 第一条 为规范上海农村商业银行股份有限公司（以下简称"本 行"）的信息披露行为，不断提升本行信息披露的质量和水平，维护 投资者的合法权益，促进本行依法、合规、稳健运作，根据《上市公 司信息披露管理办法》（证监会令第 226 号）、《上海证券交易所股票 上市规则》（上交所发〔2025〕59 号，以下简称"《股票上市规则》"）、 《公开发行证券的公司信息披露编报规则第 26 号——商业银行信息 披露特别规定》（证监会公告〔2025〕5 号）等法律、法规、规章及 其他规范性文件，并依据《上海农村商业银行股份有限公司章程》（沪 农商行发〔2025〕53 号，以下简称"本行章程"）有关规定，结合本 行实际，制定本办法。 第二条 本办法适用于本行所有对外信息披露行为。 本办法所称"信息"是指对本行股票及其衍生品种交易价格可能 产生较大影响的信息，以及信息披露监管部门或上海证券交易所要求 1 第二章 信息披露的内容 第三章 信息披露的管理及责任划分 第四章 信息披露的程序 第五章 信息披露暂缓与豁免 第六章 保密措施 第七章 罚 则 第八章 附 则 披露的信息。 本办法所称" ...

投资者关系管理办法 第一章 总 则 第二章 内容和方式 第七章 附 则 上海农村商业银行股份有限公司 第一章 总 则 第一条 为进一步规范和加强上海农村商业银行股份有限公司（以下简 称"本行"）与投资者及潜在投资者（以下合称"投资者"）之间的信息沟 通，增进投资者对本行的了解和认同，切实保护投资者特别是广大社会公 众投资者的合法权益，促进本行与投资者之间建立长期、稳定的良性互动 关系，根据《上市公司投资者关系管理工作指引》（证监会公告〔2025〕5 号）《上海证券交易所股票上市规则》（上证发〔2025〕59 号）《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》（上证发〔2025〕68 号） 等法律、法规、规章、规范性文件及本行章程等有关规定，并结合本行实 际情况，制定本办法。 第二条 本办法所称投资者关系管理是指本行通过便利股东权利行使、 信息披露、互动交流和诉求处理等工作，加强与投资者及潜在投资者之间 的沟通，增进投资者对本行的了解和认同，以提升本行公司治理水平和企 业整体价值，实现尊重投资者、回报投资者、保护投资者目的的相关活动。 第三章 投资者说明会 第四章 接受调研 第五章 上证 e 互 ...

独立董事提名人声明与承诺 提名人上海农村商业银行股份有限公司（以下简称"上海农 商银行"）董事会，现提名储晓明为上海农商银行董事会独立董 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 已同意出任上海农商银行董事会独立董事候选人（参见该独立董 事候选人声明）。提名人认为，被提名人具备独立董事任职资格， 与上海农商银行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（如适用）； （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有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委 ...

独立董事候选人声明与承诺 本人储晓明，已充分了解并同意由提名人上海农村商业银行 股份有限公司（以下简称"上海农商银行"）董事会提名为上海 农商银行董事会独立董事候选人。本人公开声明，本人具备独立 董事任职资格，保证不存在任何影响本人担任上海农商银行独立 董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门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。 本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。 （一）《中华人民共和国公司法》关于董事任职资格的规定； 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （八）中国证监会《证券基金经营机构董事、监事、高级管 理人员及从业人员监督管理办法》等的相关规定（如适用）； （九）《银行业金融机构董事（理事）和高级管理人员任职 资格管理办法》《保险公司董事、监事和高级管理人员任职资格 管理规定》《保险机构独立董事管理办法》等的相关规定（如适 用）； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三） ...