浙江绍兴瑞丰农村商业银行股份有限公司2025 年半年度报告摘要 公司代码：601528 公司简称：瑞丰银行 浙江绍兴瑞丰农村商业银行股份有限公司 浙江绍兴瑞丰农村商业银行股份有限公司2025 年半年度报告摘要 第一节 重要提示 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 无 第二节 公司基本情况 公司股票简况 | 股票种类 | 股票上市交易所 | 股票简称 | 股票代码 变更前股票简称 | | --- | --- | --- | --- | | A股 | 上海证券交易所 | 瑞丰银行 | 601528 - | | 联系人和联系方式 | | 董事会秘书 | 证券事务代表 | | 姓名 | 章国江 | 曹驰 | | | 电话 | 0575-84788306 | 0575-81117170 | | | | 浙江省绍兴市柯桥区柯桥笛扬路 | | 浙江省绍兴市柯桥区柯桥笛扬路 | | 办公地址 | | | | .2. 报告期公司主要业务简介 本行的业务体系主要分为三个板块：零售金融板块、公司金融板块、金融市 ...

Core Viewpoint - The company has reported a stable growth in its financial performance for the first half of 2025, with a focus on sustainable development and serving the rural economy, while maintaining a strong asset quality and competitive positioning in the banking sector [6][12][13]. Company Overview - The company aims for high-quality and sustainable development, focusing on serving the "three rural issues and two small enterprises" market positioning, and has implemented a diversified financial service system [5]. - The company has established a clear strategic development pattern, with a strong presence in Jiangsu and a network of 109 service outlets in Changshu, creating a "5-minute" financial service circle [7][8]. Industry Situation - The banking industry is facing a complex operating environment with external uncertainties impacting investment decisions and trade [6]. - Despite challenges, the domestic economy is showing stable growth, and banks are focusing on serving the real economy and preventing financial risks [6]. Financial Performance - The company achieved an operating income of 6.062 billion yuan, a year-on-year increase of 10.10%, and a net profit of 1.969 billion yuan, up 13.51% year-on-year [12]. - Total assets reached 401.227 billion yuan, an increase of 9.45% from the beginning of the year, with total deposits of 310.777 billion yuan and total loans of 251.471 billion yuan [13]. Asset Quality - The company's non-performing loan ratio stood at 0.76%, a slight decrease from the beginning of the year, with a provision coverage ratio of 489.53% [13]. - The village and town banks under the company reported a non-performing loan ratio of 1.05%, remaining stable compared to the beginning of the year [13]. Profit Distribution - The company plans to distribute a cash dividend of 0.15 yuan per share, totaling approximately 497 million yuan, which accounts for 25.27% of the net profit attributable to shareholders for the first half of 2025 [21][23].

Group 1: Financial Performance - In Q1 2025, the bank's revenue was CNY 33.709 billion, a year-on-year decrease of 13.1% [2] - Net profit for Q1 2025 was CNY 14.096 billion, down 5.6% year-on-year [2] - The bank's operating expenses were CNY 9.055 billion, a decrease of 13.2% year-on-year [2] Group 2: Dividend Distribution - For the year 2024, the bank plans to distribute a cash dividend of CNY 6.08 per 10 shares, totaling CNY 11.799 billion, which is 28.32% of the net profit attributable to ordinary shareholders [3] - The interim dividend for 2024 is CNY 2.46 per 10 shares, amounting to CNY 4.774 billion [3] - The final dividend for 2024 is CNY 3.62 per 10 shares, totaling CNY 7.025 billion [3] Group 3: Asset Quality - As of March 2025, the non-performing loan (NPL) ratio was 1.06%, unchanged from the end of the previous year [5] - The provision coverage ratio was 236.53%, with a provision-to-loan ratio of 2.50% [5] - In Q1 2025, the bank wrote off loans amounting to CNY 17.065 billion and recovered CNY 9.425 billion in non-performing assets [5] Group 4: Interest Margin - The net interest margin in Q1 2025 was 1.83%, a decrease of 18 basis points year-on-year [4] - The bank anticipates continued downward pressure on the net interest margin in 2025, but at a slower rate [4] Group 5: Wealth Management - Wealth management fee income in Q1 2025 was CNY 1.208 billion, a year-on-year increase of 12.5% [6] - Personal insurance income grew by 38.7% to CNY 0.344 billion, while personal fund income increased by 5.7% to CNY 0.522 billion [6] Group 6: Capital Adequacy - As of the end of 2024, the bank's capital adequacy ratios were 9.12% for core tier 1, 10.69% for tier 1, and 13.11% for total capital [8] - The bank plans to balance internal and external capital replenishment to maintain adequate capital levels [8] Group 7: Deposit Growth - As of March 2025, personal deposits totaled CNY 1,330.883 billion, a growth of 3.4% from the end of the previous year [9] - The average daily balance of personal deposits in Q1 2025 was CNY 1,316.631 billion, up 6.5% year-on-year [9] Group 8: Loan Growth - As of March 2025, personal loan balances were CNY 1,729.046 billion, a decrease of 2.2% from the end of the previous year [10] - Housing mortgage loans increased by 4.1% to CNY 339.434 billion, while credit card receivables decreased by 7.9% to CNY 400.638 billion [10]

Core Insights - The Chinese banking industry is undergoing significant transformation due to declining deposit rates, which have dropped from over 3.5% to 2.35% for 3-year deposits, prompting savers to reassess their wealth management strategies [1][3] - Traditional high-interest deposit and loan businesses are being replaced by a broader range of intermediary services, including investment management, fund sales, and personalized investment portfolios for high-net-worth clients [1] - The rise of online banking services is making banking more convenient, with banks launching mobile apps for transactions, payments, and balance inquiries [1] Economic Environment - The reduction in deposit rates is influenced by a challenging macroeconomic environment, characterized by high corporate financing costs, a sluggish real economy, and a lack of quality investment projects [3] - To stimulate economic growth and lower financing costs, banks are compelled to continuously reduce deposit rates, encouraging savers to invest in consumption and other investments [3] Risk Management Strategies - Diversifying deposits across multiple banks, including state-owned and reputable small banks, is recommended to mitigate risks associated with concentrating funds in smaller banks [5] - Caution is advised in selecting deposit terms to balance yield and liquidity, with shorter terms recommended for funds that may need to be accessed early [7] - A diversified asset allocation strategy is essential for depositors with over 350,000 yuan, incorporating low-risk fixed-income products and higher-risk equities or funds to achieve long-term stable returns [7] Conclusion - In the current complex economic landscape, savers must adapt to changes and enhance their financial literacy by adopting more robust and diversified wealth management strategies to protect and grow their assets [8]

Group 1 - The rise of live-streaming e-commerce has led to various issues, particularly scams targeting the elderly, with tactics ranging from fake health products to low-cost travel offers [1] - Some live-streamers exploit the information asymmetry and emotional needs of older adults, causing harm to their interests and affecting the sustainable development of the industry [1] - The lack of regulatory oversight and the short-term profit motives of some streamers and merchants contribute to the prevalence of scams in live-streaming [1] Group 2 - Authorities need to improve legal regulations, clarify the responsibilities of platforms, streamers, and merchants, and ensure that special products like health supplements are properly documented and monitored [2] - There is a call for increased awareness among the elderly, with community organizations encouraged to provide training to help them recognize and avoid online scams [2] - A more refined social service system and family support are essential for older adults to navigate the digital world safely and to stimulate the growth of the silver economy [2]