上海农村商业银行股份有限公司 2025 年第一次临时股东会 会 议 材 料 2025 年 11 月 上海 上海农村商业银行股份有限公司 2025 年第一次临时股东会会议文件 上海农村商业银行股份有限公司 2025 年第一次临时股东会会议须知 为了维护全体股东的合法权益，确保股东会的正常秩序和议事效 率，保证会议的顺利进行，特制定本会议须知。 一、本行根据《公司法》《证券法》《上市公司股东会规则》及《公 司章程》的规定，认真做好召开股东会的各项工作。 二、本行设立股东会秘书处，具体负责会议有关程序方面的事 宜。 三、董事会以维护股东的合法权益、确保会议正常秩序和议事效 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，不得扰乱会议的正常秩序。 六、除出席会议的股东（或其代理人）、董事、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 ...

证券代码：601825 证券简称：沪农商行 公告编号：2025-044 上海农村商业银行股份有限公司 关于召开2025年第一次临时股东会的通知 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) 股东会类型和届次 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票 程序 2025年第一次临时股东会 召开的日期时间：2025 年 11 月 20 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 (五) 网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 20 日 至2025 年 11 月 20 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 股东会召开日期：2025年11月20日 本次股东会采用的网络投票系统：上海证券交易所股东会网 络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投 ...

Core Insights - Shanghai Rural Commercial Bank has been actively participating in the "Harvest Festival" activities since its establishment, integrating financial services into agricultural harvest scenarios [1] - The bank has significantly increased its agricultural credit investments, with an agricultural loan balance exceeding 65 billion yuan, serving over 600 agricultural entities [1] Group 1: Financial Support for Agriculture - The bank has organized over 20 diverse thematic activities in collaboration with local agricultural committees and cooperatives, supporting various agricultural regions in Shanghai [1] - It has maintained a market share of over 45% in financial services for leading agricultural enterprises and provides services to over 80% of agricultural cooperatives in the city [1] Group 2: Innovative Financing Solutions - Shanghai Rural Commercial Bank introduced the "Agricultural Personal Guarantee Batch Loan" to address the financing challenges faced by "Star Farmers" who lack sufficient collateral [2] - The bank launched the "Deposit Loan" product to assist agricultural cooperatives like SC Cooperative, which faced difficulties in traditional financing due to insufficient collateral [3] Group 3: Long-term Partnerships with Agricultural Enterprises - The bank has been a crucial financial partner for SL Group, providing 11 million yuan in initial funding during its transformation and later offering 200 million yuan in credit support for new smart pig farms [4] - This support has enabled SL Group to double its production capacity and stabilize the local pork market [4] Group 4: Commitment to Rural Financial Services - Shanghai Rural Commercial Bank emphasizes its commitment to inclusive finance, focusing on the differentiated financial needs of new farmers, cooperatives, and leading enterprises [5] - The bank aims to enhance its financial services through the integration of finance and technology, contributing to the overall vision of a strong agricultural sector and prosperous rural communities in Shanghai [5]

Core Viewpoint - The banking sector continues to show positive momentum, with several banks experiencing significant stock price increases on November 4th, indicating a bullish trend in the market [1]. Group 1: Stock Performance - Shanghai Bank, CITIC Bank, Industrial Bank, China Merchants Bank, Xiamen Bank, and Postal Savings Bank all saw stock price increases of over 2% [1]. - Specific stock performance data includes: - CITIC Bank: +2.29%, current price 8.04 [2] - Industrial Bank: +2.24%, current price 21.02 [2] - Shanghai Bank: +2.27%, current price 9.90 [2] - China Merchants Bank: +2.23%, current price 42.72 [2] - Xiamen Bank: +2.11%, current price 7.25 [2] - Postal Savings Bank: +2.08%, current price 5.90 [2] - Other banks also showed positive performance, with Agricultural Bank up by 1.87% and Industrial and Commercial Bank up by 1.65% [2].

Core Viewpoint - The article highlights Shanghai Rural Commercial Bank's resilient growth in the face of industry challenges, showcasing its robust operational strategies and commitment to creating value for customers while maintaining strong financial performance [1][10]. Financial Performance - As of the end of September, Shanghai Rural Commercial Bank reported operating income of 19.831 billion yuan and net profit attributable to shareholders of 10.567 billion yuan, reflecting a year-on-year growth of 0.78% [1]. - Total assets reached 155.8094 billion yuan, an increase of 4.72% from the end of the previous year, while total liabilities grew by 5.00% to 142.7882 billion yuan [1]. - The bank achieved a non-interest net income of 5.370 billion yuan, up 2.24% year-on-year, with investment income significantly increasing by 72.23% to 3.458 billion yuan [3][4]. Risk Management and Asset Quality - Shanghai Rural Commercial Bank maintained a non-performing loan ratio of 0.97%, which is industry-leading, with a non-performing loan generation rate of 0.36%, down by 15 basis points [5]. - The bank's capital adequacy ratios are strong, with a core Tier 1 capital ratio of 14.49%, Tier 1 capital ratio of 14.52%, and total capital ratio of 16.87%, supporting future business expansion [5]. Business Strategy and Value Creation - The bank focuses on creating value through its service-oriented banking model, emphasizing the integration of commercial value and social function [1][10]. - It has developed a specialized service system for technology-driven enterprises, with loans to technology companies exceeding 120 billion yuan, and 81.06% of these loans going to small and medium-sized tech firms [6][7]. - The bank has also innovated in green finance, with green loan balances increasing by 3.31% to 99.349 billion yuan, and has launched various initiatives to support ecological sustainability [8]. Community Engagement and Social Responsibility - In response to the aging population in Shanghai, the bank has extended its services beyond finance, establishing 1,033 "Heart Home" public service stations to provide emotional and community support for elderly clients [8]. - The bank has integrated financial services with community governance, enhancing convenience for residents and contributing to a better living environment [8]. Dividend Policy and Investor Relations - Shanghai Rural Commercial Bank has a strong dividend policy, having distributed a total of 188.44 billion yuan in dividends since its IPO, which is 2.20 times the total amount raised during the IPO [9][10]. - The bank's mid-term cash dividend payout ratio reached 33.14%, reflecting its commitment to sharing value creation with investors [9].

Core Viewpoint - The overall performance of the banking industry is under pressure due to narrowing interest margins, weak credit demand, and fluctuations in the bond market, yet Shanghai Rural Commercial Bank has achieved resilient growth through robust operational strategies and optimized business structures [1][2]. Financial Performance - As of the end of September, Shanghai Rural Commercial Bank reported operating income of 19.831 billion yuan and net profit attributable to shareholders of 10.567 billion yuan, reflecting a year-on-year growth of 0.78% [1]. - Total assets reached 1.558 trillion yuan, an increase of 4.72% from the end of the previous year, while total liabilities grew by 5.00% to 1.428 trillion yuan [1]. - Non-interest income for the first three quarters was 5.370 billion yuan, up 2.24% year-on-year, with investment income significantly increasing by 72.23% to 3.458 billion yuan [2]. Risk Management and Asset Quality - The bank maintained a non-performing loan ratio of 0.97%, consistent with the previous period, and a non-performing loan generation rate of 0.36%, which decreased by 15 basis points [3]. - Capital adequacy ratios are strong, with a core Tier 1 capital ratio of 14.49%, a Tier 1 capital ratio of 14.52%, and a total capital ratio of 16.87%, supporting future business expansion [3]. Strategic Initiatives - Shanghai Rural Commercial Bank aims to create value for customers by focusing on five key areas: commercial value, ecological value through green finance, social value, and investment value for shareholders [4][5]. - The bank has developed a specialized technology finance service system, with loans to technology enterprises exceeding 120 billion yuan, supporting small and medium-sized technology innovation companies [5]. Green Finance - The bank has implemented innovative green finance solutions, such as the first water rights pledge loan in Shanghai and sustainable development-linked loans to encourage carbon emission reductions [6]. - As of September, the bank's green finance asset scale reached 99.349 billion yuan, with green loan balances increasing by 3.31% from the previous year [6]. Social Responsibility and Community Engagement - The bank has extended its services to non-financial areas, establishing over 1,033 "Heart Home" public service stations to support elderly clients and enhance community life [7]. - In September, the bank distributed a mid-term cash dividend of 2.41 yuan per share, totaling 2.324 billion yuan, with a mid-term dividend payout ratio of 33.14% [8]. Conclusion - Shanghai Rural Commercial Bank's performance reflects a commitment to both financial stability and social responsibility, positioning itself as a stabilizing force in regional economic development while maintaining a strong focus on customer value creation [8].

Market Performance - The rural commercial bank sector increased by 1.58% on November 3, with Chongqing Rural Commercial Bank leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - Chongqing Rural Commercial Bank (601077) closed at 7.14, up 3.18% with a trading volume of 856,500 shares and a transaction value of 606 million yuan [1] - Jiangyin Bank (002807) closed at 4.90, up 3.16% with a trading volume of 857,100 shares and a transaction value of 416 million yuan [1] - Wuxi Bank (600908) closed at 6.18, up 1.81% with a trading volume of 271,400 shares and a transaction value of 167 million yuan [1] - Other notable performances include Zhangjiagang Bank (002839) up 1.80% and Shanghai Rural Commercial Bank (601825) up 0.94% [1] Capital Flow Analysis - The rural commercial bank sector experienced a net outflow of 43.08 million yuan from institutional investors, while retail investors saw a net inflow of 35.81 million yuan [1] - The table indicates that Chongqing Rural Commercial Bank had a net inflow of 13.38 million yuan from institutional investors but a net outflow of 64.68 million yuan from retail investors [2] - Jiangyin Bank had a net inflow of 2.47 million yuan from retail investors despite a net outflow from institutional and speculative investors [2]

Core Insights - The recent disclosure evaluation results for listed banks in China for the 2024-2025 period show that all listed banks received ratings of B or above, with 22 banks rated A, indicating a strong performance in information disclosure [1] Summary by Category Overall Ratings - All listed banks achieved a rating of B or higher, with 22 banks rated A, reflecting consistent performance compared to the previous year [1] - Only six banks experienced rating changes, with five banks improving their ratings and one bank, Shanghai Bank, experiencing a downgrade [1] Banks with Rating Changes - The following banks improved their ratings: - Zhangjiagang Bank - Hangzhou Bank - Huaxia Bank - Everbright Bank - Zhejiang Commercial Bank [1] - Shanghai Bank was the only bank to see a downgrade in its rating [1] Detailed Ratings - A selection of banks and their ratings includes: - Ping An Bank: A - Ningbo Bank: A - Agricultural Bank of China: A - Industrial and Commercial Bank of China: A - Shanghai Bank: B (downgraded) [2]

Investment Rating - The report indicates a cautious outlook on the credit growth rate, suggesting a shift towards quality improvement, with expectations for a recovery in corporate loan increments by 2026 [5][9]. Core Insights - Credit growth is expected to slow significantly starting in 2024, but the decline in growth rate is anticipated to moderate by 2026, with corporate loans likely to see a year-on-year increase [7][9]. - The relationship between credit growth and economic growth is weakening, emphasizing the need to optimize credit structure and reduce idle financial resources [9]. - The report highlights that the banking sector's total asset growth will outpace loan growth in 2025, driven by government bond supply and fiscal policies [9]. Summary by Sections Credit Growth Forecast - New RMB loans are projected at 21.3 trillion, 23.6 trillion, and 18.9 trillion yuan for 2022, 2023, and 2024 respectively, with a further estimate of 14.7 trillion yuan for the first three quarters of 2025 [9]. - For 2026, new loans are expected to be between 17.2 trillion and 17.7 trillion yuan, corresponding to a growth rate of 6.3% to 6.5% [9]. Loan Composition - In 2023, the total RMB loans are expected to reach 237.59 trillion yuan, with a year-on-year growth rate of 10.6% [8]. - Retail loans are projected to grow from 80.10 trillion yuan in 2023 to 82.84 trillion yuan in 2024, reflecting a growth rate decline from 5.7% to 3.4% [8]. - Corporate loans are anticipated to increase from 157.07 trillion yuan in 2023 to 171.01 trillion yuan in 2024, with a growth rate of 12.7% [8]. Regional Performance - Regions such as Jiangsu, Zhejiang, Sichuan, and Shandong are expected to continue outperforming the national average in loan growth due to strong economic performance and support from new policy financial tools [12]. Banking Sector Dynamics - The report notes that state-owned banks are expected to maintain a competitive edge due to lower funding costs and capital injections from the Ministry of Finance [12]. - The net interest margin is in a downward trend, but the rate of decline is expected to slow starting in 2025, with some smaller banks potentially stabilizing their margins by 2026 [13][17]. Asset Quality - As of Q2 2025, the non-performing loan (NPL) ratio for listed banks is reported at 1.25%, indicating a stable asset quality despite pressures on retail credit [37]. - The report emphasizes that while retail loan NPLs have increased since 2021, corporate loan clearances have improved significantly, providing a buffer against retail risks [37].

Core Insights - The A-share listed banking sector experienced a significant decline of over 13% in the third quarter of 2025, following a strong performance in the previous year, while insurance funds continued to increase their holdings in bank stocks [1][6] Group 1: New Shareholder Dynamics - In the third quarter, six insurance companies entered the top ten shareholders of six A-share listed banks, indicating a growing presence of insurance capital in the banking sector [1] - China Life Insurance Company entered the top ten shareholders of Industrial and Commercial Bank of China (ICBC) with 757 million shares, representing 0.21% of the bank's total shares [2] - Other banks such as Wuxi Bank, Nanjing Bank, and Changshu Bank also saw new insurance capital entering their top ten shareholder lists [2] Group 2: Continued Investment by Insurance Funds - Several insurance companies that had already entered the top ten shareholders of listed banks continued to increase their holdings in the third quarter, with some seeking board seats [4] - For instance, Dajia Life Insurance increased its stake in Industrial Bank by 62.12 million shares, raising its holding to 3.38% [4] - China Life Insurance and Guomin Pension Insurance also increased their stakes in Suzhou Bank, reaching 3.4% and 2.76% respectively by the end of September [4] Group 3: Major Shareholder Concentration - By the end of the third quarter, at least two insurance companies were listed among the top ten shareholders of 12 A-share listed banks, highlighting a trend of concentration of insurance capital [6] - Zheshang Bank had four insurance shareholders, while banks like Industrial Bank and Changsha Bank had three [6] - The top five shareholders of Industrial Bank collectively held over 50% of the bank's shares, indicating strong institutional support [6] Group 4: Investment Strategy Insights - Insurance asset management institutions are focusing on companies with strong fundamentals and stable dividend growth potential for their core holdings [7]