新华人寿保险股份有限公司 关于召开 2025 年第二次临时股东大会的通知 新华人寿保险股份有限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 2025 年第二次临时股东大会（以下简称"本次股东大会"或"股东大会"） 召开的日期时间：2025 年 3 月 31 日 14 点 30 分 | H | A | | --- | --- | | 股证券代码： 01336 | 股证券代码：601336 | | H | A | | 股证券简称：新华保险 | 股证券简称：新华保险 公告编号：2025-010 | 股东大会召开日期：2025年3月31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 (二) 股东大会召集人：新华人寿保险股份有限公司（以下简称"本公司"或 "公司"）董事会 (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 召开地点：北京市朝阳区建国门外大街甲 12 号新 ...

Core Viewpoint - The article discusses the establishment and performance of the Honghu Fund, a private equity fund initiated by China Life and Xinhua Insurance, which has successfully invested 50 billion yuan and is set to launch a second phase of funding [1][4][5]. Group 1: Fund Establishment and Performance - The Honghu Fund, established by China Life and Xinhua Insurance, has completed the investment of 50 billion yuan, achieving returns that exceed benchmarks while maintaining lower risk [4]. - The fund was officially launched on March 4, 2024, and has been recognized as the first insurance capital private equity fund [4][5]. - The fund aims to invest in high-quality listed companies with good governance and stable operations, focusing on long-term holdings [5]. Group 2: Regulatory Approval and Industry Impact - As of now, eight insurance companies have been approved to participate in long-term investment reform trials, with a total amount of 162 billion yuan, of which 112 billion yuan is newly added this year [2][7]. - The Financial Regulatory Bureau has approved an additional 600 billion yuan for five insurance companies, including China Life and Xinhua Insurance, to expand long-term investment trials [5][10]. - The second batch of trials is designed to be more flexible, allowing for single or joint fund establishment by insurance companies [11]. Group 3: Future Outlook - China Life's asset management company plans to enhance its investment research capabilities and focus on long-term and value investments to support capital market development while achieving stable long-term returns [5].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2025年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 2. ...

| A股股票代码：601336 | A股股票简称：新华保险 | 编号：2025-009号 | | --- | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | | 1 / 2 一、审议通过了《关于 2024 年监事履职评价结果的议案》，同意将 2024 年 监事履职评价结果提交股东大会。 表决情况：同意 4 票，反对 0 票，弃权 0 票。 二、审议通过了《关于 2024 年董事履职评价结果的议案》，同意将 2024 年 董事履职评价结果提交股东大会。 表决情况：同意 4 票，反对 0 票，弃权 0 票。 特此公告。 新华人寿保险股份有限公司监事会及全体监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。 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日以电 子邮件方式向全体监事发出第七届监事会第五十二次会议（以下简称"会议"） 通知和材料，会议于 2025 年 2 月 28 日在北京市以现场方式召开。会议应到监事 4 人，现场出席监事 4 人。公司高级管理人员列席了会议。会议的召 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2025-008号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 第八届董事会第三十次会议决议公告 新华人寿保险股份有限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。 会议由董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议决议： 一、审议通过了《关于调整董事会专业委员会组成人员的议案》，同意选举 毛思雪女士担任第八届董事会投资委员会主任委员、审计与关联交易控制委员会 委员，选举卓志先生担任第八届董事会审计与关联交易控制委员会委员、提名薪 酬委员会委员，同时增选杨雪女士担任第八届董事会战略委员会委员。其中，毛 思雪女士、卓志先生在董事会专业委员会的任职以监管机构核准其董事任职资格 为前提。 调整后的第八届董事会专业委员会组成人员为： 战略委员会（5 人）：杨玉成（主任委员）、龚兴峰、杨雪、胡爱民、赖观荣； 1 / 3 投资委员会（5 人）：毛思雪（主任委员）、杨玉成、龚兴峰、胡爱民、赖观 荣； 审计与关联交易控制委员会（6 人）：郭 ...

Investment Rating - The report gives a "Buy" rating for the company, with target prices of 66.51 CNY for A-shares and 43.95 HKD for H-shares, based on a valuation of 0.72X PEV for A-shares and 0.44X PEV for H-shares [3]. Core Views - The company is expected to experience significant profit growth in Q1 2025 due to a rebound in the stock market and a low base effect, alongside strong performance in the "opening red" period [1]. - The company has a high equity elasticity compared to peers, with a projected profit growth contribution of 39% from a 5% increase in the equity market [2]. - The new business value is forecasted to grow significantly, with projections of 64.8 billion CNY, 68.5 billion CNY, and 74.0 billion CNY for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 114%, 6%, and 8% [3]. Summary by Sections Company Overview - The company is a state-owned life insurance firm controlled by the Central Huijin Investment Ltd, with a significant shareholding of 32.25% [10]. - The management team is primarily composed of individuals from the China Investment Corporation and internal promotions, indicating a strong leadership background [12]. Liability Side - The company is undergoing a strategic transformation towards professionalization and marketization, aligning its initiatives with leading insurance firms [2]. - The introduction of a new "basic law" emphasizes individual performance and aims to enhance productivity, with a target of 10,000 CNY monthly per agent by H1 2024 [2]. Asset Side - The company has a higher equity allocation compared to its peers, with a stock and fund allocation of 17.6% as of H1 2024, compared to 10.8% for Ping An and 11.6% for China Pacific [2]. - The equity leverage ratio is notably high at 2.89, indicating sensitivity to market fluctuations [2]. Profit Forecast and Valuation - The forecast for net profit shows a significant increase to 250.4 billion CNY in 2024, followed by 169.4 billion CNY in 2025 and 203.1 billion CNY in 2026, with year-on-year growth rates of 187%, -32%, and 20% respectively [3]. - The company’s embedded value is currently trading at a significant discount, suggesting potential upside in valuation [3]. Shareholder Returns - The company maintains a dividend payout ratio above 30%, with expectations for steady growth in dividends as profits recover [19].

Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Industry**: Insurance Key Points 2024 Operational Performance - Xinhua Insurance reported steady progress in overall operational performance for 2024, with significant improvements in premium scale, investment returns, and value growth, enhancing profitability [3] - The company optimized its contact business, maintaining sufficient financial capacity, and improving business quality and retention rates despite a complex external environment [3] Strategic Focus for 2025 - In 2025, Xinhua Insurance will focus on comprehensive development of scale and value, simultaneous enhancement of organizational teams, and product transformation [4][5] - The investment strategy will leverage long-term and strategic capital advantages to capture quality assets and strengthen asset-liability linkage [4] Investment Strategy - Xinhua Insurance plans to increase its allocation to equity investments, gradually accumulating positions in undervalued, high-concentration industry projects, particularly in Hong Kong stocks [4][6] - The company aims to manage risks associated with low long-term interest rates by investing in stable, high-quality long-term assets and collaborating with brokers [4][9] Risk Management - The asset duration is over eight years, while the liability duration is approximately 14.4 years, prompting a focus on asset-liability matching management to reduce duration gaps and mitigate interest spread loss risks [4][16] - The company will support Vanke in optimizing its debt structure through negotiations and closely monitor the real estate sector's fundamentals and policy effects [4][11] Sales and Market Challenges - The "opening red" campaign exceeded expectations across all channels, but the individual insurance channel faces challenges due to a decline in manpower [4][13] - The company will fully address market challenges to meet targets and prepare for an early start in 2026 [13] Regulatory Impact - The adjustment of the traditional insurance preset interest rate to 2.5% may affect product design and sales strategies, with the company planning to adapt accordingly [14][15] Talent and Team Development - Xinhua Insurance has implemented reforms in organizational structure and talent training to enhance grassroots management and improve the quality of the agent team [17][18] - The focus will be on high-quality additions to the agent team, with innovative recruitment methods to boost marketing capacity [18] Distribution Channels - The bancassurance channel remains crucial for scale and value contribution, with ongoing efforts to expand bank partnerships and enhance distribution capabilities [19] Dividend Policy - The company plans to maintain a stable dividend policy, considering shareholder expectations and business conditions [20] Challenges in Participating in Dividend Insurance - Xinhua Insurance faces challenges in promoting dividend insurance due to low familiarity among agents, but plans to enhance training and support for successful sales [21] Growth Potential - As a high-elasticity asset, Xinhua Insurance's asset side shows high growth potential, with liabilities growing faster than the industry average [22] Conclusion - Xinhua Insurance is positioned for long-term performance growth, with a focus on strategic investments, risk management, and enhancing its distribution channels, making it a key player in the insurance industry [22]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Views - The company has achieved significant growth in premium income during the "opening red" period of 2025, with a reported original insurance premium income of RMB 39.45 billion, representing a year-on-year increase of 32% [2][5]. - The company is benefiting from a series of reforms across various channels and product lines, leading to a substantial improvement in business scale and quality [2][6]. - The forecast for earnings per share (EPS) has been raised, with expected EPS for 2024, 2025, and 2026 being RMB 7.97, RMB 8.21, and RMB 8.89 respectively, compared to previous estimates of RMB 6.31, RMB 7.26, and RMB 8.07 [2][6]. Summary by Sections Premium Income Performance - The company reported a premium income of RMB 39.45 billion for January 2025, marking a 31.98% increase year-on-year, the highest growth rate since 2021 [5]. - The company has implemented a "short-term promotion" strategy since 2019, which has significantly improved the level of premium income [5]. Product Structure Optimization - The company is continuously optimizing its product structure to enhance value contribution and competitiveness, launching new products such as dual protection annuities with critical illness coverage [4]. - The company is focusing on diversifying its product offerings to reduce reliance on single products, which is expected to drive premium income during the "opening red" period [3][4]. Channel Development - The company has introduced the "XIN Generation" team-building plan to enhance the quality of its individual insurance channel, resulting in improved performance metrics such as agent retention rates and productivity [4]. - As of mid-2024, the company has seen a notable improvement in the quality of its agency force, with a monthly average of 139,000 agents and a monthly average productivity increase of 28.3% year-on-year [4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company has achieved significant growth in premium income during the "opening red" period of 2025, with a reported original insurance premium income of RMB 39.45 billion, representing a year-on-year increase of 32% [2][5] - The company is benefiting from a series of reforms across various channels and product lines, leading to a substantial improvement in business scale and quality [2][6] - The forecast for earnings per share (EPS) has been raised, with expected EPS for 2024, 2025, and 2026 at RMB 7.97, 8.21, and 8.89 respectively, compared to previous estimates of RMB 6.31, 7.26, and 8.07 [2][6] Summary by Sections Premium Income Performance - The company reported a premium income of RMB 39.45 billion for January 2025, marking a 31.98% increase year-on-year, the highest growth rate since 2021 [5] - The company has implemented a "short-term promotion" strategy since 2019, which has significantly improved the level of premium income [5] Product Structure Optimization - The company is continuously optimizing its product structure to enhance value contribution and competitiveness, launching new products such as dual protection annuities with critical illness coverage [4] - The company is focusing on diversifying its product offerings to reduce reliance on single products, which is expected to drive premium income during the "opening red" period [3][4] Channel Development - The company has introduced the "XIN Generation" team-building plan to enhance the quality of its individual insurance channel, resulting in improved performance metrics such as agent retention rates and productivity [4] - As of mid-2024, the company has 139,000 individual insurance agents, with a monthly average qualified agent count of 27,000, reflecting a year-on-year increase of 19% in productivity [4]

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-007号 | | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | 新华人寿保险股份有限公司 保费收入公告 新华人寿保险股份有限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。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 2 月 13 日 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2025 年 1 月 1 日至 2025 年 1 月 31 日期间累计原保险保费收入为人民币 3,944,898 万元，同比增长 32%。公司各 渠道业务达成良好，绩优人力持续增长，业务规模显著提升，公司改革创新、高 质量发展的成效日益显现。 上述原保险保费收入数据未经审计，提请投资者注意。 ...