北京市通商律师事务所 关于新华人寿保险股份有限公司 2024 年第二次临时股东大会之法律意见书 致：新华人寿保险股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《上市公司股东大会规则》(以下简称"股 东大会规则")等相关法律、法规以及《新华人寿保险股份有限公司章程》(以下 简称"公司章程")、《新华人寿保险股份有限公司股东大会议事规则》(以下简称 "股东大会议事规则")的规定，北京市通商律师事务所(以下简称"通商")接受新 华人寿保险股份有限公司(以下简称"公司")的委托，指派律师出席公司 2024 年 第二次临时股东大会(以下简称"本次股东大会")，对公司本次股东大会的召集、 召开程序、出席会议人员资格、召集人的资格和表决程序等事项发表法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所 ...

Summary of Conference Call Records Company and Industry Overview - The conference call pertains to a listed insurance company, specifically focusing on its performance and strategies in the insurance industry. Key Points and Arguments Company Performance - The company reported strong performance in the first half of the year, receiving positive recognition from various stakeholders, indicating a continuation of its growth trajectory [1] - As of September, the company capitalized on favorable market conditions, significantly enhancing its investment returns and improving asset-liability management capabilities [2] Financial Metrics - The company's new business value saw a year-on-year increase of 79.2%, reaching a historical high, with profits amounting to 20.7 billion, reflecting a 116.7% increase [3] - The premium income from the core channels reached 97.8 billion, a 1.3% increase year-on-year, with first-year premium income from the seven-channel model growing by 18.8% [4] Investment Performance - Total assets increased to 1.6 trillion, a 20% rise from the previous year, with an annualized total investment return of 6.8% and a comprehensive investment return of 8.1% [5] - The company emphasized its investment capabilities, indicating a significant growth in investment performance despite potential challenges in the fourth quarter [6] Risk Management - The company has strengthened its risk management framework, particularly in managing liabilities and ensuring compliance with regulatory standards [3][11] - The focus on enhancing risk management capabilities has led to improved financial metrics across various dimensions, including premium income and profitability [3] Strategic Initiatives - The company is actively pursuing a professionalized sales force and has implemented new policies to enhance resource allocation towards market institutions [1][2] - There is a strong emphasis on improving customer service systems, with a focus on the core "Xinhua Zun" service model [2] Future Outlook - The management expressed cautious optimism for 2024, anticipating continued growth but acknowledging potential challenges in maintaining high growth rates due to market conditions [9][10] - The company plans to maintain a focus on traditional insurance products while gradually introducing new offerings to adapt to market demands [10][29] Regulatory Environment - The company is adapting to regulatory changes, particularly the "Bao Ying He Yi" policy, which aims to enhance the quality of development in the insurance sector [21][22] - The management highlighted the importance of compliance and proactive adjustments to business strategies in response to regulatory guidance [21] Marketing and Sales Strategy - The company is reforming its agent recruitment and training processes to enhance the quality of its sales force, focusing on attracting high-performing agents [23][24] - There is a commitment to improving the efficiency of marketing strategies and ensuring that the sales team is well-equipped to meet market demands [24] Additional Important Content - The company is focusing on enhancing its asset-liability management to mitigate risks associated with interest rate fluctuations and ensure long-term sustainability [11][34] - The management acknowledged the need for continuous improvement in operational efficiency and resource allocation to support growth initiatives [22][39] This summary encapsulates the key insights and strategic directions discussed during the conference call, reflecting the company's performance, challenges, and future outlook in the insurance industry.

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 116.7% for the first three quarters, amounting to 20.7 billion yuan, and a net profit of 9.6 billion yuan for Q3 alone, compared to a loss of 440 million yuan in the same period last year [3] - The increase in investment income is attributed to the rise in the capital market, with the company having a higher proportion of equity assets compared to its peers, leading to a 19.4% increase in total investment assets to 1.6067 trillion yuan [5] - The company is expected to maintain its strategic direction and enhance its core competitiveness through reforms focused on customer-centricity, product competitiveness, and technological empowerment [5] Summary by Sections Financial Performance - The company achieved a net profit of 20.7 billion yuan in the first three quarters, with a Q3 net profit of 9.6 billion yuan, marking a significant recovery from the previous year's loss [3] - The weighted ROE increased to 21.0%, up by 12.5 percentage points year-on-year [3] - The net asset value was reported at 91 billion yuan, showing a decrease of 13.4% from the beginning of the year but a slight increase of 1.1% from mid-year [3] Insurance Business - The new business value (NBV) increased by 79.2% year-on-year in the first three quarters, with a notable 195.4% increase in Q3 [4] - The company is focusing on enhancing individual insurance channels and promoting regular premium products, with significant growth in first-year premiums for long-term insurance [4] Investment Performance - The annualized total investment return rate reached 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate was 8.1%, up by 5.1 percentage points [5] - The company maintains a low valuation, with a projected price-to-embedded value (PEV) ratio of 0.65-0.7 for 2024, indicating a reasonable value range of 55.42-59.68 yuan per share [5] Market Comparison - The company's stock has outperformed the market indices, with an absolute increase of 2.9% over one month, 44.5% over two months, and 60.2% over three months [1]

Investment Rating - The report maintains a "Buy" rating for New China Life Insurance [1] Core Views - New China Life Insurance reported a significant increase in net profit for the first nine months of 2024, reaching 20.68 billion yuan, a year-on-year growth of 116.7% [1] - The company's performance aligns with previous profit forecasts, driven by a rebound in the stock market and a substantial increase in total investment income [1] - The new business value (NBV) grew by 79.2% year-on-year, outperforming major competitors in the industry [1] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024-2026 is adjusted to 20.6 billion, 13.5 billion, and 14.4 billion yuan respectively [1] - The expected growth rates for net profit are 136.5% in 2024, -34.3% in 2025, and 6.4% in 2026 [1] Business Performance - The insurance service revenue decreased by 10.2% year-on-year for the first nine months of 2024 [1] - The investment yield improved significantly, with total investment returns of 6.8% and comprehensive investment returns of 8.1%, both showing a year-on-year increase [1] - The company plans to enhance the proportion of FVOCI equity and debt instruments to better match assets and liabilities [1] Market Position - New China Life's NBV growth rate continues to outperform its listed peers, with a notable increase in long-term premium income [1] - The company has implemented reforms to enhance its market position, resulting in a 21.3% increase in ten-year and above premium income [1] - The distribution of new business contributions is balanced across individual insurance, bancassurance, and group insurance channels [1]

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: 2024年10月31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: 2024年11月1日 FF301 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 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6] Core Insights - The company reported a net profit attributable to shareholders of 20.68 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 116.7% - The new business value (NBV) increased by 79.2% year-on-year, with both net profit and NBV growth rates improving sequentially and leading the industry [2][6] - The significant improvement in investment income has supported the high growth in net profit, with total investment income and fair value changes amounting to 51.34 billion yuan and 419.85 billion yuan respectively, both showing substantial year-on-year increases [6] Financial Data Summary - For 2024E, the company is projected to achieve a net profit of 21 billion yuan, with a growth rate of 141% [7] - The annualized total and comprehensive investment returns for the first nine months of 2024 were 6.8% and 8.1%, respectively, both showing significant year-on-year increases [6][7] - The company's total assets are expected to reach approximately 1.68 trillion yuan by 2024E, with a steady increase projected through 2026 [9]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][11]. Core Insights - The company reported a significant turnaround in Q3 2024, achieving a net profit of 9.6 billion yuan, compared to a loss of 440 million yuan in the same period last year, resulting in a year-to-date net profit of 20.68 billion yuan, up 117% year-on-year [1]. - The investment performance was bolstered by strong stock and bond markets, leading to a substantial improvement in investment returns, with an annualized total investment return rate of 6.8%, up 4.5 percentage points year-on-year [1]. - The company experienced a notable increase in new business value, which grew by 79.2% year-on-year, indicating a high-quality development in the liability side [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 9.6 billion yuan, a significant recovery from a loss of 440 million yuan in Q3 2023 [1]. - For the first three quarters of 2024, the net profit reached 20.68 billion yuan, reflecting a 117% increase compared to the same period last year [1]. - The total investment income, including interest and fair value changes, amounted to 70.63 billion yuan, a 233.5% increase year-on-year [1]. Premium Income and New Business Value - The first-year premium income for long-term insurance reached 24.75 billion yuan in the first three quarters of 2024, up 12.3% year-on-year [2]. - The new business value saw a remarkable growth of 79.2% year-on-year, significantly outpacing the premium growth rate [2]. Distribution Channels - The individual insurance channel reported a first-year premium income of 11.98 billion yuan, an increase of 18.8% year-on-year, with improved productivity from the sales force [3]. - The bank insurance channel also showed positive growth, with a first-year premium income of 12.66 billion yuan, up 6.3% year-on-year, marking a recovery from a decline in the previous year [3]. Investment Outlook - The company is expected to benefit from further upward movements in equity markets, which could enhance investment returns [3]. - The current valuation stands at 0.6x PEV, indicating potential for valuation recovery [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 20.5 to HKD 30.5, indicating a potential upside of 18.2% from the current closing price of HKD 25.80 [1][2][3]. Core Insights - The company has demonstrated significant earnings resilience, with a net profit growth of 116.7% year-on-year for the first three quarters, slightly exceeding the previously forecasted range of 95-115% [1][2]. - The new business value growth rate of 79.2% year-on-year is leading among peers, reflecting strong performance in the insurance sector [2]. - Investment income has seen a notable increase, with a total investment return rate of 6.8%, up 4.5 percentage points year-on-year, outperforming industry peers [2]. - The company is optimizing its premium structure, although it still relies heavily on bank insurance channels, with a 1.9% year-on-year increase in premium income [1][2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of RMB 26,044 million, representing a 198.9% increase compared to 2023 [5][10]. - The total revenue for 2024 is estimated at RMB 140,014 million, reflecting a significant recovery from a 33.8% decline in 2023 [5][10]. - The company’s investment assets are expected to grow by 20.2% in 2024, contributing to overall financial stability [11]. - The report highlights a projected return on average equity (ROAE) of 25.2% for 2024, indicating strong profitability [11]. Business Metrics - The company’s new business value is expected to reach RMB 5,680 million in 2024, with a year-on-year growth rate of 87.8% [7][11]. - The insurance service revenue is projected to decline slightly by 3.0% in 2024, but investment income is expected to rebound significantly [6][10]. - The company’s market capitalization is approximately HKD 135.4 billion, with a daily trading volume of 16.92 million shares [4].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 61.40 CNY per share, corresponding to a 2024 P/EV of 0.70 times [2][3]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion CNY in the first three quarters of 2024, a year-on-year increase of 116.7%, driven by a resonance between assets and liabilities [2][3]. - The strong recovery in new business value (NBV) and significant improvement in investment income due to the recovery of the equity market are highlighted as key factors for profit enhancement [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a net profit of 20.68 billion CNY, with a quarterly net profit of 9.597 billion CNY in Q3, compared to a loss of 433 million CNY in the same period last year [2][3]. - EPS forecasts for 2024-2026 are maintained at 9.00, 9.54, and 10.28 CNY respectively [3]. New Business Value (NBV) - The NBV increased by 79.2% year-on-year in the first three quarters of 2024, with new policies growing by 11.9% year-on-year [3]. - The company experienced a significant increase in new policies in Q3, with a year-on-year growth of 162.8%, attributed to strong customer demand for insurance savings [3]. Investment Performance - Total investment assets reached 1.6 trillion CNY, a 20.3% increase from the beginning of the year, benefiting from stable cash flow from premium sales [3]. - The annualized total investment return rate improved to 6.8%, up 4.5 percentage points year-on-year [3]. Market Data - The stock price ranged from 27.92 to 51.73 CNY over the past 52 weeks, with a total market capitalization of 149.769 billion CNY [4]. - The company has a net asset value per share of 29.18 CNY, with a current price-to-book ratio of 1.6 [5].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.66 CNY [1][2][3] Core Insights - The company achieved a year-on-year increase of 79.2% in net profit for the first three quarters of 2024, driven by significant investment flexibility and a doubling of net profit [1][2] - The new business value (NBV) saw a substantial increase, with a year-on-year growth of 79.2% in the same period, attributed to improved value rates and a recovery in new policy sales [1][3] - The company's total premium income reached 145.644 billion CNY, reflecting a year-on-year increase of 1.9% in Q3, with long-term insurance new policies showing a notable recovery [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a total annualized profit of 206.8 billion CNY, marking a 116.7% increase year-on-year [1] - The comprehensive investment return rate improved to 6.8%/8.1%, with a year-on-year increase of 4.5 percentage points [1][2] - The company's investment assets reached 1.6 trillion CNY, with a significant portion allocated to equity investments, which outperformed peers [1][3] Business Growth Drivers - The report highlights that the recovery in the equity market has positively impacted the company's investment performance, contributing to the high growth in net profit [1][2] - The improvement in the liability side's premium environment is expected to further drive performance growth [1][3] - The company is projected to achieve earnings per share (EPS) of 7.9, 8.2, and 8.5 CNY for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [1][2]