FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769 5600 邮政编码：100020 传 真 Fax: 86-10-5769 5788 27/F, North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于中国人民保险集团股份有限公司 2025 年第一次临时股东大会的法律意见书 致：中国人民保险集团股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席中 国人民保险集团股份有限公司（以下简称"公司"）2025 年第一次临时股东大会 （以下简称"本次股东大会"），并就本次股东大会的召集和召开程序、参与表决 和召集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 ...

Financial Performance - Total operating revenue for Q1 2025 reached RMB 156,589 million, an increase of 12.8% compared to RMB 138,778 million in Q1 2024[2] - Net profit attributable to shareholders of the parent company was RMB 12,849 million, representing a 43.4% increase from RMB 8,963 million in the same period last year[2] - Basic earnings per share rose to RMB 0.29, up 43.4% from RMB 0.20 in Q1 2024[2] - Net profit for Q1 2025 was RMB 17,454 million, up 44.5% from RMB 12,063 million in Q1 2024[24] - The company reported a total comprehensive income of RMB 14,474 million for Q1 2025, compared to RMB 5,314 million in Q1 2024, reflecting a substantial increase[24] Cash Flow and Assets - Net cash flow from operating activities was RMB 36,549 million, a 10.2% increase from RMB 33,154 million in Q1 2024[2] - Cash and cash equivalents at the end of Q1 2025 were RMB 40,501 million, down from RMB 44,132 million at the beginning of the period[26] - The company’s total assets as of March 31, 2025, were RMB 1,800,490 million, compared to RMB 1,766,384 million as of December 31, 2024[22] - Total liabilities as of March 31, 2025, amounted to RMB 1,418,786 million, a slight increase from RMB 1,399,158 million as of December 31, 2024[22] Profitability Metrics - The weighted average return on equity increased to 4.7%, up 1.0 percentage points from 3.7% in the previous year[2] - The net profit excluding non-recurring gains and losses was RMB 12,815 million, up 43.5% from RMB 8,928 million in Q1 2024[2] - The comprehensive cost ratio for the property insurance segment improved to 94.5%, a decrease of 3.4 percentage points year-on-year[12] Segment Performance - Insurance service revenue for Q1 2025 reached 136.11 billion RMB, a year-on-year increase of 7.9%[11] - The life insurance segment reported a 48.0% increase in insurance service revenue, totaling 7.084 billion RMB[14] - The health insurance segment achieved a net profit of 2.430 billion RMB, a year-on-year increase of 59.9%[17] Strategic Focus - The company continues to optimize its insurance business structure and improve underwriting performance, contributing to the significant profit growth[5] - The company is focusing on high-quality development and innovation in response to the evolving economic landscape[10] - The asset management division is enhancing market analysis and optimizing investment strategies to improve asset allocation stability[18] Investment Income - Investment income surged to RMB 12,218 million in Q1 2025, compared to RMB 2,494 million in Q1 2024, reflecting a significant increase of 389.5%[23] - The company reported investment income of RMB 142 million for the first quarter of 2025, a significant increase from RMB 14 million in the same period of 2024, representing a growth of 914.3%[28] - The company’s interest income for the first quarter of 2025 was RMB 126 million, slightly up from RMB 123 million in the first quarter of 2024, indicating a growth of 2.4%[28] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 146,097 for A shares and 4,954 for H shares[7] - The total equity attributable to shareholders of the parent company increased to RMB 279,346 million as of March 31, 2025, from RMB 268,733 million at the end of 2024[22]

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Financial Performance - Total revenue for Q1 2025 reached RMB 156,589 million, an increase of 12.8% compared to RMB 138,778 million in Q1 2024[5] - Net profit attributable to shareholders of the parent company was RMB 12,849 million, reflecting a significant growth of 43.4% from RMB 8,963 million in the same period last year[5] - Basic earnings per share increased to RMB 0.29, up 43.4% from RMB 0.20 in Q1 2024[5] - The weighted average return on net assets rose to 4.7%, an increase of 1.0 percentage points compared to 3.7% in the previous year[5] - Net cash flow from operating activities was RMB 36,549 million, representing a 10.2% increase from RMB 33,154 million in Q1 2024[5] - The net profit excluding non-recurring gains and losses was RMB 12,815 million, up 43.5% from RMB 8,928 million in Q1 2024[5] - Total operating revenue for Q1 2025 reached RMB 156,589 million, a 12.8% increase from RMB 138,778 million in Q1 2024[28] - Net profit attributable to shareholders of the parent company for Q1 2025 was RMB 12,849 million, up 43.1% from RMB 8,963 million in Q1 2024[29] Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 1,800,490 million, a 1.9% increase from RMB 1,766,384 million at the end of 2024[5] - Total liabilities as of March 31, 2025, amounted to RMB 1,418,786 million, an increase from RMB 1,399,158 million as of December 31, 2024[26] - The total equity attributable to shareholders of the parent company increased to RMB 279.346 billion, a growth of 3.9% from the end of the previous year[14] - The asset-liability ratio decreased to 78.8%, down 0.4 percentage points from the previous period[25] - Total liabilities and equity as of March 31, 2025, were RMB 1,800,490 million, an increase from RMB 1,766,384 million as of December 31, 2024[27] Insurance Business Performance - Insurance service revenue for Q1 2025 reached RMB 136.11 billion, a year-on-year increase of 7.9%[14] - The combined insurance premium income for PICC Property and Casualty was RMB 120.741 billion, a 6.1% increase year-on-year[15] - PICC Life achieved insurance service revenue of RMB 7.084 billion, with a net profit of RMB 3.653 billion, marking a 48.0% increase in revenue[18] - PICC Health reported insurance service revenue of RMB 7.483 billion, with a net profit growth of 59.9%[21] - The comprehensive cost ratio for PICC Property and Casualty improved to 94.5%, a decrease of 3.4 percentage points year-on-year[15] Shareholder Information - As of the report date, the total number of ordinary shareholders was 146,097 for A-shares and 4,954 for H-shares[9] Cash Flow and Investment - Cash flow from operating activities for Q1 2025 was RMB 36,549 million, an increase from RMB 33,154 million in Q1 2024[31] - Investment cash outflow for Q1 2025 was RMB 40,122 million, compared to a cash inflow of RMB 5,306 million in Q1 2024[32] - The company reported an investment income of RMB 12,218 million for Q1 2025, significantly higher than RMB 2,494 million in Q1 2024[28] - The company recorded investment income of RMB 142 million for the three months ended March 31, 2025, compared to RMB 14 million in the same period of 2024, indicating a substantial increase[35] - The company reported a net cash outflow from investing activities of RMB (1,122) million for the three months ended March 31, 2025, compared to a cash inflow of RMB 347 million in the same period of 2024[36]

■本报记者 田耿文 阿坝藏族羌族自治州（以下简称"阿坝州"）位于四川西北部、青藏高原东南边缘，地表整体轮廓为典型 高原风貌，是长江黄河上游重要生态屏障和重要水源涵养地。这里不仅有高耸的雪山、广袤无垠的草 原、清新宜人的空气，更有漫山遍野、成群结队的牦牛，共同构成了一幅生动而和谐的高原生态画卷。 在这里，旅游和牦牛养殖都是当地的支柱产业。其中，牦牛不仅是游牧文化的图腾，更是万千牧民家庭 的重要经济支柱。 牦牛保险破解养殖难题 近日，记者一行驱车从成都出发，穿过一条又一条隧道，经过四个多小时的跋涉，来到了阿坝州的州府 所在地马尔康市。考虑到高反的影响，记者一行在马尔康市暂作休整，第二天一早出发，前往素有"牧 韵草原牦牛家园"之美誉的红原县。 红原县拥有1164万亩天然草场，这里的高原环境为牦牛提供了广阔的觅食空间和独特的生长条件，使得 牦牛成为当地重要的畜牧业资源。红原县在气候上属于大陆性高原寒温带季风性气候，易发旱灾、霜 冻、低温及大雪天气。 "自然条件下，牦牛冬季要掉膘20%—30%，春季死亡率较高。长期以来，牦牛养殖业处于'夏壮、秋 肥、冬瘦、春死'的传统循环中。"西南民族大学畜牧兽医学院副院长、人保牦牛风 ...

■田耿文 近日，《农村金融时报》记者在阿坝州调研采访的过程中，深切感受到这片高原土地上独特的游牧文明 和发展畜牧业的重要性。在这片广袤的土地上，牦牛不仅是游牧文明的象征，更是牧民家庭的经济支 柱。 然而，特殊的地理和气候条件也给牦牛养殖带来了诸多挑战，使得养殖业长期陷入"夏壮、秋肥、冬 瘦、春死"的恶性循环。每年春季都是牦牛死亡的高发季节，这会给牧民造成巨大经济损失。 面对这一困境，保险业挺身而出，主动投身于当地牦牛保险项目。中国人保积极通过创新举措，在当地 开展特色产业保险帮扶，开发牦牛价格保险、牦牛防返贫保险等险种，为当地牧民提供了坚实的风险保 障。 其中，牦牛价格保险在市场价格波动导致参保牦牛出栏市场价低于保险价时，依约进行赔偿，为广大牧 民抵御市场价格冲击提供了有力的兜底保障，助力畜牧业走上可持续发展之路。 值得一提的一个细节是，经人保工作人员查勘后的死亡牦牛，由无害化处理公司拉走，集中进行无害化 处理。这一举措不仅有效减少了牦牛疾病的传播，还有效改善了草原环境，从而吸引更多游客前来旅游 消费，实现良性循环。 阿坝州的创新实践表明：金融工具的巧妙运用，为高寒牧区治理提供了有效的保险策略和方案。 如今， ...

证券代码：601319 证券简称：中国人保 公告编号：临 2025-015 中国人民保险集团股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 1 会议召开时间：2025 年 4 月 30 日（星期三）15:00-16:00 会议召开地点：上证路演中心（http://roadshow.sseinfo.com） 会议召开方式：上证路演中心文字互动 二、说明会召开的时间、地点和方式 （一）会议召开时间：4 月 30 日（星期三）15:00-16:00 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： 投资者可于 4 月 29 日(星期二)16:00 前登陆上证路演中心网站首 页，点击"提问预征集"栏目进行提问。公司将在业绩说明会上对投 资者普遍关注的问题进行回答。 为使广大投资者更加全面深入地了解公司 2025 年第一季度业绩 和经营情况，本公司拟于 4 月 30 日（星期三）15:00-16:00 召开 2025 年第一季度业绩说明会，就投资者普遍关心的问题进行交流。 一、说明会类型 本次业绩说明会通过 ...

港股保险股午后集体走强，中国人民保险集团(01339.HK)涨3.7%，中国财险(02328.HK)、新华保险 (01336.HK)、中国平安(02318.HK)涨超2%。 ...

文/刘思嘉 中年职场的保险退路彻底断了。 曾几何时，"三个月买宝马"的财富传说与"时间自由"的柔性承诺，让保险业成为互联网、教培、地 产等裁员重灾区人员的首选避风港，而卖保险也被定义为中年人职场尽头的"兜底"。但如今，这条 退路正以肉眼可见的速度崩塌。 最新年报显示，2024年，五大上市险企人身险代理人数量已连续第五年呈下降趋势。而从全行业来 看，代理人数量已较2019巅峰时期的千万级减少超七成，相当于每月超10万从业者离开行业。 与此同时，行业资源正加速向高知代理人群体集中。据统计，在非标准体核保、法商税务规划等复杂 领域，掌握相关知识的3.8%的持证者收割了行业90%的高端订单，再加上AI的加速入局，保险作 为"职场退路"的温情面纱已被彻底撕碎。 01 保险神话"祛魅" 曾经，在大多数人眼中卖保险是门槛低的"维生"职业，不少人都将保险销售视为职业尽头的转型选 择或临时性过渡工作，因此导致保险代理人群体数量庞大、鱼龙混杂，2019年规模逼近千万大关。 据《2024中国保险中介市场生态白皮书》数据，2019年开始保险代理人数量呈现逐年下降趋势，截 至2023年末，人身险公司保险营销人员人数为281.34万人， ...

Core Viewpoint - The growth in premium income does not necessarily lead to an increase in insurance service income, as evidenced by the 2024 annual reports of listed insurance companies [1][2]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income of listed insurance companies showed divergence, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the five major listed insurance companies, property insurance firms like China Ping An, China Life Insurance, and China Pacific Insurance reported increases in insurance service income, while life insurance companies such as China Life and New China Life experienced declines [4]. - Specifically, the insurance service income for property insurance companies grew as follows: China Re Property Insurance at 485.22 billion yuan (up 6.1%), Ping An Property Insurance at 328.15 billion yuan (up 4.7%), and China Pacific Property Insurance at 191.40 billion yuan (up 8.1%) [4]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from "insurance business income" to "insurance service income" [3][5]. - The difference in accounting treatment means that premium income is recognized upon receipt, while insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [5]. - The transition to the new standards has resulted in a lack of clarity and focus on the insurance service income metric, which is more complex and involves various assumptions and calculations [6][7]. Group 3: Future Outlook - As the industry gradually shifts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development [7]. - The overall stability in insurance service income, despite some declines, indicates that companies are still managing to maintain a level of performance [6].