香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2328 臨時股東大會由董事會召集及丁向群董事長主持。本公司董事均出席了本次臨時股東大 會。賦予持有人權利出席臨時股東大會並於大會上就決議案表決的股份總數為 22,242,765,303股，為臨時股東大會舉行之日的本公司已發行股份總數。本公司並無持有 - 1 - 庫存股份。並無股東須根據《上市規則》於臨時股東大會上就決議案放棄表決權，亦無股 東有權出席臨時股東大會但須根據《上市規則》第13.40條之規定就臨時股東大會上提呈的 決議案放棄表決贊成。本公司的H股股份過戶登記處香港中央證券登記有限公司為臨時股 東大會點票的監察員。 臨時股東大會之投票結果 及 派發中期股息 派發中期股息 於臨時股東大會上，臨時股東大會通告所載的所有決議案均以投票方式表決並獲得通 過。 於臨時股東大會上，股東批准派發截至2025年6月30日止六個月之中期股息每股0.24元人 民幣（扣除適用稅項前）。中期股息將派付予2025年11 ...

Core Insights - The company reported insurance service revenue of 385.92 billion RMB for the first three quarters, representing a year-on-year growth of 5.9% [1] - The net profit for the same period reached 40.27 billion RMB, showing a significant year-on-year increase of 50.5% [1] Financial Performance - Insurance service revenue: 385.92 billion RMB, up 5.9% year-on-year [1] - Net profit: 40.27 billion RMB, up 50.5% year-on-year [1]

Core Insights - China Pacific Insurance reported a net profit of 40.27 billion RMB for the first three quarters, representing a year-on-year growth of 51% [1] - The company achieved insurance revenue of 385.921 billion RMB during the same period, reflecting a year-on-year increase of 5.9% [1]

Core Insights - China Pacific Insurance (02328.HK) reported a 5.9% year-on-year increase in insurance service revenue, reaching RMB 385.92 billion for the first three quarters of 2025 [1] - The company achieved a net profit of RMB 40.27 billion, marking a significant 50.5% year-on-year growth [1] Revenue Breakdown - The original insurance premium income for the first three quarters of 2025 was RMB 443.18 billion, reflecting a 3.5% year-on-year increase [1] - Insurance service revenue from motor vehicle insurance amounted to RMB 227.63 billion, with a year-on-year growth of 3.7% [1] - Non-motor vehicle insurance generated RMB 158.29 billion in insurance service revenue, showing a 9.3% year-on-year increase [1] Profitability Metrics - The underwriting profit for the first three quarters was RMB 314.87 billion, representing a substantial 130.7% year-on-year increase [1] - The combined cost ratio stood at 496.1%, which is a decrease of 2.1 percentage points year-on-year [1] - Motor vehicle insurance business reported an underwriting profit of RMB 11.73 billion, with a combined cost ratio of 94.8%, down by 2.0 percentage points year-on-year [1] - Non-motor vehicle insurance business achieved an underwriting profit of RMB 3.14 billion, with a combined cost ratio of 98.0%, reflecting a decrease of 2.5 percentage points year-on-year [1]

Financial Performance - For the first three quarters of 2025, the company achieved insurance service revenue of RMB 385.92 billion, a year-on-year increase of 5.9%[4] - The net profit for the same period was RMB 40.27 billion, reflecting a significant year-on-year growth of 50.5%[4] - The original insurance premium income reached RMB 443.18 billion, with a year-on-year increase of 3.5%[5] - Operating revenue for the nine months ended September 30, 2025, reached RMB 423,005,875 thousand, a rise of 7.9% compared to RMB 392,267,034 thousand for the same period in 2024[14] - Net profit for the nine months ended September 30, 2025, was RMB 40,267,743 thousand, reflecting an increase of 50.9% from RMB 26,750,367 thousand in 2024[14] - The insurance service revenue for the nine months ended September 30, 2025, was RMB 385,921,374 thousand, an increase of 5.4% from RMB 364,306,286 thousand in 2024[14] Investment Performance - The company reported a total investment income of RMB 535.90 billion, which is a 33.0% increase compared to the previous year[9] - The unannualized total investment return rate was 5.4%, up by 0.8 percentage points year-on-year[9] - Investment income rose to RMB 17,078,000 thousand for the nine months ended September 30, 2025, compared to RMB 10,900,947 thousand in 2024, marking a growth of 56.5%[14] - Cash inflow from investment activities totaled RMB 175,744,620 thousand for the nine months ended September 30, 2025, compared to RMB 104,970,577 thousand in 2024, showing a substantial increase[15] Underwriting and Cost Management - The underwriting profit for the first three quarters was RMB 314.87 billion, showing a remarkable year-on-year growth of 130.7%[7] - The comprehensive cost ratio improved to 49.61%, a decrease of 2.1 percentage points year-on-year[7] Capital and Solvency - As of September 30, 2025, the actual capital stood at RMB 294.75 billion, an increase of 11.0% from the previous year[12] - The solvency adequacy ratio rose to 243.7%, an increase of 11.1 percentage points compared to December 31, 2024[12] Assets and Liabilities - The company's total assets increased to RMB 829,759,642 thousand as of September 30, 2025, up from RMB 773,926,554 thousand as of December 31, 2024, representing a growth of approximately 7.2%[13] - The company's total liabilities increased to RMB 539,884,947 thousand as of September 30, 2025, from RMB 515,875,306 thousand as of December 31, 2024, an increase of approximately 4.7%[13] - The total equity attributable to shareholders reached RMB 289,874,695 thousand as of September 30, 2025, up from RMB 258,051,248 thousand as of December 31, 2024, representing a growth of 12.3%[13] Cash Flow - Cash flow from operating activities generated a net amount of RMB 34,562,485 thousand for the nine months ended September 30, 2025, compared to RMB 22,479,609 thousand in 2024, indicating a significant improvement[15] - The company reported a significant increase in cash and cash equivalents, with a net increase of RMB 1,521,139 thousand for the nine months ended September 30, 2025, compared to RMB 1,290,483 thousand in 2024[15] Strategic Focus - The company continues to focus on digital transformation and enhancing operational management capabilities to drive high-quality development[4]

Core Viewpoint - The 2025 Central Document No. 1 emphasizes the need to enhance the supply guarantee capacity of important agricultural products, with livestock farming playing a crucial role in ensuring national food security and promoting rural economic prosperity [1]. Industry Overview - The livestock industry in China has shown steady development, with total production of pork, beef, mutton, and poultry reaching 96.63 million tons in 2024, reflecting a year-on-year growth of approximately 0.2% [1]. - Despite this growth, the industry faces significant risks, particularly from animal diseases and natural disasters, which can adversely affect livestock output and economic benefits [1]. Risk Management Innovations - China Pacific Insurance (PICC) has developed the "PICC China Livestock Catastrophe Model," the first of its kind independently created by a Chinese insurance company, aimed at enhancing risk management in the livestock sector [3][5]. - The model incorporates advanced concepts and technologies from domestic and international catastrophe modeling, addressing various risk factors including infectious diseases, non-infectious diseases, and meteorological disasters [3][5]. - Utilizing a robust data foundation from nearly 1.8 billion risk-related insurance and claims records, the model covers over 2,800 counties in China and includes multiple disease causative agents and disaster types [3][5]. Future Directions - PICC plans to continue optimizing the catastrophe model and engage in extensive technical exchanges with industry stakeholders to explore more advanced risk assessment methods, thereby contributing to the high-quality development of China's livestock industry [5].

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The recent meeting of the Life Insurance Industry Liability Reserve Assessment Rate Expert Consultation Committee expressed a more positive outlook compared to the previous quarter, indicating a reduced likelihood of adjustments to the upper limit of the preset interest rate in the medium term [4][5] - The preset interest rate research value for ordinary life insurance products is currently at 1.90%, down from 1.99% in the previous quarter, reflecting a year-on-year decrease of 9 basis points [4] - The report highlights that the long-end interest rates have stabilized since the beginning of 2025, with the decline in preset interest rates showing a narrowing trend [4] Summary by Sections Industry Overview - The total market capitalization of the industry is 33,163.22 billion [1] - The report notes that the financial regulatory authority has issued a notification to establish a mechanism linking preset interest rates with market rates, which is expected to guide companies in prudent pricing and asset-liability management [4][8] Market Trends - The meeting's statements have shifted from concerns about continuous declines in medium to long-term interest rates to a more optimistic view on the resilience and vitality of the national economy [4] - The report suggests that if long-end interest rates remain stable, the preset interest rate for 2026 may not see significant adjustments, with a projected value of 1.87% by the end of 2026 [4][10] Investment Recommendations - The report recommends actively monitoring the valuation and performance elasticity of listed insurance companies, particularly focusing on companies such as New China Life Insurance, China Life Insurance, China Property & Casualty Insurance, Ping An Insurance, China Pacific Insurance, and AIA Group [4]

Group 1 - The article provides a list of companies and their respective activities related to shareholder meetings, new stock activities, performance announcements, and dividend distributions scheduled for October 30, 2025 [1][2][5][7]. - Several companies are mentioned as being in the process of initial public offerings (IPOs), including 旺山旺水-B, 均胜电子, 文远知行-W, and 赛力斯 [6]. - Companies such as 美的集团 and 翰森制药 are noted for their dividend distribution dates, indicating ongoing shareholder returns [7][8]. Group 2 - The article highlights the resumption of trading for companies like 舍图控股, 鸿盛昌资源, and 安能物流, suggesting a return to market activity after previous suspensions [6][7]. - The document lists various companies involved in dividend payouts, which may attract investor interest due to potential income generation [8]. - The presence of multiple companies in the IPO stage indicates a potentially active market environment for new investments [6].

Core Viewpoint - The Shanghai International Reinsurance Center is advancing its development, with a focus on issuing the first domestic catastrophe bonds in Shanghai starting in 2024, as stated by the Deputy General Manager of the Shanghai Reinsurance Operations Center of PICC Property and Casualty [1] Group 1 - The company aims to actively promote the issuance of catastrophe bonds in Shanghai, aligning with the construction of the Shanghai International Reinsurance Center [1] - A policy research report on new risk transfer products has been completed in accordance with the requirements of the financial regulatory authority [1] - The company is seeking support from national and local governments to facilitate the issuance of catastrophe bonds, enhancing the capacity for catastrophe risk transfer [1]

Core Points - The strategic cooperation between China People's Property Insurance Company Nanjing Branch and Jiangsu Provincial Hospital marks a new chapter in collaboration, focusing on the "insurance + healthcare" innovative service model [1][4] - The partnership aims to enhance customer service capabilities, starting with exploratory cooperation in areas such as road injury treatment and health insurance client medical guidance [3] - The collaboration is a response to the "Healthy China" national strategy, aiming to create a model for cross-industry cooperation between insurance and healthcare [4] Group 1 - The signing ceremony was attended by key leaders from both organizations, highlighting the importance of this strategic partnership [1][3] - The cooperation will initially focus on specific areas and gradually expand to include management and data sharing, providing more precise and personalized services to clients [3] - Both organizations emphasize the integration of their strengths, with the insurance company providing extensive customer resources and efficient claims services, while the hospital offers advanced medical technology and clinical experience [3] Group 2 - The partnership aims to innovate in the "police-insurance-medical" linkage mechanism and explore deep cooperation in special medical services and commercial insurance with public hospitals [3] - The collaboration is expected to contribute significantly to the health and well-being of the public, aligning with national health initiatives [4]