百保科技第二大股东李雪峰具有众安系背景，此前曾在众安科技任职。爱企查显示，李雪峰为百保君联 合创始人、CEO，曾担任众安科技CTO。此外还曾就职于J.P.Morgan、亚马逊、东南融通、阿里巴巴等 公司。 百保君官网显示，百保君于2020年10月由众安科技孵化成立，自创始之初即定位于打造数据驱动的算法 保险，并利用科技优势挖掘数字化的健康需求，致力于为用户打造"帮买"模式。百保君是一家做广告、 卖"流量"的公司，帮助消费者找到保障顾问，帮助团队获客。 据21世纪经济报道、每日经济新闻等媒体报道，百保君通过"售卖权益+返还超额某平台充值卡+返可提 现积分"的模式吸引用户参与。今年9月起，多位用户反映百保君该充值卡不能按时兑付，这是"爆雷"事 件由来。截至11月18日，百保君相关投诉已超40起，涉及金额从数千到数万元不等。 另据媒体报道，百保科技今年9月房租到期后搬离官网显示办公地址（上海市闵行区申长路588号虹桥绿 谷广场B座3A10室），公司官网给出的联系电话已欠费停机，其2024年年报中披露的手机号码则是空 号。公司法定代表人、创始人兼CEO李雪峰已被警方带走调查，涉案金额或超亿元。 据了解，百保君由百保（ ...

Core Insights - The average car insurance premium among 67 companies for the first three quarters is 2079 yuan, with a median of 1836.89 yuan, indicating significant structural differentiation in pricing strategies across different types of insurers [2][4] - The highest car insurance premium reported is 5700 yuan by Modern Insurance, while the lowest is 850 yuan by Dubang Insurance, reflecting a competitive market with a concentration of premiums between 1000 yuan and 3000 yuan, which accounts for 74.7% of the total [1][2] - The future of car insurance pricing is expected to be influenced significantly by the growth of the new energy vehicle (NEV) insurance market, driven by policy optimization, reduced repair costs, and advancements in risk control technology [1][4] Industry Overview - The car insurance market shows a notable structural balance under competitive conditions, with 28 companies reporting premiums above the industry average [2] - 25 companies experienced a year-on-year increase in car insurance premiums, while 36 companies saw a decline, indicating varied performance across the sector [2] - The NEV insurance market is becoming a core driver for premium growth, with the number of NEVs in China reaching 36.89 million by mid-2025, accounting for 10.27% of the total vehicle population [4][6] New Energy Vehicle Insurance - NEV insurance premiums are currently high due to the elevated costs of core components and repair expenses compared to traditional fuel vehicles, leading to increased claims rates [4][6] - The insurance industry is facing challenges with underwriting losses in NEV insurance, with a reported loss of 5.7 billion yuan in 2024, necessitating higher premiums to balance costs [4][6] - Recent regulatory changes aim to enhance the quality and efficiency of NEV insurance, promoting collaboration between car manufacturers and insurers to improve risk pricing [5][6]

Core Viewpoint - The "Baibaokun redemption crisis" has gained significant attention on social media, with users expressing concerns about the inability to redeem their purchased benefits for JD.com gift cards [1][4]. Company Overview - Baibaokun is a health service search engine under Baibao (Shanghai) Technology Co., Ltd., primarily focused on advertising and customer acquisition [1]. - The company has been operational for five years but has recently encountered serious issues [2]. Operational Issues - The original office location was vacated by September, indicating potential operational shutdown [3][5]. - Users in various online groups are reporting difficulties in redeeming their gift cards, with some claiming they have not received the full amount promised [4]. Business Model - Baibaokun's business model involves selling benefit products with high return rates in the form of JD.com gift cards, which has attracted users seeking financial incentives [7][8]. - For example, a product priced at 2,690 yuan offers a return of 500 yuan in gift cards for each of the six installments, effectively providing a free insurance policy along with additional value [7]. User Engagement and Incentives - The platform also offers a points system where users can earn points through purchases and referrals, further incentivizing engagement [10][11]. - Many users have accumulated significant numbers of gift cards, leading to concerns about the platform's ability to fulfill these promises [8]. Legal and Regulatory Concerns - Legal experts suggest that Baibaokun's operations may constitute illegal fundraising or investment fraud due to the characteristics of its business model, which resembles a Ponzi scheme [12]. - The platform's promise of high returns and the structure of its financial operations raise red flags regarding compliance with financial regulations [12]. Corporate Response - Zhong An Insurance, which initially backed Baibaokun, has reportedly transferred all shares of the operating company and claims to be a victim in this situation [14][15]. - The legal implications of this transfer and the responsibilities of Zhong An Insurance in relation to Baibaokun's operations are still under scrutiny [15].

Regulatory Dynamics - Ten departments are deepening the application of logistics data in the financial industry to optimize financing and insurance product services, addressing the financing difficulties faced by small and medium-sized enterprises [5] - As of the end of Q3, the total assets of insurance companies and insurance asset management companies reached 40.4 trillion yuan, a growth of 12.5% compared to the beginning of the year [6] - The Financial Regulatory Bureau will soon release a revised "Commercial Bank Merger Loan Management Measures" to support mergers and restructuring of various enterprises, including tech innovation companies [8] Company Dynamics - China Ping An increased its stake in China CRRC H-shares by 55.48 million Hong Kong dollars, raising its holding to 5.09% [17] - China Life has cumulatively purchased over 32.5 billion yuan in Xiong'an bonds and nearly 100 million in Xiong'an Group bonds, supporting the construction of the Xiong'an New Area [20] - China Life, in collaboration with Seven Wolves, established a private equity investment fund with a contribution of 1.6 billion yuan [21] Industry Dynamics - In the first three quarters, 70 life insurance companies achieved a net profit exceeding 460 billion yuan, surpassing the total for the previous year [42] - The insurance asset allocation has exceeded 3 trillion yuan, enhancing the "see-saw" effect between stocks and bonds [46] - The average vehicle insurance premium among 67 insurance companies was 1,836.89 yuan, with the highest being 5,700 yuan and the lowest at 880 yuan [47] Product Services - Ping An Life launched the "Yuxiang Jinyue 26" series of insurance products, aiming to meet diverse customer needs with a focus on wealth stability and growth [56] - The first agricultural cultural heritage protection insurance in Beijing was issued, providing coverage of up to 306,000 yuan for the "Jingbai Pear" cultivation area [58]

Group 1 - The core point of the article is that ZhongAn Online (06060) reported a total original insurance premium income of approximately RMB 29.822 billion for the first ten months of 2025, reflecting a year-on-year growth of 5.18% [1] Group 2 - The insurance premium income indicates a positive trend in the company's performance, suggesting resilience in the market despite potential challenges [1] - The growth rate of 5.18% highlights the company's ability to increase its revenue in a competitive environment [1] - The reported figures may attract investor interest, as consistent growth in premium income is often viewed as a sign of a healthy insurance business [1]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

Core Viewpoint - ZhongAn Online (06060) reported a total original insurance premium income of approximately RMB 29.822 billion for the first ten months of 2025, representing a year-on-year growth of 5.18% [1] Company Summary - The total original insurance premium income for ZhongAn Online reached approximately RMB 29.822 billion [1] - The year-on-year growth rate of the insurance premium income is 5.18% [1]

Core Viewpoint - ZhongAn Online (06060.HK) announced that the total original insurance premium income for the period from January 1, 2025, to October 31, 2025, is approximately RMB 29.822 billion [1] Summary by Relevant Categories - **Company Performance** - The total original insurance premium income for ZhongAn Online is projected to be around RMB 29.822 billion for the specified period [1]

（於中華人民共和國註冊成立的股份有限公司，並以「ZA Online Fintech P & C」在香港經營業務） 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分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。 眾安在綫財產保險股份有限公司 ZHONGAN ONLINE P & C INSURANCE CO., LTD.* 中國上海，2025年11月13日 （股份代號：6060） 於本公告日期，本公司董事會包括兩名執行董事姜興先生及李高峰先生，五名非執行董事歐亞平先 生、史良洵先生、張爽先生、歐晉羿先生及尹海先生，以及四名獨立非執行董事歐偉先生、鄭慧恩 女士、陳詠芝女士及蔡朝暉先生。 關於保費收入的公告 * 僅供識別及以「ZA Online Fintech P & C」在香港經營業務 承董事會命 眾安在綫財產保險股份有限公司 董事長 尹海 眾安在綫財產保險股份有限公司（「本公司」）於二零二五年一月一日至二零二五年十 月三十一日所獲得的原保險保費收入總額約為人民幣29,822百萬元。上述資料按照 中華 ...

Core Viewpoint - The incident involving the high rebate scheme of Baibaokun, incubated by ZhongAn Insurance, has led to significant financial implications and ongoing investigations, with ZhongAn Insurance distancing itself from the operational management of Baibaokun [1][2]. Group 1: Company Actions - ZhongAn Insurance announced the complete transfer of shares in Baibaokun's operating company, Baibao (Shanghai) Technology Co., Ltd., following the high rebate incident [1]. - The company stated that it had not participated in the actual management of Baibao and had not received operational feedback since 2023 [1]. - ZhongAn Insurance is currently monitoring the investigation by law enforcement, claiming to be a victim in this situation [1]. Group 2: Business Model and User Impact - Baibaokun attracted customers through a model involving "purchase rights + excessive returns of JD.com gift cards + high points rewards," but is currently unable to fulfill promised returns [2]. - Users reported that the total amount involved in the Baibaokun incident could exceed 100 million yuan, although this figure has not been independently verified [2]. - The operational company, Baibao, was established in April 2021, with a registered capital of approximately 12.16 million yuan and a paid-in capital of 6.92 million yuan [2].