CMB International Global Markets | Equity Research | Company Update 24 Mar 2026 ZhongAn (6060 HK) ZhongAn (6060 HK) - Net Net earnings weakened in 2H; ZA Bank hit first full- year profit ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY). The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group's joint venture ZhongAn Internat ...

证券研究报告 | 2026年03月23日 | 晨会纪要 | | --- | | 数据日期:2026-03-20 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3957.05 | 13866.20 | 4567.01 | 14727.67 | 4041.20 | 1318.30 | | 涨跌幅度（%） | -1.23 | -0.25 | -0.35 | -1.36 | -0.67 | -1.54 | | 成交金额（亿元） | 9648.63 | 13219.47 | 6154.63 | 4165.17 | 6595.59 | 726.35 | $\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi}{10}$$\frac{\pi ...

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Insights - The report highlights that ZhongAn Online achieved a total premium of 35.735 billion yuan in 2025, representing a year-on-year increase of 6.9%. The net assets reached 25.449 billion yuan, up by 21.6%, and the net profit attributable to shareholders was 1.8 billion yuan, reflecting a significant year-on-year growth of 198.3% [1][2] - The insurance segment maintained a high-quality development strategy, with a net profit of 1.679 billion yuan, up by 185.4%. The technology segment benefited from digital transformation, contributing a net profit of 52 million yuan, while the banking segment optimized its cost-to-income ratio, resulting in a net profit of 17 million Hong Kong dollars [2] - The report indicates that the overall investment income increased by 59.1% year-on-year, driven by a recovery in the capital market, with domestic insurance assets showing annualized investment returns of 5.3% and 1.9% respectively [2] Summary by Sections Insurance Segment - Total insurance service revenue was 33.486 billion yuan, with a year-on-year increase of 5.5%. The combined underwriting cost ratio was 95.8%, down by 1.1 percentage points, with a claims ratio of 57.1% and an expense ratio of 38.7%. The underwriting profit was 1.412 billion yuan, up by 42.5% [2] Health Ecosystem - Total premium for the health ecosystem reached 12.682 billion yuan, up by 22.7%. The Zhongminbao high-end medical insurance saw rapid growth, with total premiums of 2.171 billion yuan, a year-on-year increase of 456.1%. The combined underwriting cost ratio improved to 92.1%, down by 3.6 percentage points [2] Digital Life - Total premium for the digital life segment was 15.973 billion yuan, down by 1.4%. Innovative business premiums increased by 37.2% to 6.568 billion yuan, accounting for 41.1% of the total. The combined underwriting cost ratio was 99.9%, with a claims ratio of 65.3% [2] Consumer Finance - Total premium for the consumer finance segment was 4.320 billion yuan, down by 10.6%. The underwriting balance at year-end was 22.883 billion yuan, down by 5.4%. The combined underwriting cost ratio was 97.0%, with a claims ratio of 68.2% [2] Automotive Ecosystem - Total premium for the automotive ecosystem reached 2.760 billion yuan, up by 34.6%. The focus was on high-quality business, with household vehicle premiums accounting for 87.9%. The combined underwriting cost ratio improved to 93.1%, while the claims ratio increased to 69.2% [2] Investment Recommendations - The report suggests that ZhongAn's total investment income growth validates the insurance investment elasticity. For 2026, the life insurance sector is expected to maintain robust supply and demand, with net premium income (NBV) showing steady growth. The report recommends focusing on China Life and New China Life for potential investment opportunities [2]

2026 年 3 月 21 日 公司研究 盈利同比高增，ZA Bank 扭亏为盈 ——众安在线（6060.HK）2025 年年报点评 买入（维持） 当前价：13.70 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 股价相对走势 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | -9.6 | -9.4 | 0.2 | | 绝对 | -14.9 | -11.0 | 4.6 | | 资料来源：Wind | | | | 相关研报 承保改善推动利润高增，银行板块首次扭 亏为盈——众安在线（6060.HK）2025 年半年报点评（2025-08-21） 投资大幅改善，科技扭亏为盈——2024 年年报点评（2025-03-21） 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 市场数据 | 总股本(亿股) | 16.85 | | --- | --- | | 总市值(亿元港币)： | 230. ...

事件 3 月 19 日公司披露 2025 年年报，净利润同比+82.5%至 11.02 亿元。 经营分析 承保投资双改善，银行与科技均盈利，利润高弹性增长。2025 年 公司归母净利润同比增长 82.5%至 11.02 亿，剔除众安国际约 7 亿减值影响，经调整的归母净利润 18 亿，同比+198.3%，表现亮 眼，主要受益于：①权益市场修复，总投资收益同比+59.1%至 21.2 亿；②COR 改善，承保溢利同比+42.5%至 14.1 亿。分业务看，25 年保险、科技、银行业务净利润分别为 16.8、0.5、0.1 亿元，较 24 年分别+10.9、-0.3、+1.0 亿，银行与科技板块均实现盈利。 风险提示 监管趋严；经济修复不及预期；行业竞争加剧；资本市场波动。 保险业务承保改善、投资向好。2025 年保费同比+6.9%，COR 同比 -1.1pct 至 95.8%表现优异，其中赔付率-1.2pct 至 57.1%，费用 率+0.1pct 至 38.7%。1）健康生态：总保费+22.7%延续高增，健 康体尊享 E 生与非标体众民保同步发力。COR 同比-3.6pct 至 92.1%，受益于 AI 全面 ...

证券研究报告 | 2026年03月20日 众安在线（06060.HK） 优于大市 多元布局深化，利润大幅改善 承保利润与投资收益双轮驱动，经调整归母净利润同比增长近 2 倍。2025 年， 公司实现总保费 357.35 亿元，同比增长 6.9%，保险服务收入达 334.85 亿元， 同比增长 5.5%。公司承保盈利空间持续优化，综合成本率为 95.8%，同比改善 1.1 个百分点。承保利润同比增长 42.5%至 14.12 亿元，连续五年实现承保盈 利。净利润方面，得益于保险主业盈利能力提升、投资收益大幅增长及银行分 部扭亏为盈，公司经调整归母净利润大幅提升至 18.00 亿元，同比大幅增长 198.3%。 健康与汽车生态表现亮眼，数字生活生态创新业务驱动增长。1）健康生态： 总保费同比增长 22.7%至 126.82 亿元，占总保费比例提升至 35.5%，成为第一 大保费来源。COR 同比优化 3.6 个百分点至 92.1%，主要得益于 AI 赋能带来的 营销效率提升。其中，普惠型的"众民保"系列产品保费同比激增 456.1%， 成为新的增长引擎。2）数字生活生态：总保费为 159.73 亿元，同比微降 1 ...

利润高增，多元板块经营改善 众安在线(6060) ——众安在线 2025 年年报业绩点评 本报告导读： 公司 25 年归母净利润同比 82.5%；健康险、数字生活创新业务及车险推动保费增 长，COR 稳健；保险资金配置优化，虚拟银行首次实现年度盈利。维持"增持"。 投资要点： 催化剂：资本市场改善。 资料来源：Wind，国泰海通证券研究 股票研究 /[Table_Date] 2026.03.20 [Table_Industry] 金融 | | | [Table_Market] 交易数据 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [当前价格 Table_CurPrice] (港元)： | ...

利润高增，多元板块经营改善 众安在线(6060) 本报告导读： ——众安在线 2025 年年报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [当前价格 Table_CurPrice] (港元)： | 14.51 | 公司 25 年归母净利润同比 82.5%；健康险、数字生活创新业务及车险推动保费增 长，COR 稳健；保险资金配置优化，虚拟银行首次实现年度盈利。维持"增持"。 投资要点： 催化剂：资本市场改善。 资料来源：Wind，国泰海通证券研究 股票研究 /[Table_Date] 2026.03.20 [Table_Industry] 金融 | | | [Table_Marke ...

2025 年年报点评：财险 COR 与投资收益均 向好，银行业务扭亏为盈 证券研究报告·海外公司点评·保险(HS) 买入（维持） 众安在线（06060.HK） | Table_EPS] [盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 31744 | 33485 | 36469 | 40522 | 45559 | | 同比（%） | 15.29% | 5.48% | 8.91% | 11.11% | 12.43% | | 归母净利润（百万元） | 603 | 1102 | 1303 | 1602 | 1897 | | 同比（%） | -85.2% | 82.5% | 18.3% | 22.9% | 18.5% | | BPS-最新摊薄（元/股） | 12.42 | 15.11 | 15.88 | 16.75 | 17.88 | | P/B（现价&最新摊薄） | 1.03 | 0.85 | 0.80 | 0.76 | 0.71 | [Table_Tag] ...

证券研究报告 众安在线 (6060 HK) 港股通 2025：承保和投资推动盈利增长 2026 年 3 月 19 日│中国香港 保险 | 众安公布 2025 年业绩：公司实现归母净利润 | 11.0 亿元人民币，同比大幅 | | --- | --- | | 增长 82.5%，但仍弱于我们此前预期（12 | 亿）。保险业务和投资表现均较 | | 强，承保利润和总投资收益分别同比增长 | 43%/59%，但是众安国际（公司 | | 的长期股权投资）估值下降导致公司有 | 7 亿的减值损失，对盈利产生一定影 | | 响。承保表现方面，综合成本率（COR）同比改善 | 1.1pcts 至 95.8%，其中 | | 赔付率下降 1.2pcts，费用率上升 | 0.1pcts。投资端，受益于 2025 年强劲的 | | 股市表现，公司实现总投资收益率 | 5.3%，同比上升 1.9pcts。分业务看，健 | | 康险和车险均在保费大幅增长的同时实现 | COR 的下降，消费金融生态收缩， | | 数字生活生态保持微盈利。维持"买入"评级。 | | 健康险增量提质 2025 年健康生态保费收入 126.8 亿元，同比增长 ...