Core Insights - Marathon running has become a fashionable sport, with the concept of enjoying a healthy lifestyle deeply rooted in society [2] - ZhongAn Insurance has launched the "Hundred Cities Running Plan" to provide health protection services for running enthusiasts by collaborating with various partners [2] - The company aims to transition from the 1.0 era of product supply to the 2.0 era of cross-ecosystem collaboration [2] Company Initiatives - ZhongAn Insurance has supported over 80 marathon events and more than 1 million runners and staff, with a total insured amount nearing 10 trillion yuan [2] - The "Hundred Cities Running Plan" will initially cover over 100 cities and 150 running events, including international and high-reputation domestic events [3] - The plan aims to create a more precise, warm, and practical product matrix for sports enthusiasts [3] Industry Trends - The integration of "sports, medicine, and insurance" is becoming a necessary trend under the Healthy China strategy [3] - Traditional insurance products struggle to meet the diverse and experiential needs of the sports community, presenting new opportunities for the industry [3] - The shift from "advocating fitness" to "scientific fitness" reflects a more refined and systematic approach to long-term health [2]

Core Viewpoint - ZhongAn Insurance has launched the "Hundred Cities Running Plan" to promote a more scientific and sustainable approach to health and fitness for the public, marking a transition from the 1.0 era of product supply to the 2.0 era of cross-ecosystem collaboration [1] Group 1: Company Initiatives - The "Hundred Cities Running Plan" is a one-stop sports service platform designed specifically for runners, collaborating with various partners including event IPs, operational organizations, sports equipment brands, venues, medical institutions, insurance intermediaries, and welfare platforms to provide six dimensions of sports benefits [1] - ZhongAn Insurance has over ten years of experience in the sports sector, having developed a comprehensive insurance matrix covering the entire chain from prevention to compensation, and has supported over 80 marathon events and more than 1 million runners and staff, with a total insured amount nearing 10 trillion [1] Group 2: Industry Trends - The "National Fitness" strategy and the "Healthy China 2030 Planning Outline" have led to a significant increase in the number of people participating in sports, with over 514 million individuals expected to engage in regular physical activity by 2024 [1] - The shift in the slogan for "National Fitness Day" from "Advocating Fitness" to "Scientific Fitness" reflects a new stage in the pursuit of refined and systematic long-term health in sports [1] - ZhongAn Insurance is expanding its insurance offerings in the sports sector, integrating technological capabilities, expanding partnerships, and focusing on user needs to enhance product and experience [2]

Group 1 - The core initiative "Hundred Cities Running Plan" launched by ZhongAn Insurance aims to create a one-stop sports service platform for runners, covering over 150 running events in more than 100 cities across China [1] - The plan signifies a transition from the 1.0 era of product supply to the 2.0 era of cross-ecosystem collaboration, enhancing the sports ecosystem [1] - ZhongAn Insurance's General Manager Jiang Xing emphasized the integration of financial innovation into various fitness scenarios, aiming to provide customized protection and comprehensive services for the sports community [1] Group 2 - Fudan University’s Vice Dean Xu Xian highlighted that insurance is a key driver for the development of the sports economy and is essential for long-term health management [2] - The integration of "sports, medicine, and insurance" is becoming an inevitable trend under the Healthy China strategy, presenting new opportunities for the industry [2] - Liu Haijiao, General Manager of ZhongAn's Open Platform Division, stated that understanding user needs is crucial for providing valuable products and services, focusing on long-term health journey protection [2]

Summary of the Conference Call for ZhongAn Online Company Overview - **Company**: ZhongAn Online - **Industry**: Insurance and Banking Key Points and Arguments Insurance Business Performance - ZhongAn Online's insurance business has shown significant growth, with total premiums reaching approximately 16.6 to 16.7 billion RMB, reflecting a nearly 10% year-on-year increase, outperforming the industry average growth of about 5% [3] - The comprehensive cost ratio improved by 2.3 percentage points to 95.6%, indicating strong profitability and cost control capabilities [2][3] Health Ecosystem Innovations - The "Zhongminbao" high-end product targets individuals with pre-existing conditions, generating over 500 million RMB in premiums since its launch in February 2025, with expectations to reach nearly 1 billion RMB for the year [4] - Collaborations with third-party platforms like Alipay have significantly boosted health insurance premiums, achieving a 40% growth in total premiums [4] Digital Life Ecosystem Developments - In the digital life ecosystem, pet insurance premiums reached approximately 560 million RMB, marking over 50% growth year-on-year, with expectations to hit around 1 billion RMB for the year [5] - The company is focusing on innovative business areas, such as sports economy insurance sponsorships [5] Automotive Ecosystem Growth - The automotive insurance sector saw a premium growth of about 34%, driven by product diversification and online channel expansion [6] - The company obtained compulsory insurance qualifications in Zhejiang and Shanghai, with plans to expand nationwide [6] AI Technology Integration - AI technology has been integrated across various business processes, optimizing health insurance expense ratios by 7.2 percentage points to 50.4% [9] - AI applications in claims processing have improved efficiency, enhancing customer service and claims handling [10] Banking Performance - ZhongAn Bank achieved a net income of 457 million HKD, a year-on-year increase of 82%, marking its first half-year profit [8] - Retail user numbers exceeded 800,000, indicating strong growth potential in the virtual banking sector [8] Investment Strategy Adjustments - The company increased its investment in growth stocks, raising its equity holdings from 6% to 10% of total investment assets, with overall investment performance slightly better than the previous year [13] Consumer Finance Ecosystem - The consumer finance ecosystem showed improved asset quality, with a focus on stable income borrowers in lower-tier cities [14] - The company plans to enhance customer acquisition strategies while maintaining a focus on risk management [14] Future Strategies - The company aims to expand its insurance offerings and improve customer engagement through sustainable products and innovative channels [17][18] - Plans for regional expansion in automotive insurance and further development in the Web3 sector are underway [16] Technology Distribution Strategy - The technology distribution segment will continue to operate independently, with expectations for breakeven by the end of the year [19] Subscription Revenue Insights - Subscription-based revenue is more prevalent in overseas markets, while domestic acceptance remains lower [20] This summary encapsulates the key insights and developments discussed during the conference call, highlighting ZhongAn Online's strategic initiatives and performance metrics across various sectors.

Investment Rating - The report indicates a positive outlook for the insurance sector, recommending strong beta stocks and companies with good business quality, particularly focusing on leading life insurance companies and those with favorable dividend policies [4]. Core Insights - The combined net profit of five A-share listed insurance companies increased by 3.7% in H1 2025, with Q2 showing a year-on-year growth of 5.9%, primarily driven by improvements in the asset side [1][11]. - The growth rates of net profit for major companies in H1 2025 were as follows: Xinhua 33.5%, China Property & Casualty 32.3%, PICC 16.9%, Taiping 12.2%, Taikang 11.0%, Sunshine 7.8%, China Life 6.9%, Ping An -8.8%, and AIA -23.1% [1][11]. - The operating profit for Ping An and Taiping grew by 3.7% and 7.1% respectively, with all listed insurance companies achieving positive growth in operating profit [2][16]. Financial Performance - **Net Profit**: The net profit of five listed insurance companies increased by 3.7% in H1 2025, with Q2 showing a 5.9% increase [1][11]. - **Contract Service Margin**: The contract service margin showed positive growth across the board, with the highest growth rates seen in PICC (+12.0%) and Sunshine (+10.3%) [19]. - **Net Assets**: The growth rates of net assets varied, with PICC leading at +6.1%, while Sunshine and Xinhua experienced declines of -10.1% and -13.3% respectively [1][23]. Revenue Analysis - **Insurance Service Performance**: The insurance service performance showed overall growth, with notable increases in companies like Sunshine (+13.3%) and PICC (+1.7%) [25]. - **Investment Performance**: Investment performance varied significantly, with Ping An and Taiping showing declines, while companies like Xinhua and PICC reported positive investment results [26]. Life Insurance - **New Business Value (NBV)**: The NBV growth rates for listed insurance companies in H1 2025 were led by PICC (+62.7%), Sunshine (+47.2%), and Ping An (+39.8%) [29][30]. - **Margin Improvement**: The margin for new business improved due to strong demand for savings products and a reduction in the preset interest rate [29]. Non-Life Insurance - **Premium Growth**: The non-auto insurance premium growth was mixed, with overall low growth in the property and casualty insurance sector [4]. - **Combined Operating Ratio (COR)**: The COR improved year-on-year, with China Property & Casualty showing the best performance at 94.8% [4]. Investment Recommendations - The report recommends focusing on leading life insurance companies with good business quality, strong beta stocks like Xinhua Insurance, and companies with favorable dividend policies such as China Taiping [4].

根据股东协议，众安国际董事会会议之决议案须获出席会议并参与表决之有关人士的一致同意后通过。 股东协议生效后，公司将继续采用权益法将众安国际入账列为合营公司。 认购事项项下的增资，将为众安国际提供额外营运资金及增强财务灵活性，这将进一步促进其拓展数字 银行业务(包括研发理财新产品及功能，以及建设Web 3.0银行基础设施)的业务进程。 格隆汇8月31日丨众安在线(06060.HK)宣布，于2025年8月29日，众安国际与众安科技、Z Fin、 Warrior、Opportunities Fund、Cosmos、OKG及Northstar订立购股协议，据此，(i)众安科技有条件同意认 购，及众安国际有条件同意以每股众安国际普通股0.4225美元的购买价发行及配发最多135,423,860股众 安国际普通股；及(ii)待认购事项完成后及与此同时，鉴于认购事项项下的每股众安国际普通股的购买 价低于先前股东协议项下的经调整购买价，故将触发先前股东协议项下的反摊薄机制，并且将无偿向众 安科技、Z Fin、Warrior及Opportunities Fund发行3,739,800股、4,313,294股、199,908股及 ...

Core Viewpoint - ZhongAn International has entered into a share purchase agreement with several entities, which will result in the issuance of up to 135 million shares at a price of $0.4225 per share, triggering an anti-dilution mechanism due to the lower purchase price compared to previous agreements [1][2] Group 1 - The share purchase agreement involves ZhongAn Technology, Z Fin, Warrior, Opportunities Fund, Cosmos, OKG, and Northstar, who will acquire shares in ZhongAn International [1] - Following the completion of the subscription and the anti-dilution issuance, the voting rights of the involved parties will change, with ZhongAn Technology and Z Fin holding approximately 45.76% and 41.71% respectively [2] - The capital increase from the subscription will provide additional operational funds and enhance financial flexibility for ZhongAn International, facilitating its expansion into digital banking [2] Group 2 - The issuance of shares will include 3.7398 million shares to ZhongAn Technology, 4.3133 million shares to Z Fin, 199,900 shares to Warrior, and 999,500 shares to Opportunities Fund as part of the anti-dilution mechanism [1] - The transaction is expected to support the development of new financial products and the construction of Web 3.0 banking infrastructure [2]

Group 1 - ZhongAn Online (06060) announced a share purchase agreement involving ZhongAn International, ZhongAn Technology, Z Fin, Warrior, Opportunities Fund, Cosmos, OKG, and Northstar, with a conditional agreement to issue up to 135 million shares at a price of $0.4225 per share [1] - Following the completion of the subscription and the issuance of shares under the anti-dilution mechanism, the voting rights of the involved parties will change, with ZhongAn Technology and Z Fin holding approximately 45.76% and 41.71% respectively [2] - The capital increase from the subscription will provide additional operating funds and enhance financial flexibility for ZhongAn International, facilitating the expansion of its digital banking business, including the development of new financial products and Web3.0 banking infrastructure [2]

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.* （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） （股份代號：6060） 關連交易 眾安科技向眾安國際增資 增資 董事會謹此宣佈，於2025年8月29日（交易時段後），眾安國際與眾安科技、 Z Fin、Warrior、Opportunities Fund、Cosmos、OKG及Northstar訂立購股協 議，據此，(i)眾安科技有條件同意認購，及眾安國際有條件同意以每股眾安國 際普通股0.4225美元的購買價發行及配發最多135,423,860股眾安國際普通股； 及(ii)待認購事項完成後及與此同時，鑒於認購事項項下的每股眾安國際普通股 的購買價低於先前股東協議項下的經調整購買價，故將觸發先前股東協議項下的 反攤薄機制，並且將 ...

Group 1 - The core viewpoint of the article is that Zhaoyin International has raised the target price for ZhongAn Online (06060) to HKD 23, maintaining a "Buy" rating due to strong performance in property insurance and digital banking, as well as the technology business reaching breakeven [1] - ZhongAn Online's earnings per share forecasts for 2025 to 2027 have been increased from RMB 0.67, 0.75, and 0.88 to RMB 0.80, 0.94, and 1.08 respectively [1] - The company's net profit for the first half of the year surged over 11 times year-on-year to RMB 668 million, achieving 66% of the annual forecast [1] Group 2 - The combined ratio (COR) for property insurance improved by 2.3 percentage points year-on-year to 95.6% [1] - Underwriting profit increased by 123% to RMB 627 million [1] - ZhongAn Bank has turned profitable earlier than market expectations [1]