Core Insights - The company reported a significant increase in net profit for the first half of 2025, reaching RMB 668 million, a rise of 1,103.5% compared to RMB 55 million in the same period last year, driven by improved insurance business profits and the turnaround of ZA Bank [1] - Total premiums for the first half of 2025 amounted to RMB 16.661 billion, reflecting a year-on-year growth of 9.3%, with a further increase in market share [1] - The company achieved an underwriting profit of RMB 656 million, marking a year-on-year increase of 109.1% [1] Financial Performance - The company's total assets reached RMB 43.448 billion, with net assets of RMB 21.559 billion as of June 30, 2025 [3] - The comprehensive solvency adequacy ratio stood at 225.6%, indicating a strong capital position [3] - The company received a Moody's insurance financial strength rating of Baa1 and a senior unsecured debt rating of Baa2, both with a stable outlook [3] ZA Bank Performance - ZA Bank, a subsidiary of the company, achieved a net profit of HKD 49 million in the first half of 2025, marking a historical turnaround [2] - The bank's net income reached approximately HKD 457 million, a year-on-year increase of 82.1%, with net interest income growing by 42.8% to HKD 297 million [2] - Non-interest income surged by 272.1% to HKD 160 million, with a net interest margin of 2.38% [2] Technology Business - The technology output segment generated total revenue of RMB 496 million, reflecting a year-on-year growth of 12.2%, benefiting from the digital transformation in the financial industry [2] - The segment's net loss was reduced by 32.2% year-on-year to RMB 55.99 million, attributed to improved product structure and operational efficiency [2]

Core Insights - ZhongAn Online (06060) reported a significant increase in its interim results for the six months ending June 30, 2025, with insurance service revenue reaching 681 million RMB, a year-on-year increase of 96.67% [1] - The company's attributable profit surged to 668 million RMB, reflecting a remarkable year-on-year growth of 1103.54%, primarily driven by improved insurance business profits and the turnaround of ZA Bank [1] - The total premium income for the first half of 2025 was 16.661 billion RMB, marking a 9.3% increase, with a further enhancement in market share [1] Financial Performance - The underwriting combined ratio for the group improved to 95.6%, a year-on-year improvement of 2.3 percentage points, with the combined loss ratio at 54.7%, improving by 6.0 percentage points [1] - The underwriting profit for the first half of 2025 was 656 million RMB, reflecting a year-on-year increase of 109.1% [1] Technology and Asset Management - The technology output segment achieved total revenue of 496 million RMB, a year-on-year growth of 12.2%, benefiting from the digital transformation in the financial industry and expansion into new sectors [2] - The net loss for the technology output segment narrowed by 32.2% year-on-year to 55.99 million RMB due to improved product structure and operational efficiency [2] - As of June 30, 2025, the total assets of the company and its subsidiaries reached 43.448 billion RMB, with net assets of 21.559 billion RMB, and a solvency ratio of 225.6%, indicating strong financial health [2]

Group 1 - The core viewpoint of the articles highlights the significant growth in the financial performance of ZhongAn Online, with a notable increase in both insurance service revenue and shareholder profit for the first half of 2025 [1][2] Group 2 - For the first half of 2025, the company achieved insurance service revenue of 6.81 billion RMB, a year-on-year increase of 96.67%, and a shareholder profit of 6.68 billion RMB, up 1103.54% [1] - The total premium income for the first half of 2025 reached 16.66 billion RMB, reflecting a year-on-year growth of 9.3% [1] - The underwriting combined ratio improved to 95.6%, with a combined loss ratio of 54.7% and a combined expense ratio of 40.9% [1] - The company reported an underwriting profit of 656 million RMB, representing a year-on-year increase of 109.1% [1] Group 3 - The technology output segment generated total revenue of 496 million RMB, a year-on-year increase of 12.2%, driven by the expansion into new industries such as finance, retail, and manufacturing [2] - The net loss for the technology output segment was reduced by 32.2% to 55.99 million RMB compared to the same period last year [2] Group 4 - As of June 30, 2025, the total assets of the company and its subsidiaries reached 43.448 billion RMB, with net assets of 21.559 billion RMB [2] - The comprehensive solvency adequacy ratio stood at 225.6%, indicating a strong capital position [2] - The company received a Moody's insurance financial strength rating of Baa1 and a senior unsecured debt rating of Baa2, both with a stable outlook [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） 截 至 2025 年 6 月 30 日止六個月的 中期業績公告 眾安在綫財產保險股份有限公司（「本公司」）董事會謹此宣佈本公司及其子公司（「本集團」）截至 2025年6月30日止六個月的未經審計中期業績連同截至2024年6月30日止六個月的比較數字。本 公告載有本公司2025年中期報告全文，乃符合香港聯合交易所有限公司證券上市規則中有關中期 業績初步公告附載資料的相關要求。 承董事會命 眾安在綫財產保險股份有限公司 董事長 尹海 中國上海，2025年8月20日 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 ...

据香港交易所公告，腾讯8月13日持有的众安在线股份从5.06%降至4.99%。由于深圳市腾讯计算机系统 有限公司完成众安在线H股股份的出售交易，腾讯对其持股比例已低于权益披露要求门槛 来源：视频滚动新闻 ...

民生证券指出，年初至今政策定调积极，财政政策更加积极，叠加货币政策适度宽松，有望持续提振市 场情绪。政策鼓励保险作为中长期资金入市，权益配置有望持续扩大，举牌范围拓展至保险股，有望提 升投资收益率并推动保险股价值重估，人身险预定利率调降有望降低险企负债成本。 内险股继续走高，截至发稿，中国人寿(02628)涨3.86%，报25.3港元；众安在线(06060)涨3.67%，报 19.75港元；中国太保(02601)涨2.57%，报37.58港元；中国平安(02318)涨1.13%，报58.25港元。 消息面上，近期中国平安增持中国太保H股约174万股，增持后持有太保H股比例达5.04%，同时增持中 国人寿H股约2.13亿港元，增持后持有国寿H股比例达5.04%，均达到举牌条件。招商证券指出，险资举 牌持续升温，时隔六年再现举牌同业，在提升投资组合回报的同时，也反映出对保险板块基本面修复和 长期价值的信心。 本文源自：智通财经网 ...

Core Viewpoint - ZhongAn Online (6060.HK) has shown a positive market response with a 3.94% increase in stock price, reaching HKD 19.8, and a market capitalization of HKD 33.359 billion. The company is expected to achieve a total original insurance premium income of approximately RMB 19.917 billion from January 1, 2025, to July 31, 2025, reflecting a year-on-year growth of 5.82% [1] Group 1 - ZhongAn Online's deployment in the Hong Kong stablecoin ecosystem is anticipated to provide growth potential [1] - Citigroup has raised its earnings forecasts for ZhongAn Online for the fiscal years 2025 to 2027 by 11%, 12%, and 11% respectively, due to a more optimistic profit outlook and the appreciation of the RMB [1] - The target price for ZhongAn Online has been significantly increased from HKD 12.7 to HKD 24, with the rating upgraded to "Buy" [1]

民生证券指出，年初至今政策定调积极，财政政策更加积极，叠加货币政策适度宽松，有望持续提振市 场情绪。政策鼓励保险作为中长期资金入市，权益配置有望持续扩大，举牌范围拓展至保险股，有望提 升投资收益率并推动保险股价值重估，人身险预定利率调降有望降低险企负债成本。 内险股继续走高，截至发稿，中国人寿（601628）(02628)涨3.86%，报25.3港元；众安在线(06060)涨 3.67%，报19.75港元；中国太保（601601）(02601)涨2.57%，报37.58港元；中国平安（601318）(02318) 涨1.13%，报58.25港元。 消息面上，近期中国平安增持中国太保H股约174万股，增持后持有太保H股比例达5.04%，同时增持中 国人寿H股约2.13亿港元，增持后持有国寿H股比例达5.04%，均达到举牌条件。招商证券指出，险资举 牌持续升温，时隔六年再现举牌同业，在提升投资组合回报的同时，也反映出对保险板块基本面修复和 长期价值的信心。 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector, indicating a positive outlook for the industry over the next 6 to 12 months [2]. Core Insights - The insurance sector's total investment balance reached 36.23 trillion yuan by the end of Q2 2025, with a year-on-year growth rate of 17.4%, marking the fifth consecutive quarter of improvement [5]. - The asset allocation shows a continued increase in bond investments, with a slight slowdown in growth, while stock allocations have improved for five consecutive quarters [5][6]. - The report highlights that the insurance industry is not as negatively impacted as the market perceives, with valuations reflecting the pressures on both assets and liabilities [5]. Summary by Sections Industry Overview - The total market capitalization of the insurance industry is approximately 32,643.28 billion yuan, with a circulating market value of 32,637.15 billion yuan [2]. Investment Allocation - By the end of Q2 2025, the allocation of insurance funds was as follows: bank deposits (8.6%), bonds (51.1%), stocks (8.8%), securities investment funds (4.8%), long-term equity investments (7.9%), and other non-standard assets (18.2%) [5][6]. - The bond allocation has increased, but the growth rate has shown signs of slowing down, while stock allocation has seen a consistent rise [5]. Performance Metrics - The year-on-year growth rates for original premiums, net assets, and total assets as of June 2025 were 5.3%, 23.4%, and 16.1%, respectively, indicating improved operational performance [5]. - The solvency ratios for property and life insurance companies were reported at 240.6% and 196.6%, respectively, showing a recovery trend [5][18]. Investment Recommendations - The report suggests focusing on companies such as New China Life Insurance, Ping An Insurance, China Life Insurance, AIA, China Pacific Insurance, and China People’s Insurance, as they are expected to benefit from the current market conditions [5].

Core Viewpoint - ZhongAn Online (06060) reported a total original insurance premium income of approximately 19.917 billion yuan for the period from January 1, 2025, to July 31, 2025, with a decline in July's premium income compared to the previous year [2] Group 1: Insurance Premium Income - The total original insurance premium income for ZhongAn Online from January 1 to June 30, 2025, was approximately 16.659 billion yuan, indicating that the premium income for July was 3.258 billion yuan, a year-on-year decrease of 9% from 3.583 billion yuan in July 2024 [2] - The company was established in 2013 by Ant Group, China Ping An, and Tencent, becoming China's first internet insurance company [2] Group 2: Shareholding Changes - On July 31, Tencent reduced its holdings in ZhongAn Online by selling 4.1592 million H-shares, realizing approximately 87.6576 million Hong Kong dollars, which lowered its holding ratio in ZhongAn Online H-shares to 5.76% and to 5.58% of the total share capital [2] - As of August 7, Norges Bank purchased 1.3481 million shares of ZhongAn Online at an average price of 17.7718 Hong Kong dollars per share, costing about 23.9582 million Hong Kong dollars, increasing its holding in ZhongAn Online H-shares to 8.28927 million shares, with a holding ratio of 5.07% [2]