承董事會命 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） 關於保費收入的公告 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九 月三十日所獲得的原保險保費收入總額約為人民幣26,934百萬元。上述資料按照中 華人民共和國財政部《企業會計準則第25號－原保險合同》（財會[2006]3號）及《保險 合同相關會計處理規定》（財會[2009]15號）編製，未經審核及未經本公司審計與消 費者權益保護委員會審閱。本公司股東及潛在投資者務須審慎，以免不恰當依賴該 等資料。 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10月14日 * 僅供識別及以「ZA Online ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 冷翠华 近期，多家财产险公司创新推出"轻量化"的重疾险，低价、短期是其典型特征，而保额却可高达百万 元，这打破了人们对重疾险价格高、保障期限长的传统印象。 对于多家险企近期推出短期重疾险的原因，天职国际会计师事务所保险咨询主管合伙人周瑾对《证券日 报》记者分析称，短期重疾险符合监管部门的政策导向，从市场的角度看，市场利率持续下行触发人身 险产品预定利率下调，从而导致长期保险产品定价上涨，相对便宜的短期重疾险更受消费者青睐。同 时，险企销售短期产品也可减缓利率下行周期的资产负债匹配压力。 北京排排网保险代理有限公司深圳分公司保险产品经理苏晓天对《证券日报》记者表示，"轻量化"重疾 险的问世是政策与市场共同作用的结果。一方面，监管部门鼓励创新；另一方面，市场驱动力源于消费 观念变迁与市场下沉——年轻一代追求灵活、高性价比的产品，而"轻量化"重疾险正好为预算有限者提 供了"入门级"选择。 从产品创新的主体来看，公开信息显示，财险公司是推出短期重疾险的主力。对此，苏晓天认为，这主 要有三方面原因：从业务属性看，一年期重疾险属于短期健康 ...

Core Viewpoint - The emergence of "lightweight" critical illness insurance products by several property insurance companies represents a significant innovation in the health insurance sector, characterized by low prices and short terms, while offering coverage amounts that can reach millions [1][2]. Group 1: Product Characteristics - "Lightweight" critical illness insurance typically features low premiums, short-term coverage (usually one year), and high coverage amounts, often up to 1 million [2]. - For example, a one-year critical illness policy for a 6-year-old boy can have a coverage of 1 million with a monthly premium of only 19.05 yuan, while for a 43-year-old woman, the maximum coverage is limited to 600,000 yuan with a monthly premium of 180.42 yuan [2]. Group 2: Market Dynamics - The introduction of short-term critical illness insurance aligns with regulatory policies and responds to market conditions, such as declining interest rates, which have made long-term insurance products more expensive [2][3]. - The shift in consumer preferences towards flexible and cost-effective products, particularly among younger generations, has driven the demand for "lightweight" critical illness insurance [3]. Group 3: Competitive Landscape - Property insurance companies are the primary innovators in the short-term critical illness insurance market, leveraging their expertise in short-term non-life insurance to enter this new growth area [3][4]. - The competitive landscape is evolving, with traditional critical illness insurance facing challenges from the new "lightweight" products, which may compel traditional life insurance companies to accelerate their product innovation [5]. Group 4: Future Trends - The introduction of "lightweight" critical illness insurance is expected to create a more diversified health insurance ecosystem, forming a multi-layered structure that includes million-dollar medical insurance as the base, long-term critical illness insurance as the core, and short-term critical illness insurance as a supplementary option [5]. - Future health insurance products are anticipated to exhibit differentiated layers, catering to various consumer needs and price sensitivities, potentially incorporating health management services for competitive differentiation [5][6]. Group 5: Operational Challenges - The "low premium, high leverage" model of short-term critical illness insurance poses operational challenges, such as attracting adverse selection and increasing claim rates, which may lead insurers to raise premiums or deny coverage [6]. - Insurers must balance strict risk control measures with consumer demands for simplicity and convenience, necessitating precise pricing, risk management, and service delivery [6].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 備註： 第 1 頁 共 11 頁 v 1.1.1 由於眾安在綫財產保險股份有限公司*(「本公司」)在中華人民共和國註冊成立，"法定股本"的概念並不適用。 第 I 部分所載資料是指本公司的"已發行股本"。 FF301 公司名稱: 眾安在綫財產保險股份有限公司*（於中華人民共和國註冊成立之股份有限公司） 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06060 | 說明 | 眾安在綫 – H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,634,812,900 | RMB | | 1 RM ...

南方财经全媒体记者 孙诗卉 "百元撬动百万保额"，这样的宣传语正在互联网保险平台频繁出现。一边是传统重疾险销量持续下滑， 一边则是创新重疾险产品的强势来袭。 近日，21世纪经济报道记者关注到，多家保司集中上线短期重疾险新产品，例如众安保险联合蚂蚁保推 出"健康福·百万重疾（保1年）"，元保联合泰康在线推出"元保·百万重疾险"，阳光财险联合蚂蚁保平台 推出"健康福·百万重疾（保1年）"等。与传统重疾险保障期限在数十年至终身的设计不同，此类创新重 疾险保障期限通常仅为1年，且保费控制在百元价位。 北京大学应用经济学博士后朱俊生教授对21世纪经济报道记者表示。短期重疾险之所以出现，一方面是 为了顺应监管对健康险业务风险管理、偿付能力和精算合规的要求；另一方面也源于市场需求变化。 近年来，消费者对灵活、可负担、高性价比的健康保障需求增强，尤其是年轻人群和首次购买保险的客 户。在此背景下，以低门槛、高杠杆为特征的产品成为创新方向，灵活、门槛低、保障清晰的健康保障 方案，可使更多人能够在有限预算下获得有效风险保护。 不过，短期产品受到追捧的同时，多位专家也提示，居民需关注长期险与短期险、医疗险与重疾险互为 补充，以形成全 ...

Investment Rating - The report suggests a focus on three main lines of investment opportunities in the securities sector, highlighting the potential for significant returns in the coming months [3][4]. Core Insights - The report emphasizes the transition of the capital market from "quantitative expansion" to "qualitative improvement" during the "14th Five-Year Plan" period, with expectations for increased support for technology innovation and a focus on investor returns [2][37]. - The insurance sector is experiencing high growth in life insurance premiums, with a notable increase in health insurance, while non-auto insurance faces challenges [4][36]. - The report identifies a significant improvement in the performance of brokerage firms, with a mismatch between high profitability and low valuations, suggesting a favorable investment opportunity [3][4]. Summary by Sections Securities Sector - The report indicates that the average daily trading volume of A-shares is 23,132 billion, reflecting a decrease of 8.1% week-on-week, while the year-to-date average daily trading volume for equity funds has increased by 98.1% year-on-year [15]. - It highlights the strong performance of brokerage firms in the first half of the year, with a recommendation to focus on those with high investment ratios and significant merger and acquisition potential [3][4]. Insurance Sector - The report notes that life insurance premiums increased by 11.4% year-on-year to 35,797 billion in the first eight months of 2025, with life insurance and health insurance growing by 14.0% and 0.5%, respectively [4][36]. - It also mentions that property insurance premiums grew by 4.7% year-on-year, with auto insurance maintaining steady growth while non-auto insurance faced pressure [4][36]. Market Dynamics - The report discusses the increasing interest of insurance companies in real estate investments, with a notable rise in investment scale compared to the previous year [36]. - It also highlights the significant increase in direct financing in the capital market, with a total of 57.5 trillion raised in the past five years, indicating a shift towards a more robust financing structure [37].

Core Insights - The insurance technology sector has seen a surge in IPO activity since 2025, with companies like Yuanbao and Shouhui Group successfully listing on major exchanges [1] - Nuwa Technology, the largest independent AI technology company in China's insurance industry, has submitted its IPO application to the Hong Kong Stock Exchange, aiming for significant growth with a projected compound annual growth rate of 65.5% from 2022 to 2024 [2] Industry Overview - The rise in IPOs among insurance technology companies is driven by the increasing demand from insurance firms for technology solutions that enhance efficiency and reduce costs [4] - Insurance technology is defined as a branch of financial technology that applies technological tools to improve traditional insurance operations [4] Company Profile: Nuwa Technology - Nuwa Technology offers AI underwriting and claims solutions, charging insurance companies based on the premiums generated and reduced claims costs [7] - The company has reported significant revenue growth, with projected revenues of approximately 345 million RMB in 2022, 655 million RMB in 2023, and 944 million RMB in 2024, with AI underwriting contributing over 70% of total revenue [7][8] Financial Performance - Despite impressive revenue growth, Nuwa Technology has faced continuous losses, with net losses of 223 million RMB in 2022, 240 million RMB in 2023, and 155 million RMB in 2024, totaling approximately 718 million RMB over three and a half years [10] - The gross margin for AI underwriting solutions has declined from 69.1% in 2022 to 53.3% in 2024, indicating potential challenges in maintaining profitability [10][11] Client Dependency and Market Position - Nuwa Technology has a high dependency on its largest client, Zhong An Online, which accounted for 78.7% of its revenue in 2022, though this percentage has decreased over the years [12] - The company also engages in transactions with Zhong An Online, raising concerns about its independence and market competitiveness [13] Future Plans and Challenges - The IPO proceeds are intended for R&D, geographic expansion, diversification of insurance offerings, and strategic investments in related businesses [14] - The insurance industry is heavily regulated, and the large-scale commercialization of AI technology will require time and innovative approaches to meet regulatory demands [14]

Core Insights - The Hong Kong stock market is experiencing a significant surge in refinancing activities, driven by ample liquidity, valuation recovery, and corporate strategic expansion needs [1][4][5] Group 1: Refunding Scale - Hong Kong listed companies have raised over 280 billion HKD through various refinancing methods this year, marking a year-on-year increase of over 400% compared to 2022 [1][4] - The total amount raised has already surpassed the entire annual figure for 2024, which was 990.73 billion HKD [4] - Placement of shares has become the primary method for refinancing, accounting for 87.81% of the total, with 249.5 billion HKD raised through this method [4] Group 2: New Economy Enterprises - New economy enterprises are leading the refinancing trend, with BYD raising 43.38 billion HKD, marking the largest equity refinancing project in the global automotive industry in the past decade [6][7] - Xiaomi Group follows closely with 42.6 billion HKD raised, surpassing its total fundraising since its 2019 IPO and setting a record for Chinese tech hardware companies in overseas equity refinancing [7] - Other tech companies like Horizon Robotics and WuXi AppTec have also raised significant amounts, focusing on sectors such as biomedicine and artificial intelligence [7] Group 3: International Capital Involvement - The current refinancing wave has seen unprecedented participation from international institutional investors, including GIC and Al-Futtaim family office [9][10] - BYD's placement attracted numerous top long-term investors, with Al-Futtaim investing 3.5 billion HKD as a strategic investor [9] - Notable long-term funds like Wujin Capital have been actively investing in various companies, indicating strong international interest in the Hong Kong market [10]

"用心经营自我，用爱呵护毛孩子"——这已然成为当代年轻人的生活缩影。这种对生活的热忱与对陪伴的珍视，让宠物市场大爆发，随着2024年中国城镇 宠物猫犬数量突破1.2亿只，相关宠物经济市场规模突破3000亿元，一个巨大的医疗蓝海正在形成。 据弗若斯特沙利文预测，宠物医疗市场规模将从2021年的303亿元，以21.1%的复合年均增长率增至2026年的789亿元。伴随而生的是，中国宠物险保费规 模在2020年约为5000万元，但在2024年，这一数据已达17亿元，5年增长33倍。按照过去五年的增速推算，2025年宠物险市场规模有望突破30亿元。 爆发增长：5年激增33倍，今年市场规模有望破30亿元 刚刚体验过理赔的宠物主小源写下好评："狗狗生病花费的钱还是挺多的，抱着试试的态度买了宠物保险，最近狗狗咳嗽就用上了，按70%报的，理赔很 快，很满意。" 对于众多养宠人士来说，宠物看病贵已成为他们面临的突出难题。以猫肠胃炎这一常见疾病为例，其临床症状与猫瘟有相似之处，患病猫咪都会出现精神 萎靡、发热、呕吐等表现，但二者的病因和治疗手段却截然不同。个别宠物医疗机构可能会将轻度肠胃炎误诊为猫瘟，导致单次诊疗费用飙升至两三千 ...

Core Viewpoint - The pet insurance market is experiencing significant growth, with varying attitudes among different insurance companies towards this expanding sector [1] Industry Overview - Out of 89 property insurance companies, 59 are involved in pet insurance products, indicating a strong interest in this market segment [1] - Approximately 33 property insurance companies offer pet medical insurance, representing nearly 40% of the total property insurers, with 132 pet medical insurance products launched, of which around 90 are currently available for sale [1] Company Strategies - ZhongAn Online, an internet-based insurance company, is highlighted as a proactive player in the pet insurance market [1] - Major insurance companies such as People’s Insurance, Ping An, and Taikang, along with smaller firms like Cathay Insurance, JD Allianz, and Taikang Online, are actively developing related business [1] - However, over 50 property insurance companies have not yet launched any pet medical insurance products, and some companies that initially entered the market have since withdrawn their offerings [1]