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 2024 年 12 月 31 日止年度 的全年業績公告 眾安在綫財產保險股份有限公司（「本公司」）董事會宣佈本公司及其子公司截至 2024年 12月31日止年度的經審計年度業績如下。本公告載有本公司2024年年度報告的若干章 節，乃符合香港聯合交易所有限公司（「香港聯交所」）證券上市規則中有關年度業績初步 公告附載資料的相關要求。 本業績公告的中英文版本可在本公司網站 www.zhongan.com及香港聯交所網站 www.hkexnews.hk 查閱。本公司2024年年度報告將於2025年4月發出予本公司H股持有 人，並可於香港聯交所網站www. ...

中国经济网北京3月14日讯 众安在线（6060.HK）昨日晚间发布关于保费收入的公告。 该公司于2025年1月1日至2025年2月28日所获得的原保险保费收入总额约为50.29亿元，同比增长 10.7%。 上述资料未经审核及未经该公司审计与消费者权益保护委员会审阅。 ...

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------- ...

| | | | 管理層討論與分析 | 2 | | --- | --- | | 權益披露 | 28 | | 其他資料 | 31 | | 中期財務資料的審閱報告 | 33 | | 中期簡明合併損益表 | 34 | | 中期簡明合併綜合收益表 | 35 | | 中期簡明合併資產負債表 | 36 | | 中期簡明合併權益變動表 | 37 | | 中期簡明合併現金流量表 | 38 | | 中期簡明合併財務資料附註 | 39 | | 釋義 | 71 | | 專用詞彙 | 74 | | 公司資料 | 75 | 在國際權威財經雜誌《財富》(Fortune)公佈的「2023年中國 500強排行榜」中，眾安保險憑藉長期的技術進取和近年來 的優異業務表現再次上榜，排名提升37名，位列460名。 2 眾安在綫財產保險股份有限公司 / 2024 年中期報告 管理層討論與分析 1 本集團已自2023年1月1日起採納香港財務報告準則第 17號「保險合同」以取代香港財務報告準則第 4號「保險合 同」。本中期報告中，除總保費相關披露外，財務數據均按 照香港財務報告準則第17號「保險合同」口徑披露。 我們的使命 科技驅動金融，做有溫度的保險。 ...

证 券 研 究 报 告 众安在线（06060.HK）深度研究报告 推荐（维持） 基本盘稳定，业务边界不断拓展 目标价：15.1 港元 互联网保险第一股，互联网+保险基因构筑核心竞争力。众安在线是中国首家 互联网保险公司，以"保险+科技"作为其核心战略，通过旗下子公司在保险、 科技、虚拟银行等业务领域实现多元化布局。从股东阵营、高管配置来看，众 安具备在互联网+保险行业精细化运营的基础，已具备一定的先发优势。 看点一：发力互联网非车险业务，看好其持续领先地位。2022 年上半年，公 司在互联网财险市场中以 20%的市场份额排名行业第二，保持领先地位。相较 于其他大型财险公司（平安财险、人保财险、太保财险），众安由于战略及险 种结构的差异，赔付率持续低于行业，费用率虽然高于其他大型财险公司，但 随着自营渠道建设效果显现+科技助力，预计 COR 或将持续改善。众安主营 互联网财险业务，并主要聚焦于非车险业务。互联网车险业务规模增长与渗透 率提升整体受限，而互联网非车险拥有场景化、生态化的属性，渠道以第三方 为主，是众安的优势所在。 看点二：借力银行与科技板块打造第二增长曲线，有望逐步实现盈亏平衡。 2023 年，公 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 众安在线（06060.HK）公司半年报点评 2024 年 08 月 31 日 Tel:(010)50949926 [Table_InvestInfo] 投资评级 优于大市 维持 科技与银行业务亏幅收窄，综合成本率同 比提升 [投Ta资ble要_S点um：mary] 股票数据 [0T8a月ble30_S日t收oc盘k价In（fo港]元） 10.14 52 周股价波动（港元） 11.08-24.90 股本结构 [总Ta股b本le（_C百a万p股ita）lInfo] 1470 流通 A 股（百万股） 0 B 股/H 股（百万股） 0/1470 相关研究 [《Ta承b保le稳_R健e+p投o资rt回In暖fo，] 实现净利润扭亏 为盈》2024.03.28 《净利润扭亏为盈，综合成本率同比改 善》2023.09.05 《各生态承保盈利水平普遍改善，投资收 益下滑致净利润亏损》2023.03.23 市场表现 [Table_QuoteInfo] 【事件】众安在线发布 2024 年中期业绩：1）归母净利润 0.55 亿元，同比-75%， 承保利润与投资收 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted down from HKD 18 to HKD 15, indicating a potential upside of 44.0% from the current price of HKD 10.42 [1][2][8]. Core Insights - The company's profitability has been impacted by a year-on-year decline in underwriting profit, with a reported net profit of RMB 0.55 billion for the first half of 2024, down from RMB 2.2 billion in the same period last year. The underwriting profit decreased by 41%, and total investment income fell by 14% [1][2]. - Premium income grew by 5.4% year-on-year, primarily driven by the digital life and automotive ecosystems, contributing 10.9 and 1.9 percentage points to the growth, respectively. However, health insurance premiums declined by 9.6%, and consumer finance premiums dropped by 21.6% due to external factors and a strategic business contraction [2][5]. - The combined ratio increased to 97.9%, up 2.1 percentage points year-on-year, with significant increases in the consumer finance and health ecosystems. The technology and banking segments showed a notable reduction in net losses, with technology output revenue increasing by 65.5% [2][3]. - Total investment income decreased to RMB 6.2 billion from RMB 7.23 billion year-on-year, with an annualized net investment return rate of 2.3%, remaining stable, while the annualized total investment return rate fell by 0.7 percentage points to 3.3% [2][3]. Financial Summary - The company reported insurance service revenue of RMB 27.535 billion in 2023, with projected growth to RMB 30.912 billion in 2024, reflecting a year-on-year growth rate of 12.3% [3][9]. - Adjusted net profit attributable to shareholders is forecasted to be RMB 283 million in 2024, down from RMB 294 million in 2023, indicating a decline of 3.8% [3][6]. - The price-to-earnings ratio is projected to be 49.5 times in 2024, while the price-to-book ratio is expected to be 0.69 [3][9].

Investment Rating - The report maintains a "Recommend" rating for ZhongAn Online (6060 HK) with a target price of HKD 15 1, compared to the current price of HKD 12 6 [1] Core Views - ZhongAn Online's core business shows steady growth, with international business development holding promising potential [1] - The company's domestic insurance business continues to be profitable, with insurance service revenue reaching RMB 15 088 billion in H1 2024, a 19% YoY increase [1] - The comprehensive cost ratio rose by 2 1 percentage points to 97 9%, driven by a 3 6 percentage point increase in the loss ratio to 60 7% [1] Business Segments Health Ecosystem - Insurance service revenue in the health ecosystem reached RMB 4 867 billion in H1 2024, up 22 7% YoY, accounting for 32 3% of total insurance service revenue [1] - The flagship product "Zunxiang e Sheng" has undergone 24 iterations and expanded coverage to private medical institutions [1] - Non-standard inclusive products saw total premiums exceed RMB 330 million, a 270% YoY increase [1] Digital Life Ecosystem - Insurance service revenue in the digital life ecosystem reached RMB 7 078 billion in H1 2024, up 24 2% YoY, accounting for 46 9% of total insurance service revenue [1] - E-commerce and travel insurance remain mature businesses, while innovative products like pet insurance and screen breakage insurance are driving growth [1] Consumer Finance Ecosystem - Insurance service revenue in the consumer finance ecosystem declined by 1 7% YoY to RMB 2 280 billion in H1 2024, accounting for 15 1% of total insurance service revenue [1] - The company has actively scaled back its consumer finance business, focusing on small, dispersed, and short-term internet consumer finance assets [1] Auto Ecosystem - Insurance service revenue in the auto ecosystem reached RMB 863 million in H1 2024, up 24 2% YoY, accounting for 5 7% of total insurance service revenue [1] - The company has capitalized on the growth of new energy vehicle insurance, with premiums increasing by 214 8% YoY [1] International Business - ZA Bank, a digital bank in Hong Kong, achieved net income of HKD 255 million in H1 2024, up 45 9% YoY, with a net interest margin of 2 21% [1] - Peak 3 (formerly ZA Tech) expanded its presence to 16 countries and regions, with technology output revenue reaching RMB 123 million in H1 2024, up 3 8% YoY [1] Domestic Technology Business - Domestic technology output revenue reached RMB 319 million in H1 2024, up 112 7% YoY, driven by new contracts with 56 insurance industry clients [1] Investment Performance - Total investment assets amounted to RMB 37 698 billion as of H1 2024, with a fixed-income allocation of 75 4% [1] - The total investment yield was 3 3%, down 0 7 percentage points YoY, while the net investment yield was 2 3%, up 0 1 percentage points YoY [1] Valuation and Forecast - The report adjusts EPS forecasts for 2024-2026 to RMB 0 6/0 7/0 8, with BPS forecasts of RMB 14 5/15 4/16 5 [1] - A sum-of-the-parts valuation approach is used, with a target market value of RMB 18 8-22 47 billion for 2024 [1]

证券研究报告 港股公司|公司点评|众安在线（06060） COR 同比抬升影响公司业绩表现 glzqdatemark1 证券研究报告 |报告要点 众安在线发布 2024 年半年报。2024H1 公司实现保险服务收入 150.88 亿元，同比增长 19.0%； 综合成本率为 97.9%，同比抬升 2.1PCT；实现归母净利润 0.55 亿元，同比下降 75.1%。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 众安在线(06060) COR 同比抬升影响公司业绩表现 | --- | --- | |-------------------------|-------------------| | 业： | 非银金融/保险Ⅱ | | 投资评级： | | | 当前价格： | 10.42 港元 | | 基本数据 | | | 总股本/流通股本(百万股) | 1,469.81/1,419.81 | | (百万港元) | 14,794.45 | | 每股净资产(元) | 15.09 | | (%) | 52.97 | | 一年内最高/最低(港元) | 24.90/10.08 | 股价相对走势 众安在线 ...

Investment Rating - Buy (maintained) with a current price of HKD 12.62 [2] Core Views - Premium growth remains strong, but underwriting drags on profits [2] - The company's net profit attributable to shareholders in H1 2024 was RMB 60 million, a year-on-year decrease of 75%, mainly due to declines in investment income and underwriting profit [4][5] - The company's underwriting profit in H1 2024 was RMB 310 million, a year-on-year decrease of 41.4%, primarily due to rising asset quality risks and increased service infrastructure investment [6] - The company's annualized net investment return rate and total investment return rate in H1 2024 were 1.8% and 2.8%, respectively, down by 0.6pct and 1.6pct year-on-year [5] Financial Performance - In H1 2024, the company achieved operating revenue of RMB 16.04 billion, a year-on-year increase of 12.7%, and insurance service revenue of RMB 15.09 billion, a year-on-year increase of 18.9% [4] - The company's total premium income in H1 2024 was RMB 15.24 billion, a year-on-year increase of 5.4%, driven by the digital life and auto ecosystems [6] - The company's R&D investment in H1 2024 was RMB 460 million, a year-on-year decrease of 33.6%, accounting for 3.0% of total premium income [7] - The company's technology output business revenue in H1 2024 was RMB 440 million, a year-on-year increase of 65.5%, with domestic technology output revenue growing by 112.7% [7] Business Segments - The digital life ecosystem achieved premium income of RMB 7.41 billion in H1 2024, a year-on-year increase of 27.0%, accounting for 48.7% of total premium income [6] - The auto ecosystem achieved premium income of RMB 1.10 billion in H1 2024, a year-on-year increase of 34.0%, with new energy vehicle insurance premiums increasing by 214.8% [6] - The health ecosystem achieved premium income of RMB 4.54 billion in H1 2024, a year-on-year decrease of 9.6%, mainly due to a decline in per capita premiums [6] - The consumer finance ecosystem achieved premium income of RMB 2.18 billion in H1 2024, a year-on-year decrease of 21.6%, as the company proactively reduced business scale to address asset quality fluctuations [6] Market Position - The company ranks 9th in China's property insurance industry by total premium income in H1 2024, with a market share exceeding 20% in the domestic internet property insurance market, ranking first [7] - The company's self-operated channels achieved premium income of RMB 3.16 billion in H1 2024, accounting for 20.8% of total premium income, with a renewal rate increasing by 3.2pct to 90.5% [7] Profit Forecast and Valuation - The company's net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 440 million, RMB 660 million, and RMB 750 million, respectively, down from previous forecasts of RMB 1.14 billion, RMB 1.29 billion, and RMB 1.46 billion [7] - The company's price-to-book (P/B) ratios for 2024-2026 are 0.81, 0.78, and 0.74, respectively [7]