Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - The company has significantly improved its profitability, with adjusted net profit increasing nearly twofold year-on-year, reaching 1.8 billion yuan in 2025 [1] - Total premiums reached 35.735 billion yuan in 2025, reflecting a year-on-year growth of 6.9%, while insurance service revenue grew by 5.5% to 33.485 billion yuan [1] - The company has achieved continuous underwriting profitability for five consecutive years, with underwriting profit increasing by 42.5% to 1.412 billion yuan [1] - The technology division has become profitable, and ZA Bank achieved its first annual profit, with net income reaching 1.727 million HKD [3] Summary by Sections Premium Performance - Health ecosystem premiums grew by 22.7% to 12.682 billion yuan, becoming the largest source of total premiums [2] - Digital life ecosystem premiums slightly decreased by 1.4% to 15.973 billion yuan, while innovative business within this ecosystem saw a strong growth of 37.2% [2] - Automotive ecosystem premiums increased by 34.6% to 2.760 billion yuan, with new energy vehicle insurance premiums surging by 206.2% [2] Financial Performance - The company’s adjusted net profit for 2025 is projected at 1.8 billion yuan, a significant increase of 198.3% year-on-year [1] - The comprehensive cost ratio improved by 1.1 percentage points to 95.8% [1] - Investment income from domestic insurance funds reached 2.124 billion yuan, up 59.1% year-on-year, with a total investment return rate of 5.3% [3] Future Earnings Forecast - The company has revised its earnings forecasts for 2026 and 2027, projecting EPS of 1.15, 1.35, and 1.72 yuan for 2025, 2026, and 2027 respectively [4] - The current stock price corresponds to a price-to-book ratio of 0.83, 0.77, and 0.72 for 2025, 2026, and 2027 respectively [4]

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Insights - The company achieved a net profit attributable to shareholders of 1.102 billion RMB in 2025, representing a year-on-year increase of 82.5%. This growth was driven by health insurance, digital lifestyle innovation, and auto insurance, with a stable combined ratio (COR) [3][11] - The company maintained a target price of 25.09 HKD, corresponding to a 2026 P/B ratio of 1.4 times, reflecting positive adjustments in earnings per share (EPS) forecasts for 2026-2028 [11][12] Financial Performance Summary - The insurance service revenue for 2025 was 33.485 billion RMB, a 5% increase from the previous year. The net profit for 2025 was 1.102 billion RMB, showing an 83% increase compared to 2024 [11][12] - The health insurance segment reported a premium income of 12.682 billion RMB, a 22.7% increase year-on-year, with the "Zhongminbao" series being a significant growth driver [11][12] - The digital lifestyle ecosystem generated a premium income of 15.973 billion RMB, a slight decrease of 1.4% year-on-year, while the auto insurance segment saw a premium income of 2.760 billion RMB, a 34.6% increase [11][12] - The virtual bank, ZA Bank, achieved a net profit of 0.17 million HKD for the first time, with a net income increase of 62.7% to 8.92 million HKD [11][12] Investment Strategy and Market Conditions - The report highlights that the improvement in capital markets serves as a catalyst for the company's growth [5] - The company is focusing on optimizing its insurance fund allocation, which has resulted in a total investment return rate of 5.3% for 2025, an increase of 1.9 percentage points year-on-year [11][12]

Investment Rating - The report maintains a rating of "Buy" for the company [2][3] Core Insights - The company achieved a net profit attributable to shareholders of 1.102 billion RMB in 2025, representing a year-on-year increase of 82.5%. This growth was driven by health insurance, digital lifestyle innovation businesses, and auto insurance, with a stable combined ratio (COR) [3][11] - The report highlights that the company’s insurance premium income reached 35.735 billion RMB in 2025, a year-on-year increase of 6.9% [11] - The virtual bank, ZA Bank, achieved its first annual profit, contributing to the overall positive financial performance [3][11] Financial Summary - The company’s insurance service revenue is projected to grow from 33.485 billion RMB in 2025 to 54.563 billion RMB by 2028, with a compound annual growth rate (CAGR) of approximately 30% [11][13] - The net profit is expected to increase from 1.102 billion RMB in 2025 to 1.966 billion RMB in 2028, reflecting a strong growth trajectory [11][13] - The price-to-earnings (PE) ratio is projected to decrease from 19.53 in 2025 to 10.94 by 2028, indicating improved valuation metrics [11][13] Business Segments Performance - Health insurance premiums grew by 22.7% to 12.682 billion RMB, with the "Zhongminbao" series being a significant growth driver [11][12] - The digital lifestyle ecosystem saw a slight decline in premiums by 1.4%, while the innovative business segment grew by 37.2% [11][12] - Auto insurance premiums increased by 34.6%, with new energy vehicle insurance becoming a key growth engine, up by 206.2% [11][12] Investment Strategy - The report suggests that the company’s investment strategy is benefiting from a recovering capital market, with a total investment return rate of 5.3% in 2025 [11][12] - The report sets a target price of 25.09 HKD, corresponding to a price-to-book (P/B) ratio of 1.4 for 2026 [11][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in net profit attributable to shareholders, reaching 1.102 billion yuan in 2025, representing an 82.5% year-on-year growth. Excluding impairment losses, the growth would be 198% [7] - The insurance, technology, and banking segments contributed positively to the company's profitability, with net profits of 1.68 billion yuan, 50 million yuan, and 5.05 million yuan respectively [7] - The company has successfully turned its banking operations profitable for the first time, with net income of 170 million HKD in 2025 [7] - The overall premium income for 2025 was 35.7 billion yuan, a 6.9% increase year-on-year, driven by growth in health and automotive insurance [7] Financial Performance Summary - Total revenue for 2025 is projected at 33.485 billion yuan, with a year-on-year growth of 5.48% [1] - The net profit attributable to shareholders is forecasted to be 1.102 billion yuan for 2025, with a significant recovery from a previous decline [1] - The book value per share (BPS) is expected to rise to 15.11 yuan by 2025, with a price-to-book (P/B) ratio of 0.85 [1] - The comprehensive cost ratio for the insurance segment improved to 95.8% in 2025, a decrease of 1.1 percentage points year-on-year [12] Business Segment Analysis - The health insurance segment saw premium income increase by 22.7% to 12.682 billion yuan, while automotive insurance premiums rose by 34.6% to 2.760 billion yuan [11] - The banking segment achieved a net income of 170 million HKD, marking a turnaround from a loss of 90 million yuan in the previous year [7] - The investment segment reported a total investment income of 2.12 billion yuan, a 59.1% increase year-on-year, primarily due to stock market gains [7] Future Projections - The company expects net profit attributable to shareholders to reach 1.303 billion yuan in 2026, 1.602 billion yuan in 2027, and 1.897 billion yuan in 2028 [1] - The projected total revenue for 2026 is 36.469 billion yuan, with continued growth anticipated in subsequent years [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 23, down from the previous HKD 28 [5][7]. Core Insights - The company achieved a net profit of RMB 1.1 billion in 2025, a significant year-on-year increase of 82.5%, although it fell short of prior expectations of RMB 1.2 billion. The underwriting and investment performance were strong, with underwriting profit and total investment income increasing by 43% and 59% respectively. However, a valuation decline in long-term equity investments led to a RMB 700 million impairment loss, impacting profitability [1]. - The health insurance segment saw premium income of RMB 12.68 billion in 2025, a year-on-year growth of 23%. The "Zunxiang e Sheng" and "Zhongminbao" products were key drivers, with "Zhongminbao" premiums soaring by 456.1% to RMB 2.17 billion. The combined operating ratio (COR) for health insurance improved by 3.6 percentage points to 92.1% [2]. - The auto insurance segment experienced a 35% increase in premiums to RMB 2.76 billion, with new energy vehicle insurance premiums growing by 206.2%. The COR for auto insurance improved by 1.1 percentage points to 93.1% [3]. - The company benefited from a strong stock market performance in 2025, achieving a total investment return of 5.3%, up 1.9 percentage points year-on-year. The allocation to stocks and equity funds increased to 9% by the end of 2025 [4]. Summary by Sections Financial Performance - The company reported a gross premium income of RMB 33.485 billion for 2025, with a projected increase to RMB 35.068 billion in 2026, representing a growth rate of 5.48% [11]. - The total investment income for 2025 was RMB 1.455 billion, with a slight decline expected in the following years [11]. - The net profit attributable to shareholders for 2025 was RMB 1.102 billion, with projections of RMB 1.1 billion for 2026 and RMB 1.240 billion for 2027 [11]. Business Segments - Health insurance premiums are expected to continue growing, with a projected COR of 94% for 2026 [2]. - The auto insurance segment is projected to have a COR of 94% in 2026, while the consumer finance segment is expected to see a COR of 98% [3]. - The digital life segment remains marginally profitable, with a COR of 99.9% [3]. Valuation and Forecast - The EPS forecast for 2026 and 2027 has been adjusted to RMB 0.75 and RMB 0.84 respectively, with an expected EPS of RMB 0.93 for 2028 [5]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 18.22 in 2025 to 17.04 in 2026 [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown improvement in both insurance combined ratio (COR) and investment returns, with its banking business turning profitable [1] - The net profit attributable to shareholders for 2025 is projected to be 1.102 billion yuan, representing a year-on-year increase of 82.5% [7] - The company is expected to maintain a competitive advantage in the internet insurance market, supported by rapid growth in technology output and digital banking [7] Financial Performance Summary - Total revenue for 2025 is forecasted at 33.485 billion yuan, with a year-on-year growth of 5.48% [1] - The net profit attributable to shareholders is expected to grow from 603 million yuan in 2024 to 1.102 billion yuan in 2025, reflecting a significant recovery [1] - The latest diluted book value per share is projected to be 15.11 yuan in 2025, with a price-to-book (P/B) ratio of 0.85 [1] Insurance and Banking Business Summary - The insurance segment's total premium income is expected to reach 35.735 billion yuan in 2025, with a year-on-year increase of 6.9% [11] - The health and automotive ecosystems have shown strong premium growth, with health premiums increasing by 22.7% and automotive premiums by 34.6% [11] - The banking segment, which is Hong Kong's first digital bank, achieved a net income of 890 million HKD in 2025, marking its first annual profit [7] Investment Strategy Summary - The company has significantly increased its allocation to stocks, resulting in a substantial rise in total investment returns, which are expected to reach 2.12 billion yuan in 2025, up 59.1% year-on-year [7] - The total investment return rate is projected to be 5.3% for 2025, an increase of 1.9 percentage points compared to the previous year [16] - The company is expected to maintain a long-term growth trajectory, with projected net profits of 1.303 billion yuan in 2026 and 1.602 billion yuan in 2027 [1]

Core Viewpoint - In 2025, ZhongAn Online reported a total premium of 35.735 billion yuan, a year-on-year increase of 6.9%, and an adjusted net profit of 1.8 billion yuan, a significant increase of 198.3% [2]. Group 1: Business Performance - The health ecosystem generated a total premium of 12.682 billion yuan, up 22.7% year-on-year, while the digital life ecosystem led with 15.973 billion yuan, showcasing strong performance in emerging sectors like pet insurance and low-altitude economy [3]. - The auto ecosystem saw a total premium increase of 34.6%, with new energy vehicle insurance premiums skyrocketing by 206.2% [5]. - The company achieved an underwriting profit of 1.412 billion yuan, marking a 42.5% increase and continuing its streak of five consecutive years of underwriting profitability [2]. Group 2: Consumer Finance Business - The consumer finance segment reported a total premium of 4.32 billion yuan, down 10.6% year-on-year, accounting for 12.1% of total premiums [4]. - The comprehensive cost ratio for this segment increased from 90.1% in 2024 to 97.0% in 2025, indicating rising costs [4]. - The company plans to further reduce the scale of its consumer finance business while maintaining asset quality through improved operational and risk control mechanisms [4]. Group 3: Investment Strategy - As of December 31, 2025, the total investment assets amounted to approximately 40.302 billion yuan, with fixed-income investments making up 70% of the portfolio [6]. - The total investment income for the year reached 2.124 billion yuan, a 59.1% increase from 1.335 billion yuan in 2024 [6]. - The company aims to maintain a conservative investment strategy focused on low-risk fixed-income assets while exploring opportunities in equity investments, which increased to 9% of the portfolio [7]. Group 4: Digital Banking and AI Strategy - ZhongAn Bank, a subsidiary, became the first digital bank in Hong Kong to achieve profitability, with a net profit of 17.27 million HKD and over 1 million retail users [8]. - The company has integrated AI across its operations, with over 20 billion calls to its AI model in 2025, enhancing efficiency in product design, underwriting, and claims processing [9]. - The management emphasizes that AI is a core capability rather than just a tool, aiming to leverage it for sustainable growth while managing risks [10].

Core Viewpoint - ZhongAn Online P&C Insurance Co., Ltd. achieved significant net profit growth in 2025, driven by both underwriting and investment performance, with a reported net profit of 1.102 billion yuan, representing an 82.55% year-on-year increase [3][4]. Financial Performance - The comprehensive cost ratio for ZhongAn in 2025 was 95.8%, improving by 1.1 percentage points compared to 2024, with a claims ratio of 57.1% and an expense ratio of 38.7% [4]. - Underwriting profit reached 1.412 billion yuan, a 42.5% increase from 2024, marking five consecutive years of underwriting profitability [4]. - Total premiums for 2025 amounted to 35.735 billion yuan, a 6.9% year-on-year growth, primarily driven by health and automotive ecosystems, which saw premium increases of 22.7% and 34.6%, respectively [4]. Premium Breakdown - The largest segment, digital life ecosystem, experienced a slight decline in premiums by 1.4% due to a contraction in the return shipment insurance sector, while emerging sectors like pet insurance and low-altitude economy-related insurance showed strong performance, with pet insurance premiums growing nearly 88.2% [5]. - The pet economy in China is thriving, with urban pet numbers exceeding 120 million, indicating significant growth potential for pet insurance despite lower penetration rates compared to mature markets [5]. Investment Performance - Investment income from insurance assets saw a substantial increase of 59.1% year-on-year, contributing significantly to the rise in net profit [6]. - The proportion of equity investments increased from 6% at the end of 2024 to 9% by December 31, 2025, with plans to continue actively investing in equity assets in 2026 [6]. Stock Performance and Future Plans - Despite strong financial fundamentals, ZhongAn's stock price has faced pressure, declining by 9.82% year-to-date [6]. - The company has no immediate plans for stock buybacks, focusing instead on expanding profit margins under stable profitability conditions [6].

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.* 董事長 尹海 中國上海，2026年3月19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，五名非執行董事尹海先生、歐 亞平先生、史良洵先生、張爽先生及歐晉羿先生，以及四名獨立非執行董事鄭慧恩女士、陳詠芝女士、 蔡朝暉先生及歐偉先生。 （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 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 2025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2025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 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, maintaining this rating with a target price of HKD 18.24, while the stock price was HKD 14.36 as of March 17, 2026 [5]. Core Insights - The company has demonstrated strong profit growth, achieving a net profit of HKD 668 million in H1 2025, reflecting a year-on-year increase of 1103.5%, driven by significant growth in its insurance business and improvements in its banking and technology segments [1][9]. - The company operates under a "Insurance + Technology" dual-engine strategy, focusing on four main ecosystems: health, digital life, consumer finance, and automotive, which collectively contributed to a total premium income of HKD 16.66 billion in H1 2025, a 9.3% year-on-year increase [1][14]. Summary by Sections Company Overview - Founded in 2013, the company is China's first internet insurance technology firm, leveraging a strong internet gene and a dual-engine strategy to empower the insurance industry [14]. - The company ranks eighth in the domestic property insurance industry by total premium income as of 2024, maintaining the top market share in internet property insurance [14]. Insurance Business - The company has achieved continuous underwriting profitability for four consecutive years, with a combined ratio (COR) of 95.6% in H1 2025, down 2.3 percentage points year-on-year [27]. - The health ecosystem generated a total premium of HKD 6.275 billion in H1 2025, up 38.3% year-on-year, while the automotive ecosystem saw a 34% increase in premiums [27][37]. Technology Business - The technology segment has shown marginal improvement, with a net profit of HKD 78 million in 2024, recovering from a loss of HKD 468 million in 2023 [7][22]. - The company has served over 1,000 clients in its technology output segment, indicating a solid customer base and operational efficiency [7]. Banking Business - ZA Bank, the company's digital banking arm, achieved a significant milestone by turning a profit of HKD 49 million in H1 2025, marking its first half-year profitability [7][22]. - The bank has expanded its non-interest income by 272.1% year-on-year to HKD 160 million, indicating a growing revenue stream from innovative services [8]. Future Focus - The company is expected to maintain strong premium growth resilience and cost optimization potential in its property insurance segment, with a focus on enhancing marketing efficiency and underwriting quality [4][9]. - The digital banking segment is poised for further growth, leveraging its technological advantages and regulatory licenses to explore new revenue opportunities [8][9].