Group 1 - The core viewpoint of the article is that ZhongAn Online (06060) has announced a projected total original insurance premium income of approximately RMB 35.643 billion for the period from January 1, 2025, to December 31, 2025, representing a year-on-year increase of 6.66% [1]

Core Viewpoint - ZhongAn Online P&C Insurance Co., Ltd. reported a total original insurance premium income of RMB 35.643 billion for the year 2025 [1] Summary by Category Financial Performance - The total original insurance premium income for ZhongAn Online from January 1, 2025, to December 31, 2025, reached RMB 35.643 billion [1]

Major Events - Giant Bio (02367) received the Medical Device Registration Certificate from the National Medical Products Administration for its recombinant type I α1 collagen and sodium hyaluronate composite solution [1] - Jitu Express-W (01519) plans to subscribe for 226 million H shares of SF Holding and issue 822 million Class B shares to SF Holding [1] - Zijin Mining (02899) signed a cooperation and equity transfer agreement for the Shapingou Molybdenum Mine project [1] - Jiangxi Copper (00358) subsidiary signed an Investment Option Agreement with First Quantum for exploration cooperation in Kazakhstan's mining projects [1] - Derin Holdings (01709) received conditional approval from the CSRC for Derin Securities to provide virtual asset consulting services [1] - GAC Group (02238) subsidiary GAC Trumpchi received 100 million yuan in funding for industrial transformation and development [1] - Juteng International (03336) suspected of a cyber attack and has initiated a comprehensive investigation [1] Operating Performance - China Southern Airlines (01055) increased passenger capacity input by 11.89% year-on-year in December [1] - Air China (00753) reported a 10% year-on-year increase in passenger turnover in December [1] - China Eastern Airlines (00670) saw a 7.61% year-on-year increase in passenger turnover in December [1] - China Metallurgical Group (01618) new contract amount for 2025 is 1,113.6 billion yuan, a decrease of 10.8% year-on-year [1] - ZhongAn Online (06060) projected total original insurance premium income of approximately 35.643 billion yuan for 2025, an increase of 6.66% year-on-year [1] - China General Nuclear Power Corporation (01164) produced a total of 702.5 tons of natural uranium in the fourth quarter [1] - Jiuxing Holdings (01836) reported a 0.8% year-on-year increase in comprehensive income to 388.6 million USD in the fourth quarter [1] - Luoyang Molybdenum (03993) issued a profit warning, expecting annual net profit attributable to shareholders to be between 20 billion and 20.8 billion yuan, an increase of 47.80% to 53.71% year-on-year [1] - Chongqing Iron and Steel (01053) issued a profit warning, expecting a net loss of 2.5 billion to 2.8 billion yuan for 2025 [1] - Huiju Technology (01729) issued a profit warning, expecting annual net profit to increase by approximately 60% to 70% year-on-year [1]

Group 1 - The core viewpoint of the article is that ZhongAn Online (06060) has announced a projected total original insurance premium income of approximately RMB 35.643 billion for the period from January 1, 2025, to December 31, 2025, representing a year-on-year increase of 6.66% [1]

Core Insights - The forum titled "New Ecosystem of Sports: Cross-Border Integration and Value Reconstruction of Insurance and Sports" was held in Xiamen, co-hosted by ZhongAn Insurance and Molecular Lab, focusing on topics such as sports risk protection and product service innovation [1] - ZhongAn Insurance launched the "Lingdong" platform, an open sports insurance platform aimed at integrating insurance with the sports industry through technology, addressing the emerging risk management and service needs in the popularization and professionalization of sports [1][2] - The "Lingdong" platform allows B-end clients like event organizers and training institutions to customize insurance solutions quickly, reducing the traditional insurance process from days or weeks to minutes [1][2] Industry Trends - The sports insurance sector is transitioning from an optional service to a standard and growth driver within the sports industry, driven by policy support, event expansion, increased participation, and refined demand [2] - Despite the significant market potential, challenges such as product homogeneity and insufficient coverage for high-risk sports remain prevalent [2] Company Initiatives - ZhongAn Insurance initiated a "Sports Ecosystem Partner Recruitment Plan" to open collaboration across the entire sports industry chain, inviting various stakeholders to access the capabilities of the "Lingdong" platform [2] - The company aims to standardize its accumulated product design, operational risk control, and service capabilities over the past decade to create a one-stop sports risk protection service platform [2][3] - ZhongAn has been active in the sports sector for ten years, providing coverage for over 100 marathon events and serving more than 1.5 million sports users [2]

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2025年1月1日至2025年12月31日 所獲得的原保險保費收入總額約為人民幣35,643百萬元。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，2026年1月15日 於本公告日期，本公司董事會包括兩名執行董 ...

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份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） （「第 二 批 票 據」，連 同 首 批 票 據 統 稱「票 據 」） （ 票 據 代 號：40369） 完成贖回票據 （「發行人」） (I) 300,000,000 美元於 2026 年到期的 3.50% 票 據（「 首 批 票 據 」）； 及 (II) 1 00,000,000 美元於 2026 年到期的 3.50% 票 據 （與首批票據合併並形成單一系列） 於完成贖回票據後，概無發行在外的票據。發行人已向香港聯合交易所有限公司申 請撤銷票據的上市地位。有關撤銷上市地位預期將於2026年1月21日營業時間結束 後生效。 香港，2026年1月13日 茲提 ...

Core Viewpoint - The rapid growth of China's non-auto insurance sector, with an average annual growth rate exceeding 10% over the past decade, has led to high costs and irrational competition, prompting regulatory measures to reshape the market dynamics towards risk pricing and service capability [2][3][12]. Group 1: Industry Growth and Challenges - Non-auto insurance premiums accounted for over 50% of total premiums, with a significant increase in the average annual growth rate of 14.4% from 2014 to 2024, compared to 5.2% for auto insurance [3][12]. - Major insurance companies, including PICC, Ping An, and Taiping, have reported that their average non-auto insurance comprehensive cost ratio has remained above 100% since 2019, indicating underwriting losses primarily offset by auto insurance profits [4][12]. - The industry faces challenges such as high expense levels, inadequate premium sufficiency, persistent underwriting losses, and high accounts receivable [2][3]. Group 2: Regulatory Measures - The China Banking and Insurance Regulatory Commission (CBIRC) has issued several notifications and guidelines to address irrational competition and high costs in the non-auto insurance sector, including the recent "Questions and Answers on Comprehensive Governance of Non-Auto Insurance" [2][4][12]. - The new regulations emphasize the principle of "reporting and operating in unison," requiring insurance companies to strictly adhere to approved insurance terms and rates, thereby enhancing market behavior regulation [4][11]. - The regulations aim to reduce the emphasis on premium scale and growth, shifting the focus towards compliance, quality, and consumer rights protection [6][12]. Group 3: Company Responses - Leading insurers like PICC, Ping An, and Taiping have proactively initiated product term filings and cost governance in response to regulatory changes, indicating a strong commitment to compliance [6][7]. - Companies are restructuring their business models to transition from cost competition to risk pricing and service capability, with a focus on enhancing internal management and product innovation [7][8]. - Smaller insurers are encouraged to focus on niche markets and specialized products to differentiate themselves and build competitive advantages [15][16]. Group 4: Market Dynamics and Future Outlook - The implementation of the "reporting and operating in unison" policy is expected to compress some business operations in the short term but will ultimately lead to a more sustainable competitive environment based on risk identification and service quality [10][12]. - The regulatory framework aims to clarify responsibilities and streamline processes, pushing the market towards a more structured and compliant operational model [10][11]. - The anticipated market concentration will favor larger, well-managed companies, while smaller firms may need to adapt by focusing on specialized areas to survive [15][16].

Core Viewpoint - ZhongAn Xinke has submitted an IPO application to the Hong Kong Stock Exchange, with a latest valuation of 2.215 billion yuan, and has shown significant growth in gross margin [1][9]. Company Overview - ZhongAn Xinke, established in December 2021, is an enterprise-level AI solution provider focusing on intelligent marketing and operational management solutions [4]. - The company ranks fourth among enterprise-level AI solution providers in China with vertical large model capabilities, according to Frost & Sullivan [4]. Market Growth - The Chinese enterprise-level AI market has grown from 14.3 billion yuan in 2020 to an expected 47.2 billion yuan in 2024, with a compound annual growth rate (CAGR) of 34.8% [4]. - The vertical large model segment is projected to exceed 100 billion yuan by 2029 [4]. Financial Performance - Revenue for ZhongAn Xinke during the reporting period (2023, 2024, and the first nine months of 2025) was 226 million yuan, 309 million yuan, and 290 million yuan, respectively [4]. - Net profit for the same periods was 10.08 million yuan, 33.23 million yuan, and 31.65 million yuan [4]. Customer Growth - The number of customers served by ZhongAn Xinke increased from 88 at the end of 2023 to 338 by the end of September 2025, reflecting a CAGR of 63.1% [5]. - New customers are primarily concentrated in traditional industries such as agriculture and transportation [5]. Gross Margin Improvement - The gross margin of ZhongAn Xinke increased from 13.7% in 2023 to 27.2% in 2024, and further to 41% in the first three quarters of 2025 [5]. - The gross margin for intelligent marketing solutions surged from 4.6% in 2023 to 46.1% by September 2025, contributing significantly to overall performance [5]. Customer Concentration Risk - Despite customer growth, there is a concentration risk, with the top five customers contributing 74.7%, 62.7%, and 47.4% of total revenue in 2023, 2024, and September 2025, respectively [7]. - The largest customer, ZhongAn Group, accounted for 44.4%, 44.6%, and 23% of revenue during the same periods [7]. Shareholder Structure - ZhongAn Group, a major customer, is also a significant shareholder, holding 35.49% of ZhongAn Xinke, making it the second-largest shareholder [9]. - The founding team holds 38.93% of the shares through a holding platform and has signed a concerted action agreement [8]. - The company has raised a total of 492 million yuan in two rounds of financing, with the latest valuation reaching 2.215 billion yuan [9].

Group 1 - The core point of the news is that ZhongAn Online P&C Insurance Co., Ltd. has applied for a patent for a method and device for fine-grained image classification, indicating its focus on technological innovation in the insurance sector [1] - The patent application, published as CN121305216A, was filed on October 2025 and describes a method that includes processing target images to obtain feature sequences and using an attention mechanism for classification tasks [1] - ZhongAn Online was established in 2013 and is based in Shanghai, with a registered capital of 1,469.81 million RMB, highlighting its significant financial foundation [1] Group 2 - The company has made investments in 5 enterprises and participated in 90 bidding projects, showcasing its active engagement in the market [1] - ZhongAn Online holds 447 trademark registrations and 112 patent registrations, indicating a strong intellectual property portfolio [1] - The company also possesses 5 administrative licenses, reflecting its compliance and operational capabilities within the insurance industry [1]