众安保险在昨天教师节的时候，将旗下经典IP"尊享e生"系列产品中的中高端医疗险板块做了升级，对 之前的尊享e生中高端医疗保险2024版和尊享e生中高端医疗保险PLUS做了拆分、组合，变成了新版的 尊享e生中高端医疗保险2025和尊享e生中高端医疗保险PLUS（2025版）。 大家好，我是喵叔。 ...

Group 1 - The 2025 Inclusion Bund Conference was held from September 10 to 13 in Shanghai, focusing on "Reshaping Innovative Growth" [1] - ZhongAn Insurance participated for the fourth time, emphasizing the development and application of fintech and AI technologies [1] - AI is driving a significant structural transformation in the insurance industry, enhancing operational efficiency and customer experience through full-process intelligent reconstruction [1][3] Group 2 - During the conference, ZhongAn Insurance showcased various products including pet insurance, health insurance, and car insurance, while creating immersive experience spaces for collaboration [2] - The company highlighted innovative applications of "AI + Insurance" and "NFC + Insurance," including the launch of a digital pet ID series [2] - ZhongAn's car insurance features a fully online claims process through a "one-click video claims" platform, providing a seamless experience for car owners [2] Group 3 - ZhongAn has embedded AI capabilities deeply across its entire business chain, with its self-developed AI platform "ZhongYouLingXi" becoming a core engine for business transformation [3] - The AI platform has approximately 110 active machines, with a total of 450 million calls made in the first half of 2025 [3] - The company aims to continue its "Insurance + Technology" dual-engine strategy, focusing on enhancing user experience and driving high-quality development in the insurance industry [3]

Group 1 - The 2025 INCLUSION Bund Conference was held from September 10 to 13 in Shanghai, where ZhongAn Insurance showcased its insurance technology ecosystem focusing on health, digital life, consumer finance, and automotive sectors [1] - ZhongAn Insurance presented several star products including pet insurance, "Zunxiang eSheng", "Zhongminbao", auto insurance, and home property insurance during the conference [1] - The company emphasized its innovative applications of "AI + insurance" and "NFC + insurance" at the event [1] Group 2 - Wang Min, Executive Vice President and Secretary of the Board of ZhongAn Insurance, participated in a forum discussing "The Path of AI in Finance" and highlighted that AI is driving a profound structural transformation in the industry [3] - AI has moved beyond pilot and experimental stages, fully integrating into core processes such as underwriting, claims, marketing, and customer service, significantly enhancing operational efficiency and customer experience [3] - As of mid-2025, ZhongAn's self-developed AI platform "Zhongyou Lingxi" has become the core engine for business transformation, with approximately 110 active machines and a total call volume of 450 million times in the first half of the year, leading the industry [3] Group 3 - ZhongAn Insurance has deeply integrated innovative technologies like AI and NFC into its insurance business scenarios, showing initial success across multiple business ecosystems [4] - During the conference, ZhongAn Insurance and ZhongAn Technology jointly launched the "Pet Digital ID - Legendary Pet Star" series, combining digital asset technology with a dedicated service system [4] - The digital collectibles were available for purchase both online and offline during the conference, allowing users to engage in interactive activities and win brand-related gifts [4] Group 4 - ZhongAn has been engaged in health insurance for over 10 years, expanding its health ecosystem from "Zunxiang eSheng" to "Zhongminbao", creating a multi-layered product matrix to meet new user demands [5] - On September 10, the "Zunxiang eSheng Mid-to-High-End Medical Insurance 2025" series was launched, providing direct access to quality hospitals and covering advanced medical equipment with competitive pricing [5] - The company aims to continue its "insurance + technology" dual-engine strategy, exploring the application potential of cutting-edge technologies to deliver smarter, more convenient, and warmer insurance services [5]

Group 1: Market Overview - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, marking a 50% increase compared to the total for 2024 [1] - The secondary market for Hong Kong stock offerings is even more robust, with fundraising reaching HKD 190.5 billion, which is 3.8 times higher than the total for 2024, and the average fundraising per project is HKD 1.1 billion [1] Group 2: Notable Companies and Offerings - Among the top ten fundraising projects, Zhong An Online's HKD 39.2 billion placement in June stands out, being the smallest company by market value at HKD 29.3 billion, driven by the stablecoin concept and short-term performance growth [4] - Zhong An Online's average daily trading volume surged from HKD 1.5 million to HKD 14.2 million after the announcement of the stablecoin regulatory framework, indicating a significant increase in liquidity [4] Group 3: Financial Performance and Concerns - Despite the hype around stablecoins, Zhong An Online's financial technology business contributed minimally to its earnings, with the bank achieving a net profit of only HKD 49 million in the first half of 2025, accounting for less than 10% of the group's net profit [5] - Concerns have arisen regarding significant shareholder sell-offs coinciding with the company's fundraising efforts, raising questions about the sustainability of performance and the profitability of its financial technology business [6]

[Management Discussion and Analysis](index=4&type=section&id=Management%20Discussion%20and%20Analysis) [Overview](index=4&type=section&id=Overview) ZhongAn Online, China's first internet insurance tech company, uses an "insurance + technology" dual-engine strategy to innovate services, export tech, and lead digital banking in Hong Kong - ZhongAn Online is China's first internet insurance technology company, with a **"Insurance + Technology" dual-engine strategy** aiming to redefine the insurance industry[8](index=8&type=chunk) - The company offers innovative, inclusive, and diverse insurance products and services by entering user internet lifestyle scenarios through proprietary channels and ecosystem partner platforms[8](index=8&type=chunk) - The company productizes insurance technology systems and functional modules, exporting them to global insurance companies and industry chain clients to facilitate digital transformation[8](index=8&type=chunk) [2025 Interim Performance Review](index=4&type=section&id=2025%20Interim%20Performance%20Review) In H1 2025, total gross written premiums grew 9.3% to RMB 16.66 billion, underwriting combined ratio improved to 95.6%, and ZA Bank achieved a net profit of HKD 49 million, turning profitable H1 2025 Key Performance Indicators | Metric | H1 2025 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | | Gross Written Premiums | 16,661,251 | 9.3% | | Insurance Service Revenue | 15,041,419 | -0.3% | | Underwriting Profit | 656,398 | 109.1% | | Underwriting Combined Ratio | 95.6% | Improved by 2.3 percentage points | | Combined Loss Ratio | 54.7% | Improved by 6.0 percentage points | | Combined Expense Ratio | 40.9% | Increased by 3.7 percentage points | | Total Technology Export Revenue | 496,000 | 12.2% | | Net Loss from Technology Export | (55,990) | Loss reduced by 32.2% | | ZA Bank Net Profit (HKD) | 49,000 | Turned profitable | | ZA Bank Net Income (HKD) | 457,000 | 82.1% | - The company was again listed on Fortune's "2025 China 500 Ranking," rising **50 places to 410th**[9](index=9&type=chunk) - ZA Bank has become one of Hong Kong's most feature-rich digital banks, offering 24-hour services including deposits, loans, transfers, card spending, foreign exchange, insurance, investment, and corporate banking[10](index=10&type=chunk) [Segment Financial Overview](index=5&type=section&id=Segment%20Financial%20Overview) The Group's segment results show insurance net profit grew 387.7% to RMB 673 million, technology net loss improved by 32.2%, and ZA Bank turned profitable with HKD 49 million net profit H1 2025 Segment Net Profit/(Loss) | Segment | H1 2025 Net Profit/(Loss) (RMB thousands) | H1 2024 Net Profit/(Loss) (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Insurance | 673,045 | 138,371 | 387.7% | | Technology | (55,988) | (82,602) | Improved by 32.2% | | Banking | 18,341 | (46,002) | Turned profitable | | Others | 4,977 | 32,498 | -84.7% | | Total | 667,568 | 55,467 | 1103.5% | - The insurance segment's combined ratio was **95.6%**, an improvement of **2.3 percentage points** year-on-year, with underwriting profit reaching **RMB 627 million**, an increase of **RMB 346 million** year-on-year[16](index=16&type=chunk) - ZA Bank's net interest margin increased to **2.38%**, and its cost-to-income ratio significantly improved to **67%** (119% in the same period last year)[16](index=16&type=chunk) [Our Ecosystem Layout](index=7&type=section&id=Our%20Ecosystem%20Layout) The Group's total gross written premiums grew 9.3% in H1 2025, driven by strong growth in health and auto ecosystems, stable consumer finance, and innovative digital lifestyle businesses H1 2025 Gross Written Premiums by Ecosystem | Ecosystem | H1 2025 Gross Written Premiums (RMB thousands) | Share (%) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Health | 6,274,783 | 37.7% | 38.3% | | Digital Lifestyle | 6,209,428 | 37.3% | -16.3% | | Consumer Finance | 2,698,781 | 16.2% | 23.6% | | Auto | 1,478,259 | 8.8% | 34.2% | | Total | 16,661,251 | 100% | 9.3% | [Health Ecosystem](index=8&type=section&id=Health%20Ecosystem) Health ecosystem gross written premiums grew 38.3% to RMB 6.27 billion, with insurance service revenue up 17.8%, and combined ratio improved to 92.9% due to AI-driven efficiency H1 2025 Health Ecosystem Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Written Premiums | 6,274,783 thousands | 4,538,314 thousands | +38.3% | | Insurance Service Revenue | 5,733,148 thousands | 4,867,244 thousands | +17.8% | | Combined Ratio | 92.9% | 95.7% | Improved by 2.8 percentage points | | Combined Loss Ratio | 42.5% | 38.1% | Increased by 4.4 percentage points | | Combined Expense Ratio | 50.4% | 57.6% | Decreased by 7.2 percentage points | - The "Zunxiang e-sheng" series generated approximately **RMB 4.25 billion** in gross written premiums, with an average user age of **39**, having undergone **25 iterations**[19](index=19&type=chunk) - The "Zhongminbao" series products achieved approximately **RMB 1.03 billion** in gross written premiums, a **638.8% year-on-year increase**, covering non-standard body user groups[19](index=19&type=chunk) [Digital Lifestyle Ecosystem](index=9&type=section&id=Digital%20Lifestyle%20Ecosystem) Digital lifestyle ecosystem gross written premiums were RMB 6.21 billion, with innovative businesses growing 40.0% to RMB 2.49 billion, and pet insurance leading the market with over 51.3% growth H1 2025 Digital Lifestyle Ecosystem Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Written Premiums | 6,209,428 thousands | 7,414,475 thousands | -16.3% | | Insurance Service Revenue | 5,791,048 thousands | 7,078,130 thousands | -18.2% | | Combined Ratio | 99.9% | 99.9% | Flat | | Combined Loss Ratio | 62.9% | 71.7% | Improved by 8.8 percentage points | | Combined Expense Ratio | 37.0% | 28.2% | Increased by 8.8 percentage points | - Gross written premiums from innovative businesses reached **RMB 2.49 billion**, accounting for **40.1%**, a **40.0% year-on-year increase**[23](index=23&type=chunk) - Pet insurance gross written premiums approached **RMB 563 million**, growing over **51.3% year-on-year**, serving over **1.11 million pet owners**[23](index=23&type=chunk) - Gross written premiums for the low-altitude economy grew over **20%**, cumulatively serving over **one million drone owners**[25](index=25&type=chunk) [Consumer Finance Ecosystem](index=10&type=section&id=Consumer%20Finance%20Ecosystem) Consumer finance ecosystem insurance service revenue rose 6.7% to RMB 2.43 billion, with outstanding loan balance up 14.6% to RMB 27.73 billion, and combined ratio improved to 94.0% H1 2025 Consumer Finance Ecosystem Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Written Premiums | 2,698,781 thousands | 2,183,636 thousands | +23.6% | | Insurance Service Revenue | 2,432,634 thousands | 2,279,677 thousands | +6.7% | | Combined Ratio | 94.0% | 99.1% | Improved by 5.1 percentage points | | Combined Loss Ratio | 59.9% | 73.8% | Improved by 13.9 percentage points | | Combined Expense Ratio | 34.1% | 25.3% | Increased by 8.8 percentage points | - The outstanding loan balance was **RMB 27.73 billion**, an increase of **14.6%** from the end of last year[33](index=33&type=chunk) - The average term of underlying assets is approximately **10 months**, with an average loan amount of approximately **RMB 7,700**[32](index=32&type=chunk) [Auto Ecosystem](index=10&type=section&id=Auto%20Ecosystem) Auto ecosystem gross written premiums grew 34.2% to RMB 1.48 billion, with insurance service revenue up 25.7%, and combined ratio improved to 91.2% due to better business quality H1 2025 Auto Ecosystem Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Gross Written Premiums | 1,478,259 thousands | 1,101,927 thousands | +34.2% | | Insurance Service Revenue | 1,084,589 thousands | 862,866 thousands | +25.7% | | Combined Ratio | 91.2% | 94.2% | Improved by 3 percentage points | | Combined Loss Ratio | 65.1% | 66.7% | Improved by 1.6 percentage points | | Combined Expense Ratio | 26.1% | 27.5% | Decreased by 1.4 percentage points | - Gross written premiums for new energy vehicle insurance grew approximately **125.4% year-on-year**, now accounting for over **18%** of the company's total auto insurance premiums[29](index=29&type=chunk) - The company obtained independent operating qualifications for compulsory traffic accident liability insurance in Shanghai and Zhejiang, and achieved independent operation of commercial auto insurance in Shanghai[28](index=28&type=chunk) [Brand Building and Proprietary Channels](index=11&type=section&id=Brand%20Building%20and%20Proprietary%20Channels) In H1 2025, proprietary channels' gross written premiums grew 16.9% to RMB 3.70 billion, increasing their share to 22.2%, with customer renewal rate at 89.7% and average policies per paying user at 1.7 - Proprietary channels achieved **RMB 3.70 billion** in gross written premiums, increasing their share of total premiums to **22.2%**, a **16.9% year-on-year increase**[35](index=35&type=chunk) - Renewal premiums were **RMB 1.03 billion**, with an average premium per policy of **RMB 525**, and a customer renewal rate of **89.7%**[35](index=35&type=chunk) - The average number of policies per paying user increased to **1.7**, indicating enhanced user loyalty and cross-selling potential[35](index=35&type=chunk) [Artificial Intelligence](index=12&type=section&id=Artificial%20Intelligence) The company invested RMB 398 million in R&D in H1 2025, integrating AI across the insurance value chain, achieving 99% underwriting automation and over 40% higher AI customer service efficiency - R&D investment reached **RMB 398 million** in H1 2025[36](index=36&type=chunk) - The cloud-based insurance core system "Wujieshan" issued **6.70 billion policies** in H1, achieving an underwriting automation rate of **99%**[36](index=36&type=chunk) - The self-developed AI middleware "Lingxi Platform" accumulated **450 million robot calls** in the production environment in H1, with AI customer service efficiency significantly exceeding human customer service by over **40%**[36](index=36&type=chunk)[38](index=38&type=chunk) [Technology Export](index=13&type=section&id=Technology%20Export) The Group expanded its insurance technology export through ZhongAn Tech, ZhongAn Xinke, and Peak3, focusing on AI product commercialization domestically and international market expansion, with ZA Bank turning profitable - The technology export business segment achieved total technology export revenue of **RMB 496 million**, a **12.2% year-on-year increase**[12](index=12&type=chunk) - Domestic technology export business is conducted through ZhongAn Tech and ZhongAn Xinke, while international technology export business is conducted through Peak3[40](index=40&type=chunk) [Domestic Technology Export](index=13&type=section&id=Domestic%20Technology%20Export) Domestic technology export focused on AI product R&D and commercialization, successfully implementing intelligent agent platforms and expanding AI capabilities to cross-industry applications like consumer finance - The company continued to drive AI product R&D in H1 2025, achieving iteration and sales of intelligent agent platforms, smart outbound calling systems, and industry-agnostic solutions[41](index=41&type=chunk) - Commercial application of AI products successfully landed multiple projects, including core intelligent agents for agent sales assistance and online/tele-sales seat assistance in collaboration with several insurance companies[41](index=41&type=chunk) - AI capabilities successfully achieved "cross-domain" application, exported to areas including consumer finance, demonstrating cross-industry versatility[41](index=41&type=chunk) [International Business](index=13&type=section&id=International%20Business) International business, including Peak3 and ZA Bank, saw Peak3 update its Graphene platform and ZA Bank achieve a net profit of HKD 49 million, becoming Asia's first licensed bank for crypto trading - Peak3 completed a major update to its Graphene core platform, expanding its business scope to commercial property & casualty insurance and group medical insurance, and releasing several new AI features[43](index=43&type=chunk) - Peak3 initiated the construction of a new technology center in Madrid to support its European growth plans and future expansion into Latin America[44](index=44&type=chunk) - ZA Bank achieved a historic turnaround to profitability in H1 2025, with a net profit of **HKD 49 million** and net income of approximately **HKD 457 million**, a **82.1% year-on-year increase**[46](index=46&type=chunk) - ZA Bank became Asia's first licensed bank to offer cryptocurrency trading services to Hong Kong retail investors, with Invest client assets growing **125.3% year-on-year**[47](index=47&type=chunk) [Investment Business](index=15&type=section&id=Investment%20Business) The Group's domestic insurance fund investment assets totaled RMB 37.07 billion, with fixed-income investments accounting for 72.4%, and total investment income growing 3.1% to RMB 639 million in H1 2025 H1 2025 Investment Performance | Metric | H1 2025 (RMB millions) | H1 2024 (RMB millions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Investment Income | 639 | 620 | 3.1% | | Total Investment Yield (Annualized) | 3.3% | 3.3% | Flat | | Net Investment Yield (Annualized) | 2.1% | 2.3% | -0.2 percentage points | - Total domestic insurance fund investment assets amounted to approximately **RMB 37.07 billion**[50](index=50&type=chunk) [Domestic Insurance Fund Asset Management](index=15&type=section&id=Domestic%20Insurance%20Fund%20Asset%20Management) As of June 30, 2025, domestic insurance fund investment assets totaled RMB 37.07 billion, with fixed-income investments at 72.4% and stocks/equity funds at 9.7%, reflecting a prudent investment strategy Investment Assets Composition as of June 30, 2025 | Investment Type | Balance as of June 30, 2025 (RMB billions) | Share of Total (%) | | :--- | :--- | :--- | | Cash, deposits with banks and other financial institutions | 0.801 | 2.2% | | Fixed-income investments | 26.830 | 72.4% | | Stocks and equity funds | 3.616 | 9.7% | | Equity in unlisted companies | 5.822 | 15.7% | | Total investment assets | 37.069 | 100.0% | - Among the invested bonds, **98.9%** received external credit ratings of AA or above, with **82.1%** rated AAA[51](index=51&type=chunk) - The proportion of secondary market stocks and equity funds increased by **3.7 percentage points** to **9.7%** as of June 30, 2025, compared to the end of last year[52](index=52&type=chunk) [Insurance Fund Investment Portfolio (by Investment Type)](index=16&type=section&id=Insurance%20Fund%20Investment%20Portfolio%20%28by%20Investment%20Type%29) As of June 30, 2025, the insurance fund investment portfolio comprised 72.4% fixed-income and 25.4% equity/equity funds, showing a shift from fixed-income to equity compared to year-end 2024 Insurance Fund Investment Portfolio Comparison | Investment Type | Share as of June 30, 2025 (%) | Share as of Dec 31, 2024 (%) | | :--- | :--- | :--- | | Cash, deposits with banks and other financial institutions | 2.2% | 2.7% | | Fixed-income investments | 72.4% | 76.6% | | Equity and equity funds | 25.4% | 20.7% | | Total investment assets | 37,068,745 thousands | 39,775,659 thousands | [Investment Income](index=16&type=section&id=Investment%20Income) Total investment income in H1 2025 was RMB 639 million, a 3.1% year-on-year increase, with RMB 470 million from cash and fixed-income, and RMB 169 million from equity and equity funds H1 2025 Investment Income Breakdown | Source of Investment Income | H1 2025 (RMB millions) | H1 2024 (RMB millions) | | :--- | :--- | :--- | | From cash and fixed-income investments | 470 | 721 | | From equity and equity funds | 169 | (101) | | Total Investment Income | 639 | 620 | | Total Investment Yield (Annualized) | 3.3% | 3.3% | | Net Investment Yield (Annualized) | 2.1% | 2.3% | [Outlook](index=16&type=section&id=Outlook) The company will continue its 'insurance + technology' dual-engine strategy, focusing on quality growth, enhancing brand, applying tech to insurance processes, and exporting fintech capabilities domestically and internationally - Continue to adhere to the **"Insurance + Technology" dual-engine strategy**, pursuing "quality and sustainable growth"[55](index=55&type=chunk) - Apply technological development and innovation across the entire insurance process, continuously optimizing underwriting efficiency and user experience[55](index=55&type=chunk) - Continue to export insurance technology capabilities to domestic and international markets, deeply cultivate the Hong Kong financial market, and drive fintech innovation with technology[55](index=55&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) In H1 2025, the company's net profit surged 1,103.5% to RMB 668 million, driven by improved underwriting, stable investment income, banking turnaround, and reduced tech losses, enhancing asset and equity returns H1 2025 Key Financial Performance | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 16,183,150 | 16,035,401 | 0.9% | | Net Profit | 667,568 | 55,467 | 1103.5% | | Total Comprehensive Income | 623,473 | 163,231 | 281.3% | | Basic Earnings Per Share (RMB) | 0.45 | 0.04 | 1025.0% | | Diluted Earnings Per Share (RMB) | 0.45 | 0.04 | 1025.0% | H1 2025 Financial Ratios | Financial Ratios | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Return on Assets | 1.5% | 0.1% | | Return on Equity | 3.1% | 0.3% | | Gearing Ratio | 50.4% | 53.0% | | Net Investment Yield (Annualized) | 2.0% | 1.8% | | Total Investment Yield (Annualized) | 3.4% | 2.8% | [Domestic P&C Underwriting Business](index=18&type=section&id=Domestic%20P%26C%20Underwriting%20Business) In H1 2025, domestic P&C underwriting profit grew 109.1% to RMB 656 million, with combined ratio improving to 95.6%, despite a slight decrease in insurance service revenue, driven by growth in health and auto insurance H1 2025 Domestic P&C Underwriting Performance | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Insurance Service Revenue | 15,041,419 | 15,087,916 | -0.3% | | Insurance Service Expenses | (14,362,546) | (14,767,552) | -2.7% | | Net Income from Reinsurance Contracts Held | 2,575 | 26,122 | -90.1% | | Underwriting Profit | 656,398 | 313,865 | 109.1% | | Underwriting Combined Ratio | 95.6% | 97.9% | Improved by 2.3 percentage points | [Insurance Service Revenue](index=18&type=section&id=Insurance%20Service%20Revenue) The company's insurance service revenue in H1 2025 was RMB 15.04 billion, a 0.3% decrease, with health, auto, home property, and credit insurance showing significant growth, while return freight insurance declined H1 2025 Insurance Service Revenue by Product Category | Insurance Product Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Health Insurance | 5,998,100 | 5,002,211 | 19.9% | | Guarantee Insurance | 1,846,936 | 2,016,139 | -8.4% | | Auto Insurance | 1,084,589 | 862,866 | 25.7% | | Accident Insurance | 908,199 | 1,022,186 | -11.2% | | Home Property Insurance | 736,959 | 429,481 | 71.6% | | Credit Insurance | 682,607 | 423,729 | 61.1% | | Liability Insurance | 578,414 | 511,969 | 13.0% | | Cargo Insurance | 77,056 | 51,957 | 48.3% | | Others (mainly Return Freight Insurance) | 3,128,559 | 4,767,378 | -34.4% | | Return Freight Insurance | 2,420,191 | 3,994,967 | -39.4% | | Total | 15,041,419 | 15,087,916 | -0.3% | [Insurance Service Expenses](index=19&type=section&id=Insurance%20Service%20Expenses) The company's insurance service expenses decreased by 2.7% to RMB 14.36 billion in H1 2025, primarily due to changes in incurred claims and other directly attributable costs - Insurance service expenses decreased by approximately **2.7%** from approximately **RMB 14.77 billion** in H1 2024 to approximately **RMB 14.36 billion** in H1 2025[62](index=62&type=chunk) [Net Income/Loss from Reinsurance Contracts Held](index=19&type=section&id=Net%20Income%2FLoss%20from%20Reinsurance%20Contracts%20Held) Net income from reinsurance contracts held decreased by 90.1% to RMB 2.58 million in H1 2025, reflecting a reduction in ceded premiums less recovered insurance service expenses - Net income from reinsurance contracts held decreased by approximately **90.1%** from approximately **RMB 26.12 million** in H1 2024 to approximately **RMB 2.58 million** in H1 2025[63](index=63&type=chunk) [Insurance Finance Income/Loss](index=19&type=section&id=Insurance%20Finance%20Income%2FLoss) Underwriting finance loss decreased from RMB 33 million in H1 2024 to RMB 25 million in H1 2025, while ceded reinsurance finance income also saw a significant reduction - Underwriting finance loss decreased from approximately **RMB 33 million** in H1 2024 to approximately **RMB 25 million** in H1 2025[64](index=64&type=chunk) - Ceded reinsurance finance income decreased from approximately **RMB 0.45 million** in H1 2024 to approximately **RMB 0.01 million** in H1 2025[64](index=64&type=chunk) [Investment Business Details](index=20&type=section&id=Investment%20Business%20Details) The Group's investment assets totaled RMB 38.36 billion as of June 30, 2025, with cash, bank deposits, and fixed-income investments comprising 74.3%, and net investment income significantly improving to RMB 698 million - As of June 30, 2025, total investment assets amounted to approximately **RMB 38.36 billion**, representing approximately **88.3%** of total assets[67](index=67&type=chunk) - As of June 30, 2025, cash, deposits with banks and other financial institutions, and fixed-income investments collectively accounted for approximately **74.3%** of total investment assets[67](index=67&type=chunk) [Composition of Investment Assets](index=20&type=section&id=Composition%20of%20Investment%20Assets) As of June 30, 2025, fixed-income investments constituted 71.4% of total investment assets, while equity and equity funds accounted for 25.7%, indicating a shift from fixed-income to equity compared to year-end 2024 Investment Assets Composition | Investment Type | Balance as of June 30, 2025 (RMB thousands) | Share of Total (%) | Balance as of Dec 31, 2024 (RMB thousands) | Share of Total (%) | | :--- | :--- | :--- | :--- | :--- | | Cash, deposits with banks and other financial institutions | 1,120,689 | 2.9% | 1,466,741 | 3.6% | | Fixed-income investments | 27,381,090 | 71.4% | 30,945,296 | 75.4% | | Equity and equity funds | 9,855,272 | 25.7% | 8,595,112 | 21.0% | | Total investment assets | 38,357,051 | 100.0% | 41,007,150 | 100.0% | [Cash, Deposits with Banks and Other Financial Institutions](index=21&type=section&id=Cash%2C%20Deposits%20with%20Banks%20and%20Other%20Financial%20Institutions) As of June 30, 2025, cash, deposits with banks, and other financial institutions amounted to RMB 1.12 billion, a decrease from RMB 1.47 billion at year-end 2024 - As of June 30, 2025, cash, deposits with banks and other financial institutions amounted to approximately **RMB 1.12 billion**, a decrease from approximately **RMB 1.47 billion** as of December 31, 2024[68](index=68&type=chunk) [Bonds](index=21&type=section&id=Bonds) As of June 30, 2025, bond investments decreased to RMB 19.04 billion from RMB 21.60 billion at year-end 2024, with 98.9% of bonds rated AA or above externally - As of June 30, 2025, bond investments amounted to approximately **RMB 19.04 billion**, a decrease from approximately **RMB 21.60 billion** as of December 31, 2024[69](index=69&type=chunk) - **98.9%** of the company's bond holdings received external ratings of AA (domestic) or above, or BBB- (international) or above[69](index=69&type=chunk) [Stocks and Equity Funds](index=21&type=section&id=Stocks%20and%20Equity%20Funds) As of June 30, 2025, investments in stocks and equity funds increased to RMB 3.63 billion from RMB 2.41 billion at year-end 2024, reflecting a prudent and dynamic adjustment strategy - As of June 30, 2025, investments in stocks and equity funds amounted to approximately **RMB 3.63 billion**, an increase from approximately **RMB 2.41 billion** as of December 31, 2024[70](index=70&type=chunk) [Net Investment Income](index=21&type=section&id=Net%20Investment%20Income) Net investment income significantly improved to RMB 698 million in H1 2025 from a loss of RMB 171 million in H1 2024, primarily due to a turnaround from realized losses to gains H1 2025 Net Investment Income | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income | 323,777 | 334,860 | -3.3% | | Dividend income | 84,968 | 103,518 | -17.9% | | Net realized (losses)/gains | 288,775 | (608,894) | -147.4% | | Net investment income | 697,520 | (170,516) | -509.1% | [Net Fair Value Changes in Profit or Loss](index=22&type=section&id=Net%20Fair%20Value%20Changes%20in%20Profit%20or%20Loss) In H1 2025, a net loss of RMB 28 million from fair value changes was recorded, a significant shift from a net gain of RMB 789 million in H1 2024, mainly due to debt investment fair value changes - In H1 2025, a net loss from fair value changes of **RMB 28 million** was recorded, compared to a net gain of approximately **RMB 789 million** in H1 2024[73](index=73&type=chunk) [Overall Performance](index=22&type=section&id=Overall%20Performance) In H1 2025, the Group's total revenue increased 0.9% to RMB 16.18 billion, with net profit surging 1,103.5% to RMB 668 million, reflecting significant overall performance improvement H1 2025 Overall Financial Performance | Metric | H1 2025 (RMB billions) | H1 2024 (RMB billions) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 16.183 | 16.035 | 0.9% | | Profit Before Tax | 0.740 | 0.039 | 1797.4% | | Net Profit | 0.668 | 0.055 | 1103.5% | - Income tax expense was approximately **RMB 73 million**, compared to an income tax credit of approximately **RMB 16 million** in the same period last year[76](index=76&type=chunk) [Cash Flow](index=23&type=section&id=Cash%20Flow) In H1 2025, net cash from operating activities was RMB 2.14 billion, from investing activities RMB 1.95 billion, while financing activities used RMB 4.47 billion, primarily due to bond repayments H1 2025 Cash Flow Summary | Cash Flow Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 2,143,410 | 850,742 | | Net cash generated from investing activities | 1,952,310 | 948,532 | | Net cash used in financing activities | (4,468,767) | (1,453,127) | | Net increase/(decrease) in cash and cash equivalents | (327,838) | 346,577 | - Net cash used in financing activities was primarily due to cash outflow of approximately **RMB 4.28 billion** from bond repayments[79](index=79&type=chunk) [Debts](index=23&type=section&id=Debts) As of June 30, 2025, the company's outstanding bonds totaled USD 360.1 million, with ZhongAn Tech holding RMB 60 million and RMB 8 million in liquid loans, and no other significant debts - As of June 30, 2025, the company's outstanding bonds payable principal balance was **USD 360.1 million**[80](index=80&type=chunk) - As of June 30, 2025, ZhongAn Tech had outstanding loan principal balances of **RMB 60 million** from China Merchants Bank and **RMB 8 million** from China CITIC Bank[80](index=80&type=chunk) [Material Investments](index=24&type=section&id=Material%20Investments) For the six months ended June 30, 2025, the Group held no material investments valued at 5% or more of its total assets - For the six months ended June 30, 2025, the Group held no material investments[81](index=81&type=chunk) [Material Acquisitions and Disposals](index=24&type=section&id=Material%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the Group made no material acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group made no material acquisitions or disposals of subsidiaries, associates, or joint ventures[82](index=82&type=chunk) [Future Plans for Material Investments and Capital Assets](index=24&type=section&id=Future%20Plans%20for%20Material%20Investments%20and%20Capital%20Assets) As of June 30, 2025, the Group had no future plans for material investments or capital assets - As of June 30, 2025, the Group had no future plans for material investments and capital assets[83](index=83&type=chunk) [Asset Pledges](index=24&type=section&id=Asset%20Pledges) As of June 30, 2025, the Group had not pledged any assets, except as disclosed in this interim report - As of June 30, 2025, the Group had not pledged any assets[84](index=84&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group's gearing ratio was approximately 50.4%, a 3.4 percentage point decrease from approximately 53.8% as of December 31, 2024 - As of June 30, 2025, the gearing ratio was approximately **50.4%**, a **3.4 percentage point decrease** from approximately **53.8%** as of December 31, 2024[85](index=85&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in China with RMB as its functional currency, the Group faces foreign exchange risk from foreign currency-denominated assets and liabilities of certain joint ventures - The Group primarily operates in China, with RMB as its functional and financial reporting currency[86](index=86&type=chunk) - The business of some subsidiaries of the Group's joint ventures is denominated in foreign currencies (including HKD, USD, JPY, SGD, EUR, etc.), exposing the Group to foreign exchange risk[86](index=86&type=chunk) [Contingent Liabilities](index=24&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[87](index=87&type=chunk) [Off-Balance Sheet Commitments and Arrangements](index=24&type=section&id=Off-Balance%20Sheet%20Commitments%20and%20Arrangements) As of June 30, 2025, the Group had not entered into any off-balance sheet arrangements - As of June 30, 2025, the Group had not entered into any off-balance sheet arrangements[88](index=88&type=chunk) [Events After Reporting Period](index=24&type=section&id=Events%20After%20Reporting%20Period) After the reporting period, the company completed a placement of 215 million new H shares on July 4, 2025, raising approximately HKD 3.896 billion for capital and business development - On July 4, 2025, the company completed the placement of **215 million new H shares** at a price of **HKD 18.25 per H share**[89](index=89&type=chunk) - The net proceeds from the placement totaled approximately **HKD 3,895.8 million**[89](index=89&type=chunk) - The net proceeds are intended to supplement the Group's capital to support business development (**60%** for insurance underwriting and asset management, **30%** for fintech innovation, and **10%** for general corporate purposes)[89](index=89&type=chunk) [Disclosure of Interests](index=25&type=section&id=Disclosure%20of%20Interests) [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=25&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%2C%20Supervisors%20and%20Chief%20Executive%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of June 30, 2025, directors, supervisors, and chief executives held interests in the company's shares, with Mr. Ou Yaping holding 81 million H shares through controlled corporations, representing 5.51% of total issued share capital Interests of Directors in Shares as of June 30, 2025 | Name of Director | Share Class | Nature of Interest | Number of Shares | Approximate Percentage of Total Issued Share Capital of the Company | | :--- | :--- | :--- | :--- | :--- | | Ou Yaping | H Shares | Interest in controlled corporation | 81,000,000 (Long Position) | 5.51% | [Interests and Short Positions of Substantial Shareholders and Other Persons in Shares and Underlying Shares of the Company](index=26&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20and%20Other%20Persons%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, substantial shareholders held significant interests in the company's shares, including Ping An Insurance (10.21%), Shenzhen Jiadexin Investment (9.09%), Tencent (7.72%), and Ant Group (7.37%) Interests of Substantial Shareholders as of June 30, 2025 | Name of Shareholder/Entity | Share Class | Nature of Interest | Number of Shares (L/S) | Approximate Percentage of Total Issued Share Capital of the Company | | :--- | :--- | :--- | :--- | :--- | | Ping An Insurance | H Shares | Beneficial Interest | 150,000,000 (L) | 10.21% | | Shenzhen Jiadexin Investment Co., Ltd. | H Shares | Beneficial Interest | 133,615,251 (L) | 9.09% | | Tencent Computer System | H Shares | Beneficial Interest | 113,443,012 (L) | 7.72% | | Ant Group | H Shares | Beneficial Interest | 108,368,552 (L) | 7.37% | | Shenzhen Rixun Network Technology Co., Ltd. | H Shares | Beneficial Interest | 81,000,000 (L) | 5.51% | | UBS Group AG | H Shares | Interest in controlled corporation | 106,918,423 (L) / 51,786,628 (S) | 7.27% (L) / 3.52% (S) | | Morgan Stanley | H Shares | Interest in controlled corporation | 80,452,089 (L) / 35,167,972 (S) | 5.47% (L) / 2.39% (S) | | Shanghai Yuanqiang Investment Co., Ltd. | Domestic Shares | Beneficial Interest | 50,000,000 (L) | 3.40% | [Other Information](index=29&type=section&id=Other%20Information) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 2,193 full-time employees, with total employee benefit costs of RMB 738 million in H1 2025, based on industry practices and performance - As of June 30, 2025, the Group had **2,193 full-time employees**[96](index=96&type=chunk) - Total employee benefit costs (including directors' and supervisors' remuneration) incurred by the Group for the six months ended June 30, 2025, amounted to approximately **RMB 738 million**[96](index=96&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The company is committed to maintaining strict corporate governance, adhering to listing rules and its articles of association, and complying with the Corporate Governance Code principles and code provisions - The company is committed to maintaining and implementing strict corporate governance, having adopted the principles and code provisions of the Corporate Governance Code as the benchmark for its corporate governance practices[97](index=97&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=29&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance throughout the reporting period [Review by Audit and Consumer Rights Protection Committee](index=29&type=section&id=Review%20by%20Audit%20and%20Consumer%20Rights%20Protection%20Committee) The Audit and Consumer Rights Protection Committee reviewed the Group's H1 2025 interim report and unaudited interim results, discussing accounting policies and internal controls with management and external auditors - The Audit and Consumer Rights Protection Committee has reviewed the Group's interim report and unaudited interim results for the six months ended June 30, 2025[99](index=99&type=chunk) - The committee's main responsibilities include overseeing risk management, strengthening internal control and compliance management, reviewing financial reports, supervising financial reporting procedures, and protecting consumer rights[99](index=99&type=chunk) [Other Board Committees](index=29&type=section&id=Other%20Board%20Committees) In addition to the Audit and Consumer Rights Protection Committee, the company has established the Nomination and Remuneration Management Committee, Strategy and Investment Decision Committee, and Risk Management and Connected Transactions Control Committee - The company has established the Nomination and Remuneration Management Committee, the Strategy and Investment Decision Committee, and the Risk Management and Connected Transactions Control Committee[100](index=100&type=chunk) [Changes in Directors, Supervisors and Chief Executive](index=30&type=section&id=Changes%20in%20Directors%2C%20Supervisors%20and%20Chief%20Executive) Ms. Zheng Hui'en was re-designated as Chairperson of the Audit Committee of the Council of The Hong Kong Polytechnic University on March 1, 2025, with no other material changes during the reporting period - Ms. Zheng Hui'en was re-designated from a member to the Chairperson of the Audit Committee of the Council of The Hong Kong Polytechnic University on March 1, 2025[101](index=101&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the reporting period, and no treasury shares were held as of June 30, 2025 - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[102](index=102&type=chunk) [Use of Proceeds](index=30&type=section&id=Use%20of%20Proceeds) The company issued USD 1 billion in notes in 2020, with approximately RMB 6.79 billion (USD 989 million) used for working capital and general corporate purposes as of June 30, 2025, and USD 360.1 million in outstanding bonds - The company issued 2025 notes, 2026 notes, and additional notes, with a total principal amount of **USD 1 billion**[103](index=103&type=chunk)[104](index=104&type=chunk) - As of June 30, 2025, approximately **RMB 6.79 billion** (equivalent to approximately **USD 989 million**) had been used for working capital and general corporate purposes[104](index=104&type=chunk) - The outstanding principal balance of bonds payable was **USD 360.1 million**[104](index=104&type=chunk) [Litigation](index=30&type=section&id=Litigation) As of June 30, 2025, the company was not involved in any material litigation or arbitration, and directors were unaware of any pending or potential material claims - As of June 30, 2025, the company was not involved in any material litigation or arbitration[105](index=105&type=chunk) [Interim Dividend](index=30&type=section&id=Interim%20Dividend) To retain resources for business development, the Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (H1 2024: nil) - The Board has resolved not to declare an interim dividend for the six months ended June 30, 2025[106](index=106&type=chunk) [Review Report on Interim Financial Information](index=31&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) PricewaterhouseCoopers reviewed ZhongAn Online's H1 2025 interim financial information, concluding no material issues in preparation according to HKAS 34, without expressing an audit opinion - PricewaterhouseCoopers has reviewed the Group's interim financial information for the six months ended June 30, 2025[108](index=108&type=chunk) - The scope of the review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and therefore no audit opinion is expressed[109](index=109&type=chunk) - Review conclusion: Nothing has come to the auditor's attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[110](index=110&type=chunk) [Condensed Consolidated Interim Statement of Profit or Loss](index=32&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss) In H1 2025, the Group's net profit surged to RMB 668 million from RMB 55 million year-on-year, driven by improved insurance service results and a turnaround in net investment income, despite a loss from fair value changes H1 2025 Condensed Consolidated Interim Statement of Profit or Loss | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Insurance Service Revenue | 15,041,419 | 15,087,916 | | Insurance Service Results | 681,448 | 346,486 | | Net Investment Income | 697,520 | (170,516) | | Net Fair Value Changes in Profit or Loss | (28,056) | 789,161 | | Profit Before Tax | 740,244 | 39,145 | | Net Profit | 667,568 | 55,467 | | Basic Earnings Per Share (RMB) | 0.45 | 0.04 | [Condensed Consolidated Interim Statement of Comprehensive Income](index=33&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Comprehensive%20Income) In H1 2025, total comprehensive income significantly increased to RMB 623 million from RMB 163 million year-on-year, driven by higher net profit, despite a shift to loss in fair value changes of debt instruments in other comprehensive income H1 2025 Condensed Consolidated Interim Statement of Comprehensive Income | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Profit | 667,568 | 55,467 | | Other Comprehensive Income (after tax) | (44,095) | 107,764 | | Total Comprehensive Income | 623,473 | 163,231 | - Fair value changes of debt instruments at fair value through other comprehensive income shifted from a gain of **RMB 81.02 million** in H1 2024 to a loss of **RMB 38.33 million** in H1 2025[114](index=114&type=chunk) [Condensed Consolidated Interim Statement of Financial Position](index=34&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets decreased to RMB 43.45 billion from RMB 45.28 billion at year-end 2024, while total equity increased to RMB 21.56 billion and total liabilities decreased to RMB 21.89 billion, optimizing the capital structure Condensed Consolidated Interim Statement of Financial Position | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 43,448,479 | 45,284,579 | | Total Equity | 21,559,177 | 20,926,401 | | Total Liabilities | 21,889,302 | 24,358,178 | | Financial assets at fair value through profit or loss | 19,947,600 | 20,706,284 | | Debt instruments at fair value through other comprehensive income | 8,920,381 | 10,528,854 | | Bonds payable | 2,604,974 | 6,912,317 | - Bonds payable significantly decreased from approximately **RMB 6.91 billion** at year-end 2024 to approximately **RMB 2.61 billion** as of June 30, 2025[115](index=115&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=35&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2025, total equity increased to RMB 21.56 billion, driven by a net profit of RMB 668 million, partially offset by a RMB 47.55 million decrease in financial asset revaluation reserve within other comprehensive income Condensed Consolidated Interim Statement of Changes in Equity | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Equity | 21,559,177 | 20,926,401 | | Retained Earnings | 3,014,749 | 2,460,726 | | Total Comprehensive Income | 623,473 | 163,231 (H1 2024) | - In H1 2025, total comprehensive income was **RMB 623 million**, attributable to equity holders of the parent company[116](index=116&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=36&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Cash%20Flows) In H1 2025, net cash from operating activities was RMB 2.14 billion, from investing activities RMB 1.95 billion, while financing activities used RMB 4.47 billion, resulting in a net decrease of RMB 373 million in cash and cash equivalents H1 2025 Condensed Consolidated Interim Statement of Cash Flows | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash generated from operating activities | 2,143,410 | 850,742 | | Net cash generated from investing activities | 1,952,310 | 948,532 | | Net cash used in financing activities | (4,468,767) | (1,453,127) | | Net (decrease)/increase in cash and cash equivalents | (372,838) | 346,577 | | Cash and cash equivalents at end of period | 1,634,696 | 2,022,907 | - Net cash used in financing activities was primarily due to bond payments of approximately **RMB 4.28 billion**[117](index=117&type=chunk) [Notes to the Condensed Consolidated Interim Financial Information](index=37&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [General Information](index=37&type=section&id=General%20Information) ZhongAn Online Property and Casualty Insurance Co., Ltd., established on October 9, 2013, focuses on fintech, internet insurance, and IT services, and was listed on the HKEX Main Board on September 28, 2017 - The company was established on **October 9, 2013**, primarily engaged in fintech business, providing internet insurance services and insurance information technology services[118](index=118&type=chunk)[119](index=119&type=chunk) - The company was listed on the Main Board of The Stock Exchange of Hong Kong Limited on **September 28, 2017**, with stock code **6060**[120](index=120&type=chunk) [Basis of Preparation](index=37&type=section&id=Basis%20of%20Preparation) This condensed consolidated interim financial information is prepared in accordance with HKAS 34 and HKEX Listing Rules, with accounting policies consistent with the 2024 annual financial statements, except for new amendments and interpretations - This condensed consolidated interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[121](index=121&type=chunk) [Significant Accounting Policies](index=37&type=section&id=Significant%20Accounting%20Policies) The Group applied HKFRS 21 amendments in this interim period without material impact and is currently assessing the effects of adopting HKFRS 18 and amendments to HKFRS 9 and HKFRS 7 - In this interim period, the Group has applied the amendments to HKFRS 21 "Lack of Exchangeability," which did not have a material impact on this condensed consolidated interim financial information[122](index=122&type=chunk) - The Group is currently assessing the impact of adopting HKFRS 18 and amendments to HKFRS 9 and HKFRS 7[123](index=123&type=chunk) [Segment Information](index=38&type=section&id=Segment%20Information) The Group's operating segments include insurance, technology, banking, and others, with insurance net profit at RMB 673 million, technology net loss at RMB 56 million, and banking net profit at RMB 18 million in H1 2025 - The Group's operating segments include insurance, technology, banking, and others[125](index=125&type=chunk) H1 2025 Segment Net Profit/(Loss) | Segment | H1 2025 Net Profit/(Loss) (RMB thousands) | H1 2024 Net Profit/(Loss) (RMB thousands) | | :--- | :--- | :--- | | Insurance | 673,045 | 138,371 | | Technology | (55,988) | (82,602) | | Banking | 18,341 | (46,002) | | Others | 4,977 | 32,498 | | Total | 667,568 | 55,467 | Segment Assets | Segment | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Insurance | 41,749,113 | 43,726,537 | | Technology | 1,783,352 | 1,822,043 | | Banking | 9,756,757 | 8,982,043 | | Others | 4,549,711 | 4,655,248 | | Total | 43,448,479 | 45,284,579 | [Subsidiaries](index=41&type=section&id=Subsidiaries) As of June 30, 2025, the company owned 13 wholly-owned subsidiaries, including ZhongAn Tech and ZhongAn Insurance Brokerage, engaged in tech development, insurance brokerage, and healthcare services, and consolidated 5 structured entities - As of June 30, 2025, the company owned **13 wholly-owned subsidiaries**, including ZhongAn Tech, ZhongAn Insurance Brokerage, and Shanghai Lianmo[130](index=130&type=chunk) - Consolidated structured entities include 5 asset management products or equity investment entities such as ZhongAn Taikang Asset Management Plan and ZhongAn Lexiang No. 1 Asset Management Plan[131](index=131&type=chunk) [Insurance Service Results](index=42&type=section&id=Insurance%20Service%20Results) In H1 2025, insurance service revenue was RMB 15.04 billion, with expenses at RMB 14.36 billion, resulting in insurance service results of RMB 681 million, a significant increase from RMB 346 million year-on-year H1 2025 Insurance Service Results | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Total insurance service revenue | 15,041,419 | 15,087,916 | | Total insurance service expenses | (14,362,546) | (14,767,552) | | Total net income from reinsurance contracts held | 2,575 | 26,122 | | Insurance service results | 681,448 | 346,486 | [Net Investment Income](index=43&type=section&id=Net%20Investment%20Income) Net investment income significantly improved to RMB 698 million in H1 2025 from a loss of RMB 171 million in H1 2024, primarily due to a shift from realized losses to gains, despite lower interest and dividend income H1 2025 Net Investment Income | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income | 323,777 | 334,860 | | Dividend income | 84,968 | 103,518 | | Net realized gains/(losses) | 288,775 | (608,894) | | Net investment income | 697,520 | (170,516) | - Net realized gains shifted from a loss of **RMB 609 million** in H1 2024 to a gain of **RMB 289 million** in H1 2025[136](index=136&type=chunk) [Net Fair Value Changes in Profit or Loss](index=44&type=section&id=Net%20Fair%20Value%20Changes%20in%20Profit%20or%20Loss) In H1 2025, a net loss of RMB 28 million from fair value changes was recorded, a significant shift from a net gain of RMB 789 million in H1 2024, mainly due to debt investment fair value changes H1 2025 Net Fair Value Changes in Profit or Loss | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | (28,056) | 789,161 | [Other Income](index=44&type=section&id=Other%20Income) Other income increased to RMB 479 million in H1 2025 from RMB 407 million in H1 2024, primarily driven by a significant increase in government grants H1 2025 Other Income | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Service income | 333,443 | 399,558 | | Government grants | 144,183 | 3,685 | | Others | 1,264 | 3,781 | | Total | 478,890 | 407,024 | - Government grants significantly increased from **RMB 3.69 million** in H1 2024 to **RMB 144.18 million** in H1 2025[138](index=138&type=chunk)[139](index=139&type=chunk) [Other Operating Expenses](index=45&type=section&id=Other%20Operating%20Expenses) Other operating expenses slightly decreased to RMB 512 million in H1 2025 from RMB 520 million in H1 2024, despite increases in promotion, marketing, handling fees, commissions, consulting, and technology fees H1 2025 Other Operating Expenses | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Promotion and marketing expenses | 2,305,438 | 1,879,834 | | Handling fees and commissions | 2,172,805 | 1,601,203 | | Consulting and technology fees | 1,570,692 | 1,357,914 | | Employee benefit expenses | 601,776 | 621,202 | | Depreciation and amortization | 150,554 | 141,403 | | Others | 457,048 | 412,468 | | Less: Expenses attributable to insurance acquisition cash flows and other directly attributable costs | (6,746,660) | (5,494,192) | | Total | 511,653 | 519,832 | [Other Expenses](index=45&type=section&id=Other%20Expenses) Other expenses decreased to RMB 316 million in H1 2025 from RMB 421 million in H1 2024, primarily due to lower costs and expenses for providing services H1 2025 Other Expenses | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Cost of providing services | 270,232 | 343,302 | | Expenses of providing services | 31,904 | 59,719 | | Others | 14,236 | 17,557 | | Total | 316,372 | 420,578 | [Income Tax](index=45&type=section&id=Income%20Tax) Income tax expense was RMB 73 million in H1 2025, a shift from an income tax credit of RMB 16 million in H1 2024, influenced by current and deferred tax impacts H1 2025 Income Tax | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax | 249,652 | (10,682) | | Deferred income tax | (176,976) | (5,640) | | Total | 72,676 | (16,322) | - The income tax reconciliation table shows that tax calculated at the applicable rate was **RMB 178 million**, but due to factors such as non-taxable income and R&D expense super deduction, the actual income tax was **RMB 73 million**[143](index=143&type=chunk) [Earnings Per Share](index=46&type=section&id=Earnings%20Per%20Share) Basic and diluted earnings per share both significantly increased to RMB 0.45 in H1 2025 from RMB 0.04 in H1 2024, with no dilutive potential shares during the period H1 2025 Earnings Per Share | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net profit attributable to equity holders of the parent company for the period (RMB thousands) | 667,568 | 55,467 | | Weighted average number of ordinary shares in issue (thousands of shares) | 1,469,813 | 1,469,813 | | Basic earnings per share (RMB) | 0.45 | 0.04 | | Diluted earnings per share (RMB) | 0.45 | 0.04 | [Other Comprehensive Income](index=47&type=section&id=Other%20Comprehensive%20Income) Other comprehensive income was a tax-effected loss of RMB 44.10 million in H1 2025, a shift from a gain of RMB 108 million in H1 2024, primarily due to fair value changes in debt instruments H1 2025 Other Comprehensive Income | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Fair value changes of debt instruments at fair value through other comprehensive income | (38,332) | 81,016 | | Fair value changes of equity instruments at fair value through other comprehensive income | (5,501) | (6,228) | | Share of other comprehensive income of associates and joint ventures accounted for using the equity method | 3,456 | 34,691 | | Other comprehensive income after tax | (44,095) | 107,764 | [Cash, Deposits with Banks and Other Financial Institutions](index=47&type=section&id=Cash%2C%20Deposits%20with%20Banks%20and%20Other%20Financial%20Institutions) As of June 30, 2025, cash, deposits with banks, and other financial institutions decreased to RMB 1.12 billion from RMB 1.47 billion at year-end 2024, mainly comprising short-term deposits and other monetary funds Cash, Deposits with Banks and Other Financial Institutions | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Deposits with original maturity not exceeding three months | 758,526 | 760,365 | | Other monetary funds | 362,154 | 706,337 | | Total | 1,120,689 | 1,466,741 | [Financial Assets Held Under Resale Agreements](index=48&type=section&id=Financial%20Assets%20Held%20Under%20Resale%20Agreements) As of June 30, 2025, financial assets held under resale agreements slightly decreased to RMB 514 million from RMB 541 million at year-end 2024, primarily consisting of bonds in interbank and stock exchange markets Financial Assets Held Under Resale Agreements | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Securities - bonds (interbank market) | 344,000 | 288,250 | | Securities - bonds (stock exchange) | 170,016 | 252,582 | | Total | 514,047 | 540,883 | [Financial Assets at Fair Value Through Profit or Loss](index=48&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss decreased to RMB 19.95 billion from RMB 20.71 billion at year-end 2024, comprising debt, fund, equity investments, and wealth management products Financial Assets at Fair Value Through Profit or Loss | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Debt investments | 9,669,879 | 10,540,326 | | Fund investments | 5,696,548 | 6,512,880 | | Equity investments | 2,426,422 | 1,521,556 | | Wealth management products | 2,134,137 | 2,111,237 | | Total | 19,947,600 | 20,706,284 | - Of these, listed financial assets amounted to **RMB 3.92 billion**, and unlisted financial assets amounted to **RMB 16.02 billion**[149](index=149&type=chunk) [Financial Assets Measured at Amortized Cost](index=48&type=section&id=Financial%20Assets%20Measured%20at%20Amortized%20Cost) As of June 30, 2025, financial assets measured at amortized cost were RMB 1.05 billion, largely stable compared to RMB 1.05 billion at year-end 2024, primarily including trust investment plans and debt investments Financial Assets Measured at Amortized Cost | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trust investment plans | 619,247 | 524,310 | | Debt investments | 430,374 | 527,120 | | Total | 1,049,110 | 1,051,049 | [Debt Instruments at Fair Value Through Other Comprehensive Income](index=49&type=section&id=Debt%20Instruments%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, debt instruments at fair value through other comprehensive income decreased to RMB 8.92 billion from RMB 10.53 billion at year-end 2024, comprising corporate, financial, and government bonds Debt Instruments at Fair Value Through Other Comprehensive Income | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Corporate bonds | 5,273,325 | 6,326,093 | | Financial bonds | 2,549,975 | 2,823,182 | | Government bonds | 1,066,422 | 1,348,979 | | Total | 8,920,381 | 10,528,854 | - Of these, listed debt instruments amounted to **RMB 639 million**, and unlisted debt instruments amounted to **RMB 8.28 billion**[151](index=151&type=chunk) [Equity Instruments at Fair Value Through Other Comprehensive Income](index=49&type=section&id=Equity%20Instruments%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, equity instruments at fair value through other comprehensive income increased to RMB 846 million from RMB 790 million at year-end 2024, primarily equity investments with a larger proportion of listed ones Equity Instruments at Fair Value Through Other Comprehensive Income | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Equity investments | 845,692 | 789,783 | | Of which: listed | 810,006 | 754,097 | | Of which: unlisted | 35,686 | 35,686 | - In H1 2025, dividend income recognized from these equity investments was **RMB 20.59 million**[153](index=153&type=chunk) [Investments in Associates and Joint Ventures](index=50&type=section&id=Investments%20in%20Associates%20and%20Joint%20Ventures) As of June 30, 2025, total investments in associates and joint ventures slightly increased to RMB 5.62 billion from RMB 5.59 billion at year-end 2024, including investments in ZhongAn Microfinance, ZhongAn Xinke, ZhongAn International, and Nova Technology Investments in Associates and Joint Ventures | Associates and Joint Ventures | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Chongqing ZhongAn Microfinance Co., Ltd. | 446,899 | 440,585 | | ZhongAn Xinke (Shenzhen) Co., Ltd. | 240,515 | 218,824 | | ZhongAn Technology (International) Group Co., Ltd. | 4,861,698 | 4,870,675 | | Nova Technology Ltd. | 73,832 | 61,332 | | Total | 5,622,944 | 5,591,416 | - In H1 2025, the share of net loss from associates and joint ventures was **RMB 6.62 million**[154](index=154&type=chunk) [Time Deposits](index=50&type=section&id=Time%20Deposits) As of June 30, 2025, time deposits slightly increased to RMB 31.17 million from RMB 30.83 million at year-end 2024, primarily comprising deposits with maturities of less than three months and three months to one year Time Deposits by Maturity | Maturity Period | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Less than 3 months | 10,000 | — | | 3 months to 1 year (inclusive) | 20,000 | 30,000 | | Total | 31,169 | 30,827 | [Capital Deposit](index=51&type=section&id=Capital%20Deposit) As of June 30, 2025, capital deposit slightly increased to RMB 305 million from RMB 301 million at year-end 2024, representing 20% of the company's share capital as required by the PRC Insurance Law Capital Deposit | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Capital deposit | 295,000 | 295,000 | | Total | 305,419 | 301,313 | - In accordance with relevant provisions of the "Insurance Law of the People's Republic of China," the company is required to set aside **20%** of its share capital as a capital deposit[156](index=156&type=chunk) [Property and Equipment](index=52&type=section&id=Property%20and%20Equipment) As of June 30, 2025, the net book value of property and equipment decreased to RMB 632 million from RMB 654 million on January 1, 2025, with depreciation expenses of RMB 28.37 million in H1 2025 Property and Equipment Net Book Value | Item | As of June 30, 2025 (RMB thousands) | As of Jan 1, 2025 (RMB thousands) | | :--- | :--- | :--- | | Buildings | 571,660 | 580,104 | | Motor vehicles | 1,385 | 1,686 | | Electrical equipment | 21,231 | 21,109 | | Office furniture and equipment | 2,588 | 2,901 | | Leasehold improvements | 35,029 | 47,977 | | Total | 631,893 | 653,777 | - Depreciation expenses for H1 2025 amounted to **RMB 28.37 million**[158](index=158&type=chunk) [Leases](index=52&type=section&id=Leases) As of June 30, 2025, right-of-use assets (buildings) were RMB 116 million and lease liabilities were RMB 94 million, with depreciation expenses of RMB 63.51 million and total cash outflows of RMB 67.88 million in H1 2025 Right-of-Use Assets and Lease Liabilities | Item | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Right-of-use assets (buildings) | 115,879 | 143,774 | | Lease liabilities | 93,987 | 122,896 | H1 2025 Lease-Related Expenses and Cash Flow | Item | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation expense for right-of-use assets | (63,506) | (79,908) | | Interest expense | 2,518 | 7,650 | | Total cash outflow relating to leases | 67,883 | 77,740 | [Intangible Assets](index=53&type=section&id=Intangible%20Assets) As of June 30, 2025, the net book value of intangible assets slightly increased to RMB 626 million from RMB 619 million on January 1, 2025, with amortization expenses of RMB 58.40 million and impairment of RMB 24.40 million in H1 2025 Intangible Assets Net Book Value | Item | As of June 30, 2025 (RMB thousands) | As of Jan 1, 2025 (RMB thousands) | | :--- | :--- | :--- | | Software | 625,122 | 618,180 | | Others | 449 | 539 | | Total | 625,571 | 618,719 | - Amortization expenses for H1 2025 were **RMB 58.40 million**, and impairment was **RMB 24.40 million**[161](index=161&type=chunk) [Deferred Tax Assets and Liabilities](index=54&type=section&id=Deferred%20Tax%20Assets%20and%20Liabilities) As of June 30, 2025, net deferred tax liabilities significantly decreased to RMB 77.31 million from RMB 270.14 million at year-end 2024, influenced by insurance contract liabilities, impairment provisions, and financial asset fair value changes Deferred Tax

Core Insights - The application of AI in the domestic insurance industry is entering a new phase of large-scale implementation, with major companies focusing on cost reduction and efficiency enhancement across the entire business chain [1][2][3] AI Integration in Business Processes - AI technology is transforming core insurance processes from manual to intelligent-driven, significantly improving service efficiency and customer experience [2] - In underwriting and customer service, AI has enhanced operational efficiency, with automated underwriting rates reaching 95.8% and customer service response accuracy exceeding 95% [3][4] Cost Control and Risk Reduction - AI applications in customer service and auditing have substantially reduced labor costs, with companies like ZhongAn Insurance utilizing over 100 active AI robots, achieving 4.5 billion calls in the first half of the year [4][5] - Enhanced AI risk control capabilities have led to significant reductions in fraud losses, with Ping An Insurance intercepting fraud claims worth 6.44 billion yuan, a year-on-year increase of 6% [5] Future Development and Strategic Direction - Several listed insurance companies have identified AI as a long-term strategic direction, with China Pacific Insurance focusing on building an enterprise-level AI capability system [7][8] - The integration of AI is expected to drive innovation in personalized products, health management services, and investment capabilities, with Ping An's investment return rate rising to 3.1% [7][8]

Core Insights - The application of artificial intelligence (AI) in China's insurance industry is experiencing a qualitative leap, transitioning from conceptual exploration to industrial implementation in the first half of 2025 [1] - Intelligent transformation is becoming the core driving force for the industry's upgrade, fundamentally changing traditional insurance business models [1] Group 1: Underwriting and Claims Processing - The underwriting process is undergoing deep transformation with AI, addressing long-standing challenges in processing unstructured data [1] - Ping An Property & Casualty has achieved an intelligent issuance rate of 81.2% in car insurance, reducing average processing time to under one minute [1] - ZhongAn Insurance's cloud core system "Wujieshan" generated 6.699 billion policies in the first half of the year, with an automated underwriting rate of 99% [1] - Claims processing has seen significant improvements, with Ping An's "111 Fast Claim" service achieving a 59% share of instant claims, and injury claims automated processing rate reaching 55% [1][2] Group 2: Customer Service and Risk Assessment - China Life's digital underwriting system has an intelligent review rate of 95.8%, and its new intelligent customer service has an accuracy rate exceeding 95% [2] - Sunshine Insurance's remote service has achieved a 65% automation rate in the entire process, with an 82% satisfaction rate for intelligent services [2] - ZhongAn's "Lingxi Platform" deployed nearly 110 intelligent robots, handling 450 million calls in the first half of the year [2] - Ping An's anti-fraud system intercepted losses of 6.44 billion yuan, a 6% year-on-year increase [2] Group 3: Strategic Development and Future Outlook - Many insurance companies are elevating AI to a core strategic level, with China Pacific Insurance emphasizing "AI+" as a key strategy [3] - The insurance industry is transitioning from "scale-driven" to "efficiency-driven" and "value-driven" models due to the deep integration of AI technology [3] - The intelligent transformation is not only enhancing operational efficiency and reducing costs but also paving new paths for high-quality development in the insurance sector [3]

Core Insights - ZhongAn Insurance officially launched the "Hundred Cities Running Plan" on September 2, aiming to provide users with multi-dimensional sports benefits through partnerships with various stakeholders in the sports industry [1][2] - The integration of "sports, medicine, and insurance" is becoming a necessary trend under the Healthy China strategy, as traditional insurance products struggle to meet the diverse and experiential needs of the sports population [1] Group 1: Market Trends - The "National Fitness" strategy has shifted fitness from a minority activity to a daily routine for the majority, with over 514 million people expected to participate in regular sports by 2024 [1] - The slogan for the 2025 "National Fitness Day" has evolved from "advocating fitness" to "scientific fitness," indicating a move towards a more refined and systematic approach to long-term health [1] Group 2: Company Initiatives - ZhongAn Insurance has over ten years of experience in the sports sector, having developed a comprehensive insurance matrix covering "prevention, protection, and compensation" [2] - The "Hundred Cities Running Plan" will initially cover over 150 running events across more than 100 cities in China, including prestigious international and domestic races, providing participants with various benefits [2] - Users participating in the plan can access perks such as direct entry to certified events, interactive gameplay, equipment exchanges, personalized event management, comprehensive health coverage, and influencer support [2] Group 3: Future Outlook - ZhongAn Insurance aims to continue innovating in the sports sector by focusing on the long-term health journey of users and creating lasting value for those pursuing a healthy lifestyle [2]

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 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9月2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 RMB | | 1,634,812,900 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,634,812,900 | RMB | | 1 RMB | | 1,6 ...

Group 1 - The core initiative "Hundred Cities Running Plan" launched by ZhongAn Insurance aims to create a one-stop sports service platform for runners, marking the transition from the 1.0 era of product supply to the 2.0 era of cross-ecological collaboration [3][4] - The plan will cover over 100 cities and 150 various road running events, including international and nationally recognized competitions, providing participants with six major benefits such as direct entry to certified events and comprehensive health protection [4][6] - ZhongAn Insurance has over ten years of experience in the sports sector, having supported more than 80 marathon events and over 1 million runners and staff, with a total insured amount nearing 10 trillion [3][4] Group 2 - The partnership with renowned marathon athlete Li Meizhen as the brand ambassador aims to promote the concept of scientific exercise and enhance the visibility of the "Hundred Cities Running Plan" [7][9] - A joint survey on "2025 National Sports Safety and Risk Awareness" has been initiated to gather public data on sports safety awareness and behaviors, which will inform the development of targeted insurance products and services [9] - The "Health China" initiative is driving the integration of sports, medicine, and insurance, creating new opportunities for the industry as the demand for personalized and experiential insurance products grows [10]