Core Insights - The company reported better-than-expected performance in Q3 2025, with net profit increasing by 176.4% year-on-year to 1.291 billion yuan, driven by higher-than-expected investment returns [1] - The company continues to see steady premium growth and improvement in the combined cost ratio, with insurance business revenue up 5.6% year-on-year to 26.93 billion yuan [1] - The company maintains a positive outlook on its health insurance and auto insurance sectors, benefiting from healthcare reform and expansion opportunities in the new energy vehicle insurance market [1] Financial Performance - Q3 2025 net profit reached 1.291 billion yuan, while the net profit for the first nine months of 2025 was 1.859 billion yuan, reflecting a year-on-year increase of 206.9% [1] - The company's net assets increased by 22.7% quarter-on-quarter to 25.261 billion yuan [1] - Investment returns for Q3 2025 were 1.53%, up 1.1 percentage points year-on-year, while the comprehensive investment return was 2.97%, up 2.4 percentage points year-on-year [1] Business Development - The company’s Hong Kong virtual bank, ZA Bank, has launched Hong Kong stock trading services and surpassed 1 million users, achieving profitability for the first half of 2025 [2] - The strategic development of the Hong Kong banking business is seen as forward-looking, with potential for strong financial flexibility as wealth management services continue to upgrade [2] Earnings Forecast and Valuation - The company is currently trading at 0.9x 2025 estimated price-to-book ratio, with an upgraded earnings per share (EPS) forecast for 2025 and 2026 by 68% and 12% to 1.22 yuan and 0.94 yuan respectively [2] - The target price is maintained at 23.0 HKD, corresponding to a 1.3x 2025 estimated price-to-book ratio and a 42% upside potential [2]

Core Insights - China's new energy vehicle (NEV) exports reached 1.758 million units from January to September 2025, marking a year-on-year growth of 89.4%, indicating strong competitiveness and recognition in overseas markets [1] - The rapid growth of NEV exports has spurred the development of related insurance markets, with several domestic insurance companies actively pursuing opportunities in the overseas NEV insurance sector [1][4] Industry Trends - The NEV insurance market is entering an accelerated phase of expansion, primarily through pilot projects and localized approaches, with a focus on Southeast Asia and the Asia-Pacific region [5][10] - Domestic insurers are adopting various models for overseas expansion, including co-insurance or reinsurance mechanisms, partnerships with local insurance companies, and collaborations with international insurers [5][6][7] Company Strategies - China Pacific Insurance has implemented a three-step regional development strategy focusing on Hong Kong, Asia, and global markets, successfully launching its first NEV insurance policy in Hong Kong and Thailand [4] - ZhongAn Insurance has announced its first overseas NEV insurance policy, while China Re and Hyundai Insurance have signed a cooperation framework to integrate resources and share data for NEV insurance [5] Challenges and Barriers - Insurers face significant challenges in terms of technical, data, ecological, and compliance capabilities when entering overseas markets [3][9] - Key difficulties include data isolation, regulatory barriers, cultural differences, and the establishment of a reliable repair network for NEVs in foreign markets [9][10] Long-term Development Strategies - To achieve sustainable growth in overseas NEV insurance, insurers should focus on key markets where Chinese car manufacturers are investing, deepen ecological collaboration with automakers, and enhance technology output and localization [10][11]

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10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11月4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 ...

Core Insights - ZhongAn Insurance has successfully launched its first overseas new energy vehicle insurance business, becoming the first internet insurance company in China to do so [4] - The export of new energy vehicles from China reached 1.758 million units from January to September 2025, marking a year-on-year increase of 89.4%, prompting insurance companies to explore overseas markets for new growth opportunities [1][2] - Major insurance companies like PICC and CPIC have made significant progress in launching new energy vehicle insurance overseas since 2025 [1] Group 1: Market Expansion - The new energy vehicle insurance sector is becoming a crucial source of business growth for property insurance companies, with a rising share in overall auto insurance [1] - In the first half of 2025, Ping An Property & Casualty reported new energy vehicle insurance premium income of 21.7 billion yuan, a year-on-year increase of 46.2%, capturing a market share of 27.6% [2] - ZhongAn Insurance's new energy vehicle insurance premiums grew approximately 125.4% year-on-year, accounting for over 18% of the company's total auto insurance premiums [2] Group 2: Strategic Collaborations - In June 2025, PICC, AXA Tianping, and AXA Thailand signed a memorandum of understanding to focus on the new energy vehicle insurance sector [3] - CPIC announced a partnership with Mitsui Sumitomo Insurance and Zhongyi Insurance Brokerage to establish a strategic collaboration with several leading new energy vehicle manufacturers in China, successfully launching multiple policies in the Thai market [3] - ZhongAn Insurance and Modern Insurance signed a cooperation framework for new energy vehicle insurance at the Shanghai International Reinsurance Conference, aiming to create a new model for international insurance cooperation [3] Group 3: Challenges and Opportunities - The overseas expansion of new energy vehicle insurance faces challenges such as data gaps, regulatory complexities, and the need for localized service networks [5][8] - The unique risks associated with new energy vehicles, such as their electric systems and smart connectivity, create a new risk landscape that domestic insurers can leverage [5] - The insurance industry is encouraged to provide comprehensive risk coverage for Chinese automakers expanding globally, aligning with national support for the globalization of new energy vehicles [5][8]

Core Viewpoint - ZhongAn Insurance has successfully launched its first overseas new energy vehicle insurance business, marking a strategic breakthrough from "0 to 1" in the context of China's growing new energy vehicle exports and internationalization [1] Group 1: Market Context - China's automotive industry association reported that from January to September 2025, new energy vehicle exports reached 1.758 million units, representing a year-on-year increase of 89.4% [1] - Emerging markets such as Thailand, Indonesia, and Brazil are becoming key areas for automotive companies' expansion, but overseas vehicle owners face challenges such as difficulty in obtaining insurance and high premiums [1] Group 2: Challenges in the Industry - New energy vehicle companies face issues including insufficient insurance supply, weak local repair capabilities, and incompatible data models when expanding overseas [1] Group 3: Company Strategy - ZhongAn Insurance aims to leverage its "industry ecosystem + technology empowerment" dual-driven capability to focus on the overseas new energy vehicle insurance market, utilizing its data and intelligent risk control advantages to achieve differentiated breakthroughs [1] - The company plans to gradually expand its overseas new energy vehicle insurance reinsurance coverage and deepen the "insurance + technology" model output, with the goal of building a replicable and sustainable global insurance technology ecosystem [1]

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） 關於公佈償付能力相關關鍵指標的公告 本公告乃眾安在綫財產保險股份有限公司（「本公司」）根據證券及期貨條例（香港法 例第571章）第XIVA部的內幕消息條文及香港聯合交易所有限公司證券上市規則第 13.09(2)條而作出。 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。 償付能力充足率指標 2025年9月30日 人民幣萬元 （百分比除外） 實際資本 2,151,748.67 核心資本 2,070,255.47 最低資本 945,499.05 綜合償付能力充足率(%) 227.58% 核心償付能力充足率(%) 218.96% – 1 – 根據國家金融監督管理總局（「國家金融監管總局」）償付能力相關監管規則， ...

Core Insights - ZhongAn Online P&C Insurance Co., Ltd. has successfully launched its first overseas new energy vehicle insurance business, becoming the first internet insurance company in China to do so, marking a strategic breakthrough from "0 to 1" [1] - The launch of this business supports Chinese automotive companies in their international expansion, particularly as the export volume of new energy vehicles continues to rise [1] Industry Context - Emerging markets such as Thailand, Indonesia, and Brazil have become key areas for automotive companies, but overseas vehicle owners face challenges such as difficulty in obtaining insurance and high premiums [1] - New energy vehicle companies are encountering issues like insufficient insurance supply, weak local repair capabilities, and incompatible data models, necessitating innovative solutions from domestic insurance companies [1] Company Strategy - ZhongAn Insurance aims to leverage its "industry ecosystem + technology empowerment" dual-driven capability to focus on the overseas new energy vehicle insurance market, utilizing its data and intelligent risk control advantages for differentiated breakthroughs [1] - The company plans to gradually expand its overseas new energy vehicle reinsurance coverage and deepen the "insurance + technology" model output, aiming to build a replicable and sustainable global insurance technology ecosystem [1] Future Outlook - As more insurance companies engage in overseas vehicle insurance, ZhongAn's experience is expected to contribute to the formation of a new cross-border insurance model centered around the "Chinese solution," facilitating China's transition from a major automotive manufacturing country to a service-oriented powerhouse [1]

Core Insights - Several listed insurance companies reported double-digit year-on-year growth in premium income for the first three quarters of 2025, indicating a strong performance in the sector [1] Company Performance - Xinhua Life Insurance Co., Ltd. reported original insurance premium income of 172.7 billion yuan, a year-on-year increase of 19% [1] - China Pacific Life Insurance Co., Ltd. achieved premium income of 232.436 billion yuan, reflecting a year-on-year growth of 10.9% [1] - ZhongAn Online P&C Insurance Co., Ltd. reported premium income of approximately 26.934 billion yuan [1] Market Trends - Insurance capital has shown a preference for high-dividend, low-valuation bank stocks, as evidenced by multiple stake acquisitions in bank shares since 2025 [1] - H-shares of banks have become a significant focus for insurance capital due to their higher dividend yields and characteristics that allow inclusion in Other Comprehensive Income (OCI) [1] - On October 21, the Hong Kong Stock Connect Financial ETF (513190) tracked the CSI Hong Kong Stock Connect Mainland Financial Index, which rose over 2% during intraday trading [1]

Group 1 - Xinhua Life Insurance Co., Ltd. reported a cumulative original insurance premium income of RMB 17,270,462,000 from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] - China Pacific Insurance (Group) Co., Ltd.'s subsidiary, China Pacific Life Insurance Co., Ltd., reported a cumulative original insurance premium income of RMB 232.436 billion during the same period, with a year-on-year increase of 10.9% [1] - ZhongAn Online P&C Insurance Co., Ltd. achieved a total original insurance premium income of approximately RMB 26.934 billion from January 1, 2025, to September 30, 2025 [1] Group 2 - Insurance companies have been actively acquiring H-share bank stocks, with several banks such as Postal Savings Bank, China Merchants Bank, Agricultural Bank, Citic Bank, and Hangzhou Bank receiving significant investments from insurance capital since the beginning of 2025 [2] - The characteristics of banks, including low volatility, high dividends, and low valuations, continue to attract insurance capital, as bank dividend yields are superior to long-term bond yields [2] - The Hong Kong Stock Connect Financial ETF (513190), which has the highest H-share bank content among listed ETFs, has seen its index rise over 2% as of October 21 [2]

Core Viewpoint - The insurance sector has shown a mixed performance, with the insurance index rising by 3.73%, outperforming the broader market by 5.95 percentage points. Individual insurance stocks have varied in performance, with notable gains from major players like PICC and Xinhua Insurance, while others like AIA and ZhongAn have seen declines [1][2]. Weekly Dynamics - China Pacific Insurance expects a net profit growth of 40%-60% year-on-year for the first three quarters [2]. - Xinhua Insurance anticipates a parent net profit of approximately 299.86 to 341.22 billion yuan, reflecting a year-on-year increase of 45%-65% [2]. Premium Insights - China Pacific Insurance reported a cumulative premium of 392.4 billion yuan for January to September, a year-on-year increase of 6.2%, with life insurance premiums at 232.4 billion yuan (up 10.9%) and property insurance premiums at 160 billion yuan (up 0.1%) [4]. - Xinhua Insurance's cumulative life insurance premium reached 172.7 billion yuan, a year-on-year increase of 18.6% [4]. - ZhongAn Online reported a cumulative premium of 26.9 billion yuan, reflecting a year-on-year increase of 5.6% [4]. Market Trends - September marked a transition in the predetermined interest rate from the "2.5 era" to the "2.0 era," impacting the attractiveness of insurance products and leading to short-term demand shocks [5]. - Despite short-term pressures on new business growth, there is an expectation of positive effects from cost improvements and sustained growth in new business value (NBV) [5].