文/ 《清华金融评论》 杨曦 20 26年3月16日，阳光保险集团正式披露202 5年度业绩报告。作为首家公 布2025年年报的上市保险公司，此次业绩发布恰逢公司成立二十周年， 具有重要的里程碑意义。2 02 5年阳光寿险 总保费收入达1,02 6. 1亿元，突 破1 0 00亿大关； 阳光财险保费增长近乎停滞（同比+0 .1%）， 综合成本 率突破盈亏平衡点至102 .1%。 2025年，阳光保险集团经营业绩稳中有进。数据显示，2025年阳光保险集团总保费收入为1,507.2亿元，同比增长17.4%，成功站上1500亿元新台阶。实现 保险服务收入650.7亿元，同比增长1.7%。归属于母公司股东的净利润63.1亿元，同比增长15.7%。归属于母公司股东的净利润63.1亿元，同比增长15.7%。 集团内含价值1,207.8亿元，较上年末增长4.3%。截至2025年12月末，集团有效客户数达到2,982.8万。 2025年，阳光保险集团偿付能力充足率呈现显著下滑态势，其中综合、核心偿付能力充足率分别降至196%和136%。下滑的核心拖累来自于阳光人寿，其 两项充足率分别降至170%和110%，同比降幅均显著高于 ...

公司评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 3 月 18 日 【公司评论】 罗凡环 +852 2532 1962 阳光保险（6963.HK，未评级）：寿险 NBV 大增 48%，财险剔除融保险后承保 盈利改善，利润创上市以来新高 Simon.luo@firstshanghai.com.hk | | | 图表 1：阳光保险 2025 年全年业绩核心指标 | 核心指标 | 2025 年 | 2024 年 | 同比 | 备注 | | --- | --- | --- | --- | --- | | 归母净利润（亿元） | 63.1 | 54.5 | +15.7% | 创上市以来新高 | | 其中 H2 归母净利润 | 29.2 | 23.1 | +26.5% | H1 约 33.9 亿 | | 归母净资产（亿元） | 582 | 621 | -6.3% | OCI 债券浮亏拖累 | | ROE | 10.5% | 8.9% | +1.6pct | | | 集团 EV（亿元） | 1,208 | 1,158 | +4.3% | | | 每股份红（元，含税） | 0 ...

丨证券研究报告丨 [Table_scode 港股研究丨公司点评丨阳光保险（ Msg1] 06963.HK） [Table_Title] 阳光保险2025 年年报点评：银保驱动价值高增， 保证险拖累财险盈利 报告要点 [Table_Summary] 看好资产负债端协同改善，贡献向上弹性。我们持续看好保险行业 ROE 修复逻辑，以及板块 估值修复空间。阳光保险在负债端表现良好，人身险方面新单保费及新业务价值增长强势，本 期财险虽然受保证险拖累但预期后续将持续改善；资产端坚持长期价值投资，配置结构稳健， 净投资收益率表现领先行业水平。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 阳光保险（06963.HK） cjzqdt11111 [Table_Title 阳光保险 2025 2] 年年报点评：银保驱动价值高 增，保证险拖累财险盈利 [Table_Summary2] 事件 ...

核心观点： ⚫ 风险提示：新单销售不达预期，长端利率下降，人力规模下滑。 盈利预测： | [Table_Finance] CNY | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 归母净利润（百万元） | 5,449 | 6,307 | 7,694 | 9,328 | 9,456 | | 增长率（% ） | 45.8% | 15.7% | 22.0% | 21.2% | 1.4% | | 新业务价值（百万元） | 5,153 | 7,638 | 8,201 | 9,639 | 11,624 | | 增长率（% ） | 43.3% | 48.2% | 7.4% | 17.5% | 20.6% | | EPS（元/股） | 0.47 | 0.55 | 0.67 | 0.81 | 0.82 | | 市净率（x） | 0.60 | 0.64 | 0.58 | 0.57 | 0.51 | | 市盈率（x） | 6.88 | 5.94 | 4.87 | 4.02 | 3.96 | | PEV | 0.32 | ...

Investment Rating - The report maintains a "Recommended" rating for Sunshine Insurance (06963.HK) [1] Core Views - The company achieved a net profit attributable to shareholders of 6.31 billion yuan in 2025, representing a year-on-year increase of 15.7%. The embedded value reached 120.78 billion yuan, up 4.3% year-on-year, while the new business value surged by 48.2% to 7.64 billion yuan. The combined ratio (COR) for property and casualty insurance was 102.1%, an increase of 2.4 percentage points year-on-year. The net, total, and comprehensive investment returns were 3.7%, 4.8%, and 6.1%, respectively, with year-on-year changes of -0.5 percentage points, +0.5 percentage points, and -0.4 percentage points [1][3][7] Financial Performance Summary - In 2025, the company reported total revenue of 94.81 billion yuan, with a year-on-year growth rate of 5.03%. The net profit attributable to shareholders is projected to grow to 6.54 billion yuan in 2026, reflecting a 3.7% increase [3][8] - Earnings per share (EPS) for 2025 is estimated at 0.55 yuan, with a price-to-earnings (P/E) ratio of 6.3 times. The price-to-book (P/B) ratio stands at 0.7 times [3][8] Business Segment Insights - Sunshine Life achieved total premiums of 102.6 billion yuan in 2025, a year-on-year increase of 27.5%. New business premiums rose by 47.3% to 45.1 billion yuan, primarily driven by a 69% increase in bank insurance new business [7] - The property and casualty insurance segment reported original premiums of 47.9 billion yuan, with a slight year-on-year increase of 0.1%. Non-auto insurance contributed significantly with a 4.5% growth [7] Investment Strategy - The report suggests that despite a decline in pre-tax profit due to underwriting financial losses, the company benefited from a one-time impact of tax policy changes, leading to stable net profit growth. The outlook for 2026 remains positive, with expectations for continued flow from bank insurance channels and improved profitability in the property and casualty segment following the cessation of financing guarantee business [7][8]

上 市 公 司 公 司 研 究 / 公 司 点 评 非银金融 相关研究 2026 年 03 月 17 日 阳光保险 (06963) ——NBV、利润、CSM 增速亮眼，COR 阶段性承压 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2026 年 03 月 16 日 | | --- | --- | | 收盘价（港币） | 3.70 | | 恒生中国企业指数 | 8816.32 | | 52 周最高/最低（港币） | 4.54/3.01 | | H 股市值（亿港币） | 425.56 | | 流通 H 股（百万股） | 3,478.77 | | 汇率（港币/人民币） | 0.8822 | 一年内股价与基准指数对比走势： -19% 31% 81% 03/17 04/17 05/17 06/17 07/17 08/17 09/17 10/17 11/17 12/17 01/17 02/17 HSCEI 阳光保险 资料来源：Bloomberg 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjq@swsrese ...

❖ 集团 2025 年实现归母净利润 63.1 亿元，同比+15.7%；内含价值 1207.8 亿元， 同比+4.3%；实现新业务价值 76.4 亿元，同比+48.2%；财险 COR 为 102.1%， 同比+2.4pct；实现净/总/综合投资收益率 3.7%/4.8%/6.1%，同比-0.5pct/+0.5pct/- 0.4pct。2025 年拟分配分红 0.19 元每股。 评论： 证 券 研 究 报 告 阳光保险（06963.HK）2025 年报点评 推荐（维持） 业绩稳增，保证险拖累 COR 事项： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 94,811 | 98,286 | 100,756 | 106,485 | | 同比增速(%) | 5.03 | 3.66 | 2.51 | 5.69 | | 归母净利润(百万) | 6,307 | 6,540 | 6,807 | 7,759 | | 同比增速(%) | 15. ...

Core Viewpoint - Sunshine Insurance has reported a strong performance for the year 2025, with significant growth in total premium income and net profit, indicating a positive outlook for the company and its investment strategies [2][9]. Financial Performance - Total premium income reached 150.72 billion yuan, a year-on-year increase of 17.4% [2]. - Insurance service income was 65.07 billion yuan, up 1.7% year-on-year [2]. - Net profit attributable to shareholders was 6.31 billion yuan, reflecting a 15.7% increase [2]. - Earnings per share stood at 0.55 yuan [2]. - The proposed final cash dividend is 0.19 yuan per share, totaling 2.185 billion yuan [2]. Asset and Investment Overview - Total assets as of the end of 2025 amounted to 673.34 billion yuan, a 15.7% increase year-on-year [2]. - Total investment assets reached 640.2 billion yuan, growing by 16.7% [4]. - The proportion of fixed-income financial assets decreased, while equity assets increased [6]. - Bond investments accounted for 52.2% of total investment assets, down 5.5 percentage points from the previous year [6]. - Equity financial assets reached 136.43 billion yuan, representing 21.4% of total investment assets, an increase of 1.4 percentage points [6]. Investment Performance - Total investment income was 25.23 billion yuan, a 27.1% increase year-on-year [7]. - The net investment yield was 3.7%, down 0.5 percentage points, while the total investment yield improved to 4.8%, up 0.5 percentage points [7]. - The comprehensive investment yield was 6.1%, a decline of 0.4 percentage points [7]. Insurance Business Performance - Sunshine Life achieved total premium income of 102.61 billion yuan, a 27.5% increase, with new business value growing by 48.2% to 7.64 billion yuan [9]. - Sunshine Property achieved original insurance premium income of 47.89 billion yuan, a slight increase of 0.1% [10]. - The combined ratio for Sunshine Property was 102.1%, worsening by 2.4 percentage points, with a loss of 1.03 billion yuan [10]. - The company plans to stop new financing guarantee insurance business starting in 2026 due to market conditions [10].

阳光保险 2025 业绩点评： NBV 持续高增，所得税改善大幅增厚利润 阳光保险（06963.HK） 保险Ⅱ 证券研究报告/公司点评报告 2026 年 03 月 16 日 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2024A | 2025A | 2026E | 2027E | | | | 归母净利润（百万元） | | 5,449 | | 6,957 | 7,661 | | | 分析师：葛玉翔 | 增长率 yoy | | 45.8% | 15.7% | 10.3% | 10.1% | | | 执业证书编号：S0740525040002 | 每股收益（元） | | 0.47 | | 0.60 | | | | | 每股净资产 | | 5.51 | | 5.58 | 6.04 | | | Email：geyx01@zts.com.cn | 净资产收益率 | | 8.9% | | 11.5% | 11.7% | | | 分析师：蒋峤 | P/B | | 0.60 ...

证券研究报告·海外公司点评·保险(HS) 阳光保险（06963.HK） 买入（维持） | Table_EPS] [盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 保险服务收入（百万元） | 64004 | 65066 | 70008 | 75471 | 81506 | | 同比（%） | 6.85% | 1.66% | 7.60% | 7.80% | 8.00% | | 归母净利润（百万元） | 5449 | 6307 | 7092 | 8968 | 11211 | | 同比（%） | 45.77% | 15.75% | 12.45% | 26.45% | 25.01% | | EPS（元/股） | 0.47 | 0.55 | 0.62 | 0.78 | 0.97 | | EV（元/股） | 10.06 | 10.50 | 11.44 | 13.02 | 14.78 | | P/B | 0.60 | 0.64 | 0.57 | 0.50 | 0.44 | [Table_Tag] ...