Summary of Sunshine Insurance Conference Call Company Overview - Sunshine Insurance Group was established in 2005 and includes subsidiaries such as Sunshine Property Insurance, Sunshine Life Insurance, Sunshine Asset Management, Sunshine CITIC Insurance, and Sunshine Digital Technology. Despite being the 79th insurance company established in the industry, it has grown to rank among the top ten in terms of comprehensive strength after years of development. Sunshine Property Insurance achieved profitability within 23 months of establishment and has maintained profitability for 18 consecutive years. Sunshine Life Insurance became profitable six years after opening and has seen positive growth in new business value for 11 consecutive years. Sunshine Asset Management has become a leading asset management company within five years of establishment. The group successfully listed on the Hong Kong Stock Exchange on December 9, 2022, marking the first private insurance listing in nearly 18 years after Ping An. Currently, the H-share circulation is 3.478 billion shares, accounting for 30.25% of the total shares, with a dividend yield close to 7%, making it an attractive investment opportunity [4][5]. Business Development and Strategy - In early 2025, Sunshine Insurance's business development met expectations, with new single premiums achieving double-digit growth, outperforming benchmark companies. The company is actively promoting dividend insurance and personal pension products, optimizing product structure, and reducing policy liability costs. Although individual insurance business is under pressure from overall industry growth, the decline is minimal, and good development is expected for the year [2][6]. - The bancassurance channel is a significant advantage for Sunshine Insurance, with new single submissions growing at a double-digit rate from January to February. The company plans to reduce short-term payment strategies, focusing on increasing regular premium growth and transitioning the bancassurance channel towards dividend insurance, which currently accounts for a double-digit percentage [2][7]. - Sunshine Insurance emphasizes a multi-channel strategy, valuing both individual and bancassurance channels. The bancassurance channel accounts for approximately 70% of premiums, while individual insurance accounts for about 30%. In terms of new business value, individual insurance contributes around 60%, and bancassurance contributes about 40% [2][10]. Product Strategy - The company focuses on long-term regular premium business in its dividend insurance strategy, reducing the bancassurance channel's one-time premium dividend business, which has minimal value. This adjustment significantly enhances overall margins. The design of product types determines duration rather than whether they are dividend-type products [2][9]. - Sunshine Insurance is committed to enhancing the professionalism and efficiency of its agent team through internal adjustments and technology empowerment, aiming to improve sales efficiency and customer management capabilities [3][11]. Investment Strategy - Sunshine Insurance has gradually increased its allocation to high-dividend stocks, which accounted for nearly 70% of its stock investments as of June 30, 2024. The company places these stocks in OCI accounts to ensure capital safety and stable dividend income. The overall investment assets are approximately 60% in OCI assets, which helps match the liability side of traditional insurance products [4][12][13]. - The company maintains a cautious attitude towards real estate investments, with related investments accounting for about 1.7% to 1.8% of total investment assets, amounting to less than 10 billion [19][22]. - Sunshine Insurance plans to respond to regulatory encouragement for long-term funds to enter the market by increasing equity investments, with a current equity asset ratio of 24.9%. The company has about 5% room for additional equity allocation, but it expects to maintain the equity ratio around 25% to avoid urgent adjustments in case of solvency issues [14][15]. Risk Management - The company defines liability costs as new single liability costs below 3%, with the latest figures dropping to below 2.5%. This improvement is attributed to the reduction in preset interest rates and proactive optimization of the business structure [20]. - Sunshine Insurance adopts a prudent strategy regarding alternative assets like REITs, ensuring balanced asset allocation to mitigate overall investment risks while monitoring the real estate market closely [21][22].

Core Insights - DeepSeek model has gained global popularity due to its natural language processing and logical reasoning capabilities, with Sunshine Insurance completing its private deployment and integrating it into core business areas to enhance efficiency and customer experience [1][5] - Sunshine Insurance established Sunshine Digital Technology Co., focusing on intelligent sales, services, and management in the insurance sector, leveraging big data and AI technologies to drive high-quality economic development [2] - The "Technology Sunshine" strategy has led to significant business outcomes, including the implementation of intelligent customer service robots and enhanced claims processing efficiency, serving nearly 40 million users with an overall customer satisfaction rate exceeding 88% [3] Company Developments - Sunshine Insurance has launched various intelligent products, such as car insurance sales robots and smart risk control platforms, showcasing its commitment to integrating technology into insurance [2][3] - The company has initiated the "Insurance Technology Smart Innovation Alliance" to foster collaboration among over 72 insurance and technology firms, focusing on areas like big data risk pricing and digital operations [4] - Sunshine Insurance plans to continue innovating with AI technologies like DeepSeek to enhance financial services and contribute to high-quality economic development [5] Industry Impact - The rapid development of AI technologies, particularly large models, is seen as a crucial driver for the advancement of technology finance and digital finance [1][2] - Sunshine Insurance's initiatives, including the annual "Insurance Technology Smart Conference," aim to share insights and experiences on the application of large model technologies in the insurance industry [4]

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the insurance industry, focusing on the performance and strategies of a specific insurance company, referred to as "the company" throughout the summary. Key Points and Arguments Industry Growth and Trends - The company expects its premium growth to slightly exceed the industry average by 2-3 percentage points, aligning with the overall industry trend of efficiency improvement in 2025 [1] - The overall human resources in the industry are projected to stabilize with a slight negative growth in 2024, followed by a small recovery in 2025, indicating a return to zero or slightly positive growth [1] - The activity rate of agents is currently at a high level of 40-50%, with increased productivity per agent [1] Market Dynamics - The individual insurance channel is expected to experience a slight negative growth of approximately -5% to 0% in 2024 due to high base effects from previous years [2] - Conversely, the group insurance channel is anticipated to see higher growth rates initially, but will gradually slow down throughout the year due to product transformation and decreasing customer demand [2] Product Strategy and Transformation - The company is focusing on a "value-driven" strategy for its product offerings, particularly in traditional and dividend insurance, without aggressive policy changes [3] - The company aims for a stable increase in the proportion of dividend insurance products, targeting around 40% of its product mix [4] Liability Costs and Financial Management - The company's current liability cost is approximately equal to the weighted average of its preset interest rates, with new policies ranging from 2.0% to 2.5% and existing liabilities not exceeding 3% [5] - The company has a significant portion of its reserves in dividend and universal life products, exceeding 60% [5] Regulatory and Market Challenges - The introduction of a new platform for insuring electric vehicles is expected to enhance the efficiency and quality of insurance offerings in the sector [6] - The company is actively working on improving its pricing models for electric vehicles to better assess risks and expand its market opportunities [7] Asset Allocation and Investment Strategy - The company plans to maintain a stable asset allocation strategy in 2025, with minor adjustments based on liability management [8] - The focus will remain on long-term investments, particularly in high-dividend and high-yield assets, while optimizing equity allocations [9] Technological Integration - The company has been proactive in integrating technology, including AI, into its operations to enhance customer service and operational efficiency [10] - The company is exploring partnerships with external tech firms to improve risk assessment and pricing accuracy [10] Future Outlook and Adjustments - The company anticipates a shift in focus from premium income to enhancing product value, cost management, and market competitiveness in 2025 [16] - There is an ongoing adjustment in product strategies to accommodate potential regulatory changes regarding preset interest rates [17] Dividend Policy - The company has maintained a stable dividend payout since its listing, with a consistent increase in dividends per share, currently yielding around 7% [25] Challenges in Cost Management - The company acknowledges higher expense ratios compared to industry leaders, primarily due to its relatively younger establishment and fixed cost structure [29] - Future strategies will focus on managing costs while maintaining competitive advantages in the market [30] Agent Recruitment and Retention - The company has seen a 24% year-on-year increase in new agent recruitment, with a retention rate of approximately 60%, indicating a positive trend in agent engagement [32] Additional Important Content - The company is actively engaging in data integration with healthcare systems to enhance underwriting and risk management processes [22] - The company is also monitoring regulatory changes that may impact its health insurance products and is prepared to adjust its offerings accordingly [23] This summary encapsulates the key insights and strategic directions discussed during the conference call, providing a comprehensive overview of the company's position within the insurance industry.

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [13][30]. Core Insights - Sunshine Insurance is undergoing a structural adjustment in its non-auto insurance premium composition, leading to an improvement in the combined cost ratio (COR) over the years. The company is shifting its focus from guaranteed insurance to health, liability, and cargo insurance [12]. - The investment strategy has seen an increase in the proportion of bond investments, which is expected to enhance the overall investment yield. The net investment yield has stabilized due to a higher allocation in fixed-income and high-dividend assets [12]. - The company is projected to maintain stable growth, with revenue estimates of 90.995 billion, 89.219 billion, and 98.858 billion yuan for 2024-2026, reflecting year-on-year growth rates of 16.33%, -1.95%, and 10.8% respectively [13]. Summary by Sections Company Overview - Sunshine Insurance, established in 2007, is a diversified private insurance group with a mission to provide comprehensive risk protection and financial services throughout the customer lifecycle. It operates through Sunshine Life for life and health insurance and Sunshine Property for property insurance [21][36]. Business Overview - The company has achieved a premium growth rate that exceeds the industry average, with balanced development in both life and property insurance sectors. It actively aligns with national strategies and has a strong presence in various financial sectors, including technology and green finance [28][36]. Financial Performance - The financial projections for 2023A, 2024E, 2025E, and 2026E show total revenues of 78.224 billion, 90.995 billion, 89.219 billion, and 98.858 billion yuan, with net profits of 3.738 billion, 6.636 billion, 6.107 billion, and 7.177 billion yuan respectively [29]. Investment Strategy - The company has increased its bond allocation significantly, which is a strategic response to the reduction of high-quality non-standard assets available for investment. This shift is expected to improve the overall investment returns [12][41]. Distribution Channels - Sunshine Life has adopted a diversified channel strategy, with a significant contribution from the bancassurance channel, which has maintained a strong share of new business value (NBV) despite industry challenges [44][49]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on enhancing the quality of its business and reducing costs associated with liabilities. The ongoing adjustments in its premium structure and investment strategy are anticipated to yield positive results in the coming years [12][13].

Summary of Sunshine Insurance Conference Call Company Overview - Sunshine Insurance is focused on life insurance products, particularly during the "opening red" period, with a strong emphasis on increasing value life insurance and dividend-type increasing value life insurance [2][3]. Key Points Industry and Product Focus - The main products during the "opening red" period are increasing value life insurance and dividend-type increasing value life insurance. The bancassurance channel primarily offers savings-type products, while the individual insurance channel focuses on increasing value life insurance, with a higher proportion of dividend insurance expected to reach nearly 50% next year [2][3]. New Business Value (NBV) Growth - The company maintains confidence in achieving positive growth in new business value (NBV) for 2025, although specific growth rates are not yet defined. The high base in 2024 and potential adjustments in industry assumptions may impact this [2][4]. Bancassurance Channel Competitiveness - Sunshine Insurance's core competitiveness in the bancassurance channel lies in its commitment to value development, promoting mid-term high-value products, and providing specialized support and training to partner banks. The introduction of online sales tools has also improved management efficiency [2][5]. Bank Collaboration and Sales Capability - Approximately one-third of partner bank outlets have improved their ability and willingness to sell dividend-type insurance products. Effective customer risk preference classification and expectation management are crucial for successful sales [2][6]. Shareholder Reduction Intentions - Recent shareholder reductions are primarily driven by individual funding needs, with some shareholders in the real estate sector reducing their stakes due to financial pressures in that industry [2][7][8]. Financial Performance and Cost Ratios - The comprehensive cost ratio (COR) for property insurance increased by 1.3 percentage points to 100.07%, influenced by natural disasters such as floods and typhoons. The company expects the overall cost ratio for the year to be higher than the previous year, but remains confident in achieving underwriting profitability [2][9]. Net Profit Outlook - The company anticipates that the net profit for property insurance will show a narrowing of negative growth compared to the first half of the year, maintaining confidence in achieving underwriting profitability despite challenges [2][10]. Additional Insights - The company has implemented measures to address the rising cost ratios and is optimistic about the long-term performance of its dividend-type products, which have shown stable investment returns [2][6].

Financial Performance - Sunshine Insurance Group reported a revenue of RMB 10.5 billion for the first half of 2024, representing a year-on-year increase of 15%[2]. - The company achieved a net profit of RMB 2.1 billion, up 20% compared to the same period last year[2]. - Total assets reached RMB 150 billion, reflecting a growth of 12% year-on-year[2]. - Future guidance estimates a revenue growth of 12-15% for the full year 2024, driven by new product offerings and market expansion[2]. - Total premium income reached 76.462 billion yuan, a year-on-year increase of 12.8%[27]. - Insurance service income amounted to 31.488 billion yuan, reflecting a growth of 4.4% compared to the previous year[23]. - Net profit attributable to shareholders of the parent company was 3.143 billion yuan, up 8.6% year-on-year[23]. - Total revenue rose by 8.9% to RMB 42,449 million for the six months ended June 30, 2024, up from RMB 38,981 million for the same period in 2023[36]. - Net profit increased by 8.3% to RMB 3,212 million for the six months ended June 30, 2024, compared to RMB 2,966 million for the same period in 2023[36]. - The company’s total comprehensive income for the six months ended June 30, 2024, was RMB 1,952 million, compared to RMB 2,910 million in the same period of 2023[191]. Customer Metrics - The number of active insurance policies increased by 8% to 5 million, indicating strong customer retention and acquisition[2]. - The number of effective customers reached approximately 30.784 million, indicating a strong customer base[27]. - The number of effective customers reached 12.35 million as of June 30, 2024[48]. - The number of effective customers reached 19.11 million as of June 30, 2024[71]. - The number of customers with effective policies accumulating first-year standard premiums of RMB 150,000 and above grew by 15.3%[56]. Investment and Assets - Total assets increased by 6.8% to RMB 548,686 million as of June 30, 2024, compared to RMB 513,686 million as of December 31, 2023[36]. - The total investment income rose by 9.7% to RMB 7,228 million for the six months ended June 30, 2024, compared to RMB 6,589 million for the same period in 2023[69]. - The total investment income for the first half of 2024 was RMB 8.33 billion, representing a year-on-year growth of 8.2%[101]. - The total investment assets of the company reached RMB 514.1 billion, an increase of 7.2% compared to the end of the previous year[102]. - The company maintained a credit rating of 93.2% as AAA for its fixed income financial products as of June 30, 2024[104]. Product Development and Market Expansion - Sunshine Insurance Group plans to expand its market presence in Southeast Asia, targeting a 25% increase in international revenue by 2025[2]. - A new product line focused on health insurance is set to launch in Q3 2024, expected to contribute an additional RMB 1 billion in revenue[2]. - The company is investing RMB 500 million in new technology development to enhance digital insurance services over the next two years[2]. - The company is focusing on digital transformation and intelligent technology applications to optimize customer experience and sales efficiency[62]. - The company aims to enhance its core competitiveness through the "New Sunshine Strategy" and focus on high-quality development and high-value growth[128]. Operational Efficiency - Sunshine Insurance Group aims to improve its operational efficiency by 5% through digital transformation initiatives by the end of 2024[2]. - The underwriting combined ratio was 99.1%, up from 98.2% in the previous period[40]. - The comprehensive cost ratio for underwriting increased to 99.1% for the six months ended June 30, 2024, compared to 98.2% in the previous year[74]. - The company provided risk management services to 8,595 corporate clients in the first half of 2024, enhancing its "insurance + technology + service" risk management model[86]. Shareholder and Governance - Major shareholders include Beijing Chengtong Jin控投资有限公司 and China Chengtong Holdings Group, each holding 700 million shares, representing 8.73% of the total issued shares[161]. - The board consists of five executive directors, five non-executive directors, and five independent non-executive directors, ensuring a high level of independence[157]. - The company has complied with all applicable corporate governance codes except for C.2.1, which the board believes does not affect the balance of power between the board and management[157]. - The company has no significant litigation or arbitration matters during the reporting period[124]. Risk Management - The company provided risk protection of approximately RMB 50.4 trillion to support the real economy and over RMB 4,200 billion in funding support[33]. - A 10% depreciation in foreign currencies could reduce pre-tax equity by RMB 1.46 billion and pre-tax profit by RMB 840 million[119]. - The company has adopted the Hong Kong Listing Rules Appendix C3 as the code of conduct for securities trading by directors and supervisors[158]. Future Outlook - The company anticipates a sustained recovery in the insurance industry, supported by the overall stable economic environment in China[127]. - The company expects to strengthen its competitive advantage in the bank insurance channel and improve operational capabilities[128]. - The company aims to enhance returns through dynamic optimization of tactical asset allocation in response to market changes[101].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a total revenue of 42.449 billion yuan for H1 2024, representing an 8.9% year-on-year increase. Total premium income reached 76.46 billion yuan, up 12.8% year-on-year, while net profit attributable to shareholders was 3.14 billion yuan, reflecting an 8.6% increase [3]. - The embedded value (EV) of the company stands at 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The new life insurance strategy has shown significant results, driving both premium and value growth. The subsidiary Sunshine Life achieved total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - The property and casualty insurance segment also demonstrated steady growth, with Sunshine Property and Casualty achieving original insurance premium income of 24.65 billion yuan, a 12.4% increase year-on-year [3]. - The company's total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year, with total investment income of 8.33 billion yuan, up 8.2% year-on-year [3]. Financial Projections - The company is projected to achieve total revenue of 85.70 billion yuan in 2024, with a growth rate of 9.56%. By 2026, total revenue is expected to reach 101.79 billion yuan [4]. - Net profit is forecasted to grow significantly, with estimates of 4.70 billion yuan in 2024, 5.70 billion yuan in 2025, and 6.85 billion yuan in 2026, reflecting growth rates of 25.86%, 21.16%, and 20.25% respectively [4]. - The earnings per share (EPS) are projected to be 0.41 yuan in 2024, 0.50 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 6.22x, 5.13x, and 4.27x [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a total revenue of 42.449 billion yuan for H1 2024, representing an 8.9% year-on-year increase. Total premium income reached 76.46 billion yuan, up 12.8% year-on-year, while net profit attributable to shareholders was 3.14 billion yuan, reflecting an 8.6% increase [3]. - The embedded value (EV) of the company is 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The life insurance subsidiary achieved a total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - The property and casualty insurance segment reported a premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year, with total investment income of 8.33 billion yuan, up 8.2% year-on-year [3]. Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 42.449 billion yuan, with a year-on-year growth of 8.9% [3]. - The net profit attributable to shareholders was 3.14 billion yuan, marking an 8.6% increase [3]. - The embedded value (EV) stood at 112.64 billion yuan, reflecting an 8.2% quarter-on-quarter growth [3]. Business Segments - Life insurance segment reported total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - Property and casualty insurance segment achieved premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. Investment Performance - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year [3]. - Total investment income was 8.33 billion yuan, up 8.2% year-on-year, with a significant increase in comprehensive investment returns [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5] Core Insights - The company reported a significant increase in new business value (NBV) by 39.9% year-on-year, while the property insurance segment maintained underwriting profitability despite adverse weather impacts [4][5] - The net profit attributable to the parent company reached 3.14 billion yuan, reflecting an 8.6% increase year-on-year, with life insurance and property insurance net profits at 2.77 billion yuan and 510 million yuan, respectively [4] - The company aims to enhance its market position through continued value development in life insurance and optimization of product structure in property insurance [5] Financial Performance Summary - The company reported a total NBV of 3.75 billion yuan, an increase of 39.9% year-on-year, and an embedded value (EV) of 112.6 billion yuan, up 8.2% from the beginning of the year [4] - The annualized return on equity (ROE) was 10.4%, an increase of 1.5 percentage points year-on-year [4] - The total investment assets reached 514.1 billion yuan, with a total investment income of 8.33 billion yuan, reflecting an 8.2% year-on-year increase [5] Life Insurance Segment Summary - The individual insurance channel showed strong performance, with a contract service margin balance of 48.6 billion yuan, up 7.5% year-on-year [4] - New single premium income was 19.6 billion yuan, down 9.0% year-on-year, while new single premium income from the individual insurance channel increased by 18.5% [4] - The business structure showed a significant contribution from traditional life insurance, which accounted for 72.5% of total premiums [4] Property Insurance Segment Summary - The company achieved a gross premium income of 24.7 billion yuan, a year-on-year increase of 12.4%, with auto insurance and non-auto insurance premiums growing by 3.2% and 25.5%, respectively [4] - Underwriting profit was 200 million yuan, down 50.2% year-on-year, with a combined ratio of 99.1%, reflecting a 0.9 percentage point increase [4] Valuation and Price Target - The company is valued using a segmented valuation approach, with life insurance estimated at 0.3-0.35 times the 2024E PEV, property insurance at 0.6-0.65 times the 2024E PB, and other businesses at 1 time the 2024E PB [5][12] - The reasonable value range for the company's stock is estimated to be between 4.01 and 4.46 yuan, translating to a price range of 4.42 to 4.92 Hong Kong dollars [5][12]

Investment Rating - The report maintains a "Buy" rating for Sunshine Insurance (06963.HK) with a target price of HKD 4.85, while the current price is HKD 3.17 [1]. Core Views - In H1 2024, Sunshine Insurance achieved a net profit attributable to shareholders of CNY 3.14 billion, representing an increase of 8.6% year-on-year. The new business value (NBV) reached CNY 3.75 billion, up 39.9% year-on-year. The combined ratio (COR) for Sunshine Property & Casualty Insurance was 99.1%, an increase of 0.9 percentage points year-on-year. As of H1 2024, the embedded value was CNY 112.64 billion, an increase of 8.2% from the end of the previous year [1][3]. Summary by Sections Business Performance - Sunshine Life achieved premium income of CNY 51.76 billion in H1 2024, a year-on-year increase of 12.9%. New single premiums decreased by 9.0% year-on-year, while renewal premiums increased by 32.3%. The significant growth in NBV was driven by improvements in the new business value rate, primarily due to a reduction in the scheduled interest rate and cost improvements from the integration of sales channels [1][3]. Sales Channels - The sales channel structure remains dominated by bank insurance, which contributed CNY 34.01 billion, a year-on-year increase of 9.5%, accounting for 65.7% of total premiums. However, new single premiums from bank insurance decreased by 16.9% due to short-term negative impacts from the integration of sales channels. The individual insurance channel saw a year-on-year increase of 25.5% to CNY 13.69 billion, with new single premiums up 15.7% [1][3]. Non-Motor Insurance - Sunshine Property & Casualty Insurance reported original premiums of CNY 24.65 billion in H1 2024, a year-on-year increase of 12.4%. The overall COR was 99.1%, reflecting a 0.9 percentage point increase year-on-year, primarily due to increased natural disaster frequency. Non-motor insurance premiums increased by 25.5% to CNY 11.36 billion, with health and accident insurance contributing significantly to underwriting profits [1][3]. Investment Performance - The total investment assets of the group reached CNY 514.11 billion as of H1 2024, an increase of 7.2% from the end of the previous year. The net, total, and comprehensive investment returns were 3.8%, 3.6%, and 7.2%, respectively, with year-on-year increases of 0.4 percentage points, 0.1 percentage points, and 2.3 percentage points [1][3]. Future Outlook - The report maintains EPS forecasts for 2024-2026 at CNY 0.42, CNY 0.51, and CNY 0.61, respectively. The target price for 2024 is set at HKD 4.85 per share, reflecting a slight upward adjustment in NBV growth assumptions due to better-than-expected performance [1][3].