Core Insights - Sunshine Insurance reported a total premium income of 80.81 billion yuan for the first half of 2025, representing a year-on-year growth of 5.7% [2] - The net profit attributable to shareholders reached 3.39 billion yuan, up 7.8% year-on-year [2] - The group's embedded value increased to 128.49 billion yuan, reflecting an 11.0% growth compared to the end of the previous year [2] Life Insurance Segment - Sunshine Life achieved total premium income of 55.44 billion yuan, a year-on-year increase of 7.1% [2] - The new business value for the first half of the year was 4.01 billion yuan, with a comparable year-on-year growth of 47.3% [2] - The contract service margin balance reached 56.08 billion yuan, up 10.3% from the end of the previous year [2] - Individual insurance business saw a total premium income of 15.34 billion yuan, growing 12.1% year-on-year, with new business value at 1.23 billion yuan, up 23.6% [2] - The proportion of floating income products and protection products exceeded 50%, an increase of 26 percentage points year-on-year [2] Health Insurance and Other Channels - The bancassurance business reported total premium income of 35.44 billion yuan, a growth of 4.2% [2] - Other channels, including group insurance, online sales, and agency business, generated a total premium income of 4.66 billion yuan, up 14.9% [2] Property Insurance Segment - Sunshine Property achieved original premium income of 25.27 billion yuan, a year-on-year increase of 2.5% [3] - The combined underwriting cost ratio improved to 98.8%, a 0.3 percentage point optimization [3] - The underwriting profit reached 290 million yuan, up 42.4% year-on-year [3] - In the auto insurance sector, original premium income was 12.5 billion yuan, with a 3 percentage point increase in the proportion of household vehicle premiums [3] - Non-auto insurance premium income grew by 12.5% to 12.78 billion yuan [3] Asset Management - As of June 30, 2025, the total investment assets of the group amounted to 591.86 billion yuan, a 7.9% increase from the end of the previous year [3] - Total investment income reached 10.7 billion yuan, reflecting a year-on-year growth of 28.5% [3] - Comprehensive investment income was 16.33 billion yuan, up 9.2% year-on-year [3] Technological Advancements - The company has enhanced its AI capabilities to improve quality, reduce costs, and increase efficiency [4] - Sunshine Life upgraded its proprietary "Customer Family Protection Needs Recommendation System" for more precise and customized services [4] - Sunshine Property improved its mobile sales management platform "All-in-One Insurance" App, increasing batch quotation efficiency by over three times [4] Support for the Real Economy - In the first half of the year, the company provided risk protection amounting to 35 trillion yuan for the real economy [4] - The investment balance exceeded 480 billion yuan [4] Financial Services Initiatives - The company provided various technology insurance guarantees totaling approximately 37 billion yuan [5] - In the green finance sector, it offered nearly 7.5 trillion yuan in green insurance guarantees [5] - The company provided 830 billion yuan in agricultural and rural insurance, along with 16 trillion yuan in various inclusive financial protections [5] - Innovations in pension financial products were introduced to enrich the pension protection product matrix [5] - The company is deepening its digital transformation and enhancing AI application capabilities across major business areas [5]

Core Insights - A new investment fund named Suzhou Kuanyu Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of approximately 22.43 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Tencent-related companies, including Shenzhen Xiaoshu Commercial Management Co., Ltd., Tencent Technology (Shanghai) Co., Ltd., and Sunshine Life Insurance Co., Ltd. under Sunshine Insurance Group [1]

Group 1 - A new private equity fund named Suzhou Kuanyu Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of approximately 22.43 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Tencent-related companies, including Shenzhen Xiaoshu Commercial Management Co., Ltd., Tencent Technology (Shanghai) Co., Ltd., and Sunshine Life Insurance Co., Ltd. under Sunshine Insurance (06963.HK) [1]

证券研究报告 港股公司|公司点评|阳光保险（06963） 阳光保险 2025 年半年报点评：利润稳 健增长，分红险转型成效显现 请务必阅读报告末页的重要声明 glzqdatemark1 2025年08月25日 请务必阅读报告末页的重要声明 1 / 5 证券研究报告 |报告要点 阳光保险发布 2025 年半年报， 2025H1 公司实现总保费收入 808.1 亿元，同比+5.7%；保险服 务收入为 324.4 亿元，同比+3.0%；归母净利润 33.9 亿元，同比+7.8%。考虑到公司坚持价值 发展理念、DPS 有望稳健增长，我们看好公司后续投资价值，维持"买入"评级。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 港股公司|公司点评 glzqdatemark2 2025年08月25日 阳光保险(06963) 阳光保险 2025 年半年报点评：利润稳健增 长，分红险转型成效显现 | 行 业： | 非银金融/保险Ⅱ | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 4.48 港元 | 基本数据 | 总股本/流通 ...

机构：中金公司 研究员：毛晴晴/姚泽宇 1H25 业绩基本符合我们预期 阳光保险披露了2025 年上半年业绩，归母净利润同比+7.8%至33.9 亿元，其中寿险/财险净利润分别同 比+5.6%/2.6%，寿险新业务价值（NBV）可比口径下同比+47.3%至40.1 亿元，财险综合成本率 （CoR）同比-0.3ppt至98.8%，税前盈利基本符合预期。 财险承保盈利同比改善。1H25 阳光财险原保险保费同比增长2.5%至252.7亿元，其中车险/非车险分别 同比-6%/+12.5%，非车险保费占比50.6%，同比提升4.5ppt；CoR 同比-0.3ppt 至98.8%，其中赔付率/费 用率分别同比+2.5ppt/-2.8ppt；车险CoR 同比-1.6ppt 至98.1%，车险中家用车保费占比提升3ppt，新能源 车险保费占比提升2.1ppt；非车险CoR 同比+1.2ppt 至99.7%，意健险和责任险成本率有所走高。 投资面临一定高基数，同比表现稳健。1H25 阳光净/总投资收益率分别同比-0.2ppt/+0.2ppt 至 3.8%/4.0%，1H24 公司债券投资形成一定高基数效应，投资整体表现稳健。资 ...

Core Insights - Sunshine Insurance reported a net profit of 3.4 billion yuan for H1 2025, representing a year-on-year increase of 7.8% [1] - The company's new business value (NBV) reached 4.01 billion yuan, showing a significant year-on-year growth of 47.3% [1] - The embedded value (EV) stood at 128.5 billion yuan, up 11% from the beginning of the year [1] Life Insurance Segment - The NBV from the bancassurance channel saw substantial growth, with a year-on-year increase of 53% [1] - New single premium income for H1 2025 was 19 billion yuan, down 3% year-on-year [1] - The average monthly workforce was 50,000, a decrease of 3.6% from the beginning of the year [1] Property Insurance Segment - Sunshine Property Insurance's original premium income was 25.3 billion yuan, reflecting a year-on-year increase of 2.5% [2] - The underwriting profit for H1 2025 was 290 million yuan, up 42.4% year-on-year [2] - The combined cost ratio improved to 98.8%, a decrease of 0.3 percentage points year-on-year [2] Investment Strategy - Total investment assets reached 591.9 billion yuan, an increase of 7.9% from the beginning of the year [2] - The annualized net investment yield was 3.8%, down 0.2 percentage points year-on-year [2] - The company is reallocating its investment strategy by increasing core equity and reducing bond holdings [2] Profit Forecast and Investment Rating - The profit forecast for 2025-2027 has been adjusted to 6 billion, 6.3 billion, and 6.5 billion yuan respectively [3] - The current market valuation corresponds to a 2025E price-to-book (PB) ratio of 0.73x and a price-to-embedded value (PEV) of 0.35x, indicating a low valuation [3] - The company is expected to benefit from the implementation of its "New Sunshine Strategy" in the life insurance sector [3]

财险承保盈利同比改善 1H25阳光财险原保险保费同比增长2.5%至252.7亿元，其中非车险分别同比+12.5%，非车险保费占比 50.6%，同比提升4.5ppt;CoR同比-0.3ppt至98.8%，其中赔付率/费用率分别同比+2.5ppt/-2.8ppt;车险CoR 同比-1.6ppt至98.1%，车险中家用车保费占比提升3ppt，新能源车险保费占比提升2.1ppt。 寿险NBV及合同服务边际(CSM)余额快速增长，新业务产品结构优化 集团内含价值快速增长 1H25阳光人寿NBV可比口径下同比+47.3%至40.1亿元，其中个险/银保分别同比+23.5%/+53%;今年实际 披露NBV比去年实际披露同比+7.0%，调整后/调整前仍实现增长，好于该行预期;寿险CSM余额560.8亿 元，较上年末增长10.3%。分渠道看，个险渠道"浮动收益型+保障型产品"占比超50%;银保渠道"浮动收 益型+保障型产品"占比27.1%，分红险转型下产品结构优化明显。 中金发布研报称，阳光保险(06963)当前交易于0.38x/0.33x2025e和2026e P/EV，维持公司2025-2026年盈 利预测基本不变，维持目标 ...

Core Viewpoint - The report from CICC maintains the profit forecast for Sunshine Insurance for 2025-2026, with a target price of HKD 4.60, indicating a potential upside of 2.7% based on the current trading multiples of 0.38x/0.33x P/EV for 2025e and 2026e [1] Group 1: Life Insurance Performance - Sunshine Life's new business value (NBV) increased by 47.3% year-on-year to CNY 4.01 billion in 1H25, with individual insurance and bank insurance channels growing by 23.5% and 53% respectively [2] - The contract service margin (CSM) balance for Sunshine Life reached CNY 56.08 billion, reflecting a 10.3% increase from the end of the previous year [2] - The product structure has improved significantly, with over 50% of individual insurance channel products being floating income and protection-type products [2] Group 2: Property Insurance Performance - Sunshine Property's original insurance premium grew by 2.5% year-on-year to CNY 25.27 billion in 1H25, with non-auto insurance premiums increasing by 12.5% [3] - The combined ratio (CoR) improved by 0.3 percentage points to 98.8%, with the loss ratio and expense ratio changing by +2.5 percentage points and -2.8 percentage points respectively [3] - The combined ratio for auto insurance decreased by 1.6 percentage points to 98.1%, with the proportion of household vehicle premiums increasing by 3 percentage points [3] Group 3: Investment Performance - The net and total investment yields for Sunshine were 3.8% and 4.0% respectively in 1H25, showing stable performance despite a high base effect from bond investments in 1H24 [4] - The asset allocation saw an increase in stock proportion by 1.8 percentage points compared to the end of the previous year, along with an increase in long-duration interest rate bonds to optimize the duration structure and cost-revenue matching [4] Group 4: Group Value Growth - The intrinsic value of Sunshine Group reached CNY 128.49 billion in 1H25, marking an 11.0% increase from the end of the previous year [5] - The net assets amounted to CNY 55.84 billion, primarily due to the use of a 60-day moving average of government bond yield curves for discounting traditional insurance reserves [5]

Core Insights - Sunshine Insurance reported a stable performance for the first half of the year, with total premium income reaching 80.81 billion yuan, an increase of 5.7% [2] - The company achieved a net profit attributable to shareholders of 3.39 billion yuan, growing by 7.8% [2] - Total investment income for the first half amounted to 10.7 billion yuan, reflecting a significant growth of 28.5% [2] Insurance Business Performance - Sunshine Life, a subsidiary of Sunshine Insurance, generated total premium income of 55.44 billion yuan, marking a year-on-year increase of 7.1% [2] - The new business value for Sunshine Life was 4.01 billion yuan, with a comparable year-on-year growth of 47.3% [2] - Sunshine Property & Casualty Insurance reported original insurance premium income of 25.27 billion yuan, up by 2.5% year-on-year [2] Financial Position - Sunshine Insurance's total assets surpassed 600 billion yuan for the first time, reaching 625.56 billion yuan as of June 30 [2] - The equity attributable to shareholders decreased by 10.1% compared to the end of the previous year, amounting to 55.84 billion yuan [2] - The fluctuation in net assets is a challenge faced by multiple insurance companies following the new accounting standards [2] Investment Performance - As of June 30, the total investment asset scale of Sunshine Insurance was 591.86 billion yuan, with total investment income of 10.7 billion yuan, reflecting a year-on-year growth of 28.5% [2] - Investment income reported in the profit statement was 6.35 billion yuan, an increase of 42.3%, primarily due to higher dividend income and trading gains from investment assets [2]

Core Insights - Sunshine Insurance reported a stable performance for the first half of the year, with total premium income reaching 80.81 billion yuan, an increase of 5.7% [1] - The company achieved a net profit attributable to shareholders of 3.39 billion yuan, growing by 7.8% [1] - Total investment income for the first half amounted to 10.7 billion yuan, reflecting a significant growth of 28.5% [1] Insurance Business Performance - Sunshine Life, a subsidiary of Sunshine Insurance, generated total premium income of 55.44 billion yuan, up 7.1% year-on-year [1] - The new business value for Sunshine Life was 4.01 billion yuan, with a comparable year-on-year increase of 47.3% [1] - Sunshine Property & Casualty Insurance reported original insurance premium income of 25.27 billion yuan, marking a 2.5% increase [1] Financial Position - Sunshine Insurance's total assets surpassed 600 billion yuan for the first time, reaching 625.56 billion yuan as of June 30 [1] - Shareholder equity attributable to the parent company was 55.84 billion yuan, down 10.1% from the end of the previous year [1] - The fluctuation in net assets is a challenge faced by multiple insurance companies following the new accounting standards [1] Investment Business Performance - As of June 30, the total investment asset scale of Sunshine Insurance was 591.86 billion yuan, with total investment income of 10.7 billion yuan, up 28.5% year-on-year [1] - Investment income reported in the profit statement was 6.35 billion yuan, reflecting a year-on-year increase of 42.3%, primarily due to increased dividend income and trading gains from investment assets [1]