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: 陽光保險集團股份有限公司（於中華人民共和國註冊成立的股份有限公司）（「本公司」） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 境內未上市股份 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,022,753,987 RMB | | | 1 RMB | | 8,022,753,987 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 8,022,753,987 RMB | | | 1 RMB | | ...

Group 1 - Sunshine Insurance (06963.HK) saw a nearly 3% increase in share price towards the end of trading, with a current rise of 2.71% to HKD 3.79 [1] - The trading volume reached approximately HKD 74.99 million [1]

Core Viewpoint - Sunshine Insurance (06963) has shown a nearly 3% increase in stock price, with a current price of HKD 3.79 and a trading volume of HKD 74.99 million, following the release of its solvency report and unaudited financial data for Q3 2025 [1] Financial Performance - Sunshine Life and Sunshine Property & Casualty achieved a combined interest income, investment income, and fair value change income of CNY 20.76 billion for the first three quarters, representing a year-on-year growth of 26.8% [1] Investment Portfolio - As of the first half of 2025, Sunshine Insurance's FVTPL (Fair Value Through Profit or Loss) stocks accounted for 29.1% of its stock assets, while FVOCI (Fair Value Through Other Comprehensive Income) stocks made up 70.9%, indicating a significantly higher proportion of FVOCI stocks compared to peers [1] - The substantial increase in the secondary market during Q3 has not fully reflected in the company's net profit due to the accounting treatment of FVOCI stocks, where fair value changes are recorded in OCI (Other Comprehensive Income) and only dividends are recognized in current investment income [1]

Core Viewpoint - Sunshine Insurance's stock has seen a nearly 3% increase, attributed to the release of its subsidiaries' solvency reports and financial data for Q3 2025, indicating strong investment performance [1] Financial Performance - Sunshine Life and Sunshine Property & Casualty reported a total investment income, including interest income, investment gains, and fair value changes, of 20.76 billion yuan for the first three quarters, representing a year-on-year growth of 26.8% [1] Investment Strategy - As of the first half of 2025, Sunshine Insurance's FVTPL (Fair Value Through Profit or Loss) stocks accounted for 29.1% of its stock assets, while FVOCI (Fair Value Through Other Comprehensive Income) stocks made up 70.9%, significantly higher than industry peers [1] - The substantial allocation to FVOCI stocks means that the company's net profit does not fully reflect the performance gains from equity increases, as fair value changes are recorded in OCI, with only dividends contributing to current investment income [1]

Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Sunshine Insurance (06963), projecting total operating revenue and net profit growth from 2025 to 2027, with a focus on stable growth in life insurance and optimization in property insurance [1] Group 1: Life Insurance - Sunshine Life achieved total operating revenue of 33.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.0%, with net profit at 5.25 billion yuan, up 3.4% [1] - Insurance service revenue was 12.91 billion yuan, growing by 4.3%, while investment income reached approximately 18.23 billion yuan, a significant increase of 24.7% [1] - The company reported an investment return rate of 1.41% and maintained a core solvency ratio of 133.5% and a comprehensive solvency ratio of 194.0% as of the end of September [1] Group 2: Property Insurance - Sunshine Property achieved total operating revenue of 38.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.5%, with net profit soaring by 81.9% to 1.66 billion yuan [2] - Insurance service revenue was 36.09 billion yuan, a slight increase of 0.4%, while investment income was approximately 2.54 billion yuan, up 45.0% [2] - The significant rise in net profit was attributed to improved investment returns and a decrease in natural disasters compared to the previous year, leading to a reduction in the comprehensive cost ratio [2] Group 3: Investment Performance - The combined investment income from Sunshine Life and Property for the first three quarters of 2025 reached 20.76 billion yuan, an increase of 26.8% year-on-year [3] - As of the first half of 2025, the proportion of FVTPL stocks in Sunshine Insurance's stock assets was 29.1%, while FVOCI stocks accounted for 70.9%, significantly higher than peers [3] - The company’s strategy of classifying a large portion of stocks as FVOCI resulted in unrealized gains not fully reflected in net profit, as only dividends are counted as current investment income [3]

Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Sunshine Insurance (06963), projecting total operating revenue and net profit growth from 2025E to 2027E, with a focus on stable growth in life insurance and optimization in property insurance [1][2]. Life Insurance - Sunshine Life achieved total operating revenue of 33.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.0%, with net profit at 5.25 billion yuan, up 3.4% [1]. - Insurance service revenue was 12.91 billion yuan, growing by 4.3%, while investment income reached approximately 18.23 billion yuan, a significant increase of 24.7% [1]. - The company reported an investment return rate of 1.41% for the quarter, with solvency ratios of 133.5% for core solvency and 194.0% for comprehensive solvency as of the end of September [1]. Property Insurance - Sunshine Property achieved total operating revenue of 38.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.5%, with net profit soaring by 81.9% to 1.66 billion yuan [2]. - Insurance service revenue was 36.09 billion yuan, a slight increase of 0.4%, while investment income was approximately 2.54 billion yuan, up 45.0% [2]. - The significant rise in net profit was attributed to improved investment returns and a decrease in natural disasters compared to the previous year, leading to a reduction in the comprehensive cost ratio [2]. Investment Sector - The combined investment income from Sunshine Life and Property for the first three quarters of 2025 totaled 20.76 billion yuan, marking a year-on-year increase of 26.8% [3]. - As of the first half of 2025, the proportion of FVTPL stocks in Sunshine Insurance's stock assets was 29.1%, while FVOCI stocks accounted for 70.9%, significantly higher than peers [3]. - The company’s strategy of classifying a large portion of stocks as FVOCI resulted in unrealized gains not fully reflected in net profit, as only dividends were included in current investment income [3].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has shown robust growth in its life insurance segment, with total revenue reaching 33.05 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.0%. Net profit was 5.25 billion yuan, up 3.4% [1]. - The property insurance segment also performed well, with total revenue of 38.89 billion yuan, a 2.5% increase year-on-year, and a significant net profit increase of 81.9% to 1.66 billion yuan [1]. - The investment income for the life and property insurance subsidiaries combined reached 20.76 billion yuan, a 26.8% increase year-on-year, indicating strong performance in the investment sector [2]. Summary by Sections Life Insurance Performance - Total revenue for the life insurance segment was 33.05 billion yuan, with insurance service revenue at 12.91 billion yuan, a 4.3% increase. Investment income was approximately 18.23 billion yuan, reflecting a 24.7% increase [1][2]. - The investment yield for the quarter was 1.41%, and the solvency ratios were robust, with core solvency at 133.5% and comprehensive solvency at 194.0% [1][12]. Property Insurance Performance - The property insurance segment reported total revenue of 38.89 billion yuan, with insurance service revenue at 36.09 billion yuan, a slight increase of 0.4%. Investment income surged to 2.54 billion yuan, a 45.0% increase [1][2]. - The reduction in natural disasters compared to the previous year contributed to a decrease in the comprehensive cost ratio, leading to a substantial increase in net profit [1]. Financial Projections - The company is projected to achieve total revenues of 95.88 billion yuan in 2025, with net profits expected to reach 7.06 billion yuan. Earnings per share (EPS) are forecasted at 0.61 yuan [4][29]. - The report anticipates continued growth in revenues and profits through 2027, with projected revenues of 105.38 billion yuan and net profits of 8.73 billion yuan [4][29].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's performance in the coming months [6]. Core Insights - The insurance industry experienced a premium income of CNY 521.46 billion from January to September 2025, reflecting a year-on-year increase of 8.8%. However, the premium income in September alone was CNY 41.48 billion, showing a slight decline of 0.3% year-on-year [2]. - Life insurance premiums reached CNY 317.08 billion from January to September 2025, up 12.7% year-on-year, while September's premium income was CNY 19.62 billion, down 4.6% year-on-year. The decline in September was anticipated due to the scheduled switch in the predetermined interest rate [3]. - Health insurance premiums showed a modest increase of 0.2% year-on-year, totaling CNY 64.22 billion from January to September 2025. The September premium income was CNY 6.38 billion, down 2.1% year-on-year, attributed to fluctuations in high-cost medical treatments and policy adjustments [4]. - The auto insurance sector demonstrated steady growth, with premiums reaching CNY 683.6 billion, a 4.4% increase year-on-year, while non-auto insurance premiums were CNY 687.6 billion, up 5.4% year-on-year. The growth in auto insurance is supported by rising vehicle sales, particularly in the passenger and new energy vehicle segments [5]. Summary by Sections Life Insurance - The life insurance sector is expected to focus on dividend insurance, which remains attractive compared to traditional savings products. The long-term growth logic for dividend insurance is still intact despite recent fluctuations [7]. - The report highlights a recovery in new contributions to policyholder investment funds, with a significant year-on-year increase of 29.1% in September 2025, indicating a renewed interest from policyholders [4][7]. Health Insurance - The health insurance segment is undergoing a transformation, with traditional medical insurance facing adjustments while high-end medical insurance is still in the cultivation phase. Long-term factors such as aging population and health consumption upgrades are expected to support growth in this sector [4][7]. Property Insurance - The property insurance sector is anticipated to maintain stable growth, with leading companies focusing on refined pricing and claims management to enhance profitability. The overall premium income for property insurance is expected to grow steadily [7].

Core Viewpoint - Sunshine Insurance (06963) reported its Sunshine Property & Casualty Insurance's performance for the first three quarters of 2025, showing a revenue of approximately 38.8915 billion yuan and a net profit of about 1.656 billion yuan [1] Financial Performance - The total operating revenue for Sunshine Property & Casualty Insurance reached approximately 38.8915 billion yuan [1] - The net profit for the same period was around 1.656 billion yuan [1]

Core Viewpoint - Sunshine Insurance (06963) reported its performance for Sunshine Life for the first nine months of 2025, showing significant revenue and profit figures [1] Financial Performance - The company achieved an operating revenue of approximately 33.054 billion yuan [1] - The net profit for the same period was around 5.251 billion yuan [1]