[Table_Page] 年报点评|保险Ⅱ 证券研究报告 [【Table_T广itle] 发 非 银 & 海 外 】 阳 光 保 险 [公Tab司le_I评nves级t] 买入 当前价格 2.76港元 （06963.HK） 合理价值 4.46港元 前次评级 买入 价值指标全面增长，净利润下滑符合预期 报告日期 2024-03-26 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  公司发布23年报：2023年归母净利润同比-16.8%，NBV同比+44.2%。 12% 3%  2023 年 NBV+44.2%（按照新精算假设追溯调整后），NBV 的大幅增 -6%03/23 05/23 07/23 09/23 11/23 01/24 03/24 长主要得益于渠道与缴费结构的优化带来价值率同比+3.7pct 至 -14% 10.8%，其中期交占新单保费比重同比+12.1pct 至 54.4%，且个险贡 -23% -32% 献新单的比重同比+4.5pct，因此个险/银保渠道 NBVM 的变化幅度分 阳光保险 恒生指数 别为-4.1pct/+1.5pct。另外 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total premium income of 118.91 billion yuan, a year-on-year increase of 9.3%. Insurance service income reached 59.90 billion yuan, up 7.5% year-on-year. However, the net profit attributable to shareholders was 3.74 billion yuan, a decline of 16.8% year-on-year, primarily due to the impact of new financial instrument standards and market volatility [3] - The new business value (NBV) for life insurance is expected to lead the A+H listed peers for two consecutive years, with a NBV of 3.60 billion yuan in 2023, reflecting a year-on-year growth of 44.2% [3] - The company is implementing a new strategic framework called "New Sunshine Strategy," focusing on technology, value creation, and customer-centric development [12][13] Summary by Relevant Sections Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is 7.19 billion yuan for 2024, 7.55 billion yuan for 2025, and 8.14 billion yuan for 2026, with a significant increase of 92.4% in 2024 compared to 2023 [2][3] - The embedded value (EV) for life insurance at the end of 2023 is projected to be 104.06 billion yuan, reflecting a year-on-year growth of 6.4% [3] Business Performance - The life insurance segment's NBV growth was driven by a 37.2% increase in individual insurance new policies, despite a 4.6% decline in new single premiums [3] - The property insurance segment reported a net profit of 0.978 billion yuan, down 36.1% year-on-year, mainly due to a 49.5% decrease in total investment income [3] Strategic Initiatives - The company is focusing on three core areas: "Technology Sunshine," "Value Sunshine," and "Heartfelt Sunshine," aiming to enhance customer service and operational efficiency through digital transformation and innovative business models [12][13] - The company has adjusted its economic assumptions, lowering the long-term investment return rate to 4.5% and the risk discount rate to 9.5%, which impacted the growth rate of the life insurance EV [3]

Financial Performance - Total premium income for the year reached RMB 118.91 billion, a year-on-year increase of 9.3%[2] - Insurance service revenue amounted to RMB 59.90 billion, reflecting a year-on-year growth of 7.5%[2] - Net profit attributable to shareholders was RMB 3.74 billion, with an embedded value of RMB 104.06 billion, up 6.4% compared to the end of the previous year[2] - New single premium income for Sunshine Life reached RMB 18.10 billion, a year-on-year increase of 22.7%[2] - The value of new business was RMB 3.60 billion, showing a year-on-year growth of 44.2%[2] - Net profit for 2023 decreased to RMB 3,866 million, down 16.5% from RMB 4,628 million in 2022[7] - Basic and diluted earnings per share for 2023 were RMB 0.32, compared to RMB 0.43 in 2022, representing a decline of 25.6%[6] - The net profit for the year was RMB 3.7 billion, compared to RMB 2.1 billion in the previous year, indicating a significant increase of 76.2%[12] - The net profit for the life insurance segment decreased by 18.4% to RMB 3,206 million in 2023, down from RMB 3,928 million in 2022[126] - The net profit for 2023 was RMB 978 million, a decrease of 36.1% from RMB 1.53 billion in 2022[143] Revenue and Income Sources - Total revenue for 2023 was RMB 78,224 million, up from RMB 77,569 million in 2022, reflecting a growth of 0.8%[6] - Other income for 2023 was RMB 3,298 million, an increase from RMB 2,837 million in 2022[6] - The total income from investments was 5,348 million, with interest income of 9,894 million reported[67] - The total investment income was RMB 14.62 billion, with an overall investment return rate of 3.3%[88] - Investment income decreased to RMB 18,681 million, down from RMB 32,029 million in the previous year, primarily due to a significant drop in realized gains[73] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 513,686 million, an increase of 13.2% from RMB 453,569 million in 2022[9] - Total liabilities increased to RMB 451.9 billion as of December 31, 2023, up from RMB 394.2 billion in 2022, representing a growth of 14.6%[10] - The company's total equity reached RMB 61.8 billion, an increase from RMB 59.4 billion in 2022, reflecting a growth of 4.1%[11] - The company's insurance contract liabilities rose to RMB 385.4 billion, up from RMB 347.1 billion in 2022, marking an increase of 11.0%[10] - The total assets of the company amounted to RMB 513.7 billion, compared to RMB 453.6 billion in the previous year, reflecting a growth of 13.2%[10] Customer Metrics - The number of effective customers reached 31.54 million by the end of 2023[3] - The effective customer base was approximately 31.54 million, indicating a strong customer retention strategy[87] - The number of effective customers reached 19.2 million by the end of 2023[127] Strategic Initiatives - The company aims to enhance customer experience and operational efficiency through advanced data algorithms and technology capabilities[5] - The strategic focus includes optimizing product value and implementing the "Three/Five/Seven" strategic plan to drive growth[5] - The company plans to expand its market presence and invest in new product development to drive future growth[12] - The company plans to continue its digital transformation and AI innovation to drive high-quality development[89] - The company plans to continue enhancing its service system and product offerings as part of its "New Sunshine" strategy to drive stable growth[100] Investment and Financial Management - The company invested over RMB 680 million in various public welfare and charity projects throughout the year[4] - The company reported a financial loss from investments in joint ventures and associates of RMB (216) million, compared to a profit of RMB 313 million in 2022[6] - The company has allocated RMB 648 million to general risk reserves, reflecting its commitment to risk management strategies[11] - The company continues to optimize its asset-liability management system and enhance investment research capabilities to achieve long-term, stable, and sustainable investment performance[151] Insurance Operations - Total insurance service revenue reached 59,900 million, with personal insurance contributing 14,394 million and property insurance contributing 45,487 million[67] - The property insurance segment achieved original premium income of RMB 44,240 million in 2023, reflecting a 9.6% year-over-year growth[127] - The underwriting combined ratio improved to 98.7% in 2023, a decrease of 0.7 percentage points year-over-year, indicating enhanced profitability[127] - The company aims to continue expanding its health insurance business and innovate product and service offerings to meet diverse health protection needs[134] Digital Transformation - The company launched the "Sunshine GPT" model, enhancing customer service and sales support through AI technology[89] - The online self-service rate for customers reached 91%, demonstrating significant progress in digital transformation[89] - The average productivity per individual insurance agent increased by 44.4% to RMB 21,000, with the number of MDRT standard agents growing by 84.7% to 519[104] Regulatory and Compliance - The group has not yet applied the newly issued but not yet effective International Financial Reporting Standards, which will take effect on or after January 1, 2024, and are not expected to have a significant impact on the group's financial results[33] - The company has confirmed compliance with the relevant listing rules regarding related party transactions and has received confirmation from independent non-executive directors and auditors[177][178] - No significant litigation or arbitration matters have occurred during the reporting period[182] Future Outlook - The company anticipates that the insurance industry will benefit from policy support, increased consumer confidence, and growing demand for retirement and wealth management services in 2024[185] - The company aims to enhance its value creation capabilities and maintain a focus on high-quality development and value growth through its "New Sunshine Strategy"[186]

Financial Performance - Sunshine Insurance Group reported a net profit of RMB 1.2 billion for the first half of 2023, representing a year-on-year increase of 15%[3]. - The total premium income for the group reached RMB 25 billion, up 10% compared to the same period last year[3]. - The company reported a net profit of RMB 2,426 million for the first half of 2023, a 5.2% increase from RMB 2,305 million in the same period of 2022[60]. - Net profit rose by 9.1% to RMB 2.97 billion for the first half of 2023, up from RMB 2.72 billion year-on-year[30]. - The net profit attributable to shareholders of the parent company was RMB 2.90 billion, reflecting a 9.0% increase compared to the previous year[17]. - The company reported a 53.4% year-on-year increase in new single premium income, totaling RMB 13.95 billion[20]. - The total premium income for the first half of 2023 reached RMB 45,848 million, a 9.0% increase compared to RMB 42,058 million in the same period of 2022[48]. - Total premium income reached RMB 67.81 billion, a year-on-year increase of 7.7%[17]. Customer Growth and Market Expansion - The number of active insurance policies increased by 8% to 3.5 million, indicating a growing customer base[3]. - The number of effective customers reached approximately 31.92 million[17]. - The number of effective customers reached 13.51 million as of June 30, 2023[35]. - The company aims to achieve a premium growth rate of 12% for the full year 2023, driven by new product launches and market expansion strategies[3]. - The group plans to expand its market presence in tier-2 and tier-3 cities, targeting a 20% increase in market share in these regions by 2025[3]. Product Development and Innovation - The company has launched a new health insurance product, which is expected to contribute an additional RMB 1 billion in premium income by the end of 2023[3]. - The company launched new products such as "Sunshine Protection B" and "Sunshine Protection iFamily B" to meet various customer needs[46]. - The company is focusing on optimizing product structure and enhancing risk pricing capabilities through advanced data analytics and AI technologies[26]. - The company launched the "Sunshine GPT" strategic project, achieving 345,000 uses within three months, covering 65% of employees[27]. Financial Stability and Solvency - Sunshine Insurance's solvency ratio stands at 220%, indicating a strong financial position to support future growth[3]. - The comprehensive solvency adequacy ratio for the group improved to 203% from 198% at the end of 2022[33]. - The core solvency adequacy ratio increased to 152% as of June 30, 2023, up from 145% at the end of 2022, indicating a 7 percentage point improvement[133]. - The company's core capital reached RMB 77,777 million, a growth of 11.5% from RMB 69,751 million in the previous year[133]. Investment and Asset Management - The total investment assets reached RMB 466.6 billion as of June 30, 2023, an increase of 12.4% compared to the end of the previous year[109]. - The annualized total investment return rate was 3.5%[25]. - The annualized net investment return rate was 3.4%, down from 4.2% year-on-year, while the annualized total investment return rate was 3.5%, down from 4.1%[123]. - The company is actively investing in infrastructure projects such as water conservancy, highways, and municipal construction to support the real economy[125]. Corporate Governance and Shareholder Structure - Major shareholders include Tibet Ruiyu Investment Management Co., Ltd. with a stake of approximately 12.56%[187]. - The board of directors consists of five executive directors, five non-executive directors, and five independent non-executive directors, ensuring a high level of independence[183]. - The company has a significant concentration of ownership, with the top stakeholders collectively holding over 50% of the shares[193]. - The company has complied with the corporate governance code, except for one specific provision[183]. Strategic Outlook and Future Guidance - The company aims to enhance its digital operational capabilities and improve the quality of its insurance services to meet differentiated customer needs[152]. - Future guidance suggests a cautious but optimistic outlook for the upcoming quarters, with an emphasis on strategic investments and innovation[194]. - The company is focused on maintaining its market share while exploring potential mergers and acquisitions to enhance growth[194].

Financial Performance - Insurance service revenue for the six months ended June 30, 2023, was RMB 30,160 million, an increase of 7.4% from RMB 28,099 million in the same period of 2022[2]. - Total revenue for the same period was RMB 38,981 million, up 5.4% from RMB 36,990 million year-on-year[2]. - Net profit for the six months ended June 30, 2023, was RMB 2,966 million, representing a 9.1% increase compared to RMB 2,719 million in the prior year[2]. - The basic and diluted earnings per share for the period were both RMB 0.25, a slight decrease from RMB 0.26 in the same period of 2022[2]. - The company reported investment income of RMB 2,858 million, down 59.9% from RMB 7,124 million in the same period of 2022[2]. - The company’s total comprehensive income for the six months ended June 30, 2023, was RMB 2,910 million, reflecting a decrease from the previous period[8]. - The net profit for the six months ended June 30, 2023, was RMB 2,895 million, compared to RMB 2,966 million for the same period in 2022[8]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 499,240 million, an increase from RMB 453,569 million at the end of 2022[6]. - Total liabilities increased to RMB 432,649 million as of June 30, 2023, compared to RMB 394,216 million at the end of 2022[7]. - The company's insurance contract liabilities rose to RMB 372,680 million, up from RMB 347,093 million at the end of 2022, indicating growth in insurance obligations[7]. - The total equity attributable to shareholders of the parent company increased to RMB 65,309 million from RMB 58,075 million at the end of 2022[7]. - As of June 30, 2023, the company's total equity attributable to shareholders was RMB 66,591 million, an increase from RMB 65,828 million as of January 1, 2023[8]. Cash Flow and Investments - The cash and cash equivalents balance as of June 30, 2023, was RMB 20,229 million, up from RMB 11,485 million at the end of the previous period[12]. - The net cash inflow from operating activities for the six months ended June 30, 2023, was RMB 15,823 million, down from RMB 21,576 million in the same period of 2022[11]. - The company reported a net cash outflow from investing activities of RMB 32,256 million for the six months ended June 30, 2023, compared to RMB 39,480 million in the prior year[11]. - The company issued asset-backed securities and received cash of RMB 2,749 million during the reporting period[10]. - The company’s cash flow from financing activities showed a net inflow of RMB 12,042 million for the six months ended June 30, 2023[12]. Regulatory and Accounting Changes - The company adopted new financial instrument standards effective January 1, 2023, leading to adjustments in accounting policies and financial statement amounts[19]. - The company did not restate comparative financial statements for the new financial instrument standards but disclosed relevant adjustment information[19]. - The transition to new insurance contract standards resulted in significant changes in the recognition of insurance contract revenue and expenses[16]. - The group will not reassess the belonging of contracts to contract groups once they meet the initial recognition criteria[40]. Business Segments and Performance - The total expenses for the insurance services segment were 35,250 million for the six months ended June 30, 2023, compared to 34,203 million for the same period in 2022, an increase of 3.1%[71]. - The company reported a total of 14,499 million in insurance service income from the life insurance segment for the six months ended June 30, 2023, compared to 15,226 million in the same period of 2022, a decrease of 4.8%[71]. - The company’s other business segment reported a total income of 1,317 million for the six months ended June 30, 2023, compared to 1,326 million in the same period of 2022, a slight decrease of 0.7%[71]. - The pre-tax profit for the insurance services segment for the six months ended June 30, 2023, was 3,731 million, compared to 2,787 million for the same period in 2022, showing an increase of 34%[71]. Customer and Market Insights - The number of effective customers reached approximately 31.92 million[86]. - The company provided risk protection of RMB 32.6 trillion to the real economy in the first half of 2023[89]. - The company has developed a "car insurance intelligent life table" to enhance risk pricing capabilities and added 198 new risk indicators with a disposal rate of 98.8%[88]. - The company has invested over RMB 640 million in various public welfare activities by June 30, 2023[90]. Future Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[1]. - The company aims to enhance its risk management services and product offerings in emerging fields such as smart travel and green low-carbon initiatives[128]. - The insurance market in China is expected to have significant growth potential driven by economic stability, wealth accumulation, and an aging population[169]. - The company plans to adopt new international financial reporting standards effective from January 1, 2024, which are not expected to have a significant impact on its financial results[69].

Financial Performance - Sunshine Insurance Group reported a total revenue of RMB 100 billion for the fiscal year 2022, representing a year-on-year increase of 15%[2]. - The company achieved a net profit of RMB 10 billion, which is a 20% increase compared to the previous year[3]. - Total revenue for the year reached CNY 128.58 billion, an increase of 7.2% year-on-year[34]. - The net profit attributable to shareholders was CNY 4.88 billion[34]. - Net profit decreased by 16.7% to RMB 5.02 billion in 2022, down from RMB 6.02 billion in 2021[38]. - The weighted average return on equity (ROE) decreased to 8.6% in 2022 from 10.3% in 2021, a drop of 1.7 percentage points[38]. - The company provided risk protection of RMB 44.5 trillion for the real economy in 2022[35]. - Total premium income for 2022 was RMB 108.74 billion, reflecting a 6.9% increase from RMB 101.76 billion in 2021[38]. - The net profit attributable to shareholders was RMB 4.88 billion, a decline of 17.0% from RMB 5.88 billion in 2021[38]. Customer Growth and Engagement - User data indicates that the number of active insurance policies increased by 25% to 5 million policies in 2022[4]. - The number of effective customers reached approximately 32.88 million by the end of 2022[34]. - The effective customer base at the end of 2022 was approximately 32.88 million[41]. - The number of effective customers reached 14.95 million by the end of 2022, with a 28.3% increase in customers with first-year standard premiums of RMB 150,000 and above[60]. - The 13-month premium continuation rate improved to 90.5%, up 3.5 percentage points year-on-year[64]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[172]. Product Development and Innovation - Sunshine Insurance Group has launched a new health insurance product, which has already attracted 100,000 new customers within the first quarter of its release[9]. - The company is investing RMB 1 billion in new technology development, focusing on digital insurance solutions and AI-driven customer service[6]. - New product launches are expected to contribute an additional 5 billion RMB in revenue over the next year[160]. - The company launched a series of insurance products targeting various customer needs, including health, life, and education[60]. - New product development initiatives are underway, focusing on enhancing digital insurance solutions, expected to launch in Q2 2024[173]. Market Expansion and Strategy - Sunshine Insurance Group plans to expand its market presence in Southeast Asia, targeting a 30% growth in the region by 2025[5]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 2 billion RMB allocated for potential deals[157]. - Market expansion plans include entering three new provinces, aiming for a 10% market share in these regions within two years[162]. - The company aims to enhance its core capabilities and focus on customer-driven high-value insurance services in 2023[36]. Financial Guidance and Future Outlook - Future guidance estimates a revenue growth of 12% for the next fiscal year, with a projected net profit margin of 10%[7]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[159]. - The company has set a future outlook with a revenue guidance of 1.5 billion for the next fiscal year, indicating a growth target of 25%[175]. Operational Efficiency and Cost Management - The company aims to reduce operational costs by 8% through efficiency improvements and technology integration[159]. - The management team emphasized a commitment to improving operational efficiency, aiming for a 5% reduction in costs by the end of the fiscal year[173]. Governance and Management - The company’s governance structure includes a board of directors with a mix of executive and independent non-executive members, ensuring diverse oversight[155]. - The company has made adjustments related to minority shareholders' equity in its financial reporting[150]. - The company reported a governance structure update with the nomination of candidates for the sixth board of directors, including Mr. Zhang Weigong and Mr. Zhao Zongren as executive directors[180]. - The company will establish an employee director position as per the governance guidelines issued by the China Banking and Insurance Regulatory Commission in 2021[180]. - The company’s management team has extensive experience in finance and insurance sectors, contributing to its operational effectiveness[177]. Investment and Asset Management - The company is focusing on providing differentiated comprehensive services based on various family types and stages as part of its individual customer strategy[195]. - The company plans to strengthen its investment asset management brand to become a leading insurance asset management provider in the domestic market[196]. - The company’s investment strategy includes a strong focus on high cash dividend yield value stocks and quality growth stocks[101]. Risk Management - The company faces significant market risks, including interest rate, equity price, real estate price, and currency exchange rate fluctuations[194]. - The company acknowledges credit risk from counterparties failing to fulfill obligations, which could lead to unexpected economic losses[194]. - The company is addressing liquidity risk, ensuring timely access to sufficient funds to meet obligations[194]. - The company is committed to becoming a trusted risk management partner for group clients, offering professional risk management services[195]. Employee and Workforce Management - The company employs a total of 57,152 employees, with 11.0% being management personnel, 31.7% professional technical personnel, and 57.3% sales personnel[184]. - Among the employees, 30.0% are under 30 years old, 51.6% are between 31 and 40 years old, 14.9% are between 41 and 50 years old, and 3.5% are over 51 years old[185]. - The educational background of employees shows that 3.7% hold a master's degree or above, 43.1% have a bachelor's degree, and 53.1% have other qualifications[186]. Sustainability and ESG Initiatives - The management team emphasized a commitment to sustainable practices, with plans to invest 500 million RMB in green initiatives[160]. - The company is committed to implementing good environmental, social, and governance (ESG) practices to enhance investment value and provide long-term returns to stakeholders[190]. - The company has established an ESG committee to manage ESG risks and ensure compliance with relevant laws and regulations[190].

Financial Performance - Total revenue for the year reached RMB 128.58 billion, a year-on-year increase of 7.2%[2] - Net profit attributable to shareholders was RMB 4.88 billion[2] - Net profit for 2022 decreased to RMB 5,015 million from RMB 6,020 million in 2021, reflecting a decline of 16.7%[8] - Total premium income for 2022 was RMB 108,740 million, an increase from RMB 101,759 million in 2021, representing a growth of 6.9%[7] - The total comprehensive income attributable to shareholders for 2022 was RMB (1,196) million, compared to RMB 4,012 million in 2021, indicating a significant decline[12] - The company reported a pre-tax profit of RMB 5,212 million for the year ended December 31, 2022, a decrease from RMB 5,725 million in 2021[34] - Basic earnings per share for 2022 were RMB 0.47, down from RMB 0.57 in 2021, a decrease of 17.5%[7] Assets and Liabilities - Total assets as of December 31, 2022, reached RMB 485,357 million, up from RMB 441,623 million in 2021, indicating an increase of 9.9%[9] - The total liabilities increased to RMB 423,338 million in 2022 from RMB 382,407 million in 2021, marking an increase of 10.7%[10] - The total equity attributable to shareholders increased to RMB 60,741 million in 2022 from RMB 58,008 million in 2021, an increase of 4.7%[10] - The company’s cash and cash equivalents at the end of 2022 were RMB 24,829 million, a decrease from RMB 25,282 million at the end of 2021[13] Investment Performance - The company’s investment income for 2022 was RMB 19,188 million, compared to RMB 17,096 million in 2021, showing a growth of 12.3%[7] - Total investment income amounted to RMB 20.13 billion, representing a year-on-year growth of 5.4%[46] - The total investment yield was 5.0%, a decrease of 0.4 percentage points year-on-year, primarily due to market volatility and increased impairment provisions[106] - The company’s total investment assets reached RMB 428,844 million, a year-on-year growth of 10.3%[101] Customer Metrics - The number of effective customers reached approximately 32.88 million by the end of 2022[2] - The effective customer base reached approximately 32.88 million, indicating a stable growth in the insurance business[45] - The number of effective customers reached 14.95 million by the end of 2022, with high-end customer growth of 28.3% for policies with first-year standard premiums of RMB 150,000 and above[62] Business Segments - The company operates in life and health insurance through Sunshine Life and property insurance through Sunshine Property, focusing on comprehensive risk protection solutions[44] - Total premium income for life insurance was RMB 56.59 billion in 2022, a 13.8% increase from RMB 49.74 billion in 2021[63] - The total premium income for the property insurance segment decreased by 1.2% from RMB 40,919 million in 2021 to RMB 40,409 million in 2022[80] Regulatory and Compliance - The company will apply IFRS 9 and IFRS 17 starting from the annual reporting period beginning on January 1, 2023[20] - The company has complied with the Corporate Governance Code since its listing on December 9, 2022, except for one provision regarding the separation of the roles of Chairman and CEO[157] - The company's consolidated financial statements for the year ending December 31, 2022, were audited and approved by Ernst & Young[157] Strategic Initiatives - The company aims to enhance its core capabilities and focus on customer-driven high-value insurance group development in 2023[3] - The company plans to enhance its digital transformation and integrate internal and external resources to meet health demands in the post-pandemic era[5] - The company is focusing on digital innovation and customer-centric strategies to enhance its competitive edge[54] Risk Management - The company established a risk monitoring and early warning platform, "Tianyan System," with over 260 monitoring indicators to preemptively manage operational risks[70] - The company anticipates a positive trend in the insurance industry as the economy recovers and consumer confidence improves in 2023[130] Dividend and Shareholder Information - The company proposed a final dividend of RMB 0.18 per share, totaling approximately RMB 2.07 billion for the fiscal year ending December 31, 2022[158] - The final dividend is subject to approval at the 2022 annual general meeting, expected to be paid on July 28, 2023[158]