Group 1 - The core point of the article is that China Ping An announced its performance results for the year ending December 31, 2025, including a proposed final dividend of 1.75 yuan per share and an annual dividend of 2.70 yuan per share, representing a year-on-year increase of 5.9% [1] - The total cash dividend amounts to 48.891 billion yuan, marking the 14th consecutive year of increase in dividends [1]

免責聲明 (i)可就部分股息行使貨幣選擇權只適用於香港中央結算(代理人)有限公司； (ii)港股通投資者的股息將以人民幣派發；及 (iii)為享有股息權利而行使轉換權之最後時限为2026年5月27日15:00 （倫敦時間）。 發行人董事 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行董事為謝吉人、楊小平、何建鋒及蔡潯；獨 立非執行董事為吳港平、金李、王廣謙、洪小源、宋獻中及陳曉峰。 第 2 頁 共 2 頁 v 1.1.1 EF002 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | --- | --- | | | 股票發行人現金股息（可選擇貨幣）公告 | | 發行人名稱 | 中國平安保險（集團）股份有限公司 | | 股份代號 | 02318 | | 多櫃檯股份代號及貨幣 | 82318 RMB | | 相關股份代號及名稱 | 05131 PING AN B2907 | | 公告標題 | 2025年12月31日止 ...

Market Overview - The A-share market experienced a collective decline today, with the Shanghai Composite Index falling by 1.09% to close at 3889.08 points, the Shenzhen Component Index down 1.41% to 13606.44 points, and the ChiNext Index decreasing by 1.34% to 3272.49 points. The total trading volume in the Shanghai and Shenzhen markets was 195.71 billion, a decrease of 23.59 billion compared to the previous day [3]. Market Sentiment and Performance - The core factors influencing market trading include short-term sentiment, mid-term performance, and long-term valuation. Currently, during the annual report disclosure season, market sentiment is the key driver of investment trading. Many companies reported annual results that exceeded expectations but still performed poorly due to a lack of growth expectations. Conversely, companies with disappointing results faced significant declines. Overall, market sentiment is cautious, leading to a conservative outlook for the future, which results in a tendency for stocks to decline regardless of whether their performance is above or below expectations [4]. Insurance Sector Analysis - The insurance sector was notably impacted today, particularly due to the annual report disclosure of China Life Insurance. Despite a 44% growth in retail business performance, the stock price fell sharply due to over 10 billion yuan in investment losses in the fourth quarter. Comparatively, China Life's third-quarter performance showed a 60% year-on-year increase, leading the market to view the annual report as underwhelming, which directly contributed to the stock's decline. Similarly, China Ping An reported a 22% year-on-year increase in net profit, with a significant improvement from an 11% increase in the third quarter. However, its stock also experienced a substantial drop, making its future performance a critical indicator for market sentiment. From a valuation perspective, China Ping An's annual dividend is 2.7 yuan per share, with a current stock price of 56 yuan, indicating a high investment value in terms of dividend yield [5][6]. Long-term Valuation Perspective - From a long-term valuation standpoint, the fundamentals of the insurance sector remain positive, particularly with significant growth in premium income this year. However, short-term trends are still heavily influenced by market sentiment. The A-share market showed a retracement today, with over 4000 stocks declining and only about 900 stocks rising, indicating a broad market downturn. The sectors leading the decline included wind power, solar energy, and insurance, while the oil service sector benefited from a rebound in oil prices [6]. Market Outlook - Currently, both the A-share market and the Hang Seng Technology Index are awaiting the resolution of negative sentiment. The ongoing disclosure of annual reports from major companies may serve as a pivotal point for the market. This turning point could not only impact individual stocks but also help establish a clear direction for the overall market trend [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 末期股息貨幣選擇表格 建議分派末期股息待股東週年大會批准後，本公司將於適當時候進一步向H股股東 派發末期股息貨幣選擇表格，以供欲選擇以人民幣收取H股末期股息之H股股東使用。 預期時間表 下文所載（其中包括）分派末期股息的預期時間表僅作指示。預期時間表可予更改， 本公司將於適當時候就任何有關變動另行發佈公告。 1 暫停辦理股份過戶登記手續 建議分派末期股息及暫停辦理股份過戶登記手續 於2026年3月26日，中國平安保險（集團）股份有限公司（「本公司」）董事會（「董 事會」）建議以現金分派每股人民幣1.75元（含稅）的截至2025年12月31日止年度的 末期股息（「末期股息」）。建議分派末期股息須待本公司股東（「股東」）於將 於2026年5月20日（星期三）舉行的應屆股東週年大會（「股東週年大會」）上批准 後方可作實。 根據本公司的公司章程，末期股息以人民幣計算和宣派。本公司A股（「A股」）末 期股息將以人 ...

拟派发2025年末期股息每股现金1.75元；全年股息每股现金2.70元，同比增长5.9%；现金分红总额 488.91亿元，连续14年保持上涨。保险资金投资业绩优良，综合投资收益率6.3%。寿险及健康险业务保 持高增长态势，新业务价值达368.97亿元，同比增长29.3%，连续三年实现双位数增长。代理人渠道新 业务价值同比增长10.4%，人均新业务价值同比增长17.2%；银保渠道新业务价值同比大幅增长 138.0%。 新京报贝壳财经讯 3月26日，中国平安公告，2025年归属于母公司股东的营运利润1344.15亿元，同比增 长10.3%；归属于母公司股东的扣非净利润1437.73亿元，同比增长22.5%；营业收入11403.24亿元，基 本保持稳定；归属于母公司股东权益首次突破万亿，达10004.19亿元，较年初增长7.7%。 ...

報告開篇 | 報告說明 | 02 | | --- | --- | | 關於平安 | 03 | | 年度成績與認可 | 04 | C目錄ontents 01 可持續的戰略管理 | 戰略規劃 | 10 | | --- | --- | | 治理體系 | 14 | | 重要性評估 | 16 | | 利益相關方溝通 | 20 | | ESG風險管理 | 22 | 03 可持續的運營與社區 | 鄉村振興與社區影響力 | 62 | | --- | --- | | 可持續供應鏈 | 78 | | 消費者保護與體驗 | 80 | | 員工及代理人髮展與保障 | 85 | 05 可持續的治理 | 公司治理 | 123 | | --- | --- | | 商業守則 | 127 | | 信息安全與AI治理 | 131 | 02 可持續的業務 | 助力實體經濟 | 25 | | --- | --- | | 可持續保險 | 32 | | 負責任銀行 | 39 | | 負責任投資 | 45 | | 負責任產品 | 53 | | 科技創新 | 58 | 04 可持續的自然 | 氣候變化與碳中和 | 101 | | --- | --- | | ...

Group 1 - The company reported an audited operating revenue of 1,140.32 billion yuan for the year ending December 31, 2025, with an operating profit of 134.42 billion yuan, representing a year-on-year growth of 10.30% [1] - The net profit attributable to shareholders reached 134.78 billion yuan, showing a year-on-year increase of 6.45%, with a basic earnings per share of 7.66 yuan and a proposed final dividend of 1.75 yuan per share [1] - The new business value of life and health insurance reached 36.90 billion yuan, up 29.3% year-on-year, with a new business value rate of 28.5%, an increase of 5.8 percentage points [1] Group 2 - The property insurance business saw a premium income of 343.17 billion yuan, a year-on-year growth of 6.6%, and service income of 338.91 billion yuan, up 3.3% [2] - The overall combined cost ratio improved by 1.5 percentage points to 96.8%, maintaining good profitability, while the auto insurance combined cost ratio improved by 2.3 percentage points to 95.8% [2] - The net cash inflow from operating activities increased by 48.3%, significantly improving liquidity, with the investment scale (excluding sold repurchased financial assets) growing by 12.1% compared to the beginning of the year [2] Group 3 - The company has built a comprehensive financial model that enhances core competitive barriers, with a personal customer base of 251 million, a 3.5% increase from the beginning of the year [3] - The company maintains a 99% retention rate for customers holding three or more products within the group [3] - The healthcare and elderly care strategy has been effectively implemented, with 100% coverage of partnerships with top hospitals and AI+ real doctors serving all personal customers [3]

Core Insights - In 2025, the company demonstrated strong overall performance with significant growth in operational profit and net profit, alongside a notable increase in total revenue and shareholder equity [1] Financial Performance - The operating profit attributable to shareholders reached 134.415 billion RMB, a year-on-year increase of 10.3% - The net profit attributable to shareholders, excluding non-recurring items, was 143.773 billion RMB, up 22.5% year-on-year - Total revenue amounted to 1,050.506 billion RMB, reflecting a 2.1% increase - Shareholder equity surpassed 1 trillion RMB for the first time, reaching 1,000.419 billion RMB, a growth of 7.7% from the beginning of the year [1] Dividend Policy - The proposed cash dividend for the end of 2025 is 1.75 RMB per share, with an annual cash dividend of 2.70 RMB per share, marking a 5.9% increase year-on-year - The total cash dividend amounts to 48.891 billion RMB, with a cash dividend ratio based on operating profit of 36.4% [2] Insurance Business Growth - The new business value for life and health insurance reached 36.897 billion RMB, a 29.3% increase year-on-year, with a new business value rate of 28.5%, up 5.8 percentage points - The agent channel's new business value grew by 10.4%, while the average new business value per agent increased by 17.2% - The bank insurance channel saw a remarkable growth of 138.0% in new business value, contributing significantly to the overall new business value [3] Property Insurance Performance - The gross premium income from property insurance was 343.168 billion RMB, a 6.6% increase year-on-year - Insurance service revenue reached 338.912 billion RMB, up 3.3% year-on-year - The overall combined cost ratio improved to 96.8%, a 1.5 percentage point optimization, maintaining strong profitability [4] Investment Performance - The investment portfolio of insurance funds grew to 6.49 trillion RMB, a 13.2% increase from the beginning of the year - The comprehensive investment return rate was 6.3%, up 0.5 percentage points year-on-year, with a 10-year average net investment return rate of 4.8% [5] Banking Operations - The net profit from banking operations was 42.633 billion RMB, with a non-performing loan ratio of 1.05% and a provision coverage ratio of 220.88% - The core Tier 1 capital adequacy ratio improved to 9.36%, an increase of 0.24 percentage points from the beginning of the year [6] Customer Engagement - The number of individual customers reached 251 million, a 3.5% increase from the beginning of the year - The average monthly active online customer count was approximately 90 million, leading the industry - The retention rate for customers holding three or more products within the group was 99% [7] Healthcare and Elderly Care Strategy - The company achieved 100% coverage in partnerships with top hospitals and tertiary hospitals in China - AI and real doctors cover 100% of individual customers, and a one-click payment service is available in 77,000 pharmacies nationwide - Over 240,000 customers have qualified for home care services, with high-quality elderly care community projects launched in five cities [8] Social Responsibility and Sustainability - The company has invested over 10.88 trillion RMB to support the real economy - The scale of green investments from insurance funds reached 530.087 billion RMB, with a green loan balance of 266.433 billion RMB - The company was rated AAA in MSCIESG and ranked first in the Asia-Pacific region for "comprehensive insurance and brokerage" for four consecutive years [9] Brand Value - The company improved its ranking in the Fortune Global 500 to 47th, 9th among global financial firms - It ranked 13th in the Fortune China 500 and 27th in the Forbes Global 2000, leading among Chinese insurance companies - The company was ranked 32nd in the BrandFinance "2026 Global Brand Value 500" list, maintaining its position as the most valuable insurance brand in China [10]

中国平安(02318)发布截至2025年12月31日止年度的经审计业绩，该集团取得营业收入11403.24亿元;归 属于母公司股东的营运利润1344.15亿元，同比增长10.30%;归属于母公司股东的净利润1347.78亿元，同 比增长6.45%;基本每股营运收益7.66元，拟派发2025年末期股息每股现金人民币1.75元。 银行业务经营保持稳健，资产质量整体平稳，核心一级资本充足率提升。净利润426.33亿元;不良贷款 率1.05%，拨备覆盖率220.88%;核心一级资本充足率 9.36%，较年初上升0.24个百分点。 综合金融模式构筑核心竞争壁垒，客户经营效率持续提升。个人客户数2.51亿，较年初增长3.5%;线上 月均活跃客户数约9000万，领先同业;持有集团内3类及以上产品的客户留存率99%。 医疗养老战略持续落地，差异化优势赋能主业。国内百强医院和叁甲医院合作覆盖率100%;AI+真人医 生覆盖集团100%个人客户;一键展码支付服务覆盖全国7.7万家药店;累计超24万名客户获得居家养老服 务资格;平安臻颐年高品质康养社区项目已在5个城市启动，其中上海颐年城•静安8号已正式运营，深圳 颐年城•福田已投 ...

中国平安表示，寿险及健康险业务保持高增长态势，新业务价值368.97亿元，同比增长29.3%，连续三 年实现双位数增长；新业务价值率28.5%，同比上升5.8个百分点。渠道综合实力增强，代理人渠道新业 务价值同比增长10.4%，人均新业务价值同比增长17.2%；银保渠道新业务价值同比大幅增长138.0%。 北京商报讯（记者 李秀梅）3月26日晚间，中国平安保险（集团）股份有限公司（以下简称"中国平 安"）发布了2025年年报。 ...