Summary of New China Life (1336.HK) Profit Alert Conference Call Company Overview - **Company**: New China Life Insurance Co., Ltd. (NCI) - **Ticker**: 1336.HK Key Financial Highlights - **9M25E Net Profits**: Estimated to increase by **45% to 65% year-on-year** to **Rmb30.0 billion to Rmb34.1 billion** compared to **Rmb14.8 billion** in 1H25, which represents a **34% year-on-year growth** [1][2] - **3Q25E Net Profits**: Expected to range from **Rmb15.2 billion to Rmb19.3 billion**, reflecting a **58% to 101% year-on-year growth** [2][4] Core Drivers of Performance - **Investment Returns**: The significant increase in net profits is attributed to substantial year-on-year growth in investment returns, despite a high base effect. This growth is supported by the strong performance of China's capital market in 9M25 and NCI's strategic allocation to high-quality anchor assets [3][4] Valuation and Market Position - **Target Price**: The target price for NCI is set at **HK$50.70**, implying an expected share price return of **8.8%** and an expected dividend yield of **4.8%**, leading to a total expected return of **13.6%** [5][7] - **Market Capitalization**: Approximately **HK$145.37 billion** (or **US$18.68 billion**) [5] Growth Projections - **Embedded Value (EV) and New Business Value (NBV)**: The target price is derived using an Appraisal Value approach, combining EV with NBV. Key assumptions include: - First-stage growth of **18%** from 2024 to 2027 - Second-stage growth of **5%** - Terminal growth of **2%** [7] Risks and Opportunities - **Downside Risks**: Potential risks include sharp corrections in the A-share market, macroeconomic slowdown in China, stricter regulations on insurance agents, falling bond yields, management changes, and increased competition [8] - **Upside Risks**: Opportunities may arise from stimulus policies, macro recovery, A-share market rebounds, and regulatory relaxations on bancassurance sales [8] Conclusion - New China Life is positioned for significant profit growth in 9M25 and 3Q25, driven by strong investment returns and strategic asset allocation. The company faces both risks and opportunities that could impact its future performance and stock price.

Group 1 - Dingjide's subsidiary has successfully launched the industrial production of POE materials, achieving stable production of qualified products [1] - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income for the first three quarters, totaling 172.705 billion yuan [1] - Chunfeng Power achieved a 30.89% year-on-year increase in net profit for the first three quarters, with total revenue reaching 14.15 billion yuan [1][2] Group 2 - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, marking a turnaround from losses [1] - Aobi Zhongguang anticipates a net profit of approximately 108 million yuan for the first three quarters, with revenue growth of 103.5% [1] - Guobang Pharmaceutical reported a 15.78% year-on-year increase in net profit for the first three quarters, totaling 6.7 billion yuan [1] Group 3 - Zhujiang Co. manages 428 projects with a signed construction area of approximately 50.9853 million square meters as of September 2025 [1] - Kecuan Technology has terminated its application for issuing convertible bonds, considering its development plan and actual situation [1] - Guoxin Securities has received approval to register 15 billion yuan in short-term corporate bonds [1] Group 4 - Aihua Pharmaceutical's clinical trial for a pediatric cough syrup has been approved by the National Medical Products Administration [1] - Xinjiang Jiaojian signed new construction contracts worth 1.413 billion yuan in the third quarter [1] - Sichuan Shuangma's subsidiary has received approval for the listing of a raw material drug used in treating various diseases [1] Group 5 - Gansu Energy's 1,000 MW coal-fired unit has officially commenced commercial operation [1] - Zhejiang Energy reported a 4.68% year-on-year increase in power generation for the first three quarters, totaling 135.234 billion kWh [1] - Tiandi Source's contract sales amount for the first nine months decreased by 16.18% to 3.085 billion yuan [1] Group 6 - Biological Shares' subsidiary has obtained a new veterinary drug registration certificate for a vaccine [1] - Jintong Co. reported a 4.03% year-on-year increase in net profit for the first three quarters, totaling 2.283 billion yuan [1] - Rihua Technology plans to invest 800 million yuan in a new project for industrial ray detection equipment [1] Group 7 - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan [1] - Qingsong Co. has completed the disposal of a 148-acre industrial park project, transferring it for 163 million yuan [1] - Tongyuan Petroleum has successfully bid for a $126 million oil and gas service project in Algeria [1] Group 8 - Hengmingda's chairman proposed a share buyback plan of 200 million to 400 million yuan [1] - Deyi Cultural plans to reduce its holdings by up to 1% of the company's shares [1] - Feirongda's major shareholder plans to reduce its holdings by up to 2.36% of the company's shares [1] Group 9 - Mankun Technology plans to issue convertible bonds to raise no more than 760 million yuan for high-end PCB production and digital upgrades [1] - Sanlian Forging's shareholder plans to reduce its holdings by up to 3% of the company's shares [1] - Huagong Technology intends to jointly establish a venture capital fund with a target size of 500 million yuan [1] Group 10 - Shida Shenghua expects a net loss of 49 million to 75 million yuan for the first three quarters [1] - Huichuangda's major shareholder plans to reduce its holdings by up to 0.65% of the company's shares [1] - Yuxin Electronics reported a 60.21% year-on-year increase in net profit for the first three quarters, totaling 73.3941 million yuan [1] Group 11 - Yiwei Communication expects a 50% to 55% decline in net profit for the first three quarters [1] - Lio Co. plans to reduce its repurchased shares by up to 135 million shares [1] - Sichuan Shuangma's subsidiary has received approval for a new drug registration [1]

Core Viewpoint - Xinhua Life Insurance Co., Ltd. reported a total original insurance premium income of 172.705 billion yuan for the period from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] Group 1 - The company aims to continuously promote the value growth, structural optimization, and quality enhancement of its insurance business [1] - Xinhua Life is accelerating the transformation of its dividend insurance products and is focused on the quality development of its branch institutions [1] - The company plans to strengthen its marketing team and channel construction [1]

Core Viewpoint - Xinhua Insurance (601336.SH) reported a total original insurance premium income of RMB 172.705 billion from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] Group 1 - The total original insurance premium income for the specified period is RMB 172.705 billion [1] - The year-on-year growth rate of the insurance premium income is 19% [1]

董事會會議通告 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二五年十月三十日（星期四）舉行董事會會議，藉以(其中包括) 考慮及批准本公司及其附屬公司截至二零二五年九月三十日止九個月之第三季 度業績及其發佈，以及處理其他事項。 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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，二零二五年十月十六日 於本通告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執 行董事為楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、賴觀 榮、徐徐、郭永清和卓志。 ...

| A股证券代码：601336 | A股证券简称：新华保险 | 编号：2025-056号 | | --- | --- | --- | | H股证券代码： 01336 | H股证券简称：新华保险 | | 新华人寿保险股份有限公司 保费收入公告 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2025 年 1 月 1 日至 2025 年 9 月 30 日期间累计原保险保费收入为人民币 17,270,462 万元，同比增长 19%。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 10 月 16 日 公司始终秉持"以客户为中心"的战略导向，持续打造"保险+服务+投资" 三端协同的高质量、可持续发展模式，深入推进体系化、专业化、市场化改革； 聚焦保险业务价值增长、结构优化和品质提升，加快推进分红险转型；升 ...

Core Viewpoint - Xinhua Insurance (601336) reported a cumulative original insurance premium income of 172.705 billion yuan from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] Company Summary - The cumulative original insurance premium income for Xinhua Insurance during the specified period is 172.705 billion yuan [1] - The year-on-year growth rate of the insurance premium income is 19% [1]

Core Viewpoint - Xinhua Insurance (601336.SH) reported a cumulative original insurance premium income of RMB 172.705 billion from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] Group 1: Financial Performance - The cumulative original insurance premium income for the specified period is RMB 172.705 billion [1] - The year-on-year growth rate of the insurance premium income is 19% [1] Group 2: Strategic Direction - The company adheres to a "customer-centric" strategic orientation [1] - It aims to create a high-quality and sustainable development model through the synergy of "insurance + service + investment" [1] - The company is advancing systematic, professional, and market-oriented reforms [1] Group 3: Business Focus - The focus is on the growth of insurance business value, structural optimization, and quality enhancement [1] - The company is accelerating the transformation of dividend insurance [1] - There is an emphasis on upgrading foundational projects and strengthening branch performance [1] Group 4: Marketing and Service Development - Continuous efforts are being made to build the marketing team and enhance channel development [1] - The company is committed to creating a service empowerment system to solidify the foundation for high-quality development [1]

Core Viewpoint - Xinhua Insurance (01336.HK) announced that it will hold a board meeting on October 30, 2025, to consider and approve the third-quarter performance for the nine months ending September 30, 2025, along with other matters [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the approval of the third-quarter results for the nine months ending September 30, 2025 [1] - Other matters will also be addressed during the meeting [1]

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].