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。 特此公告。 | A股股票代码：601336 | A股股票简称：新华保险 编号：2025-011号 | | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | 新华人寿保险股份有限公司董事会 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 2 月 28 日期间累计原保险保费收入为人民币 5,112,431 万元，同比增长 29%。公司加 强顶层设计，强化渠道基础管理，绩优人力带动业务增长，改革创新红利逐步释 放。 上述原保险保费收入数据未经审计，提请投资者注意。 2025 年 3 月 12 日 ...

新华人寿保险股份有限公司 2025 年第二次临时股东大会 会议材料 二〇二五年三月十一日 北京 1/4 新华人寿保险股份有限公司 2025 年第二次临时股东大会议程 会议时间 ：2025 年 3 月 31 日（星期一）下午 14 点 30 分 会议地点 ：北京市朝阳区建国门外大街甲 12 号新华保险大厦 21 层 各位股东： 为进一步增强公司资本实力，提升核心偿付能力充足率，优化资本结构， 支持公司业务持续稳健发展，公司拟在境内发行金额不超过人民币 100 亿元（含 100 亿元）的无固定期限资本债券。 在取得股东大会和监管机构批准的前提下，公司计划按照下列各项条款及 条件在境内发行无固定期限资本债券： 会议召集人：新华人寿保险股份有限公司董事会 议程内容 特别决议事项 关于发行境内无固定期限资本债券的议案 2/4 一、宣布会议开始及会议议程 二、审议议案 三、回答股东提问 四、宣布出席会议股东及股东代理人人数、代表股份数 五、现场投票表决 六、休会、统计现场表决结果 七、宣布现场表决结果 议案 关于发行境内无固定期限资本债券的议案 1.发行规模：不超过人民币 100 亿元（含 100 亿元），一次或分期发行 ...

新华人寿保险股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第二次临时股东大会（以下简称"本次股东大会"或"股东大会"） 召开的日期时间：2025 年 3 月 31 日 14 点 30 分 | H | A | | --- | --- | | 股证券代码： 01336 | 股证券代码：601336 | | H | A | | 股证券简称：新华保险 | 股证券简称：新华保险 公告编号：2025-010 | 股东大会召开日期：2025年3月31日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：新华人寿保险股份有限公司（以下简称"本公司"或 "公司"）董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开地点：北京市朝阳区建国门外大街甲 12 号新 ...

FF301 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2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2025年3月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 2. ...

Core Viewpoint - The company, Xinhua Insurance, has announced the approval of a proposal to issue domestic perpetual capital bonds, with a maximum issuance amount of up to 10 billion RMB [1] Group 1 - The board of directors approved the proposal for issuing domestic perpetual capital bonds [1] - The total amount for the bond issuance is set at no more than 10 billion RMB, including the full amount [1] - The proposal will be submitted for approval at the company's shareholders' meeting [1]

| A股股票代码：601336 | A股股票简称：新华保险 | 编号：2025-009号 | | --- | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | | 1 / 2 一、审议通过了《关于 2024 年监事履职评价结果的议案》，同意将 2024 年 监事履职评价结果提交股东大会。 表决情况：同意 4 票，反对 0 票，弃权 0 票。 二、审议通过了《关于 2024 年董事履职评价结果的议案》，同意将 2024 年 董事履职评价结果提交股东大会。 表决情况：同意 4 票，反对 0 票，弃权 0 票。 特此公告。 新华人寿保险股份有限公司监事会及全体监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。 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 2 月 21 日以电 子邮件方式向全体监事发出第七届监事会第五十二次会议（以下简称"会议"） 通知和材料，会议于 2025 年 2 月 28 日在北京市以现场方式召开。会议应到监事 4 人，现场出席监事 4 人。公司高级管理人员列席了会议。会议的召 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2025-008号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 第八届董事会第三十次会议决议公告 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。 会议由董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议决议： 一、审议通过了《关于调整董事会专业委员会组成人员的议案》，同意选举 毛思雪女士担任第八届董事会投资委员会主任委员、审计与关联交易控制委员会 委员，选举卓志先生担任第八届董事会审计与关联交易控制委员会委员、提名薪 酬委员会委员，同时增选杨雪女士担任第八届董事会战略委员会委员。其中，毛 思雪女士、卓志先生在董事会专业委员会的任职以监管机构核准其董事任职资格 为前提。 调整后的第八届董事会专业委员会组成人员为： 战略委员会（5 人）：杨玉成（主任委员）、龚兴峰、杨雪、胡爱民、赖观荣； 1 / 3 投资委员会（5 人）：毛思雪（主任委员）、杨玉成、龚兴峰、胡爱民、赖观 荣； 审计与关联交易控制委员会（6 人）：郭 ...

Investment Rating - The report gives a "Buy" rating for the company, with target prices of 66.51 CNY for A-shares and 43.95 HKD for H-shares, based on a valuation of 0.72X PEV for A-shares and 0.44X PEV for H-shares [3]. Core Views - The company is expected to experience significant profit growth in Q1 2025 due to a rebound in the stock market and a low base effect, alongside strong performance in the "opening red" period [1]. - The company has a high equity elasticity compared to peers, with a projected profit growth contribution of 39% from a 5% increase in the equity market [2]. - The new business value is forecasted to grow significantly, with projections of 64.8 billion CNY, 68.5 billion CNY, and 74.0 billion CNY for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 114%, 6%, and 8% [3]. Summary by Sections Company Overview - The company is a state-owned life insurance firm controlled by the Central Huijin Investment Ltd, with a significant shareholding of 32.25% [10]. - The management team is primarily composed of individuals from the China Investment Corporation and internal promotions, indicating a strong leadership background [12]. Liability Side - The company is undergoing a strategic transformation towards professionalization and marketization, aligning its initiatives with leading insurance firms [2]. - The introduction of a new "basic law" emphasizes individual performance and aims to enhance productivity, with a target of 10,000 CNY monthly per agent by H1 2024 [2]. Asset Side - The company has a higher equity allocation compared to its peers, with a stock and fund allocation of 17.6% as of H1 2024, compared to 10.8% for Ping An and 11.6% for China Pacific [2]. - The equity leverage ratio is notably high at 2.89, indicating sensitivity to market fluctuations [2]. Profit Forecast and Valuation - The forecast for net profit shows a significant increase to 250.4 billion CNY in 2024, followed by 169.4 billion CNY in 2025 and 203.1 billion CNY in 2026, with year-on-year growth rates of 187%, -32%, and 20% respectively [3]. - The company’s embedded value is currently trading at a significant discount, suggesting potential upside in valuation [3]. Shareholder Returns - The company maintains a dividend payout ratio above 30%, with expectations for steady growth in dividends as profits recover [19].

Investment Rating - The report gives a "Buy" rating for the company, with target prices of 66.51 CNY for A-shares and 43.95 HKD for H-shares, based on a valuation of 0.72X PEV for A-shares and 0.44X PEV for H-shares [3]. Core Insights - The company is expected to see significant profit growth in Q1 2025 due to a rebound in the stock market and a low base effect, alongside strong performance in the "opening red" period [1]. - The company has implemented a new strategic transformation towards professional marketization, aligning its initiatives with other leading insurance companies [2]. - The asset side shows a high elasticity to equity markets, with a projected profit growth contribution of 39% if the equity market rises by 5% [2]. - The company’s new business value is forecasted to grow significantly, with projections of 64.8 billion CNY, 68.5 billion CNY, and 74.0 billion CNY for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 114%, 6%, and 8% [3]. Summary by Sections Company Overview - The company is a state-owned insurance firm controlled by the Central Huijin Investment, with a significant shareholding structure [10][11]. - The management team is composed of experienced individuals from the China Investment Corporation and internal promotions [12]. Financial Performance - The company has experienced significant fluctuations in net profit, primarily influenced by the asset side, with a compound annual growth rate of 12.8% from 2012 to 2022 [15]. - The new business value (NBV) has shown a recovery trend, with a projected increase in 2024 due to a low base and strong sales of savings insurance products [17][52]. Liability Side - The company has undergone two major strategic transformations from 2016 to 2022, focusing on health insurance and professional marketization [21]. - The new strategy emphasizes enhancing the productivity of agents, with a target of 10,000 CNY per agent per month by the first half of 2024 [2]. Asset Side - The company has a higher equity allocation compared to peers, with a 17.6% allocation to stocks and funds, which contributes to its high elasticity to market fluctuations [2]. - The net investment yield has been affected by the maturity of non-standard assets and a lower allocation to long-term bonds, leading to a decline in net investment yield [2]. Profit Forecast and Valuation - The forecast for net profit shows a significant increase in 2024, with estimates of 250.4 billion CNY, reflecting a year-on-year growth of 187% [3]. - The company’s internal value is currently trading at a significant discount, with a projected reasonable valuation of 0.89X PEV under a 3.5% investment return assumption for 2025 [3].

Summary of Conference Call Company and Industry - The conference call pertains to **Xinhua Insurance**, a company in the **insurance industry**. Key Points and Arguments 1. **Performance Metrics**: The company has achieved over 50% of its annual task completion, with premium income exceeding 30% of the annual target, indicating a strong performance compared to the previous year [2][3][4]. 2. **Product Strategy**: The focus has shifted from short-term products to long-term growth strategies, particularly in the five to ten-year range, with an emphasis on enhancing product offerings in the insurance sector [3][4]. 3. **Sales Challenges**: The sales performance of certain products, particularly property insurance, has not met expectations, prompting plans for a comprehensive sales push starting in March [3][5]. 4. **Organizational Support**: Various departments, including product development and financial planning, are being mobilized to support sales efforts and product innovation [4][5]. 5. **Market Opportunities**: The company recognizes potential opportunities in the insurance market due to macroeconomic signals and is preparing to leverage these for growth [8][9]. 6. **Focus on Quality**: There is a strong emphasis on improving the quality of the sales team and achieving high-quality new additions to the workforce [12][38]. 7. **Investment Strategy**: The company plans to enhance its investment in equities, aiming for a target of around 20% equity allocation, while also focusing on stable income from fixed-income assets [15][23][26]. 8. **Dividend Policy**: Xinhua Insurance has initiated a mid-term dividend policy, marking a significant shift in its approach to shareholder returns, which is expected to enhance investor confidence [24]. 9. **Regulatory Environment**: The company is closely monitoring regulatory changes that may impact its operations and is preparing to adapt its strategies accordingly [14][25][31]. 10. **Health Insurance Products**: The company is looking to innovate and expand its health insurance offerings, which have not performed well recently, to better meet market demands [36][40]. Other Important but Possibly Overlooked Content 1. **Sales Channel Dynamics**: There are differences in sales performance between different channels, such as agency and bancassurance, which are being analyzed for strategic adjustments [6][7]. 2. **Long-term Planning**: The company is focused on establishing a solid foundation for its five-year plan, emphasizing risk transformation and service enhancement as key tasks [10][11]. 3. **Team Development**: Continuous efforts are being made to enhance the training and capabilities of the sales team to adapt to changing market conditions [38][39]. 4. **Market Competition**: The competitive landscape is acknowledged as a challenge, with a need for innovative product strategies to maintain market share [9][40]. 5. **Future Outlook**: The company is optimistic about future growth opportunities, particularly in light of favorable macroeconomic conditions and regulatory support [8][9][22]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, performance metrics, and market outlook.