中國太平保險控股有限公司董事會（「董事會」）成員載列如下。 執行董事 尹兆君先生 董事長 李可東先生 副董事長及總經理 那豔芳女士 （於香港註冊成立之有限公司） （股份代號：966） 董事名單與其角色和職能 非執行董事 C 有關委員會的主席 M 有關委員會的成員 中國香港，2025 年 11 月 21 日 羅范椒芬女士 劉怡女士 邵善波先生 蔡洪平先生 董事會設立 4 個委員會。下表提供各董事會成員在這些委員會所擔任的職位： | | 委員會 | | 提名薪酬 | 風險管理 | 戰略與投資 | | --- | --- | --- | --- | --- | --- | | | | 審計委員會 | 委員會 | 委員會 | 委員會 | | 董事 | | | | | | | 尹兆君先生 | | | | | C | | 李可東先生 | | | | M | M | | 那豔芳女士 | | | M | M | M | | 胡興國先生 | | M | | | M | | 周梁剛先生 | | | | | M | | 馮占武先生 | | | | M | | | 羅范椒芬女士 | | M | M | | | | 劉怡女士 | | ...

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。 （於香港註冊成立之有限公司） （股份代號：966） 非執行董事 公告 非執行董事變更 中國太平保險控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」） 謹此宣佈下列有關本公司非執行董事及董事會附屬委員會成員變動，由 2025 年 11 月 21 日 起生效。 非執行董事辭任 本公司非執行董事郭兆旭先生（「郭先生」）及張翠女士（「張女士」）因已達退休年齡，辭任 本公司非執行董事職務。辭任後，郭先生將不再擔任本公司風險管理委員會成員；及張女士 將不再擔任本公司審計委員會及風險管理委員會成員。郭先生及張女士已確認彼等與董事會 並無任何意見分歧及並無任何與彼等辭任有關之事宜需要通知香港聯合交易所有限公司 （「聯交所」）及本公司股東。 委任非執行董事 本公司進一步宣佈馮占武先生（「馮先生」）獲委任為本公司非執行董事及風險管理委員會成 員。 馮先生的履歷載列如下： 馮占武先生，52歲，自20 ...

Summary of China Taiping's Conference Call Company Overview - **Company**: China Taiping - **Industry**: Insurance Key Financial Performance - In the first half of 2025, China Taiping's net profit growth exceeded 60%, and net assets increased by 31% compared to the beginning of the year [2][3] - In Q3 2025, Taiping Life, a major subsidiary, reported a net profit increase of 370% for the quarter, with a year-to-date net profit growth also exceeding 60% [3] Strategic Focus and Transformation - The company successfully transitioned to a dividend insurance model, achieving a target where at least 50% of new single premiums come from this product by 2025 [2][7] - The focus for 2025 is on transformation rather than rapid growth, laying the groundwork for a strong start in 2026 [2][5] - The company is shifting towards a diversified product strategy, emphasizing traditional insurance 2.0 in the latter half of 2025 [2][5] Investment Strategy - In Q3 2025, China Taiping adjusted its investment strategy, increasing its allocation to A-shares, with 30% of new premium funds invested in this market [4][9] - The investment yield for the first half of 2025 was influenced by a conservative approach, but the company is now focusing on growth stocks in the A-share market [9][10] Tax and Regulatory Environment - The high effective tax rate in 2024 was due to losses under old accounting standards, leading to significant deferred tax assets [8] - The company expects a more accurate and lower effective tax rate after transitioning to new accounting standards in 2026 [8] Pension Ecosystem Development - China Taiping has made significant progress in building a pension ecosystem, with high occupancy rates in projects like Shanghai Wutong and Chengdu Furong [8] - The company has completed 5 to 6 major asset projects and is expanding through a light asset model to over seventy institutions [8] Competitive Positioning - The management team is highly market-oriented and committed to maintaining competitiveness through strategic execution and product diversification [6][7] - The company aims to balance between traditional and dividend insurance products while maintaining a competitive edge in the market [7] Future Outlook - China Taiping anticipates continued growth in net profit, value, and net assets, focusing on a stable investment strategy amid market uncertainties [10][11] - The company is optimistic about its stock price performance, believing it is undervalued compared to peers [17] Miscellaneous - The comprehensive cost ratio for Taiping Property & Casualty Insurance was 96.9% in the first half of 2025, marking a historical high [14] - The company is actively exploring new market opportunities while consolidating its existing positions in both domestic and international markets [14] This summary encapsulates the key points from the conference call, highlighting China Taiping's financial performance, strategic initiatives, investment strategies, and future outlook.

Core Viewpoint - China Taiping is transforming into a dividend insurance leader, focusing on high-quality development and leveraging its strong capital structure to enhance profitability and growth potential [1][3]. Group 1: Life Insurance - The company is leading the transformation towards dividend insurance, with a continuous release of CSM (Contractual Service Margin) profits [1]. - In 2023, new business value (NBV) is recovering, although growth rates are fluctuating due to policy impacts; the new business value rate is second only to Ping An in the industry [1]. - The distribution channel is primarily agent-based, with ongoing reforms leading to improved performance; the bancassurance channel is optimizing both volume and price, driven by network expansion and enhanced policy quality [1]. - The premium structure remains dominated by traditional insurance, but dividend insurance accounts for 87.1% of first-year premiums, significantly higher than peers, indicating a positive shift in cost structure [1]. Group 2: Property Insurance - The property insurance business is mainly concentrated domestically, accounting for 86% of total operations, with steady growth driven by auto and non-water insurance [2]. - Domestic combined operating ratio (COR) is improving, gradually narrowing the gap with the top three players in the property insurance sector [2]. - Internationally, the property insurance segment, primarily in Hong Kong and Macau, is experiencing slower growth, with noticeable COR fluctuations [2]. - Reinsurance business has seen a reduction in scale this year, but the central COR has improved significantly [2]. Group 3: Asset Management - The asset management segment is experiencing steady growth, primarily driven by insurance premium inflows, with total managed assets exceeding HKD 2.65 trillion by mid-2025 [2]. - Net investment returns are declining due to interest rate impacts, with total investment returns showing significant volatility [2]. - The allocation structure is increasingly favoring bonds, maintaining a leading position compared to listed peers; equity allocation is also rising, placing the company at the median level within the industry [2]. Group 4: Investment Recommendations - The company's push for dividend insurance transformation is expected to reduce rigid costs from existing policies, alleviating pressure from declining interest rate spreads [3]. - The capital market's improved activity since last year presents opportunities for the company to capitalize on equity asset allocations, potentially leading to excess returns [3]. - The company is primarily focused on life insurance, with a projected PEV (Price-Embedded Value) valuation method indicating an expected target price of HKD 22.6, with a recommendation rating of "Buy" [3].

Investment Rating - The report assigns a "Buy" rating for China Taiping (00966.HK) with a target price of HKD 22.6 [1][6][9] Core Views - China Taiping is positioned as a leader in the transformation towards participating insurance, with a strong potential for valuation recovery. The company is actively pushing for this transformation, which is expected to reduce rigid costs from new policies and alleviate the pressure from declining interest rates [8][9][10] Financial Performance - The projected insurance service revenue for 2024 is HKD 22,024 million, with a year-on-year growth of 18.8%. The net profit attributable to shareholders is expected to reach HKD 8,432 million, reflecting a significant year-on-year increase of 36.2% [2][3] - The earnings per share (EPS) for 2024 is forecasted at HKD 2.35, with a price-to-earnings (P/E) ratio of 7.8 [2][3] Business Segments Life Insurance - China Taiping's life insurance segment is a key driver, contributing approximately 80% of the net profit. The new business value (NBV) has started to recover in 2023, with a year-on-year increase of 23% to HKD 6.8 billion in 2025H1 [6][32] - The company has a robust channel structure, primarily through individual agents, with a significant shift towards participating insurance, which accounted for 29% of the new business in 2025H1 [32][52] Property and Casualty Insurance - The domestic property and casualty insurance business is gradually improving, with a combined ratio (COR) of 95.5% in 2025H1, indicating a year-on-year improvement [59][60] - The overseas property and casualty insurance segment, primarily in Hong Kong and Macau, has shown slower growth, contributing 14% to the overall property and casualty business [67] Asset Management - The asset management segment has seen steady growth, with total managed assets exceeding HKD 2.65 trillion as of 2025H1. The investment performance has been influenced by interest rates, with a focus on equity allocations expected to yield strong beta opportunities [6][9][10] Valuation and Estimates - The report utilizes the Present Value of Embedded Value (PEV) method for valuation, predicting an embedded value per share (EVPS) of HKD 56, 64.6, and 74.1 for 2025, 2026, and 2027 respectively. The current dynamic PEV is estimated at 0.33x for 2025 and 0.28x for 2026, with a target PEV of 0.35x for 2026 [9][10]

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: | 中國太平保險控股有限公司 | | | | 呈交日期: | 2025年11月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 由於本公司是於香港註冊成立的公司，因此「法定/註冊股本」之概念並不適用於本公司。 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00966 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股 ...

Core Insights - China Taiping is actively promoting the high-quality development of the silver economy through a comprehensive approach that includes the integration of healthcare and wellness services, aligning with the "Healthy China" strategy [1][2] Group 1: Business Model and Strategy - China Taiping employs a diversified business model combining "heavy assets, light assets, and medium assets" to achieve comprehensive coverage across regions, focusing on differentiated services such as medical care, wellness experiences, and travel-related services [1] - The company has established a collaborative development model that integrates "insurance protection, industrial investment, and ecosystem services" to enhance the quality of elderly care services [2] Group 2: Technological Integration - The development of a smart elderly care management system is underway, facilitating the digital transformation of care communities and enhancing service efficiency and quality through smart devices and data platforms [2] - A standardized service system has been created, encompassing nearly a hundred basic services and dozens of value-added services, aimed at meeting the diverse needs of the elderly [2] Group 3: Project Implementation and Impact - The first heavy asset elderly care community in Chengdu, "Furong Renjia," has been established with a total investment of approximately 2.1 billion yuan, capable of serving around 3,400 elderly individuals [3] - Since its operation began in July 2024, the community has received over 12,000 experience stays and has served more than 95,000 meals, showcasing its role as a benchmark project for elderly care services in Southwest China [3] Group 4: Future Directions - China Taiping plans to continue focusing on the development of smart elderly care products and deepen the integration of "elderly care + healthcare," "elderly care + tourism," and "elderly care + insurance" to enhance service quality [3]

Transaction Overview - Taiping Life (a subsidiary of China Taiping) signed an agreement with China Railway Construction Corporation on October 31, 2025, to sell all minority stakes in four target companies for a total price of RMB 6.5 billion [1] - The equity transfer includes 7.47% of China Railway Construction Investment (RMB 1.891 billion), 17.27% of China Railway Kunlun (RMB 1.773 billion), 10.86% of China Railway Eleventh Bureau (RMB 1.655 billion), and 8.49% of China Railway Construction (RMB 1.182 billion) [1] Financial Impact - The group is expected to recognize a profit of approximately RMB 300 million from the transaction, and after completion, Taiping Life will no longer hold equity in the aforementioned companies, with proceeds allocated for general working capital [2] Target Companies' Financials - The combined net assets of the target companies are approximately RMB 98.49 billion for 2024, with operating profits of RMB 11.11 billion and RMB 5.55 billion for 2023 and 2024, respectively [3] Transaction Completion - The transaction has met all preconditions and has been completed, in compliance with the disclosure standards required by listing rules [4]

Group 1 - The core point of the article is that China Taiping (00966.HK) announced a share transfer agreement with China Railway Construction Corporation (CRCC), where Taiping Life will transfer its entire stake in four target companies for a total cash consideration of RMB 6.5 billion [1] - The agreement follows previous investment agreements made on December 18, 2019, where Taiping Life invested a total of RMB 6.5 billion in the target companies [1] - After the capital increase, Taiping Life holds approximately 7.47%, 17.27%, 10.86%, and 8.49% stakes in China Railway Investment, China Railway Kunlun, China Railway No. 11 Bureau, and China Railway Construction, respectively [1] Group 2 - Within 72 months after the capital increase, CRCC may negotiate with Taiping Life to repurchase the increased shares based on fair and reasonable principles [1]

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。 （於香港註冊成立之有限公司） （股份代號：966） 須予披露交易 出售持有的四家標的公司少數股權 茲提述本公司日期為2019年12月18日及2023年1月13日的公告（「該等公告」），內容有關太 平人壽（本公司的非全資附屬公司）對四家標的公司的原建議增資，及修訂各投資協定中有 關後續重組的釐定期限。除另有界定者外，本公告所用詞彙與該等公告所界定者具有相同涵 義。 背景 誠如該等公告所披露，於2019年12月18日，太平人壽、中鐵建股份與標的公司訂立四份投資 協定。根據投資協定及補充協議項下的條款及條件，太平人壽以現金方式向標的公司投資合 共人民幣65.0億元。增資完成後，太平人壽分別持有中鐵建投、中鐵昆侖、中鐵十一局和中 鐵建設經擴大股權約7.47%、17.27%、10.86%、8.49%。另外，在太平人壽增資日後72個月內， 經中鐵建股份、標的公司及太平人壽協商後，中鐵建股份可按公平合理的原則以後續重 ...