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 ...

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） 公告 附屬公司2025年第三季度償付能力報告 本公告乃由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」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第 571 章證券及期貨條例（「證券及期貨條例」）第 XIVA 部之內幕消息條文（定義見上市規則） 之規定而發出。 本公司於中華人民共和國（「中國」）成立的若干從事保險業務的附屬公司，分別為太平人 壽保險有限公司、太平財產保險有限公司、太平養老保險股份有限公司及太平再保險（中國） 有限公司（「若干附屬公司」），受國家金融監督管理總局（「金融監管總局」）監管。根 據金融監管總局發佈的風險導向償付能力體系二期（「償二代二期」）之相關規定，保險公 司需每季度披露其自身的償付能力報告摘要。 截至2025年9月30日止第三季度償付能力報告摘要將分別於中國 ...

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） 本公告乃由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」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)條及香港法例第 571 章證券及期貨條例（「證券及期貨條例」）第 XIVA 部之內幕消息條文（定義見上市規則） 之規定而發出。 本公司於中華人民共和國（「中國」）成立的若干從事保險業務的附屬公司，分別為太平人 壽保險有限公司、太平財產保險有限公司及太平再保險（中國）有限公司（「若干附屬公司」）， 受國家金融監督管理總局（「金融監管總局」）（原「中國保險監督管理委員會」）監管。 根據《中國人民銀行、中國保險監督管理委員會公告2015年第3號》之規定，保險公司在資 本債券存續期間，需定期披露其自身的財務報告及償付能力報表。有關償付能力報表的詳情 請參見本公司將適時在香港聯合交易所有限公司網站（www.hk ...

Group 1 - China Pacific Insurance Holdings Co., Ltd. announced the appointment of Na Yanfang as an executive director and member of the nomination and remuneration committee, risk management committee, and strategic and investment committee [1] - Na Yanfang currently serves as an executive director of China Pacific Insurance Group Co., Ltd. and China Pacific Insurance Group (Hong Kong) Co., Ltd. [1] Group 2 - Na Yanfang, born in June 1973, is a member of the Communist Party of China with a doctoral degree [3] - She has a long tenure at the Supreme People's Procuratorate, having held positions such as deputy secretary of the party committee, director of the Ninth Procuratorial Division, and director of the Tenth Procuratorial Division [3] - China Pacific Insurance Group Co., Ltd. was founded in 1929 in Shanghai and is recognized as the longest-operating national insurance brand in China [3] - China Pacific Insurance Holdings Co., Ltd. was registered in February 2000 under Hong Kong company regulations and is headquartered in Hong Kong as a financial holding company [3]

Group 1 - China Taiping Insurance Holdings Company Limited has announced that Na Yanfang has become an executive director and a member of the nomination and remuneration committee, risk management committee, and strategy and investment committee [1][6] - Na Yanfang also serves as an executive director of China Taiping Insurance Group Co., Ltd. and China Taiping Insurance Group (Hong Kong) Co., Ltd. [1] - The board of directors of China Taiping includes various members with specific roles in different committees, highlighting the governance structure of the company [4][6] Group 2 - Na Yanfang has a long career in the Supreme People's Procuratorate, holding positions such as deputy secretary of the party committee and head of the Ninth and Tenth Procuratorial Divisions [6] - China Taiping was founded in 1929 in Shanghai and is recognized as the longest-operating national insurance brand in China, with its headquarters currently in Hong Kong [6] - The company was registered in February 2000 under Hong Kong company regulations and was listed on the Hong Kong Stock Exchange in June 2000, making it the first overseas-listed financial holding platform under China Taiping Insurance Group [6]