Summary of China Ping An's Conference Call Company Overview - **Company**: China Ping An - **Industry**: Insurance and Financial Services Key Points Business Performance - In Q1 2025, the life insurance business reported an operating profit growth of approximately 5%, with expectations for steady performance throughout the year. Despite a decline in profits in 2023, the per-share dividend increased year-on-year, marking three consecutive years without a decrease in dividend amounts. Future net profit is expected to maintain steady growth, and dividends are anticipated to remain stable [2][5][12]. Management Changes - Recent adjustments in the life insurance management team include Shi Weiyu as the new General Manager and Cai Ting as Vice Chairman, overseeing agent and individual insurance channel development. The overall business will be led by Cai Ting, implementing a matrix management structure [2][7][8]. New Business Value (NBV) Growth - In Q1 2025, the NBV growth reached 35%, with the bancassurance channel experiencing rapid growth, accounting for over 30% of total sales. Individual insurance maintained positive growth, and the strategic adjustments in the bancassurance channel resulted in more than double growth. The strong trend in the bancassurance channel is expected to continue into Q2 [2][9][13]. Profitability and Investment Performance - The property and casualty insurance segment saw a decline in net profit in Q1 2025 due to bond losses from rising interest rates. However, with interest rates falling in Q2, this impact is expected to diminish, and underwriting improvements will drive profitability. Overall, the profit trend remains difficult to predict but is considered stable [2][14]. Dividend Policy - The dividend policy remains linked to operating profit performance, with no significant changes anticipated. The company is confident in maintaining stable dividend expectations, contingent on annual operating profit performance [2][5]. Asset Management and Investment Strategy - The asset management segment reported a net loss of approximately 12 billion in the previous year, with expectations for reduced losses this year. The group aims to maintain a stable performance in its asset management business, with a 5% growth achieved in Q1 2025 [3][17]. Future Outlook - The company expects net profit to maintain steady growth in the coming quarters, supported by stable asset growth contributions. The outlook for dividends remains optimistic, based on the company's solid operational logic and past performance [12][15]. Cost of New and Existing Policies - The break-even yield for new business is expected to be below 2.2% for 2024, while existing business costs are projected to be below 2.5%. This indicates a potential decrease in costs for new policies, enhancing profitability [19][21]. Investment in High Dividend Assets - The company has a significant allocation in high dividend assets, which constitutes nearly 50% of its OCI (Other Comprehensive Income). This strategy aims to enhance net asset performance despite lower short-term volatility [22][18]. Impact of Macroeconomic Environment - The performance of Ping An Bank is closely tied to the macroeconomic environment, with a slight decline in profits observed in Q1 2025. However, the overall impact on the group's net profit and dividends is considered limited, primarily affecting the life insurance segment [15][16]. Conclusion - China Ping An is positioned for steady growth in its life insurance and asset management segments, with a focus on maintaining stable dividends and profitability despite external economic pressures. The management changes and strategic adjustments in sales channels are expected to enhance operational efficiency and market performance [2][7][12].

Group 1 - China Ping An has partnered with FC Barcelona to launch the 2025 "You Are On Stage" youth football training camp, aimed at selecting young football talents nationwide for a five-day professional training experience at the Barcelona Academy [1] - The training camp will take place in twelve provinces and cities across China, including Henan, Inner Mongolia, Liaoning, Hunan, Hebei, Sichuan, Chongqing, and Dalian, with selections starting in late July [1] - Selected youth will have the opportunity to interact with legendary Barcelona players and receive professional guidance from the Barcelona coaching team, focusing on skill enhancement, tactical thinking, and teamwork [1] Group 2 - The "You Are On Stage" youth football training camp has broken traditional selection barriers, providing opportunities for non-professional young football enthusiasts to showcase their talents on a global stage [2] - Since its launch in 2016, the training camp has organized over 400 events, engaging more than 2.4 million young footballers and granting overseas training qualifications to over 170 participants [2] - FC Barcelona promotes values such as respect, effort, ambition, teamwork, and humility, using sports as a tool to enhance social inclusion and improve the quality of life for underprivileged children and youth [2][4] Group 3 - China Ping An has been actively involved in youth football philanthropy for many years, using football as a key vehicle to enhance youth sports literacy [3] - Since 2017, the company has hosted the "You Are On Stage" youth football training camp for eight consecutive years, selecting passionate young players for exchanges at top European clubs [3] - The company has also initiated a football charity program in collaboration with the China Youth Development Foundation, providing support to 119 Hope Primary Schools, including resources, facilities, and training [3] Group 4 - FC Barcelona, founded in 1899, has over 144,000 members and is recognized as one of the world's top comprehensive sports clubs [4] - The club's motto "Més que un Club" reflects its vision that transcends mere competition, emphasizing the importance of social values [4] - Through its foundation, FC Barcelona aims to leverage sports values to promote social inclusion and improve the living conditions of disadvantaged children and youth [4]

Core Viewpoint - The article highlights the integration of technology and agriculture through educational initiatives aimed at enhancing the scientific literacy of youth, particularly in rural areas, while showcasing the role of insurance in mitigating agricultural risks [5][8][19]. Group 1: Educational Initiatives - The "Youth Science Literacy Enhancement Program" allows students from rural areas to engage in hands-on learning experiences related to agriculture and technology [3][17]. - The program includes practical lessons on identifying plant diseases and understanding the impact of natural disasters on agriculture, emphasizing the importance of insurance in risk management [6][10]. - The initiative aims to bridge the educational resource gap between urban and rural areas, fostering a new generation of informed individuals who can contribute to modern agricultural practices [13][22]. Group 2: Technological Integration in Agriculture - The use of the "Ainongbao App" exemplifies how technology can assist farmers in self-insurance, pest identification, and weather forecasting, transforming traditional farming practices [8][11]. - The integration of AI, IoT, and big data in agricultural insurance is reshaping product offerings and service delivery, enhancing efficiency and quality in the sector [11][12]. - The article discusses specific case studies where technology has been applied to improve agricultural practices, such as smart farming in aquaculture and livestock management [12][21]. Group 3: Corporate Social Responsibility - The company has been actively involved in educational philanthropy for over 30 years, establishing numerous hope primary schools and supporting rural education initiatives [20][21]. - The commitment to enhancing youth education is seen as a long-term strategy to empower individuals and contribute to national technological competitiveness [22][23]. - The article emphasizes the importance of sustainable educational practices that not only provide immediate benefits but also foster long-term growth and development in rural communities [22][23].

Core Viewpoint - The rise of ESG investment principles has made ESG performance a key dimension for assessing long-term corporate value and sustainability, with China Ping An actively integrating ESG into its operations to create competitive advantages and support long-term value growth [1][2]. Group 1: ESG Performance and Recognition - China Ping An was awarded the "ESG Social Responsibility Excellence Enterprise" title at the annual "Golden Award" selection, highlighting its long-term efforts in the ESG field and establishing it as a benchmark for ESG value in the industry [1]. - Following the award announcement, Ping An's A-share price rose over 3%, reaching an eight-month high, while its Hong Kong stock also saw a strong performance, increasing nearly 30% since April [1]. Group 2: Strategic Focus and Financial Support - Ping An's ESG strategy is deeply integrated into its core business, focusing on areas such as technology finance, green finance, inclusive finance, and healthcare finance, thereby providing robust financial support for economic and social development [3][4]. - As of the end of 2024, Ping An's asset management has invested over 2.4 trillion yuan in various national strategic industries, including green infrastructure projects [4]. Group 3: Community and Financial Inclusion Initiatives - The "Three Villages Project" aims to support rural revitalization in three areas: industry, healthcare, and education, with Ping An leveraging its financial and healthcare expertise to inject capital into rural development [4][8]. - By the end of 2024, Ping An had established over 72,400 financial service points nationwide, enhancing access to quality financial services in rural areas [8]. Group 4: Financial Performance and Investment Metrics - Ping An's responsible investment performance shows a total responsible investment amount of 849.919 billion yuan in 2024, with green investments exceeding 124.712 billion yuan [9]. - The company has maintained a stable and attractive dividend policy, with total cash dividends exceeding 400 billion yuan since its listing, appealing to long-term investors [22]. Group 5: Market Position and Future Outlook - Ping An's strong ESG performance is expected to enhance its market position, attract more quality clients, and create favorable conditions for business expansion and innovation [13][14]. - The global capital market is undergoing a valuation restructuring, with ESG investment trends providing new opportunities for companies with strong ESG performance, such as Ping An [18][22].

Core Viewpoint - China Ping An has initiated a Level 1 emergency response mechanism to address severe flooding and geological disasters caused by extreme weather, ensuring effective disaster relief and rescue operations [1][2] Group 1: Emergency Response Actions - An emergency response team has been established, led by the Group's co-CEO, to coordinate disaster response efforts and implement six specialized services [1] - The company has received 3,586 claims with an estimated compensation amount of 33.246 million yuan since the onset of the flood season [1] - The "Eagle Eye System DRS3.0" has issued over 83 million warnings related to typhoons and heavy rain, covering more than 28.75 million customers [1] Group 2: Specialized Services Offered - Proactive risk assessment of customer claims in areas affected by extreme weather [3] - A 24-hour emergency hotline (95511) has been established for prioritizing disaster-related claims, accessible to all affected individuals [3] - Emergency rescue teams have been formed in severely affected areas to provide disaster relief services [3] - Medical assistance is available for injured customers, including emergency medical transport and support for medical expenses [3] - A green claims channel has been opened for expedited processing of claims in severely affected areas, with pre-authorization waived for eligible customers [3] - Simplified claims procedures for cases of death due to extreme weather, allowing for direct applications for death claims with subsequent documentation [3]

Core Viewpoint - The "Youth Science Literacy Improvement Program" is a national rural science and education public welfare project initiated by the China Next Generation Education Foundation and Ping An Insurance, aimed at enhancing science literacy among youth through innovative educational models [1] Group 1: Program Overview - The program has been operational since 2019 and utilizes an "Internet + Education" model to deliver educational resources [1] - It has reached 27 provinces, autonomous regions, and municipalities, empowering 1,058 rural schools and benefiting over 310,000 students [1] Group 2: Recent Activities - Recently, the program organized an event in Chongming District, Shanghai, where students from Ping An Hope Primary School in Liu'an, Anhui, engaged in hands-on activities using agricultural AI technology to diagnose plant diseases [1] - The students utilized the "Ai Nong Bao APP" with multispectral imaging technology for AI diagnosis of diseased rice seedlings [1] Group 3: Resource Distribution - The program has donated a total of 451,000 science books and 10 million other educational resources to support rural education [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of China Ping An, indicating a decline in revenue and net profit for Q1 2025 compared to the previous year [1][2] - As of July 4, the stock price of China Ping An closed at 56.57 yuan, with a rolling PE ratio of 8.81 times and a total market capitalization of 1,030.153 billion yuan [1] - The average PE ratio for the insurance industry is 9.07 times, with a median of 8.34 times, positioning China Ping An in 5th place within the industry [1][2] Group 2 - For Q1 2025, the company reported an operating revenue of 2,328.01 billion yuan, reflecting a year-on-year decrease of 5.20%, and a net profit of 270.16 billion yuan, down 26.40% year-on-year [2] - The number of shareholders for China Ping An reached 794,557 as of March 31, 2025, an increase of 6,522 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

智通财经7月3日电，香港交易所信息显示，摩根大通在中国平安的持股比例于06月30日从7.07%降至 6.62%，平均股价为50.0216港元。 ...

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6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 本月底法定/註冊股本總額： RMB 18,210,234,607 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 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02318 | | 說明 | | | | | | | 多櫃檯證券代號 | 82318 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 7,447,576,912 | | 0 | | 7,447,576,912 | | 增加 / 減少 (-) | | | | | | | | ...

Group 1 - A-share annual report dividend trend continues, with 198 companies distributing nearly 699 billion yuan this week [1] - China Ping An leads with a dividend of 293.34 billion yuan, followed by China General Nuclear Power and GF Securities with 47.97 billion yuan and 30.42 billion yuan respectively [1] - Over 2875 companies have completed annual report dividends, totaling nearly 977.5 billion yuan, accounting for 59.5% of the total annual dividend amount [1] Group 2 - The Shanghai Stock Exchange announced that cash dividends for Shanghai-listed companies in 2024 are expected to reach 1.8 trillion yuan, a historical high, with a dividend payout ratio of 35.6% [1][27] - Approximately 500 companies are set to issue interim dividends to meet investor cash flow needs [27] - In the past three years, 68 companies have cumulatively distributed over 10 billion yuan in cash dividends, and 872 companies have maintained a dividend payout ratio exceeding 30% for three consecutive years [27] Group 3 - The CSI Dividend ETF (515080) announced a dividend of 0.15 yuan per ten shares, with a distribution ratio of 0.99% [24][26] - This marks the 13th dividend distribution since the ETF's inception, with a cumulative dividend amount of 3.5 yuan per ten shares [26] - The ETF's annual dividend ratios over the past five years have been 4.53%, 4.14%, 4.19%, 4.78%, and 4.66% respectively [26] Group 4 - The CSI Dividend Index's total cash dividend for 2024 exceeded 920 billion yuan, setting a new historical high with a payout ratio of over 36% [20][21] - The index includes 100 constituent stocks, with China Shenhua distributing over 449 billion yuan [22][23] - The dividend distribution is part of a broader trend of increasing cash dividends among listed companies [20][21]