Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" (maintained) [1][2] Core Views - On June 4, Ping An announced plans to issue HKD 11.765 billion in H-share convertible bonds to support capital needs and strategic development in healthcare and elderly care [2] - The issuance of convertible bonds is expected to enhance the group's capital strength at a lower cost, optimizing the capital structure and supporting business development [7] - The report maintains previous profit forecasts, expecting net profit attributable to shareholders to be CNY 135.2 billion, CNY 154.4 billion, and CNY 177.0 billion for 2025, 2026, and 2027 respectively [7] Financial Forecasts - Total revenue forecast for 2023 is CNY 913.789 billion, with a year-on-year growth of 3.8% [1] - Net profit attributable to shareholders for 2023 is projected at CNY 85.665 billion, reflecting a year-on-year decline of 22.8% [1] - Earnings per share (EPS) for 2023 is estimated at CNY 4.70, with a projected increase to CNY 6.95 in 2024 [9] - The price-to-earnings (P/E) ratio for 2025 is expected to be 7.25, indicating a relatively low valuation [9] Market Data - The closing price of Ping An is CNY 53.85, with a market capitalization of CNY 980.621 billion [5] - The price-to-book (P/B) ratio is currently at 1.04, suggesting the stock is trading at a slight premium to its book value [5] - The one-year price range for the stock is between CNY 40.22 and CNY 62.80 [5] Capital Adequacy - As of Q1 2025, the core solvency ratio for Ping An Life is 163.7%, and the comprehensive solvency ratio is 227.9%, showing significant improvement [7] - The company plans to increase its capital by CNY 20 billion, which is expected to further enhance its capital adequacy [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7] Core Views - The company announced on June 4 that it plans to issue HKD 11.765 billion in H-share convertible bonds to support its capital needs and strategic development in healthcare and elderly care [2][7] - The issuance of the convertible bonds is expected to enhance the company's capital strength at a lower cost, following a previous USD 3.5 billion convertible bond issuance completed in July 2024 [7] - The company's solvency ratios have improved significantly, with core and comprehensive solvency ratios at 163.7% and 227.9% respectively as of Q1 2025, reflecting a 47 percentage point and 39 percentage point increase from the beginning of the year [7] Financial Forecasts - Total revenue is projected to reach CNY 1,028,925 million in 2024, with a year-on-year growth of 12.6% [7] - The net profit attributable to shareholders is expected to rebound to CNY 126,607 million in 2024, representing a 47.8% increase year-on-year [7] - The estimated earnings per share (EPS) for 2025 is CNY 7.42, with a projected price-to-earnings (P/E) ratio of 7.25 [9] - The company's price-to-embedded value (PEV) is forecasted to be 0.65x in 2025, indicating it is still undervalued [7][9] Market Data - The closing price of the company's stock is CNY 53.85, with a market capitalization of CNY 980,621.13 million [5] - The company has a price-to-book (P/B) ratio of 1.04 and a net asset value per share of CNY 51.60 [5][6] Capital Structure - The convertible bonds will be zero-coupon bonds maturing in 2030, with an initial conversion price of HKD 55.02, representing an 18.45% premium over the closing price on June 3 [7] - The issuance will utilize 28.7% of the general authorization limit approved by the shareholders [7]

6月4日，中国平安公告称，拟发行总额为117.65亿港元的H股可转换债券，该债券将于2030年6月到期， 初始转换价为每股H股55.02 港元（可予调整）。 关键是此次可转换债券是零息，也就是中国平安不用支付一分钱利息。 不过，投资者有权在债券到期时将债券转换为H股，这种特性使得债券持有人在股票价格上涨时可以通 过转换获利。 按55.02港元的初始转换价计算，该价格较中国平安H股于6月3日（即签署认购协议的交易日）在香港联 交所所报收市价每股46.45港元溢价约18.45%；较截至6月3日（包括该日）连续五个交易日于香港联交 所所报平均收市价约每股46.08港元溢价约19.40%。 接受零息债券，只能说投资人是异常看好中国平安未来股价走势。 根据中国平安公告，假设债券按每股H股55.02港元的初始转换价全部转换且不再发行其他股份，则债券 将可转换为约2.14亿股转换股份，约占中国平安现有已发行H股数目的2.87%及现有已发行股本总数的 1.17%，以及约占该公司于债券获全部转换后经发行转换股份扩大后已发行H股数目的2.79%及已发行股 本总数的1.16%。 | | 于本公告日期 | | 假设债券已按初始转换价 ...

Group 1 - The Hong Kong insurance stocks are experiencing volatility and a downward trend, with ZhongAn Online (06060.HK) and China Pacific Insurance (02328.HK) both declining over 2% [1] - China Ping An (02318.HK) and Yunfeng Financial (00376.HK) have also seen declines of more than 1% [1]

证券代码：601318 证券简称：中国平安 公告编号：临 2025-024 中国平安保险（集团）股份有限公司 关于拟根据一般性授权发行 11,765,000,000 港元于 2030 年到期的零息 H 股可转换债券的公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）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： 本公司拟根据一般性授权发行可转换为本公司 H 股股份的债券，不涉及本公 司 A 股发行。 一、本次发行概述 2025 年 6 月 3 日（交易时间后），本公司与经办人签署认购协议。根据认购 协议，本公司已同意向经办人发行或根据经办人指示发行，且经办人已同意认购 并支付，或促使认购人认购并支付债券，但须遵守认购协议中规定的若干条件。 经办人已开展入标定价，关于债券的条款（包括但不限于本金金额和初始转 换价）已在入标定价后确定。 发行人拟发行的债券本金总额为 11,765,000,000 港元，可于条款及条件所载 情形下转换为 H 股。初始转换价为每股 H 股 55.02 港元（可予调整）。 假设债券 ...

Core Viewpoint - China Ping An has signed a subscription agreement to issue HKD 11.765 billion zero-coupon convertible bonds due in 2030, which can be converted into H-shares at an initial conversion price of HKD 55.02 per share [1][2] Group 1 - The total principal amount of the bonds is HKD 11.765 billion, which can be converted into approximately 214 million shares, representing about 2.87% of the existing H-shares and 1.17% of the total issued share capital as of the announcement date [1] - The initial conversion price of HKD 55.02 per share is subject to adjustments [1] - After full conversion of the bonds, the new shares will represent approximately 2.79% of the enlarged issued H-shares and 1.16% of the total issued share capital, assuming no other changes in share capital [1] Group 2 - The net proceeds from the bond issuance will be used to meet the group's future financial business development needs, support the new strategic developments in healthcare and elderly care, and for general corporate purposes [2] - The board believes that the bond issuance will help optimize the group's capital structure and diversify financing channels, providing support for the group's ongoing business development [2]

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. is seeking to issue convertible bonds to raise HKD 11.8 billion (USD 1.5 billion) [1] Group 1: Bond Issuance Details - The bonds will be zero-coupon bonds maturing in 2030 [1] - Morgan Stanley is the sole global coordinator and bookrunner for the issuance [1] Group 2: Use of Proceeds - The funds raised will be used to develop core business initiatives [1] - The company aims to support new initiatives in the healthcare and elderly care sectors [1] - The issuance is intended to enhance the company's capital position [1]

截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 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 公司名稱: 中国平安保险（集团）股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,762,657,695 | RMB | | 1 RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | | 1 RMB | | 10,762,657,695 | | 2. 股份分類 | 普通股 | | ...

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Views - The company's 2025 life insurance NBV shows resilience, and the dividend policy is positive [5] - In Q1 2025, the company's OPAT and NBV performance was strong, with a 2.4% year-on-year growth in OPAT to 37.9 billion yuan, despite a decline in group revenue and net profit [6] - The life insurance business remains a core pillar, contributing 71.7% of net profit and 70.9% of OPAT in Q1 2025 [7] Summary by Sections Market Performance - The closing price on May 29, 2025, was 53.52 yuan, with a total market capitalization of 974,611.76 million yuan [3] Financial Performance - In Q1 2025, the group revenue and net profit decreased by 5.2% and 26.4% year-on-year, respectively, to 232.8 billion yuan and 27 billion yuan [6] - The life insurance business achieved a 34.9% growth in NBV, contributing to a 5% OPAT growth [6][7] Business Outlook - The life insurance capacity may face pressure in 2025, requiring strategic products to support sales [7] - The company expects to see rapid growth in its bancassurance market share, with a 171% year-on-year increase in NBV in Q1 2025 [7] - The NBV margin improved by 11.4 percentage points year-on-year to 28.3% in Q1 2025, indicating potential for further margin enhancement [7] Dividend Policy - The company maintains a positive dividend policy, with a commitment to increasing the absolute value of cash dividends annually [10] - The current dividend yield for A-shares and H-shares is 4.76% and 6.00%, respectively [10] Earnings Forecast - The forecasted net profit for 2025 is 135.1 billion yuan, with a year-on-year growth of 6.7% [11] - The projected earnings per share for 2025 is 7.42 yuan, with a P/E ratio of 7.2 [11]

Core Viewpoint - China Ping An celebrates its 37th anniversary, aiming to become an internationally leading "comprehensive finance + medical and elderly care" service group by 2025, with a strong focus on pension finance since the establishment of Ping An Pension Insurance in 2004 [2][3] Group 1: Company Development - Ping An Pension Insurance has been a key player in China's pension finance sector, becoming the first professional pension insurance company in the country and actively participating in the national pension strategy [3] - The company has established 35 branches nationwide and has served 4.55 million group clients, providing diverse pension financial services to 45.4 thousand group clients and 83.07 million individual clients [3] - As of the end of Q1 2025, the company reported a registered capital of 11.6 billion yuan, total assets of 89.6 billion yuan, and net assets of 20.9 billion yuan, with solvency ratios significantly exceeding regulatory requirements [4] Group 2: Industry Context - China is entering a deep aging society, with 310 million people aged 60 and above by the end of 2024, highlighting the growing importance of pension security [6] - The pension industry in China is projected to reach a market size of over 20 trillion yuan by 2027, becoming a significant driver of domestic demand and investment [6] Group 3: Green Finance Initiatives - Ping An Pension Insurance is committed to sustainable development, with its 2024 Green Finance Report indicating 166,000 group insurance policies and premium income of 1.27 billion yuan from green industry insurance [5] - The company has actively engaged in green investment and product innovation, contributing to the green transformation of the economy [5] Group 4: Investment Management - The company emphasizes a "beneficiary-centered" approach in annuity management, focusing on professional, sustainable, and stable investment strategies [7] - Ping An Pension Insurance has built a strong investment management team, achieving top-tier performance in long-term investment returns and managing a significant scale of annuity assets [7] Group 5: Product Innovation - The company has developed various commercial pension insurance products to address risks such as interest rate and longevity risks, offering flexible payout mechanisms [8] - Future plans include integrating pension insurance products with health management and elderly care services to provide comprehensive solutions for clients [8]