Core Perspective - The "Mom's Needlework" project aims to revitalize traditional intangible cultural heritage (ICH) through modern fashion integration and community support, promoting sustainable development and cultural transmission [1][3][5]. Group 1: Event Overview - The "Millennium Intangible Heritage Fashion Renewal" event took place from May 11 to 13, featuring 18 representatives from 10 ethnic groups discussing the beauty of Chinese ICH and exploring new development paths [1]. - The event included a fashion show where designers showcased clothing that blends traditional ICH elements with modern design concepts [2]. Group 2: Project Goals and Impact - The project focuses on creating a sustainable ecosystem that combines public welfare and commercial interests, aiming to make "Mom's Needlework" a model for rural revitalization and ICH public welfare [1][4]. - The initiative has already established a complete chain from skill training to product design and e-commerce sales, helping low-income women increase their income through their craftsmanship [5]. Group 3: Collaboration and Support - Various organizations, including the China Youth Development Foundation and fashion design institutions, are collaborating to provide professional guidance to ICH inheritors [2][4]. - The project has received support from Ping An Group, which aims to fulfill its corporate social responsibility by empowering rural revitalization and ICH transmission [6].

Investment Rating - The report gives China Ping An a "Buy" rating with a target price of 61.61 CNY per share, indicating a potential upside of 20.4% from the current price of 51.18 CNY as of May 7, 2025 [4]. Core Views - China Ping An is a leading insurance company in China with strong resilience in its business operations, being one of the most comprehensive financial groups with a complete range of financial licenses [1][12]. - The life insurance segment is expected to contribute over 70% of net profit by the end of 2024, driven by ongoing reforms and improvements in business quality [2]. - The property insurance segment shows resilience despite challenges, with a projected improvement in overall profitability due to better cost management [3]. Summary by Sections 1. Company Overview - China Ping An was established in 1988 and is the first joint-stock insurance company in China, with a wide range of financial services including insurance, banking, and asset management [1][12]. - The company has a diversified ownership structure with no controlling shareholder, reflecting a market-oriented governance model [15][16]. 2. Life Insurance - The life insurance and health insurance business is experiencing steady growth, with premium income rebounding post-pandemic, showing a 10.85% increase in 2023 [28]. - The company is focusing on high-quality transformation and has seen significant improvements in new business value, with a new business value rate of 26% in 2024, up 7.3 percentage points year-on-year [38]. - The total premium income from life insurance products reached 2,099 billion CNY in 2024, a 28.4% increase, with traditional life insurance contributing the most [33]. 3. Property Insurance - The property insurance segment, particularly auto insurance, remains a key revenue driver, with total premium income reaching 3,218 billion CNY in 2024, a 6.5% increase [42]. - The auto insurance business has shown resilience, recovering from a decline in 2021, with premium income of 2,233 billion CNY in 2024, up 4.4% [47]. - Non-auto insurance business is also improving, with premium income growing by 11.6% to 985 billion CNY in 2024 [42]. 4. Financial Performance - As of Q1 2025, the total assets and net assets of China Ping An were 13.18 trillion CNY and 1.3 trillion CNY, respectively, maintaining the top position in the industry [21]. - The company reported a significant increase in net profit for 2024, benefiting from a recovery in capital markets, with a year-on-year growth of 47.8% to 126.6 billion CNY [21].

Investment Rating - The report gives China Ping An a "Buy" rating with a target price of 61.61 CNY per share, indicating a potential upside of 20.4% from the current price of 51.18 CNY as of May 7, 2025 [4]. Core Views - China Ping An is a leading comprehensive financial group in China with a strong resilience in its business operations, particularly in life insurance, which is expected to contribute over 70% of net profit by the end of 2024 [2][3]. - The company is undergoing reforms to enhance the quality of its life insurance business, with improvements in individual insurance channels and a stable recovery in human resources capacity [2]. - The property insurance segment shows resilience despite challenges, with a projected improvement in overall profitability due to better cost management [3]. Summary by Sections Company Overview - China Ping An, established in 1988, is one of the most comprehensive financial groups in China, holding the most complete financial licenses and covering various sectors including insurance, banking, and asset management [1][12]. Life Insurance - The life insurance and health insurance business is steadily developing, with a significant recovery in premium income post-pandemic. In 2023, premium income grew by 10.85% to 601.9 billion CNY, and in 2024, it is expected to grow by 4.61% to 629.7 billion CNY [28]. - The company is focusing on high-quality transformation and has seen a substantial increase in new business value, with a new business value rate of 26% in 2024, up by 7.3 percentage points [38]. Property Insurance - The property insurance segment, particularly auto insurance, remains a key driver of revenue. In 2024, the original premium income for property insurance reached 321.8 billion CNY, with auto insurance contributing 22.33 billion CNY, reflecting a growth of 4.4% [42][47]. - The overall combined cost ratio improved, with a projected ratio of 98.3% in 2024, indicating a shift from underwriting losses to profitability [3]. Financial Performance - As of Q1 2025, the total assets of China Ping An reached 13.18 trillion CNY, with a net asset value of 1.3 trillion CNY, both ranking first in the industry [21]. - The company reported a significant increase in net profit for 2024, up 47.8% to 126.6 billion CNY, driven by a recovery in capital markets [21].

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 May 8, the closing price of China Ping An was 51.96 yuan, with a rolling PE ratio of 8.09, marking a new low in 27 days, and a total market capitalization of 946.204 billion yuan [1] - The average PE ratio for the insurance industry is 8.19, with a median of 7.14, positioning China Ping An in 5th place among its peers [1][2] Group 2 - For Q1 2025, the company reported an operating income of 232.801 billion yuan, a year-on-year decrease of 5.20%, and a net profit of 27.016 billion yuan, down 26.40% year-on-year [2] - The number of shareholders as of March 31, 2025, was 794,557, 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 [1]

Core Viewpoint - China Ping An Insurance Group reported a stable performance in Q1 2025, with operating profit reaching 37.907 billion yuan, a year-on-year increase of 2.4%, driven by growth in life and health insurance segments [1][2] Financial Performance - Operating profit attributable to shareholders for Q1 2025 was 37.907 billion yuan, up 2.4% year-on-year - Life and health insurance business contributed 26.864 billion yuan to operating profit, reflecting a 5.0% increase [1] - Total assets surpassed 13 trillion yuan, reaching 13.18 trillion yuan [1] Business Strategy and Development - The company emphasized a focus on high-quality development and maintaining a stable operational foundation amid a complex external environment [1] - The multi-channel strategy, including the "4 channels + 3 products" reform, led to a new business value of 12.891 billion yuan in life and health insurance, a robust growth of 34.9% year-on-year [2] - The agent channel saw an 11.5% increase in new business value, while the bancassurance channel experienced a significant 170.8% growth [2] Health Insurance Collaboration - Ping An Health achieved revenue of 1.062 billion yuan in Q1 2025, with a year-on-year growth rate of 25.8%, exceeding market expectations [3] - The company is focusing on high-margin, synergistic businesses, forming a structure of "insurance + healthcare" and "insurance + home care" [3] - The number of enterprise clients served exceeded 2,100, with B-end paid users growing over 45% year-on-year [3] Medical Service Network - The company has established a comprehensive service network, integrating over 50,000 internal and external doctors and nearly 37,000 partner hospitals [4] - The self-operated flagship, Peking University Health Group, reported a revenue of approximately 1.2 billion yuan in Q1 2025, with a 9% year-on-year increase [5] Product and Service Innovation - The "Tian Ping An" insurance + service solution was launched to enhance customer experience by integrating insurance products with various services [6][7] - The "Three Savings" initiative aims to provide customers with a seamless experience in terms of time, cost, and peace of mind [6][7] Technology and Innovation - The company is advancing its "953" AI technology framework, which includes 9 databases, 5 laboratories, and 3 technology companies, to enhance operational efficiency [8][9] - In Q1 2025, AI service interactions reached approximately 450 million, covering 80% of customer service inquiries, significantly reducing operational costs [10] - The application of technology has improved underwriting speed, with 93% of life insurance policies processed in seconds and a 56% claim settlement rate [10]

Core Viewpoint - Ping An Group's strategic positioning of "finance as the present and healthcare as the future" has been validated through its recent financial performance, showcasing robust growth in both financial and healthcare sectors [1][2]. Financial Performance - In 2024, Ping An achieved a revenue of 1.03 trillion yuan and a net profit of 126.6 billion yuan, demonstrating steady growth [1]. - Ping An Health reported its first profitable year in 2024 with a revenue of 4.808 billion yuan and a net profit of 81.43 million yuan, followed by a quarterly revenue of 1.06 billion yuan and a profit of 57.9 million yuan in Q1 2025 [1]. Healthcare and Elderly Care Strategy - Ping An's healthcare and elderly care services have seen significant growth, with home care services generating 280 million yuan in 2024, a year-on-year increase of 413.5% [1]. - The contribution of home care clients to the average first-year premium of life insurance has tripled, indicating a strong synergy between healthcare and insurance [1]. Policy and Market Context - The Chinese government's focus on healthcare and elderly care, as outlined in various national policies, has created a favorable environment for Ping An's strategic initiatives [2][3]. - The aging population in China is a critical factor, with projections indicating that by 2025, 22% of the population will be over 60 years old, emphasizing the need for effective elderly care solutions [3]. Unique Business Model - Ping An's "managed care model" integrates various healthcare services under a family doctor system, providing personalized care throughout the patient's lifecycle [5]. - The company has established a vast network of approximately 50,000 doctors and nearly 37,000 partner hospitals, ensuring comprehensive coverage of healthcare services [5]. Innovative Services - Ping An has launched a "care alliance" for elderly rehabilitation, offering a range of home care services tailored to specific health needs [6]. - The company has developed a "safety transformation service" for home modifications to enhance safety for elderly clients, demonstrating a commitment to comprehensive elderly care [6]. Synergy with Financial Services - The integration of healthcare services with Ping An's insurance offerings has led to a significant increase in new business value for life and health insurance, with a 34.9% growth in Q1 2025 [9][10]. - The company's "insurance + healthcare membership" model has enhanced customer engagement, with 63% of its 245 million individual clients utilizing healthcare services [11]. Market Potential - Ping An's healthcare services have seen a 43% year-on-year revenue growth in both individual and corporate health business segments [12]. - The company is positioned to leverage its extensive client base and healthcare ecosystem to drive further growth in the insurance sector [12]. Technological Advancements - Ping An has invested in AI technologies to enhance healthcare services, achieving a 62% improvement in family doctor service efficiency through its AI-driven platforms [19][20]. - The introduction of AI-assisted diagnostic tools has significantly improved diagnostic accuracy, further solidifying Ping An's competitive edge in the healthcare market [20]. Future Growth Opportunities - Despite current achievements, Ping An's healthcare services have a penetration rate of only 13% among individual clients and 3% among corporate clients, indicating substantial room for growth [20]. - The ongoing integration of healthcare and insurance services is expected to create new value propositions for clients, enhancing Ping An's market position [21].

Core Viewpoint - A major traffic accident occurred near Yellowstone National Park, resulting in the death of 5 Chinese citizens and injuries to 8 others, prompting China Ping An to activate its emergency response team for assistance [1][2] Group 1: Emergency Response Actions - China Ping An initiated a level two emergency response and established the "502 Overseas Emergency Rescue Service Team" led by CEO Guo Xiaotao to coordinate assistance for affected Chinese citizens [1] - The "502 Emergency Rescue Service Team" quickly activated emergency rescue services across various insurance sectors, including life, property, pension, and health insurance, to assess client situations [1] - As of May 5, 12 PM Beijing time, it was confirmed that 2 injured individuals were clients of Ping An's overseas travel accident insurance, suffering from leg fractures and soft tissue injuries, and are currently stable after receiving medical care in the U.S. [1] Group 2: Ongoing Support and Coordination - China Ping An is working under the guidance of the Chinese Ministry of Foreign Affairs and the Chinese Embassy in the U.S. to actively assess client situations and monitor the progress of emergency response efforts [2] - The company has launched an overseas emergency assistance program, allowing anyone, regardless of being a Ping An client, to seek help through the emergency hotline 95511 [2] - Medical service experts from Ping An have been dispatched to Idaho to provide support services, including medical resource coordination, payment of medical expenses, and assistance with visa issues [1][2]

Core Viewpoint - A significant traffic accident occurred near Yellowstone National Park, resulting in the death of 5 Chinese citizens and injuries to 8 others. China Ping An has activated an emergency response team to assist affected individuals and their families [1][2]. Group 1: Emergency Response Actions - China Ping An has established a "502 Overseas Emergency Rescue Service Team" led by the Group's co-CEO to coordinate the emergency response and assistance for Chinese citizens involved in the accident [1]. - The company has initiated an overseas emergency assistance plan, allowing anyone, regardless of being a Ping An customer, to seek help through the emergency hotline 95511 [2]. - The company is in contact with the Chinese Embassy in the U.S. and local medical institutions to provide support for the injured and the families of the deceased [2]. Group 2: Specific Assistance Measures - The company has outlined 7 specific overseas emergency rescue measures, including proactive claims services and a green channel for claims processing [3][4]. - Medical support services include emergency medical treatment, medical transportation, hospitalization, and translation services [4]. - Emergency assistance also covers the return of remains, funeral expenses, and arrangements for family members to handle affairs [4][5]. - The company has simplified the claims process for accidental death, allowing beneficiaries to claim benefits with just the official death list [5]. - Pre-claims and quick payouts are available for confirmed deceased individuals, and claims can be processed without a policy if basic information matches the company's records [5].

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 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4月30日 狀態: 新提交 I. 法定/註冊股本變動 呈交日期: 2025年4月30日 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 (-) | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The report emphasizes that the company, China Ping An, is a comprehensive financial institution that continues to deepen its integrated financial model, catering to diverse customer needs [5] - The operating profit has shown steady growth, with a reported operating profit of 37.91 billion yuan for Q1 2025, reflecting a year-on-year increase of 2.4% [5] - The new business value in the life insurance sector has increased significantly, with a year-on-year growth of 34.9% in Q1 2025 [5] - The report highlights the optimization of the comprehensive cost ratio in property insurance, with a decrease of 3.0 percentage points to 96.6% in Q1 2025 [5] - The investment portfolio of insurance funds has grown, with a total investment portfolio exceeding 5.92 trillion yuan, marking a 3.3% increase from the beginning of the year [5] Financial Highlights - Total revenue for 2024 is projected at 1,028.9 billion yuan, with a year-on-year growth of 12.6% [4] - The net profit attributable to shareholders is expected to be 126.6 billion yuan in 2024, reflecting a significant year-on-year increase of 47.8% [4] - The new business value is forecasted to reach 28.5 billion yuan in 2024, with a year-on-year growth of 25.6% [4] - The embedded value of the group is projected to be 1,422.6 billion yuan in 2024, with a year-on-year growth of 2.3% [4] - Basic earnings per share (EPS) is expected to be 7.16 yuan in 2024 [4]