CPIC(601601)2023-10-27 16:00Financial Performance - Revenue for Q3 2023 was RMB 80,387 million, a decrease of 9.3% compared to the adjusted figure of RMB 88,637 million in Q3 2022[4] - Net profit for Q3 2023 was RMB 4,817 million, a significant decrease of 54.3% compared to the adjusted figure of RMB 10,543 million in Q3 2022[4] - Basic earnings per share for Q3 2023 were RMB 0.50, a decrease of 54.3% compared to the adjusted figure of RMB 1.09 in Q3 2022[4] - Weighted average return on equity for Q3 2023 was 2.0%, a decrease of 3.6 percentage points compared to the adjusted figure of 5.6% in Q3 2022[4] - The group's net profit decreased by 24.4% year-on-year to RMB 231.49 billion in the first three quarters of 2023[12] - Net profit attributable to shareholders of the parent company decreased to RMB 23,149 million, down 24.38% from RMB 30,617 million[27] - Net profit for the first nine months of 2023 was RMB 10,974 million, down from RMB 12,982 million in the same period of 2022[30] - Operating revenue for the first nine months of 2023 was RMB 12,561 million, a decrease from RMB 14,959 million in the same period of 2022[30] - Investment income for the first nine months of 2023 was RMB 10,464 million, compared to RMB 13,449 million in the same period of 2022[30] Assets and Liabilities - Total assets as of September 30, 2023, were RMB 2,261,382 million, an increase of 9.2% compared to the adjusted figure of RMB 2,071,336 million at the end of 2022[6] - Shareholders' equity as of September 30, 2023, was RMB 238,520 million, an increase of 21.4% compared to the adjusted figure of RMB 196,477 million at the end of 2022[6] - Total assets increased to RMB 2,261,382 million as of September 30, 2023, compared to RMB 2,071,336 million at the end of 2022[24] - Total liabilities rose to RMB 2,016,980 million as of September 30, 2023, from RMB 1,869,664 million at the end of 2022[25] - Shareholders' equity increased to RMB 244,402 million as of September 30, 2023, up from RMB 201,672 million at the end of 2022[25] - Insurance contract liabilities grew to RMB 1,846,853 million as of September 30, 2023, compared to RMB 1,664,848 million at the end of 2022[25] - Monetary funds decreased to RMB 28,144 million as of September 30, 2023, from RMB 33,134 million at the end of 2022[24] - Trading financial assets stood at RMB 527,952 million as of September 30, 2023[24] - Other debt investments amounted to RMB 1,217,669 million as of September 30, 2023[24] - Undistributed profits increased to RMB 120,019 million as of September 30, 2023, from RMB 92,588 million at the end of 2022[25] - Equity attributable to parent company shareholders rose to RMB 238,520 million as of September 30, 2023, from RMB 196,477 million at the end of 2022[25] - Minority interests increased to RMB 5,882 million as of September 30, 2023, from RMB 5,195 million at the end of 2022[25] - Total assets decreased to RMB 141,546 million as of September 30, 2023, compared to RMB 144,670 million at the end of 2022[29] - Total liabilities decreased to RMB 1,301 million as of September 30, 2023, from RMB 5,586 million at the end of 2022[29] - Shareholders' equity increased to RMB 140,245 million as of September 30, 2023, compared to RMB 139,084 million at the end of 2022[29] - Total assets increased by RMB 34.41 billion, from RMB 2,071.336 billion to RMB 2,105.746 billion[34] - Monetary funds remained stable at RMB 33.138 billion, with a slight increase of RMB 4 million[34] - Fixed-term deposits increased by RMB 6.717 billion, reaching RMB 211.234 billion[34] - Trading financial assets surged by RMB 415.758 billion, now standing at RMB 415.758 billion[34] - Other debt investments rose significantly by RMB 1,119.324 billion, totaling RMB 1,119.324 billion[34] - Deferred tax assets decreased by RMB 11.298 billion, now at RMB 8.363 billion[34] - Total liabilities increased slightly by RMB 43 million, reaching RMB 1,869.707 billion[36] - Shareholders' equity increased by RMB 34.367 billion, from RMB 201.672 billion to RMB 236.039 billion[36] - Undistributed profits grew by RMB 14.18 billion, now at RMB 106.768 billion[36] - Minority interests increased by RMB 515 million, reaching RMB 5.710 billion[36] Insurance Business - The company achieved insurance service revenue of RMB 2,047.75 billion in the first three quarters of 2023, a year-on-year increase of 7.4%[12] - Taiping Life Insurance's insurance service revenue decreased by 5.2% year-on-year to RMB 639.14 billion in the first three quarters of 2023[12] - Taiping Property Insurance's insurance service revenue increased by 13.9% year-on-year to RMB 1,395.33 billion in the first three quarters of 2023[12] - Taiping Life Insurance's new business value increased by 36.8% year-on-year to RMB 103.28 billion in the first three quarters of 2023[13] - The agent channel's new premium scale for Taiping Life Insurance increased by 37.9% year-on-year to RMB 235.67 billion in the first three quarters of 2023[13] - Taiping Property Insurance's original insurance premium income increased by 11.8% year-on-year to RMB 1,484.55 billion in the first three quarters of 2023[15] - Insurance service revenue rose to RMB 204,775 million, a 7.35% increase compared to RMB 190,752 million in the same period last year[27] - Premiums received from insurance contracts issued grew to RMB 349,121 million, an 11.31% increase from RMB 313,645 million[28] - Cash paid for claims under insurance contracts issued rose to RMB 132,217 million, up 16.01% from RMB 113,983 million[28] Cash Flow - The company's net cash flow from operating activities for the first nine months of 2023 was RMB 110,992 million, a slight increase of 0.3% compared to the adjusted figure of RMB 110,610 million in the same period of 2022[4] - Cash flow from operating activities increased slightly to RMB 110,992 million, up 0.35% from RMB 110,610 million[28] - Cash flow used in investing activities decreased to RMB 100,072 million, compared to RMB 137,560 million in the same period last year[28] - Cash flow from financing activities turned negative at RMB (24,193) million, compared to a positive RMB 21,712 million in the previous year[28] - Cash and cash equivalents increased to RMB 7,374 million as of September 30, 2023, from RMB 6,610 million at the end of 2022[32] - Net cash flow from investing activities was RMB 15,272 million for the first nine months of 2023, up from RMB 7,333 million in the same period of 2022[32] Shareholders and Equity - The company's total number of shareholders at the end of the reporting period was 103,598, with 99,575 A-share holders and 4,023 H-share holders[10] - The top shareholder, Hong Kong Securities Clearing (Nominees) Limited, held 28.82% of the shares, an increase of 6,480 shares compared to the previous period[10] - Total comprehensive income attributable to shareholders of the parent company increased significantly to RMB 18,012 million, up from RMB 200 million in the same period last year[27] Investment Performance - The group's investment assets reached RMB 21,726.60 billion at the end of the reporting period, an increase of 11.1% compared to the end of the previous year[17] - The group's net investment yield was 3.0% in the first three quarters of 2023, a decrease of 0.2 percentage points year-on-year[17] - The group's total investment yield was 2.4% in the first three quarters of 2023, a decrease of 0.8 percentage points year-on-year[17] Accounting Standards - The company implemented new insurance contract and financial instrument accounting standards starting January 1, 2023, with retrospective adjustments for insurance business data[3] - The company implemented new accounting standards effective January 1, 2023, with adjustments made to the opening balances of financial statements[33]