云锋金融(00376) - 2025 - 中期财报

Corporate Information Board of Directors and Committees The Board of Directors, including executive and non-executive members, ensures sound corporate governance through its audit, remuneration, and nomination committees - The Board Chairman is Mr. Yu Feng (Non-executive Director), and the Executive Director is Mr. Huang Xin (Acting CEO)[11][12] - The Audit Committee Chairman is Mr. Zhu Zongyu, the Remuneration Committee Chairman is Mr. Qi Daqing, and the Nomination Committee Chairman is Mr. Yu Feng[11][12] Auditor, Bankers and Offices The company's auditor is KPMG, with major banks including Bank of Communications; its registered office is in Wan Chai, Hong Kong - The auditor is KPMG, a public interest entity auditor registered under the Accounting and Financial Reporting Council Ordinance[14][15] - Major banks include Bank of Communications, China Construction Bank (Asia), Bank of China (Hong Kong), China Minsheng Bank, and HSBC[14][15] - The company website is www.yff.com, and the stock code is 376[15] Management Discussion and Analysis Overview Hong Kong's economy grew steadily in H1 2025, with YF Life's new business performing strongly, driving group total assets over HK$100 billion and net profit attributable to equity holders up 142% - Hong Kong's economy recorded steady growth in H1 2025, benefiting from strong exports and improved local demand[17][21] - YF Life's new business performed strongly, driven by increased market demand for quality insurance products and diversified product strategies[17][21] 2025 H1 Key Financial Indicators (HK$ million) | Indicator | 2025 H1 (HK$ million) | 2024 H1 (HK$ million) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Insurance Revenue | 1,532 | 1,378 | 11 | | Consolidated Profit | 765 | 376 | 103 | | Net Profit Attributable to Equity Holders | 486 | 201 | 142 | | Group Total Assets | >100,000 | - | - | | Annualized New Premiums (APE) | - | - | Significant Growth | | Value of New Business (VNB) | - | - | Significant Growth | Financial Performance Review In H1 2025, the group achieved strong financial performance with net operating profit up 23% and net profit attributable to equity holders up 142%, alongside robust growth in total assets and comprehensive equity, and a 6% increase in group embedded value equity H1 2025 Consolidated Profit and Loss Analysis (HK$ million) | Indicator | 2025 | 2024 | Change Rate (%) | | :--- | :--- | :--- | :--- | | Net Operating Profit | 686 | 560 | 23 | | Net Profit Attributable to Owners | 486 | 201 | 142 | | Basic Earnings Per Share (HK$) | 0.13 | 0.05 | 160 | Consolidated Financial Position Analysis as of June 30, 2025 (HK$ million) | Indicator | June 30, 2025 | December 31, 2024 | Change Rate (%) | | :--- | :--- | :--- | :--- | | Total Assets | 105,012 | 96,042 | 9 | | Total Comprehensive Equity | 25,754 | 23,913 | 8 | | Owners' Comprehensive Equity | 17,474 | 16,168 | 8 | | Owners' Comprehensive Equity Per Share (HK$) | 4.52 | 4.18 | 8 | | Group Total Embedded Value Equity | 22,442 | 21,166 | 6 | | Owners' Group Total Embedded Value Equity | 15,143 | 14,232 | 6 | | Owners' Group Total Embedded Value Equity Per Share (HK$) | 3.915 | 3.679 | 6 | - Profit for the period was HK$765 million, a 103% increase from HK$376 million in the prior year, driven by significant growth in insurance business operating profit and positive impacts from investment fair value and exchange rate changes[29] Profit Analysis for the Six Months Ended June 30 YF Life's net operating profit grew 21% to HK$696 million, while other financial services and corporate segments reduced operating losses by 23% to HK$10 million, with overall profit up 103% due to positive investment returns and currency/discount rate fluctuations Profit Analysis for the Six Months Ended June 30, 2025 (HK$ million) | Indicator | 2025 | 2024 | Change Rate (%) | | :--- | :--- | :--- | :--- | | YF Life Insurance Segment Net Operating Profit | 696 | 573 | 21 | | Other Financial Services and Corporate Segment Operating Loss | (10) | (13) | (23) | | Net Operating Profit | 686 | 560 | 23 | | Short-term Fluctuations in Investment Returns, Exchange Rates, and Discount Rates Related to Insurance Business | 221 | (108) | N/A | | Profit for the Period | 765 | 376 | 103 | Changes in Total Comprehensive Equity As of June 30, 2025, total comprehensive equity increased to HK$25.754 billion, up HK$7.65 billion from the beginning of the year, driven by profit for the period, net fair value reserves, and other net changes 2025 Changes in Total Comprehensive Equity (HK$ million) | Indicator | Amount (HK$ million) | | :--- | :--- | | Balance as of January 1 | 23,913 | | Profit for the Period | 765 | | Net Change in Exchange Reserve and Deferred Tax Impact in Reserves | 168 | | Net Fair Value Reserve and Other Net Changes | 999 | | Dividends Paid by Subsidiaries to Non-controlling Shareholders | (91) | | Balance as of June 30 | 25,754 | | Attributable to Equity Holders of the Company | 17,474 | | Attributable to Non-controlling Interests | 8,280 | Group Embedded Value and Group Embedded Value Equity As of June 30, 2025, Group Embedded Value increased 7% to HK$20.567 billion, and Group Embedded Value Equity rose 6% to HK$22.442 billion, reflecting enhanced future profitability - Group EV is a financial metric estimating the comprehensive value of future profits from in-force policies for shareholders, excluding any economic value from future new business[34][35] Group Embedded Value and Group Embedded Value Equity (HK$ million) | Indicator | June 30, 2025 | December 31, 2024 | Change Rate (%) | | :--- | :--- | :--- | :--- | | Group Embedded Value (Group EV) | 20,567 | 19,291 | 7 | | Goodwill and Intangible Assets, Net of Related Tax | 1,875 | 1,875 | - | | Group Embedded Value Equity (Group EV Equity) | 22,442 | 21,166 | 6 | | Attributable to Equity Holders of the Company | 15,143 | 14,232 | 6 | | Attributable to Non-controlling Interests | 7,299 | 6,934 | 5 | Business Review During the period, the group's insurance business showed strong growth with significant increases in new business value and annualized new premiums, driven by product diversification, expanded distribution channels, and technology adoption, supported by a stable investment portfolio and strong solvency - The insurance business is authorized to operate long-term insurance, annuity, linked long-term, permanent health insurance, and retirement scheme management in Hong Kong and Macau[38][42] - As of June 30, 2025, the number of exclusive agents was approximately 2,791, employees approximately 543, and in-force individual policies exceeded 540,000[40][43] - 2025 marks YF Life's 50th anniversary in Hong Kong, with the launch of the new "Invesurance" brand concept to highlight its commitment to long-term protection and value enhancement for clients[45][47] Insurance Business Overview YF Life offers diverse insurance products in Hong Kong and Macau, expanding distribution channels and leveraging fintech partnerships, while celebrating its 50th anniversary with the "Invesurance" brand to enhance sales efficiency and customer experience - Flagship products include "Wealth Accumulation Plan,"