国华人寿承压：母公司天茂集团退市警报拉响 亏损持续

Group 1 - Tianmao Group has been issued a delisting risk warning by the Shenzhen Stock Exchange due to its failure to disclose the 2024 annual report and the 2025 Q1 report within the statutory deadline [2] - Tianmao Group's stock will resume trading on July 8, 2025, with its name changed to "*ST Tianmao" and a daily price fluctuation limit reduced to 5% [2] Group 2 - Tianmao Group is the controlling parent company of Guohua Life Insurance Co., Ltd., holding a 51% stake, and Guohua Life has been a significant profit contributor for Tianmao Group [4] - Guohua Life reported a net loss of 1.155 billion yuan in 2023, with losses expanding to 705 million yuan in the first three quarters of 2024, primarily due to increased reserves from declining interest rates [4] - Guohua Life's premium income for 2024 is approximately 34.639 billion yuan, a year-on-year decrease of 14.21%, attributed to a strategic reduction in single premium business to optimize its structure [4] - Industry experts suggest that the delisting risk of the parent company may indirectly impact Guohua Life's capital replenishment ability, regulatory scrutiny, and business expansion, potentially affecting policy sales and cash flow stability [4] - Guohua Life asserts that the parent company's situation does not affect its normal operations and performance, as it is actively adjusting its business strategy to reduce reliance on bank insurance channels and is developing the elderly care industry [4] - The market is focused on Guohua Life's ability to return to profitability and manage potential risks, which will test its strategic resilience [4]