Zhi Tong Cai Jing·2025-08-28 09:36Group 1 - The core viewpoint of the article is that Zhaoyin International has raised the target price for ZhongAn Online (06060) to HKD 23, maintaining a "Buy" rating due to strong performance in property insurance and digital banking, as well as the technology business reaching breakeven [1] - ZhongAn Online's earnings per share forecasts for 2025 to 2027 have been increased from RMB 0.67, 0.75, and 0.88 to RMB 0.80, 0.94, and 1.08 respectively [1] - The company's net profit for the first half of the year surged over 11 times year-on-year to RMB 668 million, achieving 66% of the annual forecast [1] Group 2 - The combined ratio (COR) for property insurance improved by 2.3 percentage points year-on-year to 95.6% [1] - Underwriting profit increased by 123% to RMB 627 million [1] - ZhongAn Bank has turned profitable earlier than market expectations [1]