养老产业现状研究专题（七）：机构养老、养老地产之案例篇：险企发挥比较优势，铸造CCRC行业标杆

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The insurance companies are leveraging their comparative advantages to establish benchmarks in the CCRC (Continuing Care Retirement Community) industry, focusing on high-value customer operations [2][5] - The insurance sector is actively participating in the investment and development of elderly care communities, creating a diversified ecosystem for health and wellness [12] Summary by Sections 1. Diverse Participants and CCRC Promotion - The elderly care real estate sector includes various participants such as real estate companies, insurance companies, specialized elderly service operators, and foreign enterprises, each with unique strengths [5][6] - Insurance companies are the main investors in elderly care communities due to their comprehensive advantages in policy, funding, and customer resources [11] 2. Case Study: Taikang Home - Operational Model: Taikang adopts a heavy asset model to build CCRC communities, focusing on high-quality chain medical and elderly care communities [16] - Development Status: As of April 2025, Taikang has established 43 projects across 36 cities, with a total planned area of approximately 4.94 million square meters, accommodating over 86,000 elderly individuals [24] - Profit Model: The community operates on a rental basis, with a fee structure that includes a premium threshold or refundable deposit plus monthly fees [30] 3. Case Study: China Pacific Insurance Home - Operational Model: China Pacific Insurance focuses on a segmented elderly market, constructing three types of CCRC communities for different age groups [3.1] - Development Status: The company has launched 15 projects in 13 cities, with 9 communities already operational [3.2] - Profit Model: Similar to Taikang, it employs a rental model with a potential annual return rate of over 5.5% [3.3] 4. Case Study: Taiping Life Enjoyment Elderly Care - Operational Model: Taiping combines heavy and light asset strategies, covering 78 communities across 27 provinces [4.1] - Profit Model: The profit model includes rental income and membership sales, with a focus on a full industry chain layout [4.2] 5. Market Trends - The number of commercial insurance institutions' elderly care projects has increased from 105 in 2022 to 129 in 2023, indicating a growing trend in the sector [12]