众安在线：Net earnings weakened in 2H; ZA Bank hit first full-year profit-20260324

CMB International Global Markets | Equity Research | Company Update 24 Mar 2026 ZhongAn (6060 HK) ZhongAn (6060 HK) - Net Net earnings weakened in 2H; ZA Bank hit first full- year profit ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY). The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group's joint venture ZhongAn Internat ...