21世纪经济报道记者 曹媛 深圳报道 8月26日，中国平安公布截至2025年6月30日止中期业绩。上半年，平安集团实现归属于母公司股东的营 运利润777.32亿元，同比增长3.7%；归属于母公司股东的净利润680.47亿元；将派发中期股息每股现金 人民币0.95元，同比增长2.2%；寿险及健康险业务新业务价值同比大增39.8%；保险资金投资组合实现 非年化综合投资收益率3.1%，同比上升0.3个百分点。 整体看，中国平安经营业绩稳健，彰显其发展韧性与创新动力，可用三个关键词提炼其看点： 稳：整体经营稳健，归母营运利润稳健增长，现金分红水平保持稳定，投资业绩优良，医疗养老战略差 异化赋能主业，整体保持较强的经营韧性； 稳：营运利润稳增，"综金+医养"战略加速落地 上半年，中国平安持续深化"综合金融+医疗养老"双轮并行、科技驱动战略，实现归母营运利润同比稳 健增长3.7%，归属于母公司股东权益9439.52亿元，较年初增长1.7%。基于稳健的经营业绩，现金分红 水平稳定增长，将向股东派发中期股息每股现金人民币0.95元，同比增长2.2%。此前有行业人士点评， 连续13年的分红上涨长跑，见证了中国平安全面深化战略转 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作 出。 茲載列中國平安保險（集團）股份有限公司在上海證券交易所網站刊登的 根據中國會計準則編制的「中國平安保險（集團）股份有限公司2025年中 期報告」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2025年8月26日 於本公告日期，本公司的執行董事為馬明哲、謝永林、郭曉濤、付欣及蔡方方；非執行 董事為謝吉人、楊小平、何建鋒及蔡潯；獨立非執行董事為伍成業、儲一昀、劉宏、吳 港平、金李及王廣謙。 二零二五年中报 目录 关于我们 公司管治 | 重要提示及释义 | 1 | | --- | --- | | 我们是谁 | 3 | | 公司使命 | 4 | | 时代机遇 | 5 | | 公司战略 | 6 | | 经营亮点 | 10 | | 董事长致辞 | 12 | | 财务摘要 | 15 | 经营情况讨论及分析 | 综合金融 ...

从滩涂渔火到万家灯火，从边陲小镇到国际都市，深圳用45年时间书写了中国改革开放的"奇迹样 本"。中国人寿深刻认识深圳在国家改革开放大局中的定位和作用，以实际行动服务国家战略落地。从 精准滴灌实体经济到完善社会保障体系，从创新赋能科创高地到守护绿色生态家园，无数国寿人正 以"闯"的精神、"创"的劲头和"干"的作风，护航鹏城接续书写着新时代"春天的故事"。 保活力——"深圳的土特产是企业家" 深圳是中小微企业最活跃的城市，2024年全市平均每月新增经营主体近5万户。然而中小微企业往 往受限于规模小、信用记录不完善、抵押物不足等困境，融资难题像"紧箍咒"制约其发展，招人留人有 较大难度。 如何让这片沃土上的民营企业和小微企业吃下"定心丸"，让这座"民营经济第一城"跑得更快？中国 人寿充分发挥综合金融优势，优化产品服务供给，从风险保障、投资支持、融资服务等方面多措并举， 支持小微企业发展。 中国人寿集团旗下寿险深圳分公司运用市场大数据精准细分产业风险图谱总结提炼产业共性风险， 创新打造"团单八大保"，推出工业保、交通保、商铺保、专精特新保、科技保等系列产品，为制造业、 新能源、生物医药等特区支柱和新兴领域的企业量身定 ...

单季净利息收入环比-4.7%，负债端成本率延续大幅改善趋势。2Q25 单季净利息收入环比-4.7%，单季 年化净息差环比下降7bp 至1.76%。资产端来看，下行趋势仍然延续，生息资产收益率环比下降14bp 至 3.48%，主要是利率因素的影响。 结构因素为正向贡献，贷款占比较一季度末提升1.4 个点至68.2%，零售贷款占比企稳。负债端来看， 存款成本率边际下行10bp 至1.71%，带动整体负债成本率下降10bp 至1.74%。 资产负债：零售贷款下降幅度明显收窄。（1）资产端贷款占生息资产比重提升至68.2%（环比+1.4 个 点），2Q25 单季新增贷款-32.15 亿元，其中对公贷款（不含票据）新增430.78 亿元，但票据压降 432.25 亿元；零售贷款减少30.68 亿元，下降幅度较之前几个季度明显收窄，预计调结构带来的压力接 近尾声。上半年增量贷款主要由卫生、社会保障和社会服务业、按揭和制造业贡献。（2）负债端存款 占计息负债比重升至74.1%（环比+0.2 个点），企业定期存款占比提升至29.9%（环比+0.8 个点）、个 人定期存款占比提升至20.2%（环比+0.1 个点），定期化趋势延 ...

Company Overview - Ping An Insurance is the first joint-stock insurance company in China, providing comprehensive financial and healthcare services[6] - The company has maintained a dividend growth for 13 consecutive years, indicating strong long-term profitability and shareholder returns[6] Financial Performance - In 2023, the operating profit attributable to shareholders decreased by 19.7%, but is expected to recover by 9.1% in 2024[7] - New business value for life and health insurance reached CNY 40.024 billion in 2024, a year-on-year increase of 28.8%[7] - Net profit from property insurance in 2024 was CNY 15.021 billion, up 67.7% year-on-year[7] Investment Strategy - The company is diversifying its investment strategy, increasing stock investments from 5.3% to 7.6% in 2024, while reducing real estate investments to 3.5%[7] - Ping An Bank's asset quality remains stable, with sufficient risk compensation despite short-term profit pressures[7] Technology and Healthcare Integration - Ping An has filed 55,000 patents, ranking among the top international financial institutions, and is focusing on internal ecosystem collaboration[8] - The healthcare service business has significantly impacted customer retention and differentiation, contributing 70% to the new business value of life insurance[8] Market Outlook - The target price for Ping An is set at HKD 90, representing a potential upside of 65.14% from the current price of HKD 54.5[5][12] - Revenue projections for 2025-2027 are CNY 1,106.70 billion, CNY 1,154.30 billion, and CNY 1,211.20 billion respectively, with net profits of CNY 111.93 billion, CNY 123.33 billion, and CNY 126.32 billion[10][13]

2025年《财富》中国500强榜单揭晓，中国平安位列第13位，较去年上升1位，同时以176亿美元净利润继续领跑保险业。这一结果早有预 兆——二季度公募基金悄然增持1.02亿股，在资本市场，真金白银的流向往往比任何分析师报告都更具说服力。 在金融业集体转型的阵痛期，平安展现出罕见的战略清晰度。当同业还在规模扩张与盈利质量的天平两端摇摆煎熬，平安精心搭建的"综 合金融+生态"引擎，已切换至价值兑现档：科技也不再是点缀，而是深嵌金融肌理、提效增质的齿轮；医疗生态亦非概念，与保险主业 形成强大的协同效应，这一切，无不印证着"综合金融"模式的独特优势。 在中国经济从规模驱动向质量突围的关键转折中，中国头部企业群体的角色正在重构：既要充当业绩压舱石，更需成为价值创造的策源 地。平安此刻展现的，正是一种稀缺的"当下稳健"与"远期图景"的动态平衡力——归母营运利润稳步前行之余，长期布局也已瓜熟蒂落。 未来已至，而中国平安的新篇章，可能才刚刚揭开序幕。 从第14到13位，中国平安为何总能突破？ 2025年《财富》中国500强榜单的发布，再次印证了中国平安在中国金融业中的龙头地位。在这份涵盖中国最大企业的权威榜单中，中国 平安以 ...

Group 1: Financial Performance - In Q1 2025, the bank's revenue was CNY 33.709 billion, a year-on-year decrease of 13.1% [2] - Net profit for Q1 2025 was CNY 14.096 billion, down 5.6% year-on-year [2] - The bank's operating expenses were CNY 9.055 billion, a decrease of 13.2% year-on-year [2] Group 2: Dividend Distribution - For the year 2024, the bank plans to distribute a cash dividend of CNY 6.08 per 10 shares, totaling CNY 11.799 billion, which is 28.32% of the net profit attributable to ordinary shareholders [3] - The interim dividend for 2024 is CNY 2.46 per 10 shares, amounting to CNY 4.774 billion [3] - The final dividend for 2024 is CNY 3.62 per 10 shares, totaling CNY 7.025 billion [3] Group 3: Asset Quality - As of March 2025, the non-performing loan (NPL) ratio was 1.06%, unchanged from the end of the previous year [5] - The provision coverage ratio was 236.53%, with a provision-to-loan ratio of 2.50% [5] - In Q1 2025, the bank wrote off loans amounting to CNY 17.065 billion and recovered CNY 9.425 billion in non-performing assets [5] Group 4: Interest Margin - The net interest margin in Q1 2025 was 1.83%, a decrease of 18 basis points year-on-year [4] - The bank anticipates continued downward pressure on the net interest margin in 2025, but at a slower rate [4] Group 5: Wealth Management - Wealth management fee income in Q1 2025 was CNY 1.208 billion, a year-on-year increase of 12.5% [6] - Personal insurance income grew by 38.7% to CNY 0.344 billion, while personal fund income increased by 5.7% to CNY 0.522 billion [6] Group 6: Capital Adequacy - As of the end of 2024, the bank's capital adequacy ratios were 9.12% for core tier 1, 10.69% for tier 1, and 13.11% for total capital [8] - The bank plans to balance internal and external capital replenishment to maintain adequate capital levels [8] Group 7: Deposit Growth - As of March 2025, personal deposits totaled CNY 1,330.883 billion, a growth of 3.4% from the end of the previous year [9] - The average daily balance of personal deposits in Q1 2025 was CNY 1,316.631 billion, up 6.5% year-on-year [9] Group 8: Loan Growth - As of March 2025, personal loan balances were CNY 1,729.046 billion, a decrease of 2.2% from the end of the previous year [10] - Housing mortgage loans increased by 4.1% to CNY 339.434 billion, while credit card receivables decreased by 7.9% to CNY 400.638 billion [10]

Financial Performance - The Group's OPAT increased by 2.4% year-over-year to RMB 37.9 billion[7, 15] - Net profit decreased by 26.4% year-over-year to RMB 27.0 billion[7, 16] - Life & Health (L&H) OPAT rose 5.0% year-over-year to RMB 26.9 billion[13] - Basic operating EPS rose 3.3% year-over-year to RMB 2.16[13] Business Growth - New Business Value (NBV) for L&H increased significantly by 34.9% year-over-year to RMB 12.9 billion[7, 14, 25] - L&H NBV margin (ANP basis) improved by 10.4 percentage points to 32.0%[7, 26] - The Property & Casualty (P&C) combined operating ratio (COR) improved by 3.0 percentage points year-over-year to 96.6%[7, 11, 31] - P&C insurance revenue increased by 0.7% year-over-year to RMB 81.153 billion[31] - Bank net profit decreased by 5.6% year-over-year to RMB 14.1 billion[12, 35] Customer Base - The Group's retail customer base grew by 1.0% year-to-date to 245 million[7, 13, 18] - The retention rate of retail customers holding 4 or more contracts within the Group was 98.0%[13] Channel Development - Bancassurance channel NBV soared 170.8% year-over-year[14, 29] - Community finance channel NBV surged 171.3% year-over-year[14, 29] Solvency - The company's solvency ratios are well above the minimum regulatory requirements[36, 37]

Core Viewpoint - China Life Insurance is committed to a people-centered development philosophy, emphasizing its role as a financial stabilizer and social stabilizer, while launching the 19th "GuoShou 616" Customer Festival to enhance customer experience and meet diverse financial insurance needs [1][9]. Group 1: Customer Festival Activities - The "GuoShou 616" Customer Festival will run from May 30 to June 30, featuring a month-long series of online and offline activities centered around the theme "Smart Life, Lifelong Protection" [1][9]. - The festival will include a "Super Experience Day" on June 16, along with special activities for important dates such as the Dragon Boat Festival and Children's Day [1][2]. Group 2: Financial Product Offerings - China Life will showcase nearly 20 high-quality financial products across its insurance, investment, and banking sectors, addressing various customer needs through an integrated online and offline experience [2][7]. - The company will utilize innovative technologies like AIGC to create interactive experiences, such as the "Planet Roaming Plan" featuring its mascot across five themed planets [3][4]. Group 3: Targeted Services for Different Demographics - For children, the company will offer online art education and comprehensive insurance plans covering various risks [4][5]. - For young adults, activities will include educational seminars and health-related online sessions, along with flexible loan products to ease financial burdens [5][6]. - For the elderly, China Life will provide pension account services and specialized products aimed at enhancing financial security and wellness [6][7]. Group 4: Integrated Financial Services - The company aims to deepen its integrated financial services by collaborating across its insurance, banking, and investment sectors, enhancing customer experience through resource sharing and coordinated services [7][8]. - Initiatives include the launch of the "Super Xin Renewal Treasure" and a dedicated welfare zone on the "Anxin Enjoy" platform to streamline service offerings [7][8]. Group 5: Brand Engagement and Community Activities - China Life will enhance its brand presence through community events and social media interactions, including the "GuoShou Guardian Stories" campaign and participation in local sports events [8][9]. - The company will also leverage partnerships for broader outreach, such as sponsoring the "World Women's Volleyball League Hong Kong 2025" to engage customers through various activities [8][9].

Group 1 - The 19th "GuoShou 616" Customer Festival of China Life officially launched on May 30, focusing on the theme "Smartly Protecting Life with China Life" and emphasizing intelligent technology and comprehensive financial product services [1] - The festival will last for one month, featuring online and offline activities, including a "Super Experience Day" on June 16, and special events for important occasions such as the Dragon Boat Festival, Children's Day, Father's Day, and the high school entrance examination [1] - China Life will showcase nearly 20 high-quality financial products across its insurance, investment, and banking sectors, addressing diverse customer needs through an integrated online and offline experience [1] Group 2 - During the customer festival, China Life will enhance its comprehensive financial capabilities by sharing service resources, collaborating with star customers, and coordinating elderly care services, thereby innovating and upgrading its collaborative model [2] - The company aims to provide a convenient and reliable one-stop comprehensive financial service experience by increasing the supply of integrated financial products and services [2]