Core Viewpoint - Shenzhen has transformed from a small border town to an international metropolis over 45 years, showcasing a model of China's reform and opening-up, with China Life actively supporting national strategies through various financial services [1] Group 1: Support for Small and Micro Enterprises - Shenzhen is the most active city for small and micro enterprises, with an average of nearly 50,000 new business entities added monthly in 2024, but these enterprises face challenges such as financing difficulties [2] - China Life has leveraged its comprehensive financial advantages to support small and micro enterprises through risk protection, investment support, and financing services, including the launch of tailored insurance products for various industries [2] - As of the first half of 2025, China Life's Shenzhen branch insured over 13,000 small and micro enterprises, covering 310,000 insured individuals with a total risk coverage exceeding 257.1 billion yuan [2] Group 2: Financial Services for Small and Micro Enterprises - Guangfa Bank, a member of China Life Group, has developed an integrated online and offline inclusive financial service model, offering various loan products to enhance approval efficiency [3] - By the end of July 2025, Guangfa Bank's inclusive loans for small and micro enterprises exceeded 40 billion yuan, serving 12,100 clients [3] - In the first half of 2025, China Life Property Insurance's Shenzhen branch facilitated approximately 6 million yuan in financing for small and micro enterprises through loan guarantee insurance [3] Group 3: Social Security and Talent Retention - Shenzhen's talent pool has surpassed 7 million, making it one of the top cities for talent attraction in China, and China Life is actively involved in building a multi-layered social security system [4] - China Life's Shenzhen branch has been the chief underwriter for the "Shenzhen Huimin Insurance" for three consecutive years, significantly reducing the financial burden of high medical costs for residents [4] - In 2025, the number of participants in "Shenzhen Huimin Insurance" reached 6.159 million, with nearly 380,000 claims paid out [4] Group 4: Support for Technological Innovation - Shenzhen is home to 25,000 high-tech enterprises, and China Life Property Insurance's Shenzhen branch has developed insurance products to support the entire risk management process for technology companies [6] - In the first half of 2025, the branch provided risk coverage of 754.2 billion yuan for technology enterprises, contributing to the optimization and stability of the region's industrial structure [6] - Guangfa Bank has focused on the financing needs of technology enterprises, promoting a virtuous cycle between technology, industry, and finance [6] Group 5: Environmental Protection Initiatives - Shenzhen has 1,290 parks, and China Life Group has invested in environmental projects, including a 1.5 billion yuan investment in Shenzhen Energy Environmental Protection [8] - Guangfa Bank has provided 2 billion yuan in loans for carbon reduction projects, supporting the implementation of advanced energy technologies [8] - In the first half of 2025, China Life Property Insurance provided risk coverage exceeding 624.1 billion yuan for clean energy sectors, enhancing the management of environmental, social, and governance risks [9]

2025 Interim Results —Resilience and Innovation Expertise Makes Life Easier Financial Results Fu Xin Group Senior Vice President, and Group CFO August 2025 Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates ...

Core Insights - The company reported a net profit of 68.05 billion yuan for 1H25, reflecting a year-on-year decrease of 8.8%, while the net operating profit (OPAT) was 77.7 billion yuan, up 3.7% year-on-year [1][2] - The new business value (NBV) increased significantly by 39.8% year-on-year to 22.33 billion yuan, driven by improvements in the new business margin (NBVM) and a recovery in individual insurance sales [3][7] - The combined ratio (COR) improved to 95.2%, down 2.6 percentage points year-on-year, indicating better underwriting profitability in the property and casualty insurance segment [4][7] Financial Performance - The company's net profit for 1H25 was 68.05 billion yuan, down 8.8% year-on-year, but showed an increase of 8.2% in 2Q25 compared to the same quarter last year [1][2] - The OPAT for 1H25 was 77.7 billion yuan, with a year-on-year growth of 3.7%, and the dividend per share (DPS) increased by 2.2% year-on-year [2] - The underwriting profit for the property and casualty insurance segment reached 7.98 billion yuan, a significant increase of 126% year-on-year [2] Business Segments - The NBV growth of 39.8% in 1H25 was attributed to a strong performance in the bancassurance channel, with individual insurance and bancassurance NBV growing by 17% and 169% year-on-year, respectively [3] - The property and casualty insurance premium income rose by 7.1% year-on-year, with motor insurance and non-motor insurance premiums increasing by 3.6% and 13.8%, respectively [4] - The company’s investment income showed a mixed performance, with a non-annualized net investment return of 1.8% and a comprehensive investment return of 3.1%, reflecting a year-on-year decline of 0.2 percentage points and an increase of 0.3 percentage points, respectively [5] Strategic Initiatives - The company is enhancing its digital transformation through AI technologies, which have led to a reduction in operational costs, particularly in the auto insurance segment [6] - The total investment scale of the company reached over 6.2 trillion yuan by the end of 1H25, an increase of 8.2% from the beginning of the year, with a significant rise in stock investments [5][6] - The company aims to create a comprehensive financial service ecosystem, which is expected to improve customer engagement and profitability [6] Investment Outlook - The company maintains a strong investment recommendation, with expectations for steady growth in net profit, OPAT, and DPS driven by continuous growth in NBV and improvements in the property and casualty insurance segment [7] - Forecasts for net profit from 2025 to 2027 are 138.9 billion yuan, 149.6 billion yuan, and 160 billion yuan, with respective growth rates of 9.7%, 7.7%, and 6.9% [7]

Core Viewpoint - China Ping An believes that its stock price will reflect its true value over time, aligning with the notion that "gold will always shine" [2] Company Insights - The CFO of China Ping An, Fu Xin, expressed confidence in the company's growth potential, particularly in the life insurance sector, which is currently in a golden development phase [2] - The company is gradually showcasing its advantages in comprehensive finance and healthcare, with a focus on building a strong moat in the healthcare and elderly care sectors [2] - China Ping An's current valuation multiples are considered very low, suggesting that there is significant room for recognition and appreciation from investors [2]

Core Viewpoint - China Ping An's 2025 interim report shows stable growth in core performance indicators, with a focus on shareholder returns and strategic development in comprehensive finance and healthcare services [1][3]. Financial Performance - Operating revenue reached 500.1 billion RMB, a 1.0% increase year-on-year [2]. - The attributable operating profit was 77.7 billion RMB, up 3.7% year-on-year, with a return on equity (ROE) of 7.5% [3]. - The total assets of China Ping An exceeded 13 trillion RMB, growing by 4.3% since the beginning of the year [3]. - The interim dividend per share was 0.95 RMB, reflecting a 2.2% increase, with total dividends amounting to 17.2 billion RMB [3]. Customer and Business Growth - The number of individual customers reached 247 million, a 1.8% increase, with a retention rate of 97.8% for customers holding four or more contracts [5]. - New business value in life and health insurance surged by 39.8% to 22.3 billion RMB, with a new business margin of 10.7% [8][10]. Insurance Business Performance - Property insurance premium income grew by 7.1% to 171.9 billion RMB, with underwriting profit increasing by 125.9% [20][21]. - The comprehensive cost ratio improved by 2.6 percentage points to 95.2% [21]. - The company launched 1,741 products, providing risk coverage of 189 trillion RMB to small and micro enterprises [28]. Investment Performance - The investment portfolio exceeded 6.2 trillion RMB, with a non-annualized comprehensive investment return of 3.1%, up 0.3 percentage points year-on-year [30][28]. Strategic Outlook - The company aims to deepen its dual strategy of comprehensive finance and healthcare, leveraging technology for digital transformation and enhancing service differentiation [32].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][10]. Core Views - The company has shown a narrowing decline in profits with a significant increase in new business value (NBV) [3][10]. - The operating profit remains stable, and the new business value has increased by 39.8% year-on-year [3][10]. - The company is expected to maintain positive growth in NBV throughout the year, driven by product structure optimization and service enhancements [10]. Financial Performance Summary - In the first half of 2025, the company reported operating revenue of 5000.8 billion RMB, a year-on-year increase of 1.0% [3]. - The net profit attributable to shareholders was 680.5 billion RMB, reflecting a year-on-year decline of 8.8% [3]. - The operating profit attributable to shareholders was 777.3 billion RMB, showing a year-on-year increase of 3.7% [3]. - The new business value reached 223.4 billion RMB, marking a year-on-year increase of 39.8% [3]. - The group's embedded value was 1.5 trillion RMB, up 5.5% from the beginning of the year [3]. Business Segment Performance Life Insurance - The average NBV per agent increased by 21.6% year-on-year to 49,000 RMB per agent per half year [4]. - The first-year premium (for NBV calculation) was 855.7 billion RMB, down 7.2% year-on-year, primarily due to changes in the preset interest rate [5]. - The new business value rate improved by 8.8 percentage points year-on-year to 26.1% [5]. Property Insurance - The insurance service revenue grew by 2.3% year-on-year to 1656.6 billion RMB [6]. - The comprehensive cost ratio improved by 2.6 percentage points to 95.2% [6]. Investment Performance - The non-annualized comprehensive investment return rate increased by 0.3 percentage points to 3.1% [7]. - The net investment return rate was 1.8%, down 0.2 percentage points year-on-year [7]. Banking - The bank's operating revenue was 693.9 billion RMB, down 10% year-on-year, but the decline narrowed compared to Q1 [8]. - The net profit attributable to shareholders was 248.7 billion RMB, down 3.9% year-on-year, with a narrowing decline compared to Q1 [8]. Future Outlook - The company plans to enhance its distribution channels and strengthen partnerships with major banks to improve the quality of its agent channel [10]. - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 1438 billion RMB, 1603 billion RMB, and 1868 billion RMB respectively [10].

Core Viewpoint - Guiyang Bank is experiencing a continuous decline in both revenue and net profit, marking the ninth consecutive reporting period of such downturns, making it the only bank among six listed city commercial banks in A-shares to report a "double decline" in performance [1][3][4]. Financial Performance - For the first half of 2025, Guiyang Bank reported operating income of 6.501 billion yuan, a year-on-year decrease of 12.22%, and a net profit attributable to shareholders of 2.474 billion yuan, down 7.20% [3][4]. - The bank's performance has been declining for two years, with the last positive growth reported in 2022 [3][4]. - Compared to six years ago, the current profitability is lower than in the first half of 2019, when operating income was 6.764 billion yuan and net profit was 2.653 billion yuan [4]. Revenue Structure - The bank's net interest income has decreased significantly, from 7.065 billion yuan in 2022 to 4.920 billion yuan in the first half of 2025, a decline of 30.36%, with net interest income still accounting for 75.69% of total revenue [4][5]. - Non-interest income was 1.580 billion yuan, a slight decrease of 1.22%, with investment income increasing by 719 million yuan but offset by a decrease in fair value changes of trading financial assets by 853 million yuan [5]. Management Challenges - Frequent changes in the executive team have raised concerns about governance and strategic continuity, with key positions remaining unfilled [6][7]. - The bank's high-level management instability may negatively impact business continuity and market confidence [8]. Strategic Recommendations - To break the "negative growth" cycle, Guiyang Bank should leverage its regional market advantages and focus on comprehensive financial services, digital transformation, and supporting emerging industries [9][10]. - Experts suggest enhancing middle business income, exploring innovative financial products, and optimizing asset-liability management to improve performance [10].

Core Viewpoint - China Ping An's mid-year performance demonstrates resilience and innovation, with steady growth in operating profit and significant increases in new business value for life and health insurance [1][2][4]. Group 1: Financial Performance - In the first half of 2025, China Ping An achieved an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1][2]. - The company declared an interim dividend of 0.95 RMB per share, reflecting a 2.2% increase year-on-year [1][4]. - The investment portfolio yielded a non-annualized comprehensive return of 3.1%, up 0.3 percentage points from the previous year [1][7]. Group 2: Business Growth - The new business value (NBV) for life and health insurance surged by 39.8% year-on-year, reaching 22.335 billion RMB [9][10]. - The agent channel's new business value grew by 17.0%, while the bancassurance channel saw a remarkable increase of 168.6% [9][10]. - The company reported a customer retention rate of 94.6% for long-term clients, with 73.8% of clients having been with the company for over five years [5]. Group 3: Strategic Initiatives - The "comprehensive finance + medical and elderly care" strategy is being effectively implemented, enhancing core business operations [4][8]. - AI applications are integrated across all processes, with an 80% coverage of AI service seats and a 94% instant underwriting rate for life insurance policies [12][14]. - The medical and elderly care services have reached nearly 63% of individual clients, significantly increasing customer engagement and contract numbers [6][8]. Group 4: Market Sentiment - Multiple brokerages express optimism regarding Ping An's mid-year results, highlighting strong performance in NBV and asset management [3][4]. - The stock performance of Ping An has been robust, with H-shares reaching a four-year high amid a bullish market for the insurance sector [3][4]. - Analysts predict that AI technology could drive annual revenue growth of 2.5% over the next decade, indicating a positive outlook for the company's future [15].

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 ...

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。 2025年中期报告摘要 （股票代码：601318） 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 告摘要」，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。 二〇二五年八月二十六日 2025 年中期报告摘要 一、重要提示 1.4 公司简介 | 股票简称 | 中国平安 | | | --- | --- | --- | | 股票代码 | H A 股：601318 | 股：02318（港币柜台） | | | | 82318（人民币柜 ...