Core Viewpoint - Yunnan Chengtou's 2024 annual report reveals significant increases in credit impairment losses, primarily due to bad debt provisions related to receivables from related parties, raising concerns about the company's financial health and risk management practices [1][2][3]. Group 1: Credit Impairment Losses - The company recognized credit impairment losses of 23.99 million yuan in 2024, a 403.51% increase compared to 2023, indicating a substantial rise in bad debt provisions [1]. - The top five receivables at year-end were all from related parties, with a total of 375 million yuan in other receivables, primarily consisting of land compensation, inter-company loans, and deposits, with an aging of over four years [1][2]. - The company only provided a bad debt provision of 36 million yuan for other receivables, resulting in a provision rate of less than 10%, while nearly 80% of other receivables were aged over three years [1][2]. Group 2: Related Party Transactions - As of December 31, 2024, the company had receivables from related parties totaling 121.23 million yuan, all arising from services provided to these entities [3]. - The top five related party receivables included amounts from Yunnan Chengtou Zhidi Co., Ltd. and Yunnan Chengtou Erhai Real Estate Co., Ltd., primarily for property management services [3]. - The company classified related party receivables as a low-risk portfolio, justifying the lack of bad debt provisions based on the historical performance and control by the parent company, Kanglv Group [3][4]. Group 3: Asset Disposal and Restructuring - The company has undergone significant asset disposals, with non-current asset disposal gains of 856 million yuan, 1.841 billion yuan, and 16 million yuan from 2022 to 2024, respectively [14]. - The company is transitioning its main business focus from real estate to property and commercial management, with commercial operations accounting for 43.77% of total revenue in 2024 [14]. - The company has recognized inventory impairment provisions of 182 million yuan related to its real estate development products [14].

Core Viewpoint - The company has faced significant increases in credit impairment losses, particularly related to receivables from related parties, raising concerns about its financial health and accounting practices [2][3][21]. Group 1: Credit Impairment Losses - In 2024, the company recognized credit impairment losses of 23.99 million yuan, a 403.51% increase compared to 2023, indicating a substantial rise in financial risk [2][3]. - The majority of the company's receivables are from related parties, with the top five receivables classified as low-risk, which has led to insufficient provisions for bad debts [2][3][5]. - The company has not provided impairment for contract assets, which are entirely related to engineering payments from associated parties [2][3]. Group 2: Receivables and Provisions - As of December 31, 2024, the company reported a total of 120.23 million yuan in receivables from related parties, with a significant portion being overdue [6][9]. - The company has categorized certain receivables from related parties as low-risk, justifying the lack of impairment provisions based on historical performance and expected recovery [5][9]. - The company has detailed the aging of receivables, with a significant amount being over three years old, raising questions about their recoverability [8][11]. Group 3: Asset Disposal and Restructuring - The company has undergone significant asset disposals, with non-current asset disposal gains reported at 856 million yuan in 2022 and 1841 million yuan in 2023, indicating a shift in business focus [21][22]. - As of the end of 2024, the company has not completed the registration of changes for several subsidiaries involved in previous asset restructuring, which may affect future operations [22][23]. - The company has recognized losses from debt restructuring, totaling 239 million yuan in 2022, reflecting ongoing financial challenges [21][22].

Core Viewpoint - The issuance of the "Notice on Further Implementing the New Insurance Contract Accounting Standards" is a key measure to promote high-quality development in the insurance industry, providing detailed solutions for the implementation challenges faced by small and medium-sized insurance companies while aligning with international accounting standards [1][2]. Group 1: Implementation of New Standards - The new insurance contract accounting standards are seen as a significant reform in the financial reporting system of the Chinese insurance industry, marking an important step towards global accounting convergence [2]. - The new standards were revised and issued by the Ministry of Finance in December 2020, with implementation starting from January 1, 2023, for certain companies, while others will follow by January 1, 2026 [2][3]. - The initial implementation by ten large listed insurance companies has been smooth, with the impact on net assets and net profits aligning with expectations, leading to a generally positive market response [2][3]. Group 2: Support for Small and Medium-sized Enterprises - The "Notice" provides a timeline for different types of enterprises, allowing listed companies to continue with the new standards while non-listed companies can opt for simplified measures starting from January 1, 2025 [3]. - Companies facing difficulties in implementation can apply for a deferral until June 30, 2025, by submitting written explanations to the relevant authorities [3]. - Simplified processing options are tailored for non-listed enterprises, allowing them to choose one or more simplified accounting policies upon first implementation [3][6]. Group 3: Simplification Measures - Simplifications in the assessment of insurance contract profitability, cash flow asset recognition, and accounting treatment for contracts terminated due to policyholder withdrawals have been introduced [4]. - In terms of measurement, simplifications include provisions for policy loans, accrued interest, and adjustments for financial estimates in financial statements [4][5]. - Disclosure requirements have also been simplified, including adjustments for reinsurance contracts and fair value measurements [5]. Group 4: Impact and Future Outlook - The simplified measures aim to reduce the cost and complexity of implementing the new standards for small and medium-sized insurance companies, facilitating a smoother transition [6]. - The implementation of the new standards is viewed as essential for the high-quality development of the Chinese insurance industry, with the "Notice" providing transitional support for non-listed companies [6]. - As conditions improve, non-listed enterprises are expected to phase out the simplified measures, ensuring consistency in accounting practices across the industry [6].

// 今日关注 // // 宏观预警 // 1、商务部介绍中美经贸磋商机制首次会议情况 商务部召开例行新闻发布会，有记者就中美经贸磋商机制首次会议情况进行提问。商务部新闻发言人何 亚东表示，当地时间6月9日至10日，中美经贸团队在英国伦敦举行中美经贸磋商机制首次会议。双方就 落实两国元首6月5日通话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原则一致，就解决双方彼 此经贸关切取得新进展。下一步，双方将进一步发挥好中美经贸磋商机制作用，继续保持沟通对话，不 断增进共识、减少误解、加强合作，共同推动中美经贸关系行稳致远。 2、商务部新闻发言人：中国已依法批准一定数量的稀土相关物项出口许可合规申请 商务部新闻发言人何亚东表示，中国作为负责任大国，充分考虑各国在民用领域的合理需求与关切，依 法依规对稀土相关物项出口许可申请进行审查，已经依法批准一定数量的合规申请，并将持续加强合规 申请的审批工作。 // 中国债券预警 // 1、中泰证券：福建福晟新增股权冻结，涉及金额1.5亿元 中泰证券发布临时受托管理事务报告，披露福建福晟集团有限公司及其旗下公司新增股权冻结和失信被 执行情况。其中，福建福晟被冻结股权1.5亿元， ...

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration have jointly issued a notice to further implement the new insurance contract accounting standards, emphasizing the importance of these standards in mitigating major financial risks [1][2]. Implementation Arrangements - The notice specifies that companies listed both domestically and internationally, as well as those listed only abroad that use international financial reporting standards or enterprise accounting standards, must continue to apply the new insurance contract accounting standards. Other companies applying enterprise accounting standards are required to implement these standards starting January 1, 2026, unless they submit a written request for a delay to the Ministry of Finance and the Financial Regulatory Administration [1]. Simplified Processing Regulations - The notice outlines simplified processing regulations for non-listed companies regarding the grouping, recognition, measurement, and reporting of insurance contracts. It provides specific requirements for the selection and change of these simplified processing options [1]. Organizational Implementation Requirements - The notice emphasizes that the implementation of the new insurance contract accounting standards is a crucial measure to fulfill the central government's requirements for preventing and mitigating major financial risks. It calls for companies to prepare for implementation through business process restructuring, information system upgrades, management system improvements, and personnel training. It also highlights the roles of various financial departments and regulatory bodies in supporting the high-quality implementation of these standards [2].

证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 非上市险企 2026 年执行新准则，预计险资增 配 OCI 股票趋势将延续 增持（维持） 投资要点 2025 年 06 月 12 日 -11% -5% 1% 7% 13% 19% 25% 31% 37% 43% 49% 2024/6/12 2024/10/11 2025/2/9 2025/6/10 保险Ⅱ 沪深300 相关研究 《保险行业 4 月月报：寿险保费持续 复苏，财险业务增速稳健》 2025-05-30 《中国人身险产品变迁历史与未来展 望系列报告（二）》 2025-05-13 东吴证券研究所 1 / 4 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 【事件】6 月 12 日财政部发布《关于进一步贯彻落实新保险合同会计 准则的通知》（以下简称《通知》），具体内容如下： ◼ 1）明确非上市险企自 2026 年 ...

新保险合同会计准则"进阶版"来袭。6月12日，财政部、金融监管总局联合印发了《关于进一步贯彻落实新保险合同会计准则的通知》（以下简称《通 知》）。根据《通知》，已提前执行的企业，应当继续执行新保险合同会计准则；非上市企业2026年强制执行；确有困难需暂缓执行的保险公司，应当在一 定时间提交书面材料说明原因。此外，《通知》还细化了保险公司可选择采用的简化处理规定。 财政部会计司有关负责人表示，为做好《通知》的实施指导，将引导企业，特别是中小保险公司准确理解把握《通知》的各项要求，高度重视新旧准则转换 工作，并联合金融监管总局密切跟踪评估新保险合同会计准则的实施情况，及时进行监管指导和政策协调，适时完善准则实施要求。 明确实施时间线 早在2020年，财政部发布《企业会计准则第25号—保险合同》（财会〔2020〕20号，以下简称"新保险合同会计准则"），保险业内一般称之为"新会计准 则"或"IFRS17"，并于2023年起落地执行。 新保险合同会计准则是保险行业财务报告的一场"大革新"。它的出现，旨在让保险公司的账本更透明、更真实，且避免"雾里看花"，让读不懂报表的大众也 能看懂保险公司的生意"好坏成色"。 根据《 ...

Core Viewpoint - Xinhua Insurance has acquired a 5.09% stake in Hangzhou Bank, becoming its fourth-largest shareholder, reflecting a trend of insurance companies increasing investments in high-dividend bank stocks in 2025 [1][2][4]. Group 1: Transaction Details - Xinhua Insurance purchased 330 million shares of Hangzhou Bank from the Commonwealth Bank of Australia at a price of 13.095 yuan per share, totaling approximately 4.317 billion yuan [2]. - The transaction was initiated in January 2025 and completed with the approval from the National Financial Regulatory Administration [2][3]. - Following the acquisition, Xinhua Insurance holds a total of 363 million shares in Hangzhou Bank, solidifying its position as a significant stakeholder [2]. Group 2: Industry Trends - In 2025, insurance companies have made 15 equity acquisitions, with a notable focus on bank stocks, indicating a strategic shift towards high-dividend assets [4][5]. - The preference for bank stocks is attributed to declining long-term interest rates and the need for asset reallocation, as insurance companies seek stable dividend returns [5][6]. Group 3: Regulatory Environment - Recent regulatory initiatives have encouraged insurance funds to invest in the capital market, aiming to enhance the stability and proportion of insurance capital in A-shares [7][8]. - The government has introduced policies to facilitate long-term investments by insurance companies, including lowering risk factors for stock investments and promoting a "long money, long investment" strategy [7][8].

财政部发文 明确进一步贯彻落实 新保险合同会计准则 的相关规定 ①所有保险公司 2026年全部执行新准则 确有困难可申请暂缓执行 ②非上市保险公司 可以简化执行新准则 从而降低公司实施复杂度和成本 ③四方面简化执行准则 保险合同分组和确认、计量、列报 1 财政部发文 确有困难可申请暂缓执行新准则 非上市险企执行，可简化四方面 1. 财政部发文：明年所有险企执行新准则，确有困难可申请暂缓... 自2023年，上市保险公司执行新准则以来，业内人士对于新准则下，保险公司净资产和 净利润的变化已经有所了解。 根据财政部下发的《企业会计准则第25号——保险合同》要求，自2 0 2 6年1月1日起， 包括上市险企和非上市险企在内，所有保险公司都要执行新准则。 值得注意的是，近两年，陆续有不少寿险公司，已经提前执行新准则. . . 对此，" 13精"也进行过统计，截止2025年一季度，执行新准则的寿险公司，已经达到 2 7家！ 详见《 75家寿险公司近三年投资收益率：6家超5%，2 8家超4% 》。 虽 然 ， 各家 非 上市 险 企 已 经 在为明 年执行 新 准 则， 进 行 系 统 、 人 员 等 一 系 列 准 备 ...

Audit Opinion - The audit report states that the financial statements of Yunnan Tin Indium Laboratory Co., Ltd. fairly reflect its financial position and operating results as of December 31, 2024, in accordance with accounting standards [1][2][3]. Management and Governance Responsibilities - The management is responsible for preparing the financial statements in accordance with accounting standards and maintaining internal controls to prevent material misstatements due to fraud or error [2][3]. - The governance body oversees the financial reporting process [2]. Auditor's Responsibilities - The auditor's goal is to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error [3][4]. - The auditor assesses risks of material misstatement and designs audit procedures to address these risks [3][4]. Company Overview - Yunnan Tin Indium Laboratory Co., Ltd. was established on August 24, 2016, and renamed on June 18, 2024, with a registered capital of 130 million RMB [5]. - The company operates in mineral resource research, technology development, and related services [5]. Financial Reporting Basis - The financial statements are prepared on a going concern basis, following the accounting standards issued by the Ministry of Finance [5]. - The company adheres to the accounting policies and estimates outlined in the financial statement notes [5]. Important Accounting Policies - The accounting period is based on the calendar year, from January 1 to December 31 [5]. - The company uses the historical cost principle for accounting, except for certain financial assets measured at fair value [5][6]. Consolidation Method - The consolidation scope is determined based on control, including the company and all subsidiaries [7][8]. - The financial results of subsidiaries are included in the consolidated financial statements from the date control is obtained [8][9]. Financial Instruments - Financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value [13][14]. - The company recognizes expected credit losses based on credit risk assessments [17][23].