近日，天茂实业集团股份有限公司（以下简称"天茂集团"）因无法在法定期限内披露2024年年度报告和2025年一季度报告，被深圳证券交易所实施退市风险 警示。根据公告，天茂集团股票自2025年7月8日起复牌，简称变更为"*ST天茂"，日涨跌幅限制降至5%。 业内人士指出，母公司退市风险或间接冲击国华人寿的资本补充能力、监管审查强度及业务拓展空间，甚至影响保单销售和现金流稳定性。南开大学郝臣教 授认为，中小险企需建立"去股东化"独立生存模式，聚焦高质量转型。 对此，国华人寿回应称，母公司事件不影响其正常经营和业绩，国华人寿正推进业务调整，减少银保渠道依赖，布局康养产业，如推出"合悦家"高端养老项 目，以打造"保险支付+养老服务"生态闭环。市场关注点转向国华人寿能否扭亏为盈并应对潜在风险，其未来发展将考验战略韧性。 值得注意的是，天茂集团是国华人寿保险股份有限公司（以下简称"国华人寿"）的控股母公司，作为国华人寿的创始股东，天茂集团持有国华人寿51%股 权，国华人寿的保险业务也一直都是天茂集团的"利润奶牛"。 近年来，国华人寿经营承压明显。2023年，国华人寿由盈转亏，净亏损为11.55亿元，2024年前三季度亏损扩 ...

Core Viewpoint - Guohua Life Insurance Co., Ltd. has transitioned from a profit of 2.2 billion to a loss exceeding 1 billion, facing significant challenges alongside its parent company Tianmao Group, which is at risk of delisting due to failure to disclose financial reports on time [1][4] Financial Performance - Guohua Life reported a loss of 1.155 billion in 2023, marking a 338.6% year-on-year decline [3][10] - The company’s premium income for 2024 is approximately 34.639 billion, reflecting a 14.21% decrease compared to the previous year [11] - The net profit has consistently declined since 2020, with a drop to 1.111 billion in 2020 and only 484 million in 2022 [10] Corporate Governance and Strategy - The company has been criticized for its governance structure, with a CIIGI rating primarily at "BBB" from 2016 to 2023, indicating room for improvement [11] - Guohua Life is urged to establish an independent survival capability and develop a unique business model to achieve sustainable growth [12] Market Position and Challenges - The parent company Tianmao Group holds a 51% stake in Guohua Life, and its potential delisting poses risks to the insurance company’s capital and operational stability [4][5] - The insurance sector is experiencing increased scrutiny and regulatory challenges, particularly for companies with parent firms facing delisting risks [5][6] Business Model and Adjustments - Guohua Life is shifting its business strategy to focus on high-quality sustainable development, actively controlling the scale of its business and optimizing its product structure [11][15] - The company is also diversifying into the elder care industry, launching the "He Yue Jia" brand and developing a comprehensive elder care ecosystem [16] Distribution Channels - The proportion of premium income from the bancassurance channel has decreased from over 94% in 2018 to around 90% in 2023, indicating a strategic shift in distribution [14][15]