智通财经9月29日讯（记者 邹俊涛）9月26日，由上海报业集团指导、智通财经主办的"2025上海全球金融・资管年会"在上海陆家嘴召开。招商信诺人寿保 险有限公司（以下简称"招商信诺"）总经理兼首席执行官常颖在会上发表主题演讲指出，"中国寿险行业已进入利差损的风险化解攻坚期，行业必须共同面 对这一挑战。" 此外，健康险、医疗险等保障型产品，以及分红险、投连险等浮动收益产品，正成为行业发力重点。这类产品不仅降低了低利率对保险公司负债成本和盈利 能力的冲击，也更贴合客户在老龄化、慢病高发时代的保障需求。 招商信诺：从"负债成本管控"到"健康生态构建" 常颖表示，作为一家中外合资险企，招商信诺在应对利差损方面给出自己的策略。据他透露，公司近年来主要推动了多项业务转型，其中两大战略转型尤其 是值得关注。 一是严格控制负债成本。常颖表示，得益于逐年化解存量业务压力、精细化管理各项费用、优化资产负债匹配等积极举措，公司负债成本处于行业较低水 平，为公司稳健经营打下基础。 二是产品结构向分红险全面转型。2021年，招商信诺的分红险在银保新单业务中的占比仅为6%，而如今已提升至95%以上。"就像饮食结构从大鱼大肉转向 健康饮食 ...

Leadership Changes - A bank-affiliated insurance company is set to undergo a leadership change, with Wang Ying, the current Vice President of China Merchants Bank, proposed to succeed Wang Xiaoqing as the Chairman of China Merchants Cigna Life Insurance [1] - Wang Ying has worked at China Merchants Bank for 28 years and is one of the four current Vice Presidents, primarily overseeing retail business [1] Company Structure and Management - Following the appointment of Wang Xiaoqing to China Merchants Jin Kong, several key positions, including the Chairmanships of China Merchants Cigna Life Insurance, China Merchants Cigna Asset Management, and China Merchants Fund, have been vacant [3] - China Merchants Cigna Life Insurance is one of the ten bank-affiliated insurance companies, with equal ownership between China Merchants Bank and Cigna Health Insurance Company [3] - The current management structure of China Merchants Cigna Life Insurance includes a General Manager and a Deputy General Manager, along with three assistant managers [4] Financial Performance - As of August 2025, China Merchants Cigna's original premium income reached 34.22 billion yuan, reflecting a year-on-year growth of 8.34%, while net asset scale increased by 58.63% to 17.44 billion yuan [6] - In the first half of 2025, China Merchants Cigna Life Insurance reported total assets of 236.69 billion yuan and a net profit of 308 million yuan [4] Strategic Direction - The company aims to adopt a differentiated and specialized operational path in the health sector, aligning with international trends, as stated by the General Manager [6] - The "big health" strategy is a joint decision by both shareholders, with Cigna focusing on health insurance and services, while China Merchants Bank expects the company to develop a health-oriented competitive advantage [6] - The strategy involves three main aspects: reducing liability costs by abandoning high-premium fixed-income products, accelerating the development of floating yield products, and promoting the transformation towards health insurance and services [7][8]

【导读】谢庆奎：企业家最重要的是要保持平和的心态，不急不躁地向前走 见习记者 郑俊婷 75 岁，对于很多人来说，正是颐养天年、含饴弄孙的时候。但对于 西麦食品创始人、董事长 谢 庆 奎来说，他的大健康事业初露峥嵘， 7 5 岁正是 " 撸起袖子加油干 " 的时 候。 在接受中国基金报记者专访当天， 谢庆奎 刚忙完 江苏西麦二期竣工投产 仪式。当他在台上 喊出 " 用三年时间再造一个宿迁新西麦 " 时，铿锵有力而又中气十足的话语引得台下阵阵喝 彩。在此之前，谢庆奎已马不停蹄地转了一周。他不是在考察市场，就是在出差的路上，甚 至数个凌晨，他挑灯夜战，为出席本次活动的嘉宾准备书法礼品。 在 这个充满不确定性的时代， " 躺平 " 成了许多人的选择。一位 75 岁的老人，为何反而比 年轻人更有干劲 ？面对记者这一疑问， 谢庆奎 略加思考后表示，这些年通过修炼信仰和自 西麦食品创始人、董事长 谢庆奎 律，自己维持了平和的心态，在责任感和使命感的驱使下，还有很长的路要走。 " 我一生最骄傲的事有两件，一是将燕麦这一健康谷物带给亿万名中国消费者，二是拒绝外资 收购，守住了西麦这一民族品牌。现在， 西 麦的新增长曲 线 —— ...

以下文章来源于阿尔法工场金融家 ，作者金妹妹 阿尔法工场金融家 . 自2017年以来，招商信诺首次出现一季度保费同比下滑，也是在10家银行系险企中唯一一家出 现保险业务收入缩水的公司。 分析人士指出，内部因素虽然存在，如公司近年来主动停售部分固收类增额终身寿险 、并将资源 更多转向大健康方向等；但真正导致其业绩下滑的核心，还是外部环境的剧烈变化。 | 产品名称 | 停售原因 | 停售时间 | | | --- | --- | --- | --- | | 招商信请定额给付 天了保险 | 公司业务策略调整 | 2025/9/1 | ブラ 保 開店 | | 招商信若失能收入 長大保険A款（互 | | | 河十 保险 | | 联网专属) | 公司 / 务员略调整 | 2025/9/1 | HE | | 招商信済終身重大 | 公司业务策略调整 | 2025/9/1 | 对于 保 EHE | | 疾病保险改 | | | | | 招商信后传家典佑 | 公司 / 务策略调整 | 2025/9/1 | 对于 保障 HIE | | 终身寿险 | | | | | | | | गन | 图源：招商信诺官网 追踪保险银行业圈内动态，剖析 ...

专题：保险新篇章：高质量发展之路 近年来，保险业市场风云变幻，"报行合一"不断推进，预定利率持续下调，正全方位重塑行业发展逻 辑。在新机遇与新挑战交织的当下，保险机构如何在行业转型浪潮中穿越低利率周期，实现高质量发 展？本期《保险新篇章》走进招商信诺人寿保险有限公司，近距离观察一家中型寿险公司的转型实践。 低利率时代对人身险业的影响深远。从海外经验看，低利率下，人身险公司投资收益大幅度下滑，潜在 利差损风险显著增加。伴随的是企业的巨额亏损和净资产的大幅度缩水，自身生存遇到严峻考验。 因此，"转型"成为行业可持续发展的关键点。当转型进入深水区，人身险公司若能突破"利差依赖"，建 立"死差+费差+服务差"多元盈利模式，就能在行业洗牌中穿越周期。 基于此，招商信诺坚定推进大健康战略，走差异化转型之路，着力构建差异化的产品设计能力、强大的 风险管控能力，以及卓越的医疗健康服务整合与交付能力。公司升级推出"大健康全球战略 2.0"，并于3 月发布2025-2027三年战略规划。招商信诺表示，这是公司摆脱规模依赖、重构增长模式、坚持长期主 义的主动战略选择，与保险业高质量发展方向是一致的。 大健康转型谋新篇 新三年战略引 ...

Core Insights - In the first half of 2025, under the pressure of the overall pharmaceutical industry, the traditional Chinese medicine company Mayinglong Pharmaceutical Group (600993.SH) reported stable growth with a revenue of 1.949 billion yuan, a year-on-year increase of 1.11% [1][2] - The company achieved a net profit attributable to shareholders of 343 million yuan, up 10.04% year-on-year, and a net profit excluding non-recurring items of 322 million yuan, an increase of 4.24% [1][2] - Operating cash flow saw a significant increase of 37.94% year-on-year, indicating improved operational quality [1] Revenue and Profit Performance - The company’s revenue reached 1.949 billion yuan, reflecting a 1.11% year-on-year growth [1][2] - The net profit attributable to shareholders was 343 million yuan, marking a 10.04% increase year-on-year [1][2] - The net profit excluding non-recurring items was 322 million yuan, with a year-on-year growth of 4.24% [1][2] Strategic Initiatives - Mayinglong optimized its operational strategies to drive high-quality development, achieving growth despite challenging market conditions [2] - The company adapted to industry policy impacts, such as DRG/DIP medical payment reforms, by optimizing channel structures and product combinations [2] - The revenue from hemorrhoid treatment products grew over 7%, and retail terminal product output significantly improved [2] Research and Development - The company invested 37.2916 million yuan in R&D, a year-on-year increase of 9.35%, focusing on enhancing product structure [3] - New product development included 17 new products and 16 upgraded products in the health sector, covering categories like special cosmetics and medical devices [3] - The company is advancing the clinical trials of innovative drugs and has received registration for sodium hyaluronate eye drops [3] Digital Transformation - The company achieved a 100% data connection rate with special distributors, enhancing digital transformation efforts [3] - AI technology is being utilized in smart customer service and marketing content generation, with over 50% of content being AI-assisted [3]

Core Insights - In the first half of 2025, Yili achieved total revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, and a net profit of 7.016 billion yuan, up 31.78% year-on-year, demonstrating stable growth despite challenges in the dairy industry [2][16] - Yili's growth is driven by maintaining a stable core business, strengthening competitive advantages, and leveraging innovation to drive new growth, serving as a practical model for the dairy industry's adjustment phase [2][16] - The company is transitioning from "scale competition" to "value competition," injecting strong momentum into the collaborative development of the industry chain [2] Business Highlights - The liquid milk segment remains Yili's core business, generating revenue of 36.126 billion yuan in the first half of the year, maintaining the industry's leading position with market share growth across various categories [2][4] - Yili's infant formula and dairy products generated revenue of 16.578 billion yuan, with the overall market share of infant formula reaching 18.1%, ranking first in China [4][6] - The non-dairy segment has also contributed to Yili's growth, with new products like jasmine tea and low-sodium mineral water driving double-digit growth in the water beverage business [7] Strategic Initiatives - Yili has established a comprehensive strategic partnership with Tongrentang to innovate in the health food sector, launching several functional products that have seen significant sales growth [9][11] - The company is exploring new business models, transitioning from selling products to providing health solutions, and extending health services to new venues such as communities and pharmacies [11] - Yili's international business continues to grow, with revenue from core categories like ice cream increasing by 14.4% and infant goat milk powder by 65.7% [13] Global Expansion - Yili's globalization strategy is characterized by multi-directional capability building, integrating global quality resources, and localizing operations to enhance brand resilience and market penetration [13][14] - The company is moving towards a model of "global co-construction," fostering local talent and building sustainable supply chains to enhance its presence in international markets [14] - Yili's achievements reflect a broader shift in the Chinese dairy industry from being a significant participant to a leader, emphasizing the importance of long-term commitment, innovative thinking, and global engagement [16]

Core Insights - In the first half of 2025, Yili achieved total revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, and a net profit of 7.016 billion yuan, up 31.78% year-on-year, demonstrating stable growth amid challenges in the dairy industry [1][2][3] - Yili's growth is driven by stabilizing its core business, strengthening competitive advantages, and leveraging innovation to drive new growth, serving as a practical model for the dairy industry's adjustment period [1][2] Business Highlights - The liquid milk segment remains Yili's core business, generating revenue of 36.126 billion yuan in the first half of the year, maintaining the industry's leading position with market share growth across various categories [2][3] - Yili's milk powder and dairy products generated revenue of 16.578 billion yuan, with infant formula market share reaching 18.1%, ranking first in China, showcasing the company's strong competitive position [3][5] Innovation and New Product Development - Yili has introduced innovative products such as "Xinhua" functional milk powder and "Shuhua" lactose-free milk, achieving significant sales growth, with some products seeing over 70% increase in e-commerce channels [6][7] - The company is exploring new market segments by collaborating with Tongrentang to develop health-oriented dairy products, enhancing consumer awareness of traditional Chinese dietary concepts [6][7] Global Expansion and Market Strategy - Yili's international business continues to grow, with revenue from core categories like ice cream increasing by 14.4% and infant goat milk powder by 65.7% [7][8] - The company is adopting a multi-directional approach to globalization, focusing on local talent development and integrating into local dairy ecosystems to enhance brand resilience and market penetration [8][9] Future Outlook - Yili aims to solidify its leading position in the domestic dairy market while playing a more significant role on the global stage, contributing to the transition of the Chinese dairy industry from "scale first" to "value first" [9]

Core Insights - Despite the ongoing adjustment period in China's dairy product consumption, the company has demonstrated resilient growth, achieving a total revenue of 61.933 billion yuan, a year-on-year increase of 3.37%, and a net profit of 7.016 billion yuan, up 31.78%, setting a new historical high [1][3][4] Business Performance - The company has led the industry in multiple categories, including infant formula and ice cream, with significant breakthroughs in overseas markets [3][4] - The liquid milk segment generated revenue of 36.126 billion yuan, maintaining the largest market share, while the infant formula and dairy products segment reached 16.578 billion yuan, a 14.26% increase, also leading the market [4][6] - The ice cream business achieved revenue of 8.229 billion yuan, growing by 12.39%, and remains the market leader [4][7] Innovation and Product Development - The company has focused on consumer-centric innovation, launching new products that meet diverse consumer needs, with new product revenue accounting for 14.7% of total income [8][9] - Collaborations with academic institutions have led to advancements in nutritional science and product development, enhancing the company's competitive edge [9][10] International Expansion - The company is accelerating its internationalization strategy, with significant growth in overseas business, particularly in the ice cream and infant formula segments, which saw revenue increases of 14.4% and 65.7%, respectively [13][14] - The company has established a global resource and innovation network, with 15 R&D centers and 81 production bases worldwide, enhancing its market penetration and brand influence [15]

Investment Rating - The report maintains a "Buy" investment rating for Ximai Food (002956.SZ) [10] Core Views - The company continues to experience growth in its main business, with cost benefits being realized as expected [1] - The gross profit margin increased by 3 percentage points to 43.50% in Q2 2025, attributed to product structure optimization and lower raw material costs [2] - The company is focusing on expanding its market presence through increased advertising spending while maintaining stable overall expense ratios [2] - The revenue from pure and composite oatmeal products grew by 13% and 28% respectively in H1 2025, indicating strong brand performance and innovation in product categories [3] - The new retail channels are showing continued growth, with e-commerce channels maintaining a leading position [4] Summary by Sections Financial Performance - In H1 2025, total revenue reached 1.149 billion yuan, a year-on-year increase of 18%, with net profit attributable to shareholders at 81 million yuan, up 22% [1] - Q2 2025 revenue was 493 million yuan, reflecting a 21% increase, while net profit for the same period was 27 million yuan, up 25% [1] Cost and Profitability - The company has locked in raw material prices for the year, which is expected to support continued gross margin realization [2] - Selling expense ratio increased by 3 percentage points to 30.72% due to heightened advertising efforts, while management expense ratio decreased by 1 percentage point to 5.74% [2] Product Performance - Revenue from pure oatmeal and composite oatmeal reached 421 million yuan and 556 million yuan respectively in H1 2025, with significant growth driven by innovative product offerings [3] - The cold food oatmeal segment generated 86 million yuan in revenue, a 27% increase, primarily due to contributions from the Desai Kanggu brand [3] Market Channels - Offline channels face traffic pressure, but the company's products maintain resilience due to brand strength [4] - E-commerce channels are expected to take on more product testing roles, enhancing the success rate of new product launches [4] Profit Forecast - The company is expected to continue its focus on the oatmeal category, with earnings per share (EPS) projected to be 0.78 yuan, 1.01 yuan, and 1.24 yuan for 2025, 2026, and 2027 respectively [10]