Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 21.18 and a fair value of HKD 29.34 [7]. Core Insights - The company reported a significant increase in net profit, with a year-on-year growth of 220.9% for the year 2025, driven by strong performance in investment services and a tax reversal [8]. - The company declared a dividend of HKD 1.23 per share for 2025, a substantial increase from HKD 0.35 in the previous year, indicating confidence in future business growth and solvency [8]. - The embedded value (EV) increased by 19.8%, with the life insurance EV growing by 18.3%, surpassing industry expectations due to a low base effect from the previous year [8]. Financial Forecasts - The company’s projected embedded value (in million HKD) for 2024A to 2028E is as follows: - 2024A: 234,224 - 2025A: 280,603 - 2026E: 312,386 - 2027E: 350,444 - 2028E: 391,743 - The growth rates for the embedded value are projected at -13.93% for 2024A, followed by 19.80%, 11.33%, 12.18%, and 11.78% for the subsequent years [3]. - The forecasted earnings per share (EPS) for 2026E to 2028E are 7.18, 7.29, and 8.07 HKD, respectively [35]. Business Performance - The company’s net profit for 2025 is expected to reach HKD 27,059 million, reflecting a growth rate of 220.91% compared to the previous year [3]. - The new business value (NBV) is projected to grow by 5.3% year-on-year, with a slight increase in new policies sold [8]. - The company’s net assets are expected to grow by 33.9% year-on-year, primarily due to the doubling of net profit and rising interest rates [8]. Premium Forecast - The new premium forecast for the company from 2023 to 2028 is as follows (in million HKD): - 2023: 186,846 - 2024: 195,303 - 2025: 200,725 - 2026E: 200,747 - 2027E: 207,949 - 2028E: 219,060 - The growth rates for new premiums are expected to be +0.1% for 2026E, +8.8% for 2027E, and +12.1% for 2028E [33].

Core Viewpoint - China Ping An's performance metrics highlight a strong growth trajectory in personal customer numbers, which is a key focus for the company, alongside significant increases in operational profits and shareholder equity [2]. Financial Performance - For the year ending December 31, 2025, China Ping An reported a net operating profit of 134.415 billion RMB, a year-on-year increase of 10.3% - The net profit attributable to shareholders, excluding non-recurring items, reached 143.773 billion RMB, reflecting a year-on-year growth of 22.5% - Shareholder equity surpassed 1 trillion RMB for the first time, growing by 7.7% from the beginning of the year [2]. - The proposed final dividend for 2025 is 1.75 RMB per share, with a total cash dividend of 2.70 RMB per share, marking a 5.9% increase year-on-year, totaling 48.891 billion RMB in cash dividends, which represents 36.4% of the net operating profit [2]. Customer Growth - The number of personal customers increased from 222 million at the end of 2021 to 251 million by the end of 2025, a growth of 3.5%, equating to approximately 18 customers per 100 people [2]. - The composition of customers showed growth in protection, asset, and service categories by 3.9%, 2.5%, and 4.0% respectively, while credit customers decreased due to strategic adjustments in response to industry cycles [2]. Product Engagement - The average number of contracts per customer in 2025 was 2.94, an improvement from 2024 but still below the levels seen in 2022 and 2023 - Higher contract numbers correlate with increased customer retention, with retention rates of 97% for customers holding two product types and 99% for those with three or more [3]. - The new business value for life and health insurance reached 36.897 billion RMB, a year-on-year increase of 29.3%, with a new business value rate of 28.5%, up by 5.8 percentage points [3]. Investment Performance - As of the end of 2025, the investment portfolio of insurance funds totaled 6.49 trillion RMB, a growth of 13.2% from the beginning of the year - The comprehensive investment return rate was 6.3%, an increase of 0.5 percentage points year-on-year, attributed to a balanced asset allocation strategy and an increased proportion of equity investments - The net investment return rate was 3.7%, a slight decline of 0.1 percentage points, primarily due to the maturity of existing assets and a decrease in yields from newly added fixed-income assets [4].

Core Insights - The company reported an operating profit attributable to shareholders of 134.415 billion yuan for 2025, representing a year-on-year growth of 10.3% [1] - The net profit attributable to shareholders after deducting non-recurring items reached 143.773 billion yuan, with a year-on-year increase of 22.5% [1] - The net assets attributable to shareholders exceeded 1 trillion yuan for the first time, reaching 1,000.419 billion yuan [1] Business Performance - The life insurance and health insurance sectors continued to show growth, with new business value increasing by 29.3% year-on-year [1] - The investment performance of insurance funds was strong, with a comprehensive investment return rate of 6.3%, up by 0.5 percentage points year-on-year [1] Strategic Initiatives - The company's medical and elderly care strategy is being implemented effectively, enhancing its core business through differentiated advantages [1] - The coverage rate of partnerships with top 100 hospitals and tier-three hospitals reached 100% [1] - AI combined with real doctors now covers 100% of the company's individual clients [1] - The one-click code payment service is available in 77,000 pharmacies nationwide [1] - Over 240,000 clients have qualified for home care services [1] - The high-quality health and wellness community project, "Ping An Zhen Yi Nian," has been launched in five cities, with operations starting in Shanghai and trial operations in Shenzhen [1]

Summary of Key Points from the Conference Call Industry and Company Overview - **Industries Discussed**: Financial, Power, Transportation, and Materials - **Companies Mentioned**: Jitu (极兔), Innovation Industry (创新实业), Tianshan Aluminum (天山铝业), Ningbo Bank (宁波银行) Core Insights and Arguments Jitu (极兔) Insights - Jitu is recognized for its strong growth in the express delivery sector, particularly in Southeast Asia, driven by China's e-commerce expansion [3][5] - A recent survey indicated that 87% of investors are bullish on Jitu, with expectations of over 30% growth in delivery volumes in Southeast Asia [5][6] - Concerns from bearish investors include potential pressure on profits in China and risks from geopolitical changes affecting logistics and costs [7][9] - Jitu's expansion into new markets is expected to yield faster growth than in Southeast Asia due to lower market saturation [11] - The company is anticipated to release its 2025 profit report on March 30, which is seen as a significant catalyst for stock performance [15] Power and Grid Equipment Insights - China is advancing a new type of power system, which is expected to drive investment in grid infrastructure [19][20] - Investment in the power grid is projected to grow at a rate of 8-9% annually, with a significant increase expected in 2026 [20] - The shift towards renewable energy sources is leading to a decline in coal and gas power generation, with renewables becoming increasingly dominant [21][29] - Companies like Pinggao and NARI are expected to benefit from the acceleration of grid investments, with strong order growth anticipated [25][28] Aluminum Industry Insights - The ongoing geopolitical conflict in the Middle East is causing supply disruptions in the aluminum market, with a potential reduction of up to 4 million tons in global supply [33][40] - Domestic aluminum production in China is expected to increase slightly, but the overall growth is limited by a production cap set by the government [35][37] - Companies like Innovation Industry and Tianshan Aluminum are positioned well due to their low production costs and integrated operations [41][47] - The aluminum market is expected to remain tight, supporting prices despite geopolitical uncertainties [39][50] Financial Sector Insights - The Chinese financial sector is viewed positively due to stable policies and a resilient banking system, with expectations for continued growth in exports and financial performance [53][55] - Recent surveys in Zhejiang indicate strong export growth, with some areas reporting nearly 40% increases in early 2023 [53] - Ningbo Bank is highlighted for its strong performance metrics, with expectations for profit growth as loan rates stabilize [64][66] Other Important Points - The geopolitical landscape is a significant concern, particularly regarding its impact on logistics and costs in Southeast Asia [9][14] - The transition to a unified national power market in China is expected to enhance inter-provincial grid cooperation and investment [23] - The aluminum industry is facing potential supply shortages due to geopolitical tensions, which could lead to increased prices and demand for aluminum in renewable energy applications [39][50] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the current state and future outlook of the relevant industries and companies.

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年年度報 告摘要」，僅供參閱。 承董事會命 盛瑞生 公司秘書 中國深圳，2026年3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；獨立非執行董事為吳港平、金李、王廣謙、 洪小源、宋獻中及陳曉峰。 2025年年度报告摘要 （股票代码：601318） 二〇二六年三月二十六日 2025 年年度报告摘要 一、重要提示 1.5 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 ...

Core Viewpoint - AIA Group Limited (01299) announced the grant of 2.1744 million share options to certain employees, directors, and executives under its revised share option plan adopted on May 29, 2020 [1] Summary by Relevant Categories Share Options - The company will grant a total of 2.1744 million share options, which will provide the grantees the right to receive either a total of 2.1744 million new ordinary shares or an equivalent cash amount [1] - The cash amount will be equivalent to the difference between the subscription price and the market price of the shares on the date of exercise of the options or the days preceding it, as determined by the board of directors [1]

Core Insights - China Ping An reported strong growth in its 2025 annual performance, highlighting a resilient and sustainable business model driven by its "comprehensive finance + healthcare and elderly care" strategy [1][3] Financial Performance - The operating profit attributable to shareholders reached 134.415 billion yuan, a year-on-year increase of 10.3% - The net profit attributable to shareholders after deducting non-recurring items was 143.773 billion yuan, up 22.5% year-on-year - Total revenue amounted to 1,050.506 billion yuan, reflecting a 2.1% year-on-year growth - Shareholder equity surpassed 1 trillion yuan for the first time, reaching 1,000.419 billion yuan, a 7.7% increase from the beginning of the year [3][4] Cash Dividends - Cash dividends totaled 48.891 billion yuan, marking a continuous increase for 14 years - The proposed final dividend for 2025 is 1.75 yuan per share, with an annual dividend of 2.70 yuan per share, representing a 5.9% year-on-year growth - The cash dividend payout ratio based on operating profit is 36.4% [3] Asset Growth - Total assets reached 13.889 trillion yuan, an increase of nearly 1 trillion yuan compared to the previous year - Despite the growth in operating profit, there remains a gap compared to 2022 (146.9 billion yuan) and 2021 (147.9 billion yuan) [4] Business Segment Performance - The life and health insurance segment showed growth, with new business value at 36.897 billion yuan, a 29.3% increase year-on-year - The new business value rate (based on standard premiums) was 28.5%, up 5.8 percentage points year-on-year - The agent channel's new business value grew by 10.4%, while the bank insurance channel saw a significant increase of 138.0% [5] Property Insurance - The property insurance segment reported original insurance premium income of 343.168 billion yuan, a 6.6% increase year-on-year - The overall combined cost ratio improved to 96.8%, a 1.5 percentage point optimization year-on-year [6] Banking Sector Challenges - Ping An Bank's revenue was 131.442 billion yuan, down 10.4% year-on-year, with net profit at 42.633 billion yuan, a decrease of 4.2% - The non-performing loan ratio remained stable at 1.05%, with a provision coverage ratio of 220.88% [6] Healthcare and Elderly Care Strategy - The healthcare and elderly care strategy has shown progress, with partnerships covering 100% of top hospitals and a significant number of clients receiving home care services - The company aims to enhance customer experience through AI-driven service upgrades, creating a unified service entry point for various needs [7][8]

Core Insights - China Ping An Insurance (Group) Co., Ltd. reported a 10.3% year-on-year increase in operating profit to CNY 134.415 billion for the year 2025, with a 22.5% increase in net profit attributable to shareholders, reaching CNY 143.773 billion [1][3] - The company announced a final dividend of CNY 1.75 per share, totaling CNY 48.891 billion in cash dividends, marking 14 consecutive years of dividend growth [1] Life and Health Insurance Business - The new business value for life and health insurance grew by 29.3% to CNY 36.897 billion in 2025, with agent channel new business value increasing by 10.4% and bank insurance channel new business value soaring by 138.0% [3] - The contribution from bank insurance, community financial services, and other channels to new business value increased by 12.1 percentage points year-on-year [3] - The number of customers using medical and elderly care services reached 18.298 million, with a 13-month policy continuation rate of 97.4%, up by 1.0 percentage points [3] Property and Casualty Insurance - The property and casualty insurance segment reported a premium income of CNY 343.168 billion, a 6.6% increase, while insurance service income rose by 3.3% to CNY 338.912 billion [3] - The overall combined cost ratio improved by 1.5 percentage points to 96.8%, with the auto insurance combined cost ratio improving by 2.3% to 95.8% [3] - The segment provided risk protection for 2.93 million small and micro enterprises, covering CNY 37.304 trillion in risks [3] Investment Performance - As of the end of 2025, the investment portfolio of insurance funds reached CNY 6.49 trillion, a 13.2% increase from the beginning of the year, with a comprehensive investment return rate of 6.3%, up by 0.5 percentage points [4] - The asset allocation included 55.0% in bonds, 14.8% in stocks, and 4.4% in equity funds, with 99.9% of corporate bonds rated AAA or above [4] Healthcare and Elderly Care Strategy - The company has been intensifying its healthcare and elderly care strategy, aiming to create an upgraded version of a managed healthcare model and become a leading operator in the elderly care ecosystem in China [5] Health Insurance and Technology Integration - In 2025, health insurance premium income reached CNY 159 billion, with medical insurance premium income close to CNY 73.4 billion, reflecting a 2.7% year-on-year growth [6] - The company launched various AI-driven products, including digital health assistants and AI doctors, covering over 11,300 diseases with a diagnostic accuracy rate of 95.1% [6]

。 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 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分內 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 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 海外監管公告 本公告乃中國人民保險集團股份有限公司根據《香港聯合交易所有限公司證券上市規則》 第13.10B條的披露義務而作出。 茲載列該公告如下，僅供參閱。 承董事會命 中國人民保險集團股份有限公司 丁向群 董事长 中國北京，二零二六年三月二十六日 於本公告日，公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為 徐向先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為徐麗娜女士、 王鵬程先生、高平陽先生、賈若先生、楊長纓女士。 中国人民保险集团股份有限公司 已审财务报表 2025年度 中国人民保险集团股份有限公司 | 目 录 | | --- | | | | 页 | | 次 | | --- | --- | --- | --- | --- | | 一、 | 审计报告 | 1 | - | 7 | | 二、 | 已审财务报表 ...

（於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 海外監管公告 本公告乃中國人民保險集團股份有限公司根據《香港聯合交易所有限公司證券上市規則》 第13.10B條的披露義務而作出。 茲載列該公告如下，僅供參閱。 承董事會命 中國人民保險集團股份有限公司 。 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 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分內 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 董事长 中國北京，二零二六年三月二十六日 於本公告日，公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為 徐向先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為徐麗娜女士、 王鵬程先生、高平陽先生、賈若先生、楊長纓女士。 公司代码：601319 公司简称：中国人保 中国人民保险集团股份有限公司 2025 年年度报告摘要 1 一、重要提示 1. 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者应当 到上海证券交易所网站等中国证监会指定媒体上仔细阅读年度报告全文。 丁向群 2. 本公 ...