Core Insights - The company reported a significant increase in net profit attributable to shareholders, growing over 11 times year-on-year to 668 million yuan, driven by improved insurance business profits, ZA Bank turning profitable, and a substantial reduction in technology business losses [1][4] - Total premium income reached 16.661 billion yuan in the first half of 2025, marking a 9.3% year-on-year increase, with market share further enhanced [1] - The company achieved a comprehensive cost ratio of 95.6%, improving by 2.3 percentage points year-on-year, indicating ongoing optimization in underwriting quality and cost control [1] Insurance Business Performance - Insurance service revenue amounted to 15.041 billion yuan, with underwriting profit increasing by 109.1% to 656 million yuan, reflecting strong performance in the insurance sector [1] - Health insurance premiums grew by 38.3% to 6.275 billion yuan, becoming the largest contributor to the overall premium structure [2] - The automotive ecosystem saw a premium increase of 34.2%, with new energy vehicle insurance premiums soaring by 125.4%, accounting for over 18% of total premiums [2] Technology and Banking Developments - The technology business's losses narrowed, with total revenue from technology output reaching 496 million yuan, a 12.2% year-on-year increase [3] - ZA Bank achieved a net profit of 49 million HKD for the first time, with net income growing by 82.1%, driven by strong non-interest income [3] - Total investment income for the company was 639 million yuan, up 3.1% year-on-year, with a stable investment asset structure [3] Future Outlook - The company maintains a strong performance outlook, with expected EPS of 0.91, 1.09, and 1.30 yuan per share for 2025 to 2027, and a current price-to-book ratio of 1.14, 1.06, and 0.98 [4] - Continued investment in AI and big data technologies is expected to enhance operational efficiency and user experience across all business processes [4]

证券研究报告 | 2025年08月20日 众安在线（06060.HK） 优于大市 承保利润提升，数字金融卓见成效 承保利润及投资收益大幅提升，公司归母净利润同比增长 11 倍。2025 年上半 年，公司实现总保费收入 166.61 亿元，同比增长 9.3%，市场份额进一步提升。 保险服务收入达 150.41 亿元，承保综合成本率为 95.6%，同比改善 2.3 个百 分点。承保利润同比增长 109.1%至 6.56 亿元，显示出公司在承保质量与成本 控制方面的持续优化。净利润方面，集团归属于母公司股东的净利润大幅提升 至 6.68 亿元，较去年同期的 0.55 亿元增长超过 11 倍，主要得益于保险业务 利润的显著提升、ZA Bank 扭亏为盈以及科技业务亏损的大幅收窄。 健康及汽车生态增速超 30%，创新产品矩阵扩容。1）健康领域：总保费同比 增长 38.3%至 62.75 亿元，占整体保费结构的 37.7%，成为最大保费贡献来源。 公司不断拓展多元医疗产品供给，其中众民保系列实现保费收入 10.3 亿元， 同比大幅增长 6.4 倍。2）数字生活：保费同比下滑 16.3%，其中宠物险、低 空经济等创新业务增 ...