该行将其2025年至2027年盈利预测下调8%至11%，以反映保险合约净财政开支预测被上调，目标价由 92.2港元下调至90港元，评级为"买入"。 美银证券发表研报指，友邦保险上半年纯利按年跌24%至25亿美元，以固定汇率计算，集团新业务价值 按年升14%至28亿美元，稍低于该行预期，新业务价值利润率由去年上半年的53.9%升至57.7%。友邦保 险于上半年回购约19亿美元后，内含价值按年升4%至709亿美元。 ...

Core Viewpoint - The company has received consumer complaints regarding fraudulent insurance marketing activities using its name, specifically related to "Yunnan Life Financial Auto Service Co., Ltd." The company clarifies that it has no affiliation with this entity and has reported the matter to authorities to protect consumer rights and maintain market order [1]. Group 1: Fraudulent Activities - Certain organizations or individuals are impersonating the company to conduct insurance business and issue fraudulent electronic insurance policies [1]. - The company has confirmed that "Yunnan Life Financial Auto Service Co., Ltd." does not have the qualifications or business scope to operate in the insurance sector according to the National Enterprise Credit Information Publicity System [1]. Group 2: Consumer Protection Measures - Consumers are advised to only use official channels for online transactions and to visit legitimate business outlets for offline transactions [1]. - Insurance companies should display their insurance licenses prominently at their business locations, and consumers can verify the addresses through official websites or customer service [1]. - Consumers should be cautious of high commission promises from marketing personnel, as these may indicate potential scams [1]. Group 3: Verification and Reporting - Consumers are encouraged to call the official customer service hotline (95519) to verify any marketing information or business transactions before proceeding [2]. - In case of suspected fraud, consumers should remain calm, retain evidence, and report to the police promptly to protect their rights [3].

Core Viewpoint - *ST Tianmao, once a prominent player in the capital market, is set to voluntarily withdraw from A-share trading due to a prolonged "annual report crisis" and significant financial losses, leading to a drastic decline in its stock price and market value [1][2][3] Company Overview - *ST Tianmao, originally established as a chemical factory in 1993, has transitioned to the financial and insurance sector, with 99.99% of its revenue derived from its subsidiaries, Guohua Life and Huarui Insurance [2] - The company has faced regulatory scrutiny after failing to disclose its annual report on time, resulting in a stock price drop of over 50% since late April [2][3] Financial Performance - The company is projected to incur a loss of between 500 million to 750 million yuan for the year 2024, attributed to a declining interest rate environment affecting its life insurance subsidiary [9][10] - The latest financial data indicates a significant drop in revenue, with expected operating income between 4 billion to 4.3 billion yuan, down from approximately 4.97 billion yuan in the previous year [10] Voluntary Delisting Decision - On August 8, *ST Tianmao announced its intention to voluntarily delist, citing business restructuring and significant uncertainties that could impact the company [3][6] - The decision requires approval from the shareholders' meeting, with a cash option offered to shareholders at a price of 1.60 yuan per share, representing a 10% premium over the current stock price [1][12] Shareholder Dynamics - The controlling shareholder, Liu Yiqian, and associated entities hold approximately 66.78% of the company's shares, which is just above the two-thirds threshold needed for the delisting vote [11] - The company has approximately 111,900 shareholders, many of whom face difficult choices regarding accepting the cash option or retaining their shares [12][15] Regulatory Implications - Even after delisting, *ST Tianmao will remain a public company and must continue to fulfill its reporting obligations, with potential legal repercussions for past regulatory violations [15]

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the A-share market due to ongoing financial difficulties and a prolonged inability to disclose annual reports, leading to a significant decline in stock price and market value [1][6][7]. Group 1: Company Background - *ST Tianmao, established in 1993 and listed on the Shenzhen Stock Exchange in 1996, is primarily an investment holding company engaged in insurance business through its subsidiaries Guohua Life and Huarui Insurance [3][4]. - The company is controlled by Liu Yiqian, who holds 10.47% of the shares directly and 44.56% through his holding company, New Liyi Group [3][5]. Group 2: Financial Performance - The company reported revenues of approximately 495.83 billion, 496.16 billion, and 496.99 billion from 2021 to 2023, with corresponding net profits of 4.71 billion, 2.74 billion, and a loss of 6.52 billion [7]. - A forecast for the 2024 fiscal year indicates a potential loss between 5 billion and 7.5 billion [7]. Group 3: Delisting Process - The decision to delist requires approval from at least two-thirds of the voting rights at the shareholders' meeting, which introduces uncertainty regarding the outcome [3]. - The stock has been suspended since May 6 due to the failure to disclose the 2024 annual report and the 2025 quarterly report, leading to a risk warning and a name change to *ST Tianmao [6][7]. Group 4: Market Context and Strategic Considerations - The competitive landscape of the A-share market is described as exceptionally fierce, with the company potentially lacking core competitiveness, which may hinder its ability to attract investors and maintain stock price [8]. - The voluntary delisting may be part of a broader strategic shift aimed at restructuring and improving financial health, allowing the company to operate away from public scrutiny [8].

Core Viewpoint - *ST Tianmao, a company controlled by Liu Yiqian, plans to voluntarily withdraw from A-share trading due to ongoing financial difficulties and a "annual report crisis" that has led to a significant drop in stock price and market capitalization [3][5][12]. Group 1: Company Background and Financial Issues - *ST Tianmao, originally a chemical factory, has transitioned to the financial and insurance sector, with 99.99% of its revenue coming from its subsidiaries, Guohua Life and Huarui Insurance [4]. - The company has faced a "annual report crisis" since April 2023, leading to a 50% drop in market capitalization and a stock price decline from 3.38 yuan to 1.45 yuan [4][12]. - The company is expected to report a loss of 500 million to 750 million yuan for 2024, primarily due to declining interest rates affecting its insurance subsidiary [8]. Group 2: Voluntary Delisting and Shareholder Impact - The decision to voluntarily delist requires approval from at least two-thirds of shareholders, with the controlling shareholders already holding 66.78% of the total shares [9]. - Liu Yiqian's group has offered a cash option to shareholders at a price of 1.60 yuan per share, which is approximately 10% above the current market price, potentially costing up to 2.606 billion yuan [5][12]. - Shareholders face a difficult choice: accept the cash option and realize losses or reject it and risk greater losses if the company is forced to delist [12][13]. Group 3: Regulatory and Future Considerations - The company has stated that it has no plans for major asset restructuring or a timeline for potential re-listing after delisting [14]. - Even after delisting, *ST Tianmao will remain a public company and must continue to fulfill its reporting obligations, with ongoing regulatory scrutiny for past violations [14].

Core Viewpoint - Tianmao Industrial Group Co., Ltd. plans to voluntarily terminate its stock listing on the Shenzhen Stock Exchange due to significant business restructuring and uncertainties, aiming to protect minority shareholders' interests [2][4]. Group 1: Company Financials and Reporting Issues - The company has not disclosed its 2024 annual report and 2025 Q1 report, leading to a risk of termination of its stock listing. The stock has been suspended since May 6, 2025, and will face delisting if the reports are not submitted by September 8, 2025 [4][5]. - The company reported a total loss of 9.8 billion yuan from 2023 and the first nine months of 2024, with losses of 6.5176 billion yuan in 2023 and 3.331 billion yuan in 2024 [12][13]. Group 2: Shareholder Structure and Control - The controlling shareholder is New Liyi Group Co., Ltd., holding 44.56% of the shares, while the actual controller is Liu Yiqian [6][7]. Group 3: Cash Option for Dissenting Shareholders - To protect investors, the company will offer a cash option for dissenting shareholders at a price of 1.60 yuan per share, which is 10% higher than the last trading price of 1.45 yuan [9]. Group 4: Future Plans Post-Delisting - The company has no current plans for major asset restructuring or a specific timeline for re-listing after the voluntary delisting [11].

Core Viewpoint - *ST Tianmao announced the decision to voluntarily terminate its stock listing on the Shenzhen Stock Exchange and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [1] Group 1: Company Announcement - On August 8, *ST Tianmao's board approved the proposal to terminate its stock listing [1] - The stock is set to resume trading on August 11, 2025, after the delisting process [1] Group 2: Financial Reporting Issues - *ST Tianmao is currently facing a delisting crisis due to its failure to disclose the 2024 annual report and the 2025 Q1 report within the legal timeframe [5] - As of August 6, the company had not yet disclosed its financial reports, and it is working to complete the necessary documentation [6] Group 3: Company Background - *ST Tianmao operates as an investment holding company primarily through its subsidiaries, Guohua Life and Huari Insurance [6] - Guohua Life, established in 2007, has total assets of 271.599 billion and net assets of 26.22 billion as of June 2023 [6] Group 4: Stock Performance - Since July 8, *ST Tianmao's stock has dropped over 40%, currently priced at 1.45 yuan per share, with a total market capitalization of 7.1 billion [6] - Recently, the stock has shown signs of recovery with a two-day increase of over 4% [6]

Core Viewpoint - Tianmao Industrial Group Co., Ltd. plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange through a shareholders' resolution and subsequently apply for transfer to the National Small and Medium Enterprises Share Transfer System for management in the delisting section [2][12]. Group 1: Company Overview - Company Name: Tianmao Industrial Group Co., Ltd. - Stock Listing Location: Shenzhen Stock Exchange - Stock Code: 000627 - Registered Capital: 494,062.92 million RMB - Main Business: Investment holding, primarily through subsidiaries engaged in insurance business [4][11]. Group 2: Reasons for Delisting - The company is undergoing business restructuring and faces significant uncertainties that may have a major impact on its operations [6][12]. - The decision aims to protect the interests of minority shareholders [12][18]. Group 3: Delisting Process - The delisting proposal has been approved by the company's board and will be submitted for a vote at the shareholders' meeting, requiring a two-thirds majority of valid voting rights [12][17]. - After the shareholders' meeting approval, the company will seek a decision from the Shenzhen Stock Exchange [13][17]. Group 4: Shareholder Protection Mechanism - The company will provide cash options to dissenting shareholders and other shareholders after the shareholders' meeting approval, excluding certain major shareholders [13][15]. - The cash option price is set at 1.60 RMB per share, with specific conditions for exercising this option [15][16]. Group 5: Financial Advisor's Opinion - The financial advisor has confirmed that the delisting plan complies with relevant regulations and that the information disclosure meets the requirements of the Shenzhen Stock Exchange [18]. - The advisor believes that the voluntary delisting is beneficial for protecting the interests of all shareholders [18].

Group 1 - The essence of finance is to facilitate the flow of money, making it more valuable as it moves faster, further, and more securely [1] - The banking business involves borrowing today's money for tomorrow's needs, where banks earn interest from loans after paying interest on deposits [3] - Capital markets operate similarly by allowing individuals to invest idle money in companies or governments, generating returns through various financial instruments [3] Group 2 - Financial institutions generate profits through three main methods: earning spreads (buy low, sell high), charging service fees, and capturing risk premiums [5] - Investors should be cautious and consider risks before focusing solely on returns, as high-return promises often indicate potential pitfalls [7] - Understanding financial products and strategies, such as dollar-cost averaging, can empower individuals to make informed investment decisions over time [7] Group 3 - Financial concepts are prevalent in everyday life, from payment apps to shared services, highlighting the importance of understanding financial mechanisms [9] - The goal of financial literacy is not to become a Wall Street expert but to navigate the financial landscape effectively and avoid being overwhelmed by market fluctuations [9]

Financial Data and Key Metrics Changes - Ally Financial reported adjusted earnings per share of $0.99 and core pretax income of $418 million, reflecting double-digit year-over-year growth in both metrics [6][21] - The net interest margin (NIM), excluding core OID, was 3.45%, expanding 10 basis points quarter-over-quarter, despite a 20 basis point drag from the sale of the credit card business [6][25] - Core return on tangible common equity (ROTCE) was 13.6%, with a core ROTCE of 10% when excluding the benefit from accumulated other comprehensive income (AOCI) [7] Business Line Data and Key Metrics Changes - In the auto finance segment, consumer originations reached $11 billion, driven by 3.9 million applications, marking the highest quarterly application volume ever [13] - The retail auto origination yield was 9.82%, slightly up from the prior quarter but down 77 basis points year-over-year [14] - The insurance business saw total written premiums of $349 million, up $5 million year-over-year, although down $36 million sequentially [39] Market Data and Key Metrics Changes - Ally's digital bank serves an all-time high of 3.4 million customers, marking 65 consecutive quarters of net customer growth [17] - Overall deposit balances decreased by approximately $3 billion quarter-over-quarter, attributed to seasonal tax outflows [18] Company Strategy and Development Direction - The company is focused on transforming into a stronger, more profitable institution through a sharp strategic focus and disciplined execution [8] - Ally aims to capitalize on significant opportunities ahead, with a strategy that emphasizes customer-centric culture and brand loyalty [8][10] - The company is committed to prudent expense management, with controllable expenses down for the seventh consecutive quarter [23][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial trajectory and ability to deliver sustainable returns, despite macroeconomic uncertainties [6][7] - The company remains cautious about credit performance due to potential economic headwinds, while also noting improvements in delinquency rates [32][44] - Ally anticipates a normalized effective tax rate in the range of 22% to 23% moving forward [24] Other Important Information - The CET1 ratio was reported at 9.9%, representing over $4 billion of excess capital above regulatory minimums [30] - The company announced a quarterly dividend of $0.30 per share for Q3 2025, consistent with the prior quarter [31] Q&A Session Summary Question: What could lead to outperforming or underperforming the NIM expectation? - Management indicated that NIM expansion in Q2 was strong, but future contributions to NIM expansion may be limited due to various factors, including the impact of the credit card sale [55][56] Question: Is it time to lean more towards growth given improved credit performance? - Management remains disciplined and data-informed regarding growth, acknowledging the current uncertainties in the environment [63][64] Question: What would it take to move the charge-off rate range down? - Continued improvement in delinquency levels, strong flow to loss rates, and stable used car prices are necessary for a downward adjustment in the charge-off rate range [81][84] Question: How is the strategy on deposits evolving? - The company is managing for flat deposit balances and has seen a shift towards a more engaged customer base, which is viewed positively for deposit stability [88][92]