Core Viewpoint - *ST Tianmao (000627) has announced its intention to voluntarily delist, becoming the first insurance company to initiate a voluntary delisting process in 2025, amid a critical situation where it faces mandatory delisting warnings [2][9]. Group 1: Voluntary Delisting Process - The company plans to protect the rights of its 111,900 minority shareholders by providing a cash exit option through a shareholder meeting resolution, distinguishing it from mandatory delisting which could lead to total loss for investors [2][4]. - The voluntary delisting proposal requires approval from two-thirds of the voting rights, including two-thirds from minority shareholders holding less than 5% [4][5]. - The cash exit option is set at a price of 1.60 CNY per share, representing a 10% premium over the last trading price of 1.45 CNY per share before suspension, with a total potential payout not exceeding 2.606 billion CNY for up to 1.629 billion shares [7][8]. Group 2: Shareholder Dynamics - The controlling shareholder, New Liyi Group, and the actual controller Liu Yiqian hold 3.275 billion shares, accounting for 66.78% of the total share capital, making minority shareholders crucial in the decision-making process for the delisting [5][6]. - As of July 18, 2025, the company had approximately 111,900 shareholders, with minority shareholders being pivotal in determining the outcome of the voluntary delisting proposal [5][6]. Group 3: Regulatory and Financial Context - The delisting crisis stems from the company's failure to disclose its 2024 annual report and 2025 quarterly report within the legal timeframe, leading to a risk warning and potential mandatory delisting by September 8, 2025 [10][12]. - The company has received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time, indicating that delisting does not exempt the company or its executives from regulatory accountability [12].

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange due to significant uncertainties in its business structure adjustment, aiming to protect the interests of minority shareholders [3][5]. Company Overview - *ST Tianmao, originally named "Baike Pharmaceutical," was established in 1993 and is controlled by capital magnate Liu Yiqian. The company has shifted its focus from chemical and pharmaceutical businesses to insurance, primarily through its subsidiaries Guohua Life and Huarui Insurance [4]. - As of the end of Q3 2024, the shareholding structure shows New Liyi Group, Liu Yiqian, and his spouse Wang Wei holding 44.56%, 10.47%, and 11.25% of the shares, respectively, forming a concerted action group [4]. Recent Developments - On August 8, 2023, *ST Tianmao announced its decision to withdraw its A-shares from trading on the Shenzhen Stock Exchange and apply for transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [5]. - The company has faced delisting risks due to failure to disclose its 2024 annual report and 2025 Q1 report within the statutory timeframe, leading to a warning from the Shenzhen Stock Exchange [6]. - Following a suspension of trading on August 7, 2023, due to significant matters being planned by the controlling shareholder, the company has not disclosed relevant financial reports as of the suspension date [6]. Shareholder Protection Mechanism - To protect investors, *ST Tianmao has set up a mechanism for dissenting shareholders and other shareholders, allowing them to exercise cash options at a price of 1.60 CNY per share, while the last closing price before suspension was 1.45 CNY per share [3][6]. - The proposed record date for the cash option is set for September 2, 2025, subject to adjustments by the company's board [3]. Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) on May 6, 2025, regarding an investigation for failing to disclose periodic reports on time, indicating that the situation will not be resolved simply by delisting [7].

花旗发表研究报告，对中国太保开展30日上行催化剂观察期，预测集团上半年新业务价值(NBV)按可比 口径计算将持续录得强劲增长，按年增幅料达31%，并预期综合成本率将按年改善1个百分点，主要由 于自然灾害损失减少及产品结构向高利润业务倾斜。花旗预测中国太保中期盈利将重拾增长，录得约 5%升幅，对比今年首季为下跌18%。花旗给予中国太保"买入"评级，目标价37.7港元，看好其寿险业务 稳健发展及政策改革所带来的潜在红利。 ...

Core Viewpoint - *ST Tianmao is likely planning to voluntarily delist due to ongoing financial difficulties and regulatory pressures, following a series of failures to disclose financial reports on time [1][4]. Group 1: Company Background - *ST Tianmao, originally named Baike Pharmaceutical, was established in 1993 and is controlled by Liu Yiqian through New Liyi Group [3]. - The company primarily engages in life insurance and insurance intermediary services through its subsidiaries, Guohua Life and Huarui Insurance [3]. - As of the end of Q3 2024, *ST Tianmao's total assets were approximately 285.2 billion yuan, with Liu Yiqian and his spouse holding a combined 66.28% of the shares [3]. Group 2: Financial Performance - The company projected a revenue of 40 billion to 43 billion yuan for 2024, with expected losses ranging from 500 million to 750 million yuan [3]. - The losses are attributed to a declining interest rate environment, which has led to increased reserve provisions for Guohua Life, resulting in consecutive years of losses [3]. Group 3: Regulatory Issues - The company has faced regulatory scrutiny, including an investigation by the China Securities Regulatory Commission for failing to disclose financial reports on time [2][4]. - Following the failure to disclose the 2024 annual report and the 2025 Q1 report, *ST Tianmao's stock was subject to a delisting risk warning [2][4]. Group 4: Market Reaction and Strategic Considerations - Since the implementation of the delisting risk warning, *ST Tianmao's stock price has dropped over 47%, closing at 1.45 yuan per share, with a total market capitalization of 7.111 billion yuan as of August 6 [4]. - The potential voluntary delisting may be a strategic move to mitigate further losses and legal liabilities, as the company faces increasing operational challenges and regulatory pressures [4].

Summary of China Ping An's Conference Call Company Overview - **Company**: China Ping An - **Industry**: Insurance and Financial Services Key Points Business Performance - In Q1 2025, the life insurance business reported an operating profit growth of approximately 5%, with expectations for steady performance throughout the year. Despite a decline in profits in 2023, the per-share dividend increased year-on-year, marking three consecutive years without a decrease in dividend amounts. Future net profit is expected to maintain steady growth, and dividends are anticipated to remain stable [2][5][12]. Management Changes - Recent adjustments in the life insurance management team include Shi Weiyu as the new General Manager and Cai Ting as Vice Chairman, overseeing agent and individual insurance channel development. The overall business will be led by Cai Ting, implementing a matrix management structure [2][7][8]. New Business Value (NBV) Growth - In Q1 2025, the NBV growth reached 35%, with the bancassurance channel experiencing rapid growth, accounting for over 30% of total sales. Individual insurance maintained positive growth, and the strategic adjustments in the bancassurance channel resulted in more than double growth. The strong trend in the bancassurance channel is expected to continue into Q2 [2][9][13]. Profitability and Investment Performance - The property and casualty insurance segment saw a decline in net profit in Q1 2025 due to bond losses from rising interest rates. However, with interest rates falling in Q2, this impact is expected to diminish, and underwriting improvements will drive profitability. Overall, the profit trend remains difficult to predict but is considered stable [2][14]. Dividend Policy - The dividend policy remains linked to operating profit performance, with no significant changes anticipated. The company is confident in maintaining stable dividend expectations, contingent on annual operating profit performance [2][5]. Asset Management and Investment Strategy - The asset management segment reported a net loss of approximately 12 billion in the previous year, with expectations for reduced losses this year. The group aims to maintain a stable performance in its asset management business, with a 5% growth achieved in Q1 2025 [3][17]. Future Outlook - The company expects net profit to maintain steady growth in the coming quarters, supported by stable asset growth contributions. The outlook for dividends remains optimistic, based on the company's solid operational logic and past performance [12][15]. Cost of New and Existing Policies - The break-even yield for new business is expected to be below 2.2% for 2024, while existing business costs are projected to be below 2.5%. This indicates a potential decrease in costs for new policies, enhancing profitability [19][21]. Investment in High Dividend Assets - The company has a significant allocation in high dividend assets, which constitutes nearly 50% of its OCI (Other Comprehensive Income). This strategy aims to enhance net asset performance despite lower short-term volatility [22][18]. Impact of Macroeconomic Environment - The performance of Ping An Bank is closely tied to the macroeconomic environment, with a slight decline in profits observed in Q1 2025. However, the overall impact on the group's net profit and dividends is considered limited, primarily affecting the life insurance segment [15][16]. Conclusion - China Ping An is positioned for steady growth in its life insurance and asset management segments, with a focus on maintaining stable dividends and profitability despite external economic pressures. The management changes and strategic adjustments in sales channels are expected to enhance operational efficiency and market performance [2][7][12].

Core Viewpoint - The valuation of Tianmao Group has been drastically reduced by Huitianfu Fund to 0.27 CNY per share, representing a decline of over 90% from the pre-suspension price of 2.74 CNY per share, indicating severe market pessimism regarding the company's future prospects [2][8][12]. Group 1: Valuation Adjustment - Huitianfu Fund announced on July 1 that it would value its holdings in Tianmao Group at 0.27 CNY per share, effective from June 30, 2025 [4][8]. - This valuation adjustment comes after Tianmao Group's stock was suspended for nearly two months due to its failure to disclose the 2024 annual report on time [10][12]. Group 2: Suspension and Regulatory Risks - Tianmao Group's stock was suspended on May 6 after it confirmed it could not disclose the 2024 annual report by the legal deadline of April 30 [11][12]. - If the company fails to disclose the annual report within two months of suspension (by July 6), it will face a delisting risk warning (*ST) [10][12]. Group 3: Company Background and Financial Issues - Tianmao Group, primarily engaged in life insurance through its subsidiary Guohua Life Insurance, has been facing significant operational challenges, including continuous losses and declining premiums [11][12]. - The inability to timely disclose financial reports is attributed to liquidity pressures and deteriorating asset quality, compounded by regulatory scrutiny [12].

Core Viewpoint - The insurance sector, particularly China Ping An, has shown strong performance in both A-shares and H-shares, recovering losses from early April due to favorable market conditions and policy support [1][2][4][7][8]. Group 1: Market Performance - China Ping An's A-shares rose by 1.64% and H-shares surged by 3.87% [2]. - The overall market has rebounded from the downturn triggered by tariff announcements on April 7, with significant policy interventions aiding recovery [7]. - Recent news regarding adjustments in US-China tariffs has further stimulated market momentum [8]. Group 2: Liability Side Analysis - Ping An's liability side reforms are enhancing the quality and efficiency of its core insurance businesses, particularly in life and property insurance [11]. - The agent channel has seen a new business value growth of 11.5% year-on-year, with per capita new business value increasing by 14.0% [12]. - The bancassurance collaboration has opened new growth avenues, with new business value from this channel soaring by 170.8% year-on-year [13]. - In Q1 2025, new business value for life and health insurance reached 12.891 billion yuan, a 34.9% increase year-on-year [13]. Group 3: Asset Side Analysis - The current policy environment is favorable for investment returns, with a recent 0.5% reserve requirement cut releasing 1 trillion yuan into the market [16]. - Ping An's investment strategy, characterized by a balanced portfolio and a focus on high-dividend assets, is expected to yield stable cash flows [16][17]. - The company is also diversifying into technology sectors like semiconductors and AI, aligning with policy directions and capturing growth opportunities [17][18]. Group 4: Short-term Catalysts - The acceleration of policy implementation is providing strong momentum for market growth, positively impacting the insurance sector's asset side [21][22]. - Ping An's high dividend yield of 4.6% for A-shares and 5.5% for H-shares makes it attractive in a low-interest-rate environment [23]. - Despite being a major player in the index, Ping An's public fund holding is only 0.2%, indicating potential for significant capital inflow as market conditions improve [24][26]. Group 5: Long-term Value Proposition - Ping An's comprehensive financial ecosystem and digital transformation are creating a resilient business model that can withstand economic cycles [27]. - The company's focus on technology and healthcare ecosystems is expected to enhance operational efficiency and open new growth avenues [27]. - The valuation recovery of Ping An is anticipated to be driven by long-term capital seeking certainty in an uncertain environment, highlighting its role as a key player in the new economic cycle [27].

Group 1: Company Performance and Financials - In 2024, the company's net profit increased by 18.55%, primarily driven by the insurance business segment [2] - The net profit attributable to shareholders for 2024 was CNY 1.21 billion, with a weighted average return on equity of 5.68% and basic earnings per share of CNY 0.5251 [3] - In Q1 2025, the company achieved a net profit of CNY 392 million [3] Group 2: Business Strategy and Growth - The company focuses on value creation as the core of its market value management strategy while solidifying its main business [2] - Plans to enhance governance structure and improve internal control systems to protect minority shareholders' rights [2] - The company aims to deepen existing business operations and explore new growth areas to achieve high-quality development [3] Group 3: Investor Relations and Communication - The company held an annual performance briefing on April 30, 2024, to improve communication with investors [1] - It emphasizes transparency in information disclosure and actively engages with investors through various channels [2] - The company has implemented a structured approach to manage investor relations and respond to inquiries effectively [2] Group 4: Risk Management and Compliance - The company employs multiple control measures to identify, measure, and report credit risks amid economic uncertainties [2] - It adheres to accounting standards to ensure the reliability of financial data provided to investors [2] - The company is committed to enhancing its risk management framework to prevent systemic risks [3]