Core Viewpoint - China Ping An demonstrates resilience and growth in a challenging macroeconomic environment, achieving a significant increase in new business value and stable profit growth, reflecting the effectiveness of its dual strategy of "comprehensive finance + medical care and elderly care" [1][4][16] Financial Performance - For the six months ending June 30, 2025, China Ping An reported an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7%, and a net profit of 68.047 billion RMB [1] - The company announced an interim cash dividend of 0.95 RMB per share, marking a 2.2% increase and representing ten consecutive years of dividend growth [1] Business Growth - The new business value of life and health insurance reached 22.335 billion RMB in the first half of 2025, with a year-on-year growth of 39.8% [4] - The new business value rate (based on standard premiums) increased by 9 percentage points, driven by improved channel quality [4] - The agent channel's new business value grew by 17.0%, while the bank insurance channel saw a remarkable increase of 168.6% [4][5] Customer Retention and Engagement - The company added 15.71 million new customers in the first half of 2025, a 12.9% increase year-on-year, with a customer retention rate of 94.6% [7] - Customers holding four or more contracts with the group accounted for 26.6% of the total, with a retention rate of 97.8% [7] Insurance Sector Performance - The property and casualty insurance segment reported a premium income of 171.857 billion RMB, a 7.1% increase, while insurance service income rose by 2.3% [7] - The overall combined cost ratio improved by 2.6 percentage points to 95.2% [7] Banking Sector Performance - Ping An Bank achieved an operating income of 69.385 billion RMB and a net profit of 24.870 billion RMB in the first half of 2025 [8] - The non-performing loan ratio decreased by 0.01 percentage points to 1.05%, with a provision coverage ratio of 238.48% [8] Medical and Elderly Care Strategy - Approximately 63% of Ping An's nearly 247 million personal customers utilized services from its medical and elderly care ecosystem [11] - Health insurance premium income reached nearly 87 billion RMB, with medical insurance premiums exceeding 41 billion RMB, reflecting a 3.3% year-on-year growth [11] Technological Advancements - The application of AI technology has significantly enhanced operational efficiency, with AI-driven service volume reaching approximately 8.82 billion interactions, covering 80% of total customer service [14][15] - The AI tool "QianZhi" improved sales script generation efficiency by five times, contributing to a 92% year-on-year increase in productivity for the bank insurance channel [14][15] Strategic Outlook - The company plans to continue focusing on its dual strategy of "comprehensive finance + medical care and elderly care," while enhancing digital transformation and service efficiency [16]

年中期报告摘要 一、重要提示 务状况及未来发展规划，投资者应当到指定媒体仔细阅读中期报告全文。 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 （股票代码：601318） 二〇二五年八月二十六日 《2025 年中期报告》正文及摘要。会议应出席董事 15 人，实到董事 15 人。 股票简称 中国平安 H 股：02318（港币柜台） 股票代码 A 股：601318 股票上市交易所 A 股：上海证券交易所 H 股：香港联合交易所有限公司 联系人和联系方式 董事会秘书 证券事务代表 姓名 盛瑞生 沈潇潇 深 圳 市 福 田 区 益 田 路 5033 号 平 安 金 融 中 心 47 、 48 、 办公地址 参 与 总 股 数 为 准 计 算 ， 若 根 据 截 至 2025 年 6 月 30 日 有 权 参 与 总 股 数 元（含税）。 二、报告期主要业务 平安致力于成为国际领先的综合金融、医疗养老服务集团，为客户、员工、股 东、社会创造价值。平安持续深化"综合金融+医疗养老"战略，通过"服务差 异化"构建核心竞争力，为客户提供全方位的金融顾问、家庭医生、养老管家 专业服务。 综 ...

Core Insights - China Ping An Insurance (Group) Co., Ltd. reported a net profit of 68.047 billion yuan for the first half of the year, marking a strong performance in the insurance sector [1] - The company will distribute a mid-term cash dividend of 0.95 yuan per share to its shareholders [1] Business Performance - The new business value for life and health insurance reached 22.335 billion yuan, a year-on-year increase of 39.8%, indicating improved business quality [1] - The 13-month policy continuation rate for Ping An Life Insurance was 96.9%, up 0.3 percentage points year-on-year, while the 25-month policy continuation rate was 95.0%, up 4.1 percentage points year-on-year [1] - The agency channel saw a 17.0% year-on-year growth in new business value, with per capita new business value increasing by 21.6% [2] - The bancassurance channel achieved a new business value of 5.972 billion yuan, a significant year-on-year growth of 168.6% [2] - The property insurance segment reported a premium income of 171.857 billion yuan, a 7.1% increase year-on-year, with an overall combined cost ratio of 95.2%, improving by 2.6 percentage points [2] Investment Performance - As of June 30, the investment portfolio of China Ping An exceeded 6.2 trillion yuan, growing by 8.2% since the beginning of the year [2] - The non-annualized comprehensive investment return rate was 3.1%, up 0.3 percentage points year-on-year, with a 10-year average net investment return rate of 5.0% [2] Strategic Focus - The company aims to implement a strategy focused on core business, revenue growth, cost control, innovation, and risk prevention in the second half of the year [3] - Continued emphasis on the "comprehensive finance + medical and elderly care" dual-wheel strategy and digital transformation is planned to enhance core competitiveness [3]

Core Viewpoint - The report titled "A股新七舰" identifies investment opportunities in the A-share market, focusing on companies that align with the dual themes of high dividends and technological innovation, with China Ping An being a notable inclusion [1] Group 1: Company Performance - In the first half of 2025, China Ping An's A-shares rose over 8% and H-shares over 12%, demonstrating a steady upward trend compared to the previous year's volatility [2] - China Ping An's average revenue over the past three years ranks second among the "A股新七舰" companies, and it is the only financial enterprise in A-shares projected to exceed 1 trillion yuan in revenue for 2024 [5][6] Group 2: Strategic Direction - China Ping An has positioned itself in the growing sectors of finance, healthcare, and elderly care, aligning its strategy with societal and economic trends [3][4] - The company emphasizes a dual-driven model of "comprehensive finance + healthcare," aiming to create a holistic service ecosystem that includes health management and high-quality elderly care [2][5] Group 3: Market Demand - The rise of the middle-income group in China is driving strong demand for comprehensive financial services, with projections indicating that this group will constitute one-third of the global middle-income population by 2030 [3] - The healthcare sector is experiencing increased demand for efficient services, with the total scale of the health service industry expected to reach 16 trillion yuan by 2030 [3][4] Group 4: Competitive Advantage - China Ping An's integrated financial model offers significant convenience to customers, enhancing operational efficiency and customer retention [7] - The company has established a unique medical and elderly care ecosystem, collaborating with over 3,000 hospitals and 50,000 external doctors, covering 75 cities for home care services [9] Group 5: Technological Innovation - China Ping An has invested heavily in technology, with over 30,000 patents and a research team of more than 21,000, positioning itself as a leader in financial technology and healthcare innovation [10][11] - The company has developed a three-tier model system for AI applications, enhancing its operational capabilities across various strategic areas [10] Group 6: Financial Outlook - China Ping An's financial fundamentals are improving, with a projected increase in net profit driven by sustained premium growth and improved investment returns [12][13] - The company has maintained a consistent dividend payout, with a dividend yield of 4.77% over the past three years, making it attractive for investors [12][14]