致：香港交易及結算所有限公司 公司名稱: 中国平安保险（集团）股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年4月30日 狀態: 新提交 I. 法定/註冊股本變動 呈交日期: 2025年4月30日 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02318 | | 說明 | | | | | | | 多櫃檯證券代號 | 82318 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 7,447,576,912 | | 0 | | 7,447,576,912 | | 增加 / 減少 (-) | | | | | | | | | | ...

2025 年 04 月 30 日 中国平安(601318.SH) NBVM 提振价值增长，市场波动制约利润表现 ■事件：公司披露 2025 年一季报，实现归母净利润 270 亿元（YoY- 26.4%），主要受 Q1 利率上行导致 FVTPL 债券浮亏以及平安好医生并 表影响；归母营运利润 379 亿元（YoY+2.4%）；公司寿险及健康险业 务实现 NBV 达 129 亿元（YoY+34.9%）。 ■寿险 NBVM 改善明显，推动 NBV 实现较快增长。2025Q1，公司寿险 及健康险业务实现归母营运利润 269 亿元（YoY+5.0%）；实现新单保 费同比-19.5%，首年保费口径 NBVM 同比+11.4pct 至 28.3%，实现新 业务价值达 129 亿元（YoY+34.9%），主要得益于预定利率下调、报行 合一实施、产品结构优化等影响。渠道方面，平安寿险持续深化"4 渠道+3 产品"战略，代理人优增优育，个险渠道代理人规模达 33.8 万，基本与去年同期持平，人均 NBV 同比+14%。银保渠道 NBV 同比增 长 170.8%，产能持续提升。 ■财险综合成本率大幅改善。2025Q1，公司财险业务 ...

金融界4月28日消息，上证指数低开震荡，中证香港300周期指数 (H300周期，H30103)报1230.02点。 数据统计显示，中证香港300周期指数近一个月下跌3.81%，近三个月上涨4.94%，年至今上涨4.76%。 从中证香港300周期指数持仓样本的行业来看，金融占比74.23%、房地产占比9.38%、能源占比8.90%、 原材料占比4.62%、工业占比2.87%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 从指数持仓来看，中证香港300周期指数十大权重分别为：汇丰控股（19.05%）、建设银行 （10.18%）、友邦保险（7.4%）、工商银行（5.89%）、香港交易所（5.33%）、中 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Insights - The company's net profit for Q1 2025 was 27.016 billion yuan, a year-on-year decrease of 26.4%, primarily due to short-term investment fluctuations and one-time losses from the consolidation of Ping An Health [1] - The operating profit was 37.907 billion yuan, showing a year-on-year increase of 2.4%, with a weighted average ROE (non-annualized) of 2.9%, down 1.2 percentage points year-on-year [1] - The new business value (NBV) for life insurance reached 12.891 billion yuan, with a comparable year-on-year growth of 34.9%, exceeding expectations [1][2] Summary by Sections 1. Life Insurance - The NBV for life insurance in Q1 2025 grew by 34.9% year-on-year, driven by an unexpected increase in the new business value rate, despite a 19.5% decline in new single premiums [2] - The new business value rate (based on first-year premiums) increased by 11.4 percentage points to 28.3%, benefiting from product structure optimization and a reduction in the preset interest rate [2] - The agent channel showed stable growth, while bank insurance and community finance channels experienced significant increases in NBV, with year-on-year growth rates of 11.5%, 170.8%, and 171.3% respectively [2] - The number of agents at the end of Q1 2025 was 338,000, a decrease of 6.9% from the beginning of the year, but productivity per agent improved with a year-on-year increase of 14% in NBV per agent [2] - The outlook for the year suggests steady growth in NBV, supported by improved agent productivity and the activation of diverse channels [2] 2. Property and Casualty Insurance - The original premium income for property and casualty insurance was 85.138 billion yuan, reflecting a year-on-year increase of 7.7% [3] - The comprehensive cost ratio improved significantly to 96.6%, down 3 percentage points year-on-year, attributed to a reduction in major disasters and lower claims expenses [3] - Premiums from auto insurance and non-auto insurance reached 53.735 billion yuan and 31.403 billion yuan, with year-on-year growth rates of 3.7% and 15.1% respectively [3] - The expectation for the year is stable premium growth and continued improvement in business quality and cost ratios [3] 3. Investment Performance - As of the end of Q1 2025, the investment scale of insurance funds exceeded 5.92 trillion yuan, an increase of 3.3% from the beginning of the year [4] - The net investment yield (non-annualized) was 0.9%, unchanged year-on-year, while the comprehensive investment yield (non-annualized) improved by 0.2 percentage points to 1.3% [4] - The balance of real estate investments was 206.615 billion yuan, accounting for 3.5% of the total, with a significant portion being stable income-generating property investments [4] - The fair value measurement assets in the investment portfolio showed a book loss of 21.802 billion yuan, impacting the company's net profit [4] 4. Profit Forecast and Valuation - The company is advancing a dual strategy of "comprehensive finance + medical and elderly care" driven by technology, enhancing its core competitiveness [5] - The forecasted year-on-year growth rates for net profit from 2025 to 2027 are -8%, 13.3%, and 10.4% respectively [5] - The target price is set at 71.41 yuan per share, corresponding to a 2025 PEV of 0.88 times, maintaining the "Buy" rating [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company continues to deepen its "comprehensive finance + medical and elderly care" strategy, showing stable overall performance despite fluctuations in the investment sector. The operating profit attributable to the parent company grew by 2.4% year-on-year in Q1 2025, with earnings per share increasing by 3.3% to 2.16 yuan. However, the net profit attributable to the parent company decreased by 26.4% due to bond market volatility and the impact of the consolidation of Ping An Good Doctor, which resulted in a one-time impairment of 3.4 billion yuan [1][4]. Summary by Sections Insurance Business - The new business value (NBV) for life and health insurance saw a significant year-on-year increase of 34.9%, with individual insurance channels growing by 11.5% and agent productivity increasing by 14.0%. The bancassurance channel experienced a remarkable growth of 170.8% in NBV, while community finance channels reported a 171.3% increase in NBV [2]. Property and Casualty Insurance - The company achieved a property and casualty insurance premium income of 85.138 billion yuan in Q1 2025, marking a 7.7% year-on-year growth. The combined ratio improved by 3.0 percentage points to 96.6%. However, net profit for the property and casualty business decreased by 16.5% year-on-year, influenced by bond market fluctuations [3]. Financial Forecasts - The company maintains its profit forecasts for 2025 to 2027, expecting earnings per share (EPS) of 7.72, 8.57, and 9.26 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 0.60, 0.55, and 0.50 for the respective years [4][5].

Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report highlights that short-term performance is affected by bond market fluctuations, while the multi-channel development of life insurance shows significant results [4] - The first quarter of 2025 saw a net profit attributable to shareholders of 27.02 billion yuan, a year-on-year decrease of 26.4%, which aligns with expectations [4] - The report predicts a decline in new business value (NBV) for 2025, estimating it at 36.2 billion yuan, a year-on-year decrease of 9.5%, but a 27% increase on a comparable basis [4] Financial Performance Summary - In Q1 2025, the life insurance NBV was 12.89 billion yuan, flat year-on-year, but up 34.9% on a comparable basis [4] - The group's operating profit attributable to shareholders was 37.91 billion yuan, a year-on-year increase of 2.4% [4] - The report forecasts the group's net profit attributable to shareholders for 2025-2027 to be 135.4 billion, 148.5 billion, and 172.1 billion yuan, respectively, representing year-on-year growth of 7.0%, 9.6%, and 15.9% [4] Business Segment Insights - The report indicates that the life insurance business's NBV margin (based on first-year premiums) improved to 28.3%, up 11.4 percentage points year-on-year, driven by adjustments in product structure and individual insurance channel performance [5] - The property and casualty insurance segment reported a significant increase in underwriting profit, with a year-on-year growth of 755.5% [6] - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, a year-on-year increase of 0.2 percentage points [6] Valuation Metrics - The current stock price is 51.33 yuan, with a market capitalization of 934.73 billion yuan [1] - The report provides a forecast for the price-to-embedded value (PEV) ratios for 2025-2027 at 0.61, 0.58, and 0.53 times, respectively [4] - The dividend yield (TTM) is noted at 4.94% [4]

Investment Rating - The report maintains a "Buy" rating for the company [9][11]. Core Insights - The company's new business value (NBV) exceeded expectations with a growth of 35% year-on-year, driven by individual insurance and bancassurance channels [6][7]. - The net profit for Q1 2025 was 27.016 billion yuan, a decrease of 26.4% year-on-year, primarily impacted by fluctuations in the fair value of bonds and the consolidation of Ping An Health [6][9]. - The operating profit showed a stable performance with a year-on-year increase of 2.4% to 37.907 billion yuan [6]. Financial Performance Summary - As of March 31, 2025, the company's net asset per share was 51.61 yuan, and the debt-to-asset ratio was 89.84% [3]. - The total share capital was 18.21 billion shares, with 10.763 billion shares circulating in A-shares and 7.448 billion in H-shares [3]. - The company's investment assets grew by 3.3% year-to-date to 5.92 trillion yuan, with a net investment return of 0.9% and a comprehensive investment return of 1.3% [8]. Business Segment Analysis - The individual insurance segment's NBV grew by 11.5% year-on-year, despite a 19.5% decline in new single premiums [7]. - The bancassurance channel saw a significant increase in NBV by 170.8% year-on-year, benefiting from a low base and increased industry concentration [7]. - The property and casualty insurance segment reported a premium income growth of 7.7% year-on-year, with a combined ratio (COR) improvement to 96.6% [8]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted downwards to 127.279 billion yuan, 140.233 billion yuan, and 162.904 billion yuan respectively [9][10]. - The report indicates that the company's closing price corresponds to a price-to-embedded value (PEV) of 0.62x for 2025 [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - In Q1 2025, the company achieved a net operating profit of 37.9 billion yuan, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 27 billion yuan, a decrease of 26.4% year-on-year [2]. - The new business value (NBV) increased by 34.9% year-on-year to 12.9 billion yuan, driven by improvements in value rates [2]. - The combined ratio (COR) for property insurance improved to 96.6%, a decrease of 3 percentage points year-on-year, attributed to a reduction in disasters and ongoing risk clearance in guarantee insurance [2]. - The investment portfolio of insurance funds reached over 5.92 trillion yuan, with non-annualized net and comprehensive investment returns of 0.9% and 1.3%, respectively, remaining stable year-on-year [2]. - The report forecasts EPS for 2025-2027 to be 7.6, 8.1, and 9.1 yuan, respectively, with a target price of 65.6 yuan based on a projected PEV of 0.8 times [2]. Financial Summary - Total revenue for 2024 is projected at 1,028,925 million yuan, with a year-on-year growth rate of 12.6% [4]. - The net profit attributable to shareholders is expected to reach 126,607 million yuan in 2024, reflecting a year-on-year growth of 47.8% [4]. - The price-to-earnings ratio (P/E) is forecasted to decrease from 7.8 in 2024 to 6.0 by 2027 [4]. - The company’s total market capitalization is approximately 934.73 billion yuan, with a circulating market value of about 552.45 billion yuan [5].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Insights - The company's operating profit remains robust, while the value of new business is growing rapidly. In Q1 2025, the company reported an operating profit of 379.1 billion RMB, a year-on-year increase of 2.4%, despite a decline in net profit due to pressures from various business segments [4][5]. Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 232.8 billion RMB, a decrease of 5.2% year-on-year. The net profit attributable to shareholders was 270.2 billion RMB, down 26.4% year-on-year. The new business value reached 128.9 billion RMB, reflecting a significant year-on-year growth of 34.9% [4][7]. - The net investment return rate (non-annualized) was 0.9%, unchanged from the previous year, while the comprehensive investment return rate (non-annualized) increased by 0.2 percentage points to 1.3% [4][6]. Business Segment Analysis - **Life Insurance**: The quality of the sales team continues to improve, with the per capita new business value (NBV) increasing by 14%. The new business value rate improved by 11.4 percentage points to 28.3%, driving a 34.9% increase in NBV [5]. - **Property Insurance**: The comprehensive cost ratio improved by 3.0 percentage points to 96.6%, with property insurance service revenue slightly increasing by 0.7% to 81.15 billion RMB [6]. - **Investment Strategy**: The company actively managed interest rate risks, achieving a net investment return rate of 0.9% and a comprehensive investment return rate of 1.3% [6]. Profit Forecast and Valuation - The company is expected to maintain a positive trend in new business value (NBV) due to product structure optimization and enhanced service offerings. The forecasted net profit for 2025-2027 is 1550 billion RMB, 1721 billion RMB, and 1992 billion RMB respectively [7][8]. - The current A/H share prices correspond to a price-to-earnings value (PEV) of 0.65 for A-shares and 0.55 for H-shares, supporting the "Buy" rating [7].

Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" [1] Core Views - The report highlights a steady growth in operating profit, with a year-on-year increase in new business value (NBV) of 35% driven by an improvement in value rate [1] - The report maintains previous profit forecasts, expecting net profit attributable to shareholders to be 135.2 billion, 154.4 billion, and 177.0 billion for 2025, 2026, and 2027 respectively [1] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion, with a year-on-year growth of 3.8% [1] - Net profit attributable to shareholders for 2023 is expected to be 85.665 billion, reflecting a year-on-year decrease of 22.8% [1] - The earnings per share (EPS) for 2025 is estimated at 7.42 yuan, with a price-to-earnings (P/E) ratio of 6.92 [1][21] - The projected net asset value per share (BVPS) for 2025 is 57.64 yuan, with a price-to-book (P/B) ratio of 0.89 [21] Business Segment Analysis - In the life insurance segment, the NBV reached 12.9 billion yuan, with a comparable year-on-year increase of 34.9% [1] - The property and casualty insurance segment saw a premium growth of 7.7%, with a combined cost ratio improving by 3.0 percentage points to 96.6% [1] - Investment income showed a non-annualized comprehensive investment return of 1.3%, an increase of 0.2 percentage points year-on-year [1] Capital Strength - The net asset at the end of Q1 2025 was 939.7 billion yuan, reflecting a 1.2% increase from the beginning of the year [1] - The solvency adequacy ratio for life insurance improved significantly, with core and comprehensive solvency ratios rising to 164% and 228% respectively [1]