External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Zhong An came out with a net profit turnaround at RMB2.21mn in 1H23 from a restated net loss of RMB6.36mn compared to the last first-half, thanks to an increase in total investment income.</li><li>Such rise was driven by RMB573mn net gain on fair value changes in onshore insurance funds and a continuously improving CoR, further down to 95.8% with claim and expense ratios both declined (-0.6pct/- 0.1pct) year-over-year.</li><li>This result was aligned to the earnings alert the company released a week ago informing its 1H23 earnings were no less than RMB200mn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhong An came out with a net profit turnaround at RMB2.21mn in 1H23 from a restated net loss of RMB6.36mn compared to the last first-half, thanks to an increase in total investment income.Such rise was driven by RMB573mn net gain on fair value changes in onshore insurance funds and a continuously improving CoR, further down to 95.8% with claim and expense ratios both declined (-0.6pct/- 0.1pct) year-over-year.This result was aligned to the earnings alert the company released a week ago informing its 1H23 earnings were no less than RMB200mn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZhongAn (6060 HK) – Strong Investment and UW Profits Drive 1H23 Earnings Turnaround

<ul><li>Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in 2H22.</li><li>The insurer’s underwriting (UW) profit grew 338% YoY to RMB329mn, with premium income +16.1% YoY at year end.</li><li>The outperformed UW margin was driven by lower loss and channel fee ratios under technology-driven cost efficiency from both health and digital lifestyle ecosystems.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in 2H22.The insurer’s underwriting (UW) profit grew 338% YoY to RMB329mn, with premium income +16.1% YoY at year end.The outperformed UW margin was driven by lower loss and channel fee ratios under technology-driven cost efficiency from both health and digital lifestyle ecosystems.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZhongAn (6060 HK) – Better profits achieved across 3 business lines

<ul><li>Zhong An will report FY22 results on 21 March (Tue) after market close.</li><li>We expect to see HoH improvement of combined ratio in 2H22 as well as narrowed losses from virtual banking and technology export business.</li><li>Over the weekend, Zhong An issued a profit alert, stating that the company will report a net loss of RMB1.3bn1.5bn for FY22. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Zhong An will report FY22 results on 21 March (Tue) after market close.We expect to see HoH improvement of combined ratio in 2H22 as well as narrowed losses from virtual banking and technology export business.Over the weekend, Zhong An issued a profit alert, stating that the company will report a net loss of RMB1.3bn1.5bn for FY22. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ZhongAn (6060 HK) – FY22 preview: 2H22 UW margin improvement

Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

<ul>
<li>ZhongAn starts to show its forte in the race over online insurance.</li>
<li>Scamper: Diverse ecosystems boost financial performance</li>
<li>Galloper: Moving farther and faster - From a cloud-based platform to a technology 'exporter', ZhongAn keeps strengthening its tech genes.</li>
</ul>


ZhongAn starts to show its forte in the race over online insurance.
Scamper: Diverse ecosystems boost financial performance
Galloper: Moving farther and faster - From a cloud-based platform to a technology 'exporter', ZhongAn keeps strengthening its tech genes.


Amid the Digitalization Boom: ZhongAn Is Speeding Up

China

ZhongAn Online is China's first online-only insurance company, providing internet insurance services and insurance information technology services. It offers personalized products across health, digital life, consumer finance, and automotive ecosystems, and also provides IT consulting and digital banking services. The company was founded in 2013 and is headquartered in Shanghai, China.

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ZhongAn Online (6060 HK)

ZhongAn (6060 HK) – Strong Investment and UW Profits Drive 1H23 Earnings Turnaround

This result was aligned to the earnings alert the company released a week ago informing its 1H23 earnings were no less than RMB200mn.

CMB International

ZhongAn (6060 HK) – Better profits achieved across 3 business lines

Zhong An recorded a combined ratio of 98.5% in FY22 with an improvement of 1.1pts YoY, translating to an increase of 1.9 pts YoY or 1.3pts HoH in...

CMB International

ZhongAn (6060 HK) – FY22 preview: 2H22 UW margin improvement

We expect to see HoH improvement of combined ratio in 2H22 as well as narrowed losses from virtual banking and technology export business.

CMB International

Amid the Digitalization Boom: ZhongAn Is Speeding Up

ZhongAn starts to show its forte in the race over online insurance

EqualOcean

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