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>ZhongAn’s 1H26 net profit implied a strong beat, surging 1.32x YoY to RMB1.55bn, ahead of market consensus of RMB550mn.</li><li>The outperformance can be attributable to dual drivers of strong P&amp;C underwriting results and equity-driven fair value gains.</li><li>Underwriting profit recorded at RMB773mn, up 17.8% YoY, with P&amp;C combined ratio (CoR) improving 0.1pct YoY to 95.5% in 1H26. </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.

ZhongAn’s 1H26 net profit implied a strong beat, surging 1.32x YoY to RMB1.55bn, ahead of market consensus of RMB550mn.The outperformance can be attributable to dual drivers of strong P&amp;C underwriting results and equity-driven fair value gains.Underwriting profit recorded at RMB773mn, up 17.8% YoY, with P&amp;C combined ratio (CoR) improving 0.1pct YoY to 95.5% in 1H26. 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) - 1H Bottom-Line a Strong Beat, More than Doubled...

Thematic (Sector/Industry)

<ul><li>The NFRA reported 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.</li><li>Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).</li><li>We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. </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.

The NFRA reported 1-8M26 premiums. Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the decline in Life (-15.1% YoY) segment.Personal life premiums fell 13.6% YoY to RMB401bn in Aug, sustaining the streak of double-digit declines for two consecutive months (Jul: -15.6% YoY) due to a high base of front-loaded demands in 3Q25 ahead of the PIR cuts in Sep-25 (vs. Jul-/Aug-25: +33.5%/+61.6%).We expect the high-base effect to fade from Sep-26, with the trend of life premium sales to normalize in 4Q26E, alongside the ramp-up of the 2027E jumpstart sales. 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.

China Insurance - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

<ul><li>ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY).</li><li>The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group’s joint venture ZhongAn International.</li><li>CoR improved 1.1pct YoY to 95.8%, a beat to our estimate of 96.6% (Table), thanks to a strong print in Health and Auto segments, of which CoR was 92.1%/93.1%, -3.6pct/- 1.1pct YoY. </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.

ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY).The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group’s joint venture ZhongAn International.CoR improved 1.1pct YoY to 95.8%, a beat to our estimate of 96.6% (Table), thanks to a strong print in Health and Auto segments, of which CoR was 92.1%/93.1%, -3.6pct/- 1.1pct YoY. 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) - Net Earnings Weakened in 2H; ZA Bank Hit First Full-Year Profit

<ul><li>The NFRA announced Dec premiums for life and P&amp;C segments.</li><li>Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn, reversing the monthly downward trend since Sep 2025.</li><li>Personal life and P&amp;C premiums scaled up by 9.1%/2.6% YoY to RMB 4.65tn/1.47tn as of end-FY25, implying a rise of 6.3%/3.8% YoY in Dec 2025, marginally improving by 6.9pct/3.8pct MoM respectively. </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.

The NFRA announced Dec premiums for life and P&amp;C segments.Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn, reversing the monthly downward trend since Sep 2025.Personal life and P&amp;C premiums scaled up by 9.1%/2.6% YoY to RMB 4.65tn/1.47tn as of end-FY25, implying a rise of 6.3%/3.8% YoY in Dec 2025, marginally improving by 6.9pct/3.8pct MoM respectively. 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.

China Insurance - Dec Life and P&C premiums marginally improved

<ul><li>The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.</li><li>The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.</li><li>From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.</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.

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by 5% for whose CSR ranging from (150%, 200%), (250%, 300%) and above 350%.The financial regulator eased equity investment upside for Chinese insurers to broaden incremental capital injection to the real economy in joint with other efforts to shore up the market sentiment, in our view.From a top-down perspective, we reckon the action could bring RMB1.66tn incremental funds to the stock market if the industry expanded the equity allocation to the upper limit of 30% of total insurance funds by end-FY24.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.

China Insurance - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

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) - 1H Bottom-Line a Strong Beat, More than Doubled...

ZhongAn’s 1H26 net profit implied a strong beat, surging 1.32x YoY to RMB1.55bn, ahead of market consensus of RMB550mn. The outperformance can be...

CMB International

China Insurance - 1-8M26: Weak Sales Momentum Persisted in Life and P&C Auto Insurance

Total insurance premiums stayed broadly flat YoY at RMB4.82tn, with August monthly premium sliding 10.3% YoY to RMB530bn, mainly dragged by the...

CMB International

ZhongAn (6060 HK) - Net Earnings Weakened in 2H; ZA Bank Hit First Full-Year Profit

ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings...

CMB International

China Insurance - Dec Life and P&C premiums marginally improved

Total premiums reached RMB 6.11tn as of year-end, up 7.4% YoY on top of a high base, translating to 5.4% YoY increase in Dec to RMB 357bn,

CMB International

China Insurance - Raised Cap for Insurer’s Equity Asset Allocation Could Unleash Max. RMB 1.7tn...

The NFRA announced to raise the cap for Chinese insurers’ equity asset allocation ratio corresponding to the comprehensive solvency ratio (CSR) by...

CMB International

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