--- title: "【Zhenzhuo Hong Kong Stock Experts】Ping An of China (02318.HK) shows strong overall business growth, with new businesses bringing surprises" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/37141600.md" description: "Mr. Pan Tieshan, Vice President of the Hong Kong Society of Financial Analysts, believes that $PING AN(02318.HK) in the first three quarters of 2025, despite the complex external environment faced by China's economy, the company still adhered to its core financial business, promoted high-quality development, and achieved steady growth in overall performance. The group's overall operations improved significantly. In the first three quarters of 2025, the group achieved operating profit attributable to parent company shareholders of RMB 116.264 billion, a year-on-year increase of 7.2%. Net profit attributable to parent company shareholders was RMB 132.856 billion, a year-on-year increase of 11.5%..." datetime: "2025-12-15T14:34:38.000Z" locales: - [en](https://longbridge.com/en/topics/37141600.md) - [zh-CN](https://longbridge.com/zh-CN/topics/37141600.md) - [zh-HK](https://longbridge.com/zh-HK/topics/37141600.md) author: "[真灼财经](https://longbridge.com/en/profiles/1067948.md)" --- # 【Zhenzhuo Hong Kong Stock Experts】Ping An of China (02318.HK) shows strong overall business growth, with new businesses bringing surprises Mr. Pan Tieshan, Vice President of the Hong Kong Society of Financial Analysts, believes that $PING AN(02318.HK) in the first three quarters of 2025, despite China's economy facing a complex external environment, the company remained committed to its core financial business, driving high-quality development, and achieving steady overall performance growth. The group's overall operations improved significantly. In the first three quarters of 2025, the group achieved operating profit attributable to parent company shareholders of RMB 116.264 billion, a year-on-year increase of 7.2%. Net profit attributable to parent company shareholders was RMB 132.856 billion, up 11.5% year-on-year, with a sharp 45.4% increase in the third quarter alone; operating revenue (1) was RMB 901.668 billion, up 4.6% year-on-year. As of September 30, 2025, the group's equity attributable to parent company shareholders was RMB 986.406 billion, an increase of 6.2% from the beginning of the year. The life and health insurance business continued to grow, with high-quality development across multiple channels. In the first three quarters of 2025, Ping An Life further deepened its "4 channels + 3 products" strategy, comprehensively strengthened channel construction, and improved business quality; it upgraded the "insurance + services" model, continuously expanding its presence in health and elderly care, providing professional and warm services to customers, and empowering the company's high-quality development. In the first three quarters of 2025, the new business value of the life and health insurance business reached RMB 35.724 billion, a year-on-year increase of 46.2%; the new business value margin based on standard premiums was 30.6%, up 9.0 percentage points year-on-year. Among them, the new business value of the agent channel grew 23.3% year-on-year, the per-agent new business value increased 29.9% year-on-year, and the new business value of the bancassurance channel surged 170.9% year-on-year, with productivity continuing to improve. The bancassurance channel, community financial services, and other channels contributed 35.1% of Ping An Life's new business value. The property insurance business achieved stable growth, with continued optimization in business quality. In the first three quarters of 2025, Ping An P&C's original insurance premium income was RMB 256.247 billion, up 7.1% year-on-year; the overall combined ratio was 97.0%, improving by 0.8 percentage points year-on-year. Investment performance of insurance funds improved significantly. In the first three quarters of 2025, Ping An's insurance fund investment portfolio achieved a non-annualized comprehensive investment yield of 5.4%, up 1.0 percentage points year-on-year. Banking operations remained stable, with overall asset quality steady and core tier 1 capital adequacy ratio improving. In the first three quarters of 2025, Ping An Bank achieved a net profit of RMB 38.339 billion. As of the end of September 2025, the non-performing loan ratio was 1.05%, down 0.01 percentage points from the beginning of the year, and the provision coverage ratio was 229.60%; the core tier 1 capital adequacy ratio was 9.52%, up 0.40 percentage points from the beginning of the year. Mr. Pan Tieshan, Vice Chairman of the Hong Kong Society of Financial Analysts, believes that the company's current P/E ratio is below 10x and P/BV is only 0.8x, at a relatively low level, coupled with stable dividends, making it a high-quality stock that can both attack and defend. Moreover, amid the current economic recovery, Ping An Insurance is expected to see greater profit and valuation growth. Investors may consider buying at HK$60, targeting HK$72, with a stop-loss at HK$57. Pan Tieshan Vice Chairman, Hong Kong Society of Financial Analysts (I do not hold the relevant shares, but my clients do) ### Related Stocks - [02318.HK](https://longbridge.com/en/quote/02318.HK.md) - [PNGAY.US](https://longbridge.com/en/quote/PNGAY.US.md) - [82318.HK](https://longbridge.com/en/quote/82318.HK.md) - [601318.CN](https://longbridge.com/en/quote/601318.CN.md) - [HPAD.SG](https://longbridge.com/en/quote/HPAD.SG.md)