众安在线2025年中期报告

2232729303132333435697273 1 20231117417 2025 2025166.619.3%2025150.41 (Fortune)202550050410 2025295.6%2.3354.7%6.0440.9%3.720256.56109.1% +ZABank20203ZA ZA Bank242025ZA Bank0.49ZA Bank54.5782.1%2.9742.8%1.60272.1%2.38% 64.9612.2%AI5,59932.2% 2025630434.48215.59225.6%Baa1Baa2 20252024630ZA Life 20256.680.551,103.5%ZA Bank 1202595.6%2.354.7%6.040.9%3.76.273.465.356.73387.7% 220250.5632.2% 3ZA Bank4.5782.1%1.60272.1%ZA Bank119%67%0.49 20252024630 20252024630(i)(ii)(iii)(iv)(v) 10.3638.8% 20253.1%5,314202562.7538.3% 3005,000 e101.3 e1025e42.539 2025VIP 20251,52157.3317.8%92.9%20242.842.5%20244.450.4%20247.2AI NFT 20% 62.0924.9040.1%40.0% 20251,000 2025 202551.3%5.63111711 24.38 712AI20258832579%NFC 12.81 202557.9118.2%202599.9%62.9%8.837.0%8.8 NFC100104,000 202510.8525.7%91.2%31.665.1%1.426.1% 20251-61,565.311.4%693.740.3%44.3% 202514.7834.2% 20242025016 2025125.4%18% AI 2025AIAI+ 2540 107,700 202536.9722.2%16.9%10.3352589.7%1.7 202524.336.7%2025630277.3214.6%2025202594.0%99.1%5.159.9%202413.934.1%20248.8 AIAIAIAIAIAIAI96 20253.98 202566.9999%DeepseekAIEmbedding AIAI Copilot100%AI40%AI98%90%AI95% AI110AI20254.5 AI964.4375%AI20%AI70% RAGAI AgentAI-GatewayAIAIAI AIAIAI Peak3Peak3Peak3 (a)(b)Peak3ZA Bank (a) Peak310 + Peak3ZA Tech2018Peak3Graphene(AI)FusionPeak3 2025AIAI 2025Peak3GrapheneAIAI Peak32025Peak3Celent(Technology Standout Award)ITC Asia(Top Initiative InsurTech StartupAward)Peak3Gartner(Representative Vendor)CNBCStatista2025(World's Top FintechCompanies 2025) ZA Bank20221ZA Bank2024ZA Bank AppZA Bank2025630ZA BankInvest12125.3% (b) ZA Bank11 ZA Bank20192020 ZA Bank24 ZA BankWeb3300Web32025ZA BankZA Bank 2025ZA Bank0.494.5782.1%2.9742.8%1.60272.1%ZA Bank2.28%2.38%ZA Bank119%67%2025630ZA Bank8.8%211.002.5%60.08 2025N4304062.76%20256303.79.7% 2025630370.698.012.2%268.3072.4%63.8%36.169.7%58.2215.7% 20256.3920246.203.1%4.701.693.3%2.1% 20252025630AA98.9%AAA82.1% + 202595.6%6.680.551,103.5% 20252024630 20252024630 (1)(2)(3)(4)(5) (4)(5) (1) (2)(3)(4)(5) (1) 1. 2024630150.880.3%2025630150.41 (1) 4. 2. 20246300.3320256300.2520246300.4520256300.1 2024630147.682.7%2025630143.63 3. 202463026.1290.1%20256302.58 2025630(i)(ii)(iii) 5. 202412312025630410.07383.5790.6%88.3%202563074.3% 7. 202563098.9%AABBB202412312025630215.96190.36 6. 20241231202563014.6711.21 8. 20241231202563024.0636.34 9. 20242025630-1.716.98 20256307.420246300.39 25%202520246300.730.16 10. 20256300.2820246307.89 20256306.6820246300.55 2024630160.350.9%2025630161.83 202563021.43163.2668.8572.98 202563019.5220246309.49 202563044.6942.781.272.39 202071620209820201012202520261,000,000202563049,900590,000360,100 202112202563010.620251220256300.30.08 2025630 202563020256305% 2025630 2025630 2025630 H 20256261.00215,000,000HH18.25H19.94202574202574215,000,000HH18.253,895.8(i)60%2,337.520251231(ii)30%1,168.720261231(iii)10%389.6202512312025626202574 2025630 2025630 202563050.4%2024123153.8%3.4 2025630 2025630XVXV78352 (1)202563050,000,0001,419,812,900H (2)1168Asia Pacific Promotion Limited51.54%Asia Pacific Promotion Limited 2025630XV(a)XV(b)352(c) 2025630XV23336 (1)(L)XV(S)XV(2)202563050,000,0001,419,812,900H(3)2318601318(4)(5)070054.29%(6)AsiaPacific Promotion Limited51.54%Asia Pacific Promotion Limited(7)UBS Asset Management (Americas) LLCUBS Asset Management (Europe) S.A.UBS Fund Management (Switzerland) AGUBS AssetManagement Life LimitedUBS Switzerland AG UBS AGUBS Securities LLCUBS Group AGUBS Group AGUBS Asset Management (Americas) LLCUBS Asset Management (Europe) S.A.UBS Fund Management (Switzerland) AG UBS AssetManagement Life LimitedUBS Switzerland AG UBS AGUBS Securities LLC(8)Morgan Stanley Capital Services LLCMorgan Stanley Domestic Holdings, LLCMorgan Stanley Domestic Holdings, LLCMorgan Stanley Capital Services LLCMorgan Stanley Smith Barney LLCParametric Portfolio Associates LLCMorgan Stanley Domestic Holdings, LLCMorgan Stanley & Co. LLCMorgan Stanley Capital Management, LLCMorganStanley Capital Management, LLCMorgan Stanley Smith Barney LLCParametric Portfolio Associates LLC Morgan Stanley DomesticHoldings, LLCMorgan Stanley & Co. LLCPrime Dealer Services Corp.Morgan Stanley & Co. LLCMorgan Stanley Capital Management, LLCMorgan Stanley Capital Management, LLCMorgan Stanley & Co. LLCPrime Dealer Services Corp.Morgan Stanley Capital Management, LLCMorgan StanleyMorganStanleyMorgan Stanley Capital Management, LLCMorgan Stanley Smith Barney LLCParametric Portfolio Associates LLC MorganStanley Domestic Holdings, LLCMorgan Stanley Capital Services LLC Morgan Stanley & Co. LLCPrime Dealer Services CorpMorgan Stanley & Co. International plcMorgan Stanley Investments (UK)Morgan Stanley Investments (UK)MorganStanley International LimitedMorgan Stanley International LimitedMorgan Stanley International Holdings Inc.Morgan StanleyMorgan StanleyMorgan Stanley & Co. International plc 80.00% 3362025630 20256302,193 20256