云锋金融中期报告 2025

This interim report, in both English and Chinese versions, is available on the Company’s website atwww.yff.com (the “Company Website”). Shareholderswho have chosen or have been deemed consented to receive the corporatecommunications of the Company (the “Corporate Communications”) via the Company Website andwho for any reason have difficulty in receiving or gaining access to the interim report posted onthe Company Website will promptly upon request be sent the interim report in printed form free ofcharge. Shareholders may at any time change their choice of the means of receipt (either in printed form orvia the Company Website) of Corporate Communications. Shareholders may send their request to receive the interim report in printed form, and/or to changetheir choice of the means of receipt of Corporate Communications by notice in writing to the shareregistrarof the Company,Computershare Hong Kong Investor Services Limited at 17M Floor,Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong or by sending an email to the shareregistrar of the Company at yunfeng.ecom@computershare.com.hk. www.yff.com 18317Myunfeng.ecom@computershare.com.hk Page(s) Corporate information2Management discussion and analysis4Embedded value38Other information41Review report49Condensed consolidated income statement51Condensed consolidated statement of comprehensive income53Condensed consolidated statement of financial position54Condensed consolidated statement of changes in equity56Condensed consolidated statement of cash flows57Notes to the condensed consolidated interim financial statements58 Corporate information BOARD OF DIRECTORS Michael James OConnor Chairman Mr. Yu Feng(Non-Executive Director) Executive Directors Mr. Huang Xin(Interim Chief Executive Officer) Non-Executive Directors Mr. Michael James O’ ConnorMs. Hai Olivia Ou Independent Non-Executive Directors Mr. Qi DaqingMr. Chu Chung Yue, HowardMr. Xiao FengMr. Liang Xinjun AUDIT COMMITTEE Mr. Chu Chung Yue, Howard(Chairman)Mr. Qi DaqingMr. Xiao Feng REMUNERATION COMMITTEE Mr. Qi Daqing(Chairman)Mr. Huang XinMr. Chu Chung Yue, HowardMr. Xiao Feng NOMINATION COMMITTEE Mr. Yu Feng(Chairman)Mr. Qi DaqingMr. Chu Chung Yue, Howard AUTHORISED REPRESENTATIVES Mr. Huang XinMr. Chan Man Ko COMPANY SECRETARY Mr. Chan Man Ko Corporate information AUDITOR KPMGCertified Public AccountantsPublic Interest Entity Auditor registered inaccordance with the Accounting and FinancialReporting Council Ordinance BANKERS Bank of CommunicationsChina Construction Bank (Asia)Bank of China (Hong Kong)China Minsheng Banking Corporation LimitedThe Hongkong and Shanghai Banking Limited REGISTERED AND PRINCIPAL OFFICE Rooms 1803-180618th Floor, YF Life Centre38 Gloucester RoadWanchai, Hong Kong 38181803-1806 SHARE REGISTRAR Computershare Hong Kong Investor ServicesLimitedShops 1712-1716,17th Floor, Hopewell Centre,183 Queen’s Road East, Wanchai, Hong Kong 183171712-1716 WEBSITE www.yff.com www.yff.com STOCK CODE 376 376 雲鋒金融集團有限公司二零二五年中期報告 Management discussion and analysis Theboard of directors(the“Board”)of YunfengFinancialGroup Limited(the“Company”)submitherewiththe unaudited condensed consolidatedinterim results and financial position of the Companyand its subsidiaries (collectively, the “Group”) for thesixmonths ended 30 June 2025(the“First Half of2025”, “1H 2025” or the “Period”), together with thecomparativefigures for the corresponding period in2024(the“First Half of 2024”,the“Prior Period”or“1H 2024”). ()()()() OVERVIEW () Inthe First Half of 2025,the economy of HongKongrecorded a solid expansion benefited fromstrongexport performance and improved domesticdemand.Despite uncertainties in US tariff policya n di n t e r e s t r a t e s c u t ,H o n g K o n g e c o n o m y i sexpectedto maintain the growth.Under a stableHongKong economy,the Group’s subsidiary,YFL i f eI n s u r a n c e I n t e r n a t i o n a l L i m i t e d( “ Y F L i f e ” ) ,achievedan impressive new business performancedrivenby surging market demand for high-qualityinsuranceproducts and the YF Life’s diversifiedproduct strategy. The Group achieved several strongk e yb u s i n e s s a n d f i n a n c i a l i n d i c a t o r s i n c l u d i n gsignificantyear-on-year increases in annualisedpremiumequivalent and value of new business,totalassets value of the Group exceeding HK$100billion,and steady growth in the Group embeddedvalue equity. The strong performance of the businessandfinancial indicators have validated the strongm a r k e tc o m p e t i t i v e n e s s o f Y F L i f e ’ s p r o d u c t sanddemonstrated YF Life’s remarkable successi ne x p a n d i n g i t s c u s t o m e r b a s e a n d o p t i m i z i n gdistribution management. TheGroup’s main sources of revenue include lifei n s u r a n c ep r e m i u m i n c o m e a n d o t h e r f i n a n c i a lbusinesses.There is no material change in theGroup’s core business activities compared to that ofyear 2024. F o rt h