On August 27, Ping An Insurance (Group) Company of China held its 2025 interim results presentation. Deputy General Manager and Chief Financial Officer Fu Xin stated at the meeting: "Ping An has made steady progress amid such a volatile market environment, demonstrating very robust operations, which reflects our clear strategy, strong execution capability, and cross-cycle operating ability." Data shows that Ping An's interim revenue reached 500.1 billion yuan, representing a positive growth of 1% year-on-year.

Regarding the net profit decline of over 8% year-on-year while operating profit maintained positive growth, Fu Xin provided a detailed breakdown of three key underlying factors:

Firstly, the one-time accounting impact from consolidating Ping An Healthcare (Ping An Good Doctor). "In the first quarter of this year, we consolidated Ping An Healthcare, which generated a negative impact of 3.4 billion yuan due to one-time accounting treatment, affecting the growth rate by 4.6 percentage points." It is understood that Ping An Group increased its shareholding in Ping An Healthcare to 52.7% through a scrip dividend arrangement, and after completing financial consolidation, further strengthened its healthcare and elderly care ecosystem layout.

Secondly, the "happy troubles" brought by valuation fluctuations of convertible bonds (CB) listed in Hong Kong. Fu Xin explained: "When stock prices rise, the valuation of convertible bonds actually shows short-term declines under accounting treatment, but this impact does not affect financial statements over the full life cycle after conversion." This volatility stems from fair value measurement of the option component of convertible bonds under international accounting standards, representing short-term book changes rather than actual operating gains or losses.

Another core factor is that capital gains from equity investments classified as OCI are not included in the profit statement. "A large amount of stocks allocated by Ping An are classified under fair value measurement with changes recorded in Other Comprehensive Income (OCI), and this portion of 60 billion yuan in capital gains is not reflected in the profit statement." Fu Xin emphasized that although not included in the profit statement, its value should not be overlooked: firstly, it increases net assets and enhances stability; secondly, it improves returns for participating insurance accounts, making products more competitive than peers.

Fu Xin specifically pointed out: "If we adjust for these three factors, our net profit would achieve substantial double-digit growth, exceeding industry levels and operating profit growth rates." She suggested that investors "focus less on short-term investment volatility and pay more attention to operating profit as the core indicator reflecting the insurance industry's true operating capability."