On August 20, ZA ONLINE (06060) released its 2025 interim results report. As of June 30, 2025, ZA ONLINE achieved total premium income of RMB 16.661 billion, representing a year-on-year increase of 9.3%. During the reporting period, the company's comprehensive cost ratio was 95.6%, improving by 2.3 percentage points year-on-year, with underwriting profit growing 108.9%. Meanwhile, the company maintained steady investment returns, and its digital banking business achieved a historic turnaround to profitability. Net profit attributable to shareholders reached RMB 668 million, a substantial increase of 1103.5% compared to the same period in 2024.

**AI Reshapes Insurance Value Chain, Leading Industry Development**

ZA ONLINE continues to deepen its cutting-edge technology deployment in innovative fields including artificial intelligence, blockchain, cloud computing, and big data. The company actively embraces the AI technology wave, utilizing mainstream large models and proprietary data to forge the AI middle platform "ZA Smart," fundamentally reconstructing the insurance value chain from the ground up to make insurance more personalized.

ZA ONLINE continues to deeply integrate AI technology into insurance business scenarios, supporting full-chain insurance applications, code development, and middle and back-office scenarios. In terms of mainstream general large model call volume, ZA ONLINE has long maintained an industry-leading position.

The self-developed AI middle platform "ZA Smart" has become the core engine of business transformation. Its knowledge engineering, voice services, AI Gateway, and other multi-module collaborative functions have covered comprehensive insurance process needs. In the first half of 2025, nearly 110 robots were active on the AI middle platform "Smart Platform," with robots in the Smart middle platform production environment accumulating 450 million calls in the first half of the year, leading the industry.

**Core Business Continues to Improve, Continuously Releasing Value**

The health ecosystem achieved total premium income of RMB 6.275 billion, up 38.3% year-on-year, providing health protection for approximately 15.21 million insured users during the reporting period.

As the flagship product of health insurance, the "Enjoy e-Life" series has undergone 25 iterative upgrades over 10 years, not only closely matching users' personalized health needs but also aligning with medical payment reform trends, adding external drug and device responsibilities and expanding hospital coverage. During the reporting period, the "Enjoy e-Life" series achieved total premium income of approximately RMB 4.25 billion.

Meanwhile, ZA ONLINE adheres to the concept of health inclusivity by launching the "ZA People's Insurance" series. With features such as no health disclosure requirements and no occupational restrictions, it precisely covers non-standard users including those with pre-existing conditions, elderly people, and chronic disease groups. In 2025, ZA ONLINE further launched "ZA People's Insurance Mid-to-High-End Medical Insurance," encompassing high-end medical care for major diseases and expanding inclusive protection boundaries. During the reporting period, the "ZA People's Insurance" series achieved total premium income of approximately RMB 1.03 billion, up 638.8% year-on-year.

The digital life ecosystem achieved premium income of RMB 6.209 billion, with innovative business premium reaching RMB 2.49 billion, accounting for 40.1%, up 40.0% year-on-year.

In pet insurance, ZA ONLINE continues to lead the development and breakthrough of China's pet insurance industry. In the first half of 2025, pet insurance total premium income approached RMB 563 million, up over 51.3% year-on-year, with leading market share, having served over 7.11 million pet owners to date.

In product innovation, ZA ONLINE integrates "Tap-to-Connect" NFC technology to enhance purchase and claim convenience, and launched the "NFT Pet Digital Identity Certificate" series of digital collectibles, using blockchain technology to build unique digital identity assets for pets and their owners, creating a new pet digital interaction experience.

Simultaneously, ZA ONLINE keenly grasps development opportunities in the low-altitude economy, achieving precise pricing for different drone models and service modes, launching solutions including drone hull insurance and third-party liability insurance, serving over one million drone owners, with low-altitude economy premium growth exceeding 20% during the reporting period.

In the automotive ecosystem, total premium income reached RMB 1.478 billion, up 34.2% year-on-year. ZA ONLINE independently operates compulsory traffic insurance in Shanghai and Zhejiang, achieving a breakthrough in compulsory traffic insurance "from 0 to 1," while also achieving independent operation of commercial auto insurance in Shanghai.

ZA ONLINE seizes development opportunities in new energy vehicle insurance, providing products and services for new energy vehicle owners of over 100 brands. In the first half of 2025, new energy vehicle insurance total premium income grew approximately 125.4% year-on-year, accounting for over 18% of the company's total auto insurance premium income. Additionally, ZA ONLINE innovatively launched "ZA Extended Warranty" to address vehicle maintenance cost challenges after the original factory warranty period expires.

In brand building and self-operated channel construction, self-operated channels achieved total premium income of RMB 3.697 billion, with the proportion of total premium income rising to 22.2%, up 16.9% year-on-year. ZA ONLINE continues to deepen its digital marketing strategy, leveraging emerging scenarios such as short videos and live streaming for precise customer acquisition. Relying on AI intelligent customer service to achieve efficient conversion and personalized service, ZA ONLINE closely follows algorithm changes on public domain traffic platforms, strengthens private domain traffic system construction, and improves premium conversion rates and user stickiness through AI automated Q&A on social platforms.

**ZA Bank Achieves Historic Breakthrough, Leading Digital Asset New Era**

ZA Bank, a subsidiary of ZA International (a joint venture company of ZA ONLINE), has developed into one of the digital banks with the most comprehensive functions and products in the Hong Kong market. Through a fully digital mobile-based operation model, ZA Bank creates a one-stop comprehensive financial service platform and is currently the only digital bank in Hong Kong providing 24-hour services including deposits, loans, transfers, card consumption, foreign exchange, insurance, investment, and corporate banking.

In the first half of 2025, ZA Bank achieved a historic turnaround to profitability with net profit reaching HK$49 million. During the reporting period, ZA Bank achieved net revenue of approximately HK$457 million, up 82.1% year-on-year; net interest income was HK$297 million, up 42.8% year-on-year; non-interest income was HK$160 million, up 272.1% year-on-year, with a net interest margin of 2.38%, showing excellent performance across multiple key indicators.

Currently, ZA Bank has become one of the digital banks with the most comprehensive functions and products in the Hong Kong market and is about to launch Hong Kong stock trading services. Invest customer assets grew 125.3% year-on-year. ZA Bank continues to expand its retail wealth management landscape, creating a one-stop investment and wealth management experience. It is one of the few licensed banks in Asia that simultaneously provides fund, US stock, and cryptocurrency trading services for retail investors, comprehensively leading the new era of digital wealth management.

In the first half of 2025, ZA ONLINE's "Insurance + Technology" dual-engine strategy achieved remarkable results. ZA ONLINE always adheres to a user-centric approach, keenly responding to market changes, rooting downward while striving for upward breakthrough through innovation, utilizing AI, blockchain, cloud computing, big data, and other technologies for empowerment to make services more personalized. In the future, we will continue with the mission of "Technology-driven Finance, Creating Insurance with Warmth," continuously creating value for users, shareholders, and society.