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<Research>HSBC Research Estimates CHINA LIFE to Record Min. Loss of RMB7.4B in 4Q25, More Bullish on PING AN
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According to the regulations for A-share listed companies in China, if their annual profit growth is at least 50%, they must issue a profit alert by the end of January, HSBC Global Research issued a research report saying.

Although CHINA LIFE (02628.HK) announced a net profit increase of 60.5% YoY for the nine months of 2025, the company did not issue a profit alert. The broker estimated that this may imply that CHINA LIFE recorded a net loss of at least RMB7.4 billion in 4Q25.

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HSBC Global Research anticipated that investors will focus more on new business value growth this year, and noted that, compared to its peers, CHINA LIFE still faces the risk of underperforming the market due to its earnings volatility.

In contrast, investors tend to place more emphasis on PING AN (02318.HK)'s operating profit after tax, mainly because this metric is less sensitive to equity market fluctuations.

The broker expressed a more favorable outlook on PING AN, with a target price of $84 and rating at Buy for PING AN's H-shares. HSBC Global Research also rated CHINA LIFE's H-shares at Hold, with a target price of $29.
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