ZhongAn Online P C (6060.HK) Q2 2025 Earnings Report

- ZhongAn Online P&C Insurance delivered a robust top-line in Q2 2025, with revenue of 15.77 billion CNY, up 77.1% year over year, reflecting strong growth in its online insurance platform and scale advantages.
- Core operating profitability remained solid, as indicated by operating income of 13.47 billion CNY and an operating margin of 0.854. Net income stood at 0.668 billion CNY with a net margin of 0.0423, underscoring a substantial contribution from non-operating items to the reported pre-tax result.
- A material non-operating item, net total other income/expenses of -12.73 billion CNY, dominated pre-tax earnings, highlighting the sensitivity of reported results to non-core items and investment-related effects. Excluding or normalizing this item would materially alter the pre-tax and net outcomes.
- The balance sheet remains conservatively leveraged with a debt ratio of 6.37% and a debt/equity ratio of 0.128, complemented by substantial liquidity indicators (cash per share ~7.34 CNY; operating cash flow per share ~0.722 CNY; free cash flow per share ~0.405 CNY). The company exhibits strong cash generation relative to equity, supporting potential capital deployment.
- Relative to peers in the dataset, ZhongAn shows competitive operating margins and solid revenue growth, but investors should monitor the sustainability of non-operating income and regulatory/regulatory-compliance headwinds in China’s insurtech landscape.