Market EnvironmentIntensifying market competition, declining interest rates, as well as slower-than-expected economic growth in China are key risks.
Net Asset DeclineNet asset value dropped 10% QoQ in 4Q24 to RMB509.7bn, reflecting the rapid interest rate decline in last quarter.
Profit Margin PressureNBV rose 4.8% like-for-like, lagging behind its peers with increased short-term premiums and reduced FYP, which could possibly weigh on margin.