Institutional analysts are generally optimistic. According to analyses from multiple financial institutions, the market holds a positive attitude towards the company. Data shows that all 13 analysts recommend a "buy" rating, with an average 12-month target price of approximately HKD 24.23, representing a potential upside of over 50% compared to the current stock price (around HKD 15.78). In its August 2025 research report, Bank of Communications International maintained a "buy" rating and raised the target price to HKD 23, citing the company's better-than-expected first-half earnings, improved underwriting profits, and the turnaround of its subsidiary ZA Bank.

As an internet insurance company, ZhongAn Online (6060.HK)'s future stock price performance is influenced by multiple factors, including fundamentals, technicals, market sentiment, and industry conditions.

Fundamentals and Earnings Outlook

The company's fundamentals present a mix of improvements and challenges. Financial data for the first half of 2025 shows that total premium income grew 9.3% year-on-year to RMB 16.661 billion, with the combined ratio (COR) improving to 95.6%, and net profit attributable to shareholders increasing significantly year-on-year. Its subsidiary ZA Bank achieved a turnaround during the same period, while losses in the technology segment narrowed, collectively driving overall profit growth. Based on this, some financial institutions have raised earnings forecasts. For example, Bank of Communications International expects 2025 net profit to reach RMB 1.23 billion, a year-on-year increase of about 100%, and set a target price of HKD 23.

However, the company also faces structural challenges. Full-year 2024 data shows that despite growth in total premiums, underwriting profits fell from nearly RMB 1.3 billion in 2023 to RMB 990 million, putting pressure on the profitability of its core insurance business. Premium growth in the digital lifestyle ecosystem slowed, and the underwriting combined ratio (99.7%) approached the breakeven line. Meanwhile, self-operated channel premiums saw a slight year-on-year decline in 2024, reflecting intensified market competition and high customer acquisition costs.