云锋金融年报2025

� � � � This annual report, in both English and Chinese versions, is available on the Companys website atwww.yff.com (theCompany Website). Shareholderswho have chosen or have been deemed consented to receive the corporatecommunications of the Company (theCorporate Communications) via the Company Website andwho for any reason have difficulty in receiving or gaining access to the annual report posted on theCompany Website will promptly upon request be sent the annual report in printed form free of charge. Shareholders may at any time change their choice of the means of receipt (either in printed form or viathe Company Website) of Corporate Communications. Shareholders may send their request to receive the annual report in printed form, and/or to change theirchoice of the means of receipt of Corporate Communications by notice in writing to the share registrarof the Company, Computershare Hong Kong Investor Services Limited at 17M Floor, Hopewell Centre,183 Queens Road East, Wanchai, Hong Kong or by sending an email to the share registrar of theCompany at yunfeng.ecom@computershare.com.hk. www.yff.com Corporate Information2Management Discussion and Analysis4Independent Actuaries Report on Review of Embedded Value Information35Embedded Value37Biographical Details of Directors and Senior Management47Corporate Governance Report53Report of the Directors72Environmental, Social and Governance Report111Independent Auditor’s Report174Consolidated Statement of Profit or Loss183Consolidated Statement of Profit or Loss and Other Comprehensive Income184Consolidated Statement of Financial Position185Consolidated Statement of Changes in Equity187Consolidated Statement of Cash Flows188Notes to the Consolidated Financial Statements190Five Year Financial Summary408Definitions410 Corporate Information BOARD OF DIRECTORS Michael James OConnor Chairman Mr. Yu Feng(Non-Executive Director) Executive Directors Mr. Huang Xin(Interim Chief Executive Officer) Non-Executive Directors Mr. Michael James O’ConnorMs. Hai Olivia Ou Independent Non-Executive Directors Mr. Qi DaqingMr. Chu Chung Yue, HowardMr. Xiao FengMr. Liang Xinjun (appointed on 5 September 2025) AUDIT COMMITTEE Mr. Chu Chung Yue, Howard(Chairman)Mr. Qi DaqingMr. Xiao Feng REMUNERATION COMMITTEE Mr. Qi Daqing(Chairman)Mr. Huang XinMr. Chu Chung Yue, HowardMr. Xiao Feng NOMINATION COMMITTEE Mr. Yu Feng(Chairman)Mr. Qi DaqingMr. Chu Chung Yue, Howard AUTHORISED REPRESENTATIVES Mr. Huang XinMr. Chan Man Ko COMPANY SECRETARY Mr. Chan Man Ko AUDITOR KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordancewith the Accounting and Financial Reporting CouncilOrdinance BANKERS Bank of CommunicationsChina Construction Bank (Asia)Bank of China (Hong Kong)China Minsheng Banking Corporation LimitedThe Hongkong and Shanghai Banking CorporationLimited REGISTERED AND PRINCIPAL OFFICE Rooms 1803-180618th Floor, YF Life Centre38 Gloucester Road, WanchaiHong Kong 38181803-1806 SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor, Hopewell Centre,183 Queen’s Road East,Wanchai, Hong Kong www.yff.com WEBSITE www.yff.com STOCK CODE 376 376 Management Discussion and Analysis OVERVIEW During the 2025, despite persistent fluctuations in theglobal geopolitical and trade landscape, major globalfinancial markets exhibited an upward trend amidstvolatility, buoyed by the transition into an interest rateeasing cycle and improved market liquidity. Duringtheyear under review,benefiting from the steadyeconomic recovery in Mainland China and Hong Kong,the local securities market demonstrated a revitalizedmomentum, with both turnover and IPO fundraisingvolumes recording year-on-year growth. Concurrently,driven by robust demand for global asset allocation, theHong Kong insurance business achieved strong growthin premium income. The wealth effect generated bythe market recovery continues to propel Hong Kong’sfinancial markets toward high-quality development. IPO Web 3 Duringthe year,the Group actively advanced itsstrategictransformation,ensuring steady businessg r o w t ht h r o u g h s t r e n g t h e n e d e x e c u t i o n a n dtechnological innovation. While consolidating our coreinsurance and securities businesses, the Group hasfully embraced Web 3 and blockchain technologies,acceleratingthe launch of diversified innovativeproducts to precisely meet market demands. Leveragedby prudent risk management and an efficient operationalframework,the Group is committed to expandingrevenuestreams within a shifting environment andcontinuouslyenhancing its core competitiveness.Ourgoal is to deliver long-term sustainable valueto our shareholders through exceptional operationalperformance. Management Discussion and Analysis管理層討論及分析 OVERVIEW (CONTINUED) TheGroup’s main sources of revenue include lifei n s u r a n c ep r e m i u m i n c o m e a n d o t h e r f i n a n c i a lbusinesses inc