citiViewboint|CitiResearch20Mar202608:04:53ET|39pages.ChinaAnalysisChina's Burgeoning SilverEconomv l:Healthcare&InsuranceCITI'STAKEJohnYung,CFAMG+852-2501-2790MichelleMa,CFAAC+852-2501-2723time. WeEvaZhao,CFA+852-2501-2701eva.zhao@citi.conWangbinZhouopportuntee+852-2501-2352ing societywangbin.zhou@citi.comZoeBian+852-2501-2752zoe.bian@citi.com852-2501-8156amy.jy.chen@citi.com-Pharma/biotecht,focusingon enhanddiseases, and novee pilot to gair expensemtologa12%CAGPin2002030EtoRmb171bnwithpotentialtofurtheraccelerateinalLife.CPIC;Online/Alhealthcare:Alih:MicroPort.See Appendix A-1for Analyst Certification, Important Disclosures and Research Analyst Affliations.NotfordistributioninthePeople'sRepublicofChina, excluding the HongKongSpecialAdministrative Region and QualifedForeign InstitutionalInvestors.
China20March2026CitiResearchContentsChina:The FastestAgingCountryintheWorldChina'sSiverEconomy-OpportunitiestoHealthcareandInsuranceCoreBeneficiariesinHealthcare&InsuranceNeChronicDiseaseManagement:AlServes as"'HealthPartner"s,adingOnlineandOfflinePharmacv/ServiceProvidersBuildan中体122EcosystemPharmas/Biotechs: Riding the Wave of GeriatricInnovationAddressing PhysiologicalDeterioration andImproving,Quality of LifeommercialLTCI to Supplement SocialSecurityInsurance to SupplementChina'sEvolvingLTCare22288Iunder Social Security FrameworkConcluded9-vearPilotnbarked on NationwideImplementationInsurancetoShiftFocustoProtection,eature and Embrace Rising Elderly Care DemandencesIndicateFurtherRoomftorCommecalLrclInsurers'Health ManagementServicesCouldSpurBusinessGrowth andContainClaimsfromtheElderlyGrourAppendixA-1
China20March2026CitiResearchTableofFigures455677Figure 1. China Healthcare and Insurance: Comp table of benefited companies amid silver economy China'snonulation aging trend is significantly faster than the other countriesopulation agingtrendhealthcare expensesforindividuals 60+ are~5X times highermbursable HealthcareExpenditure(NRHE)expenditures breakdownbysourceofflundsintheUSvs.Chinain2024pincrease-4x;commercialmedicalinsurancelikelytocontribute18%ofdirectHCexpenditure889纪们4亿亿博佰切切加ctions among peopleagedover 60rthe90daysendingAug2024)growth forecastforthenextfewyears,echsforsilvereconomygments for aging-related chronic diseasesating aging, in addition to a declining birth rate and ashrinking working-agepopulation,noting theestablishmentofalTCIsvsteminChinaalLTCI premiums in 2020-24to Rmb85bn, or9%oftotal commercial health insurance22ommercialhealthinsurancepremiumstoexpand toRmb2tnin2030Eowth rate for all om mercial health insurance products, weexpect commercialLTCl to bookaosot for applving forLTClis betweenthe agesof55 and 65, per the Diectorof American Association282ucts tend to be costly, especiall afterfactoring ininflation protection been deploying resourcesin health management services to enhance product attractiveness
China20March2026CitiResearchFigure1.ChinalHelthcare and Insurance:Comptableofbeneftedcompaniesaid silereconomMkt Cap)Divyield(%)Debt/equity(9TickUS$(M)AierEyeHospitalGroup300015.SZAliHealthChinaLifeInsuranceChinaLife InsuranceChinaPacificInsuranceChinaPacific InsuranceGush...
