2015 Annual Results. March, 2016
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1 2015 Annual Results March, 2016
2 Cautionary Note Regarding Forward-looking Statements To the extent any statements made in this presentation containing information that is not historical are essentially forward-looking. These forward-looking statements include but not limited to projections, targets, estimates and business plans that the Company expects or anticipates will or may occur in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Certain statements, such as those include the words or phrases "potential", "estimates", "expects", "anticipates", "objective", "intends", "plans", "believes", "will", "may", "should", and similar expressions or variations on such expressions may be considered forward-looking statements. Readers should be cautioned that a variety of factors, many of which may be beyond the Company's control, affect the performance, operations and results of the Company, and could cause actual results to differ materially from the expectations expressed in any of the Company's forward-looking statements. These factors include, but are not limited to, exchange rate fluctuations, market shares, competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions and other risks and factors beyond our control. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. In addition, the Company undertakes no obligation to publicly update or revise any forward-looking statement that is contained in this presentation as a result of new information, future events or otherwise. Neither the Company nor any of its employees or affiliates is responsible for, or is making, any representations concerning the future performance of the Company.
3 We are dedicated to becoming a world-leading personal financial services provider 2
4 Agenda Topic Speaker Position Overview Operating Highlights Peter Ma Alex Ren Group Chairman & CEO Group President Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Jason Yao Yuansiong Lee Ping Shao Timothy Chan Jessica Tan Group CFO Group Chief Insurance Officer President of Ping An Bank Group Chief Investment Officer Group COO 3
5 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Overview
6 Ping An will enter into the 3.0 Era Ping An 1.0 Ping An 2.0 Ping An 3.0 Banking Insurance Investment Big financial assets Big health care Integrated Finance + Internet Internet + Integrated Finance Self-operated model Open marketplace Open platform + Open marketplace 5
7 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Operating Highlights
8 Migration Model of Users and Customers Online Users of Core Finance Companies e 132 million e e million person-times million person-times e e Users of Internet Finance Companies e 183 million Online 5.75 million users e+$ Online Customers million (Including million APP users) Offline Customers of Core Finance Companies $ $ million customers $ 109 million $ 109 million million person-times $ $ Customers of Core Finance Companies Offline 7
9 Significant Progress in Migration User Migration Migration from internet finance companies to core finance companies % (in million person-times) Migration from core finance companies to internet finance companies % Customer Migration (in million person-times) Migration among core finance companies % Conversion between Customer and User (in million) Conversion from user to customer Conversion from customer to user % 81.8% 8
10 Broad-based Internet Users 107 million APP users 242 million Total Internet Users 57 million users held financial products Internet Users 242 million 72 million APP users 183 million Users of Internet Finance Companies 52 million APP users Users of Internet Finance Companies Users of Core Finance Companies Users of Core Finance Companies 132 million 9
11 Individual Financial Customers Exceeded 100 Million Number of Individual Customers % (in million) New Customers Retained Customers New Individual Customers by Segment million new customers Ping An Property & Casualty 41.4% Retail Banking 19.4% Ping An Life 14.7% Credit Card 14.0% Other es 10.5% 31/12/ /12/
12 Cross-selling Achieved Outstanding Result RMB24,951 million RMB4,597 million RMB64 million contribution 15.2% contribution 43.6% contribution 12.2% Premium income of Ping An Property & Casualty Short-term group insurance income of Ping An Annuity Premium income of Ping An Health 11
13 Robust Financial Performance in the Past Five Years Total Asset (in RMB billion) 2, , , , ,765.2 Increased 1.1 times Annual compound growth rate 20.2% Net Profit attributable to Shareholders of the Parent Company / ROE (in RMB billion / %) Basic EPS (in RMB) Net Profit attributable to Shareholders of the Parent Company ROE Increased 1.8 times Annual compound growth rate 29.2% Average ROE16.3% Increased 1.4 times Annual compound growth rate 24.3%
14 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Financial Analysis and Embedded Value
15 Financial Highlights Net Profit (in RMB million/in RMB) Net Profit attributable to Shareholders of the Parent Company / EPS 47, % 65,178 39,279 EPS % 54,203 EPS Total Asset Equity attributable to Shareholders of the Parent Company / ROE 4,005, % 4,765, , % 334,248 ROE 18.3% ROE 17.1% 31/12/ /12/ /12/ /12/
16 Net Profit by Segment (in RMB million) Net Profit by Segment Profit Contribution by Sector 36.0% 21.1% 42.2% 11.7% 31.6% Total Net Profit Life Property & Casualty Banking Trust 47,930 18,992 15,689 12,522 8,807 21,382 19,147 2,912 2,212 65,178 Asset Management and others 9.7% Securities 4.2% Trust 5.4% Net Profit attributable to Shareholders Banking 23.0% of the Parent Company 54,203 Life 34.8% 168.2% 141.8% 25.0X Securities Asset Management Others and offsetting 2, , , Property and Casualty 22.9% Notes: (1) Asset Management refers to the Ping An Asset Management. (2) Others refer to the parent company, Ping An Financial Leasing and financial platform services subsidiaries. 15
17 Profit Distribution Profitability development Capital requirement Sustainability of dividend policy (in RMB million) 2015 Final Dividend Proposal: 6, % 9,688 Cash dividend: Based on the total shares of 18,280 million, the final dividend will be distributed in cash of RMB0.35 per share, in total of RMB6,398 million. Including the interim cash dividend of RMB3,290 million, the sum of interim and final dividend in cash is RMB9,688 million, up by 47.9% over
18 Solvency Margin/ Capital Adequacy Ratio 31/12/2014 (Solvency I) 31/12/2015 (Solvency I) 31/12/2015 (Solvency II) Capital injection The Group 205.1% 195.4% 204.9% Ping An Life 219.9% 203.2% 219.7% Issuance of RMB5 billion capital supplement bond in December 2015 Ping An Property & Casualty 164.5% 182.2% 269.5% RMB2.5 billion subordinated bonds were redeemed in May 2015 Issuance of RMB5 billion capital supplement bond in July 2015 Ping An Bank 10.86% 10.94% NA RMB10 billion of private placement in May 2015, including RMB3.5 billion of injection by Ping An Group 17
19 Composition of Embedded Value 272,915 (41,419) (in RMB million) 552, ,926 Life Insurance 101,887 (6,570) Life Insurance 326,814 Other es 226,039 Other es 226,039 Adjusted value of net assets as at Dec. 31, 2015 Value of in-force insurance business written prior to June 1999 Value of in-force insurance business written since June 1999 Cost of solvency margin Embedded value as at Dec. 31, 2015 Notes: (1) Life insurance business includes business conducted through Ping An Life, Ping An Annuity and Ping An Health. (2) Above risk discount rates for the value of in-force business were earned rate/11.0%. (3) Figures may not match totals due to rounding. 18
20 Growth of Embedded Value Embedded Value (in RMB million) EVPS (in RMB) 17.2% The value of business inforce 458, , % 29.0% 552, , Adjusted net asset value 284, % 327,926 31/12/ /12/ /12/ /12/2015 Notes: (1) Above risk discount rates for the value of in-force business were earned rate/11.0%. (2) EVPS as at December 31, 2014 was recalculated based on the latest capital shares. 19
21 Movement of Embedded Value of Life Insurance (in RMB million) 264,223 24,628 31, (246) 11,599 1, ,142 (6,328) 326,814 Embedded value of life insurance business as at Dec 31, 2014 Expected return on yearstart embedded value Value of one year s new business Assumption and model changes Market value adjustment Investment return variance Experience variances and others Embedded value of life insurance business before capital changes Capital injection & dividends distribution Embedded value of life insurance business as at Dec 31, 2015 Notes: (1) Life insurance business includes business conducted through Ping An Life, Ping An Annuity and Ping An Health. (2) Figures may not match totals due to rounding. 20
22 NBEV and NBEV Margin Grew Steadily (in RMB million) Change NBEV Individual life insurance 20,800 30, % Bancassurance % Group insurance % NBEV in Total 21,966 30, % NBEV Margin 31.1% 30.4% 0.7 PPs Note: Figures may not match totals due to rounding. 21
23 NBEV Breakdown Average agent force (in million) (in RMB million) 0.75 Active rate in force Individual life NBEV 30,174 x FYP 69,347 f New policies per agent per month 1.2 Premium income per policy(in RMB) x 64.6% Polices per active agent per month 1.9 6, NBEV 30, NBEV Margin 44.5% Bancassurance and group insurance NBEV NBEV Margin 43.5% + Changes in product mix and assumption adjustments -1.0% Notes: (1) The FYP of individual life include the premium from telemarketing and internet marketing. (2) Figures may not match totals due to rounding. 22
24 Free Surplus of Life Insurance (in RMB million) 39, ,477 (34,299) 756 (6,828) 38,781 Free surplus of life insurance business as at Dec 31, 2014 Free surplus generated from in-force business Free surplus used to support new business Capital injection Dividends distribution Market value adjustment Free surplus of life insurance business as at Dec 31, 2015 Notes: (1) Life insurance business includes business conducted through Ping An Life, Ping An Annuity and Ping An Health. (2) The free surplus represents the excess of adjusted net assets of life insurance business over the regulatory solvency margin. (3) Figures may not match totals due to rounding. 23
25 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Insurance
26 Insurance Life Insurance Overview Written premium of the new business from individual life insurance reached RMB80,456 million, up by 50.9% YoY, with rapid increases in the number of sales agents and productivity. The market share of telemarketing maintained the first position. The NBEV of life insurance grew rapidly by 40.4% YoY. Corporate annuity assets under management of Ping An Annuity exceeded RMB300 billion, maintaining a market leading position. Property and Casualty Insurance The premium income of property and casualty insurance business reached RMB163,955 million, up by 14.5% YoY; the market share reached 19.4%, up by 0.5 percentage point YoY. Stuck to its customer-centric business model, and utilized new technologies and big data to further enhance its industry-leading capabilities of risk filtering and cost optimization. The business quality and profitability remained robust, with a combined ratio of 95.6%. 25
27 Life Insurance (1/5) Steady growth of written premium and strong performance in telemarketing and internet marketing Written Premium/Premium Income (in RMB million) Written Premium from Telemarketing and Internet Marketing 18.6% 299, % 15,541 Written premium 252,730 2,547 Including: premium income 183, % 222,057 Internet marketing Telemarketing 9, ,345 12, Notes: (1) Written premium refers to premium of the policies underwritten by the Company before significant insurance risk tests and separating of hybrid contracts. (2) Premium income refers to the premium after significant insurance risk tests and separating of hybrid contracts. (3) Life insurance business includes relevant business written by Ping An Life, Ping An Annuity, and Ping An Health. 26
28 Life Insurance (2/5) Written premium by distribution channels Individual Life Written Premium (in RMB million) Bancassurance and Group Insurance Written Premium (in RMB million) First year regular First year single and short-term 225,364 50,372 2, % 51.3% 269,107 76,233 4, % 31.4% 13,851 12,955 13,515 17,752 Renewal 172, % 188, Bancassurance Group insurance 27
29 Life Insurance (3/5) The number and productivity of sales agents increased steadily Sales Agents Number of agents Income of agents per agent per month (in RMB) Agent Productivity First-year written premiums per agent per month(in RMB) New individual life insurance policies per agent per month 4,684 5, , , ,551 6,
30 Life Insurance (4/5) The customer base continued to grow with a sound persistency ratio Number of Individual Customers (in thousand) Policy Persistency Ratio 10.4% 13-month 25-month 37,355 41, % 87.4% 90.9% 86.4% 31/12/ /12/2015 Note: The number of individual customers refers to the number of policy holders
31 Life Insurance (5/5) Reinforced the sales of protection type products Product Mix of Life Insurance (%) Product Mix of New for Individual Life Insurance (%) Annuity and Investment-linked Insurance Participating Insurance Universal Insurance Traditional Insurance Accident and Health Insurance 30
32 Ping An Annuity Remained Market Leader Assets under investment management (in RMB million) Assets Entrusted (in RMB million) 25.3% 42.5% 135, , ,105 89,280 31/12/ /12/ /12/ /12/
33 Property and Casualty Insurance (1/2) Premium income maintained stable growth with good business quality and profitability Premium Income (in RMB million) Combined Ratio Accident and health Non-automobile 143,150 3,226 29, % 163,955 4,099 28,739 Expense ratio 0.3 PPs 95.3% 95.6% 37.6% 38.9% Automobile 110, ,117 Loss ratio 57.7% 56.7% Note: Property and casualty insurance business includes relevant business written by Ping An Property & Casualty and Ping An Hong Kong. 32
34 Property and Casualty Insurance (2/2) Sustained growth of premium from cross-selling and telemarketing Premium Income from Crossselling and Telemarketing (in RMB million) Channel Contribution (in RMB million) 21.6% 75,465 Cross-selling 62,053 20,369 24,951 Others 33.3% Telemarketing 30.8% Premium income 163,955 Telemarketing 41,684 50,514 Car dealers 20.7% Cross-selling 15.2%
35 Technology Innovation Life insurance Constantly improve the quality and efficiency of business development through new technologies Ping An Life E-service APP Smart Store Over 30 million users Monthly activity rate of 33% Over 25 million person times participating in Appointment with Ping An Walk for Health Build world-leading financial stores Apply face-recognition technologies into life insurance business to facilitate efficient policy processing Property and casualty insurance Fully implement the online + offline claim service model and further implement internet business strategy Ping An Auto Owner APP Claim service Integrate quality resources in the ecosystem of auto use Cover services of automobile insurance, auto-related services and life with autos Screen big data for customer needs Pioneer in real-time payment of compensation, easy claim settlement without survey, claim service via WeChat and phone 34
36 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Banking
37 Banking Overall Growth Operating Efficiency Innovation and Development Risk Control Overview Ping An Bank maintained steady growth in business scale with stable profitability. Ping An Bank grew deposits and loans faster than most peers, with improved assetliability structure and enhanced NIS and NIM. Ping An Bank improved the operating efficiency and the cost-to-income ratio decreased sharply. The business structure optimized, with increased proportion of net non-interest income to the total revenue. Ping An Bank established industry-specific business units and strived to develop industry funds. It speeded up product innovation to break new markets for pan asset management and investment banking businesses. Ping An Bank has first launched movable property products of Internet of Things finance, which endowed commodity in transaction with the characteristics of finance, to promote the revolution of supply chain finance. Ping An Bank tackled challenges proactively, implemented comprehensive risk management, and made greater efforts to make provisions for and recover NPLs, the asset quality kept a relatively stable level. Capital adequacy ratio of Ping An Bank was 10.94%, with both tier 1 capital adequacy ratio and core tier 1 capital adequacy ratio of 9.03%, all of which were in compliance with the regulatory requirements. 36
38 The Scale and Profitability Maintained Steady Growth (in RMB million) Total Asset Net Profit 2,186, % 2,507,149 19, % 21,865 31/12/ /12/2015 Deposits Loans and Advances 1,533, % 1,733,921 1,024, % 1,216,138 31/12/ /12/ /12/ /12/2015 Note: The data is from the annual report of Ping An Bank. 37
39 Improved Structure and Operating Efficiency Cost-to-income Ratio 36.33% 5.02 PPs 31.31% Net Non-interest Income (in RMB million) 47.7% 30,064 20, % 27.74% NIS Net Non-interest Income Proportion of Net Non-interest Income NIM 0.23 PPs 2.63% 0.20 PPs 2.77% 2.40% 2.57% Note: The data is from the annual report of Ping An Bank
40 Strengthen Provisions and Maintain Stable Asset Quality Non-performing Loans (in RMB million) Balance of Non-performing Loans Non-performing Loan Ratio Loan Loss Provisions/ Loan Loss Provision Ratio/ Provision Coverage Ratio Loan Loss Provisions Loan Loss Provision Ratio Provision Coverage Ratio (in RMB million) 17, % % % 10, % 1.45% 1.79% 2.06% 2.41% 30,485 6,890 15, Ping An Bank has tackled various challenges proactively and strengthened the asset and liability management. It optimized the asset and liability structure, improved its risk tolerance and risk limit management system, built a comprehensive liquidity risk management model, and kept all market risks under strict control to ensure prudent business growth. 39
41 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Asset Management
42 Asset Management Investment Portfolio of Insurance Funds Securities Trust Ping An Asset Management Overview Taking into account with the requirements of profitability, safety and liquidity, the allocation scheme with the best risk-return profile was selected. Enlarged the investments in fixed income assets steadily, and achieved a net investment yield of 5.8%, up by 0.5 percentage points YoY; seized market opportunities, allocated equity investments dynamically, and achieved a total investment yield of 7.8%, a new high compared with the recent years. Improved the quantitative risk control system, strengthened risk alerting and monitoring, and enhanced the risk management system as well as the risk control processes before, during and after investment deals to ensure the security and profitability of insurance assets. Net Profit hit a record high with strategy transformation being advanced effectively. Securities brokerage business achieved great performance on the internet transformation and the scale of asset management business made breakthrough. Ping An Trust proactively promoted its business model transformation, while income and profit increased steadily. Ping An Trust optimized its business structure, and strictly controlled projects risk. Ping An Asset Management leveraged its expertise in investment, seized opportunities in the markets and boosted investment returns of the insurance funds. Ping An Asset Management carried forward business innovation and improved risk management level, with excellent performance in its third-party business. 41
43 Net Investment Yield and Total Investment Yield Reached New Highs Investment Income Investment Yield (in RMB million) 27.1% Net investment income 84,740 66, % 480.5% Net realized and unrealized income 5,905 34, % 5.8% 51.7% Impairment loss (4,268) (8,828) 5.1% 5.1% 80.1% Total investment income 63, , Net Investment Yield Total Investment Yield 42
44 Investment Portfolio of Insurance Funds Asset allocation proportions 31/12/ /12/2015 Change (PPs) Fixed income investments 79.7% 77.7% 2.0 Term deposits 16.0% 11.1% 4.9 Bond investments 46.9% 47.9% 1.0 Debt scheme investments 8.0% 7.9% 0.1 Wealth management products (1) 5.5% 6.8% 1.3 Other fixed income investments (2) 3.3% 4.0% 0.7 Equity investments 14.1% 16.2% 2.1 Stocks and Equity funds 10.8% 10.0% 0.8 Preference shares 0.8% 2.5% 1.7 Bond funds 0.4% 1.2% 0.8 Wealth management products and others 2.1% 2.5% 0.4 Investment properties 1.4% 1.5% 0.1 Cash, cash equivalents and others 4.8% 4.6% 0.2 Total investment (in RMB million) 1,474,098 1,731,619 Notes: (1) Wealth management products include trust schemes from trust companies, wealth management products from commercial banks, etc. (2) Other fixed income investments include financial assets purchased under agreements to resell, policy-pledged loans, statutory deposits for insurance operations, etc. 43
45 Securities (1/2) Net Profit hit a record high with effective strategies transformation Operating Income (in RMB million) Net Profit (in RMB million) 143.3% 168.2% 9,310 2,478 3,281 Brokerage fees income Underwriting commission income Investment income and others 1,215 3,826 1, ,814 2,
46 Securities (2/2) New customers brought by internet increased and the scale asset management business made breakthrough The Number of New Customers of Brokerage 28.3 times 2.93 (in million) Assets under management 44.9% (in RMB billion) /12/ /12/
47 Trust (1/2) transformation has been advanced consistently, with income and profit increased steadily Operating Income (in RMB million) 42.8% 8,366 Net Profit 31.6% (in RMB million) 1,231 2,912 Other income 5, ,212 2,212 Investment income 1,682 Net fees and commission income 3,513 4,
48 Trust (2/2) Insisted on optimizing business structure and strictly controlled risks Structure (in RMB million) Proportion of Financing Trusts 2015: Financing category accounted for 29.0%, of which real estate industry financing accounted for 8.3% Investment Administrative category category 30.8% Assets Held 40.2% in Trust 558,435 Financing category 29.0% % of Assets Held in Trust 2014: Financing category accounted for 43.9%, of which real estate industry financing accounted for 13.5% 47
49 Ping An Asset Management Developed Third-party Asset Management Rapidly Assets under Management 45.1% (in RMB million) Management Fees Income 91.3% (in RMB million) 245,722 1, , /12/ /12/
50 Overview Operating Highlights Financial Analysis and Embedded Value Insurance Banking Asset Management Internet Finance Internet Finance
51 Internet Finance Model has Gradually Matured Flow Internet + Integrated Finance Value Total users: 242 million App users: 107 million Frequency Migration person-times from internet finance companies to core finance companies: million Migration person-times from core finance companies to internet finance companies: million Transaction volume of Lufax reached RMB1.53 trillion Users that became customers of core finance companies: 5.75 million 50
52 Lufax: The Largest Internet Financial Transaction Information Service Platform Registered Users New Investors Active Investors million 3.33 million 3.63 million Up by 257.6% Up by over 9 times Up by nearly 10 times Annual Transaction Volume X5 1,525.3 X7 X Retail Institutional (in RMB billion) Mobile 67% Accumulated Transaction Volume (in RMB billion) 1, Retail 1,080.7 Institutional Accumulated Transaction Volume 51
53 Ping An Pay and Wanlitong Payment-processing business Various payments processed worth over RMB1.57 trillion Loyalty Points business Registered users over 96 million Mobile electronic wallet Yiwallet APP Ping An Pay + Wanlitong Online/offline merchants nearly 1 million Registered users over 45 million Monthly average activity rate 15.3% Annual activity rate 24.2% Transaction Volume RMB1.59 trillion Loyalty points issued worth RMB6.5 billion Loyalty points traded worth RMB21.2 billion Transactions through mobile 43.5% 52
54 Ping An Puhui Financial and PA Haofang Ping An Puhui Financial One of China s largest personal consumption finance and microenterprise finance service providers Integrate strong offline distribution and management network to match customers capital supply with demand Possess profound experience and robust risk management capability in personal consumption finance and micro-enterprise finance service New Loans RMB48.3 billion Accumulated Loans RMB99 billion Accumulated Borrowers 1.24 million Offline Outlets 552 PA Haofang Leveraging Ping An Group s advantage of integrated finance to build an O2O real estate finance platform Overseas Sales volume of new house through PA Haofang platform exceeded RMB150 billion The An An Zu APP was successfully launched in November to build a C2C house renting platform Develop an O2O finance platform for second-hand houses New and second-hand houses houses Registered users over 7 million House renting Haofang crowdfunding Haofang finance 53
55 Ping An Health Cloud and One Account Management Services Ping An Health Cloud is committed to building a one-stop whole-process O2O platform for health care services APP User over 30 million Peak daily active users 1.30 million Peak daily consultations 120 thousand It has built a preliminary multi-tier network with nearly 900 internal doctors, 40 thousand external contracted doctors and over 3 thousand contracted famous doctors at 3A hospitals B2C medicine supply network covered the whole country, O2O medicine supply network has covered tier-1 cities such as Shanghai, Beijing, and Shenzhen, while it delivers medicines within two hours One Account Management Services is committed to becoming the largest open internet financial service platform in China Users 100 million Monthly active users over 18 million Assets under management over RMB1 trillion It offers one-stop services including account management, wealth management, credit management and lifestyle management. It has integrated nine categories of financial and lifestyle accounts that cover over 80% of the financial users; 60% of the users have linked 1.9 accounts on average to the One Account Management Services. It offers three wealth management approaches, i.e. self-service, smart service, and advisory service, serving over 10 million users per month on the wealth management platform. In credit management, it has partnered with over 400 financial and daily-life service institutions, and has handled over 40 million authorized queries in total. 54
56 Expertise Creates Value Fortune (US) Ranked No. 96 in Fortune Global 500 Forbes (US) Ranked No. 32 in Forbes Global 2000 Financial Times (UK) Ranked No. 63 in FT Global 500 Corporate Governance Asia (HK) Corporate Governance Asia Recognition Awards Euromoney (UK) Best Managed Insurance Company in Asia Millward Brown, WPP Ranked No. 68 in BrandZ Top 100 Global Brands Ranked No. 11 in BrandZ Top 100 Chinese Brands The Economic Observer and MCCP Most Respected Company Interbrand Ranked No. 6 in 2015 Best China Brands 55
57 Q & A
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