1、Asia Pacific Equity Research18 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China.This material or any portion hereof may not be reprinted,sold or redistributed

2、 without the written consent of J.P.Morgan.China Healthcare/Health insurance Chinas aging demographic:Three themes under healthcare transformation InsuranceMW Kim AC(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedDan Wang(86-21)6106-SAC Registration Number:S1

3、730524080001J.P.Morgan Securities(China)Company LimitedJulia Kim(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedHealthcareYang Huang AC(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedEric Zhao,CFA(86-21)6106 SAC Regist

4、ration Number:S1730524050001J.P.Morgan Securities(China)Company LimitedDerek Choi(852)2800-J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedDenise Yan,CFA(852)2800 J.P.Morgan Securities(Asia Pacific)Limited/J.P.Morgan Broking(Hong Kong)LimitedSee page 21 for analyst cer

5、tification and important disclosures,including non-US analyst disclosures.J.P.Morgan does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Inves

6、tors should consider this report as only a single factor in making their investment China is entering a pivotal phase of demographic transition,with a rapidly aging population reshaping the long-term trajectory of healthcare demand.An estimated 395mn people equivalent to 30%of the population will be