年度报告 ANNUAL REPORT 2025
CHINA EXPORT & CREDIT INSURANCE CORPORATION ANNUAL REPORT 2025 中国出口信用保险公司 2025年度报告
目 录 CONTENTS 关于中国信保 ABOUT SINOSURE 2 产品简介 PRODUCT PROFILE 4 董事长致辞 CHAIRMAN’S MESSAGE 6 公司领导层 LEADERSHIP OF THE COMPANY 8 董事会 BOARD OF DIRECTORS 10 组织架构 ORGANIZATIONAL CHART 14 业绩回顾 PERFORMANCE REVIEW 17 风险管理 RISK MANAGEMENT 28 国际合作与交流 INTERNATIONAL COOPERATION AND EXCHANGE 31 深化改革 DEEPENING REFORMS 32 社会责任 SOCIAL RESPONSIBILITIES 33 财务报告 FINANCIAL STATEMENTS 38 审计报告 AUDIT REPORT 48 大事记 ANNALS 54 服务网络 SERVICE NETWORK 59
2 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 关于中国信保 ABOUT SINOSURE 中国出口信用保险公司（简称中国信保）成立于2001年12月18日，是由国家出资设立、支持中国对外经济贸易发展 与合作的国有政策性保险公司。 党中央、国务院高度重视发挥出口信用保险作用，习近平总书记先后三次对充分发挥出口信用保险作用作出重要指 示。中国信保坚持以“履行政策性职能，服务高水平开放”为己任，积极扩大出口信用保险覆盖面，为中国货物、 技术、服务出口，以及海外工程承包、海外投资项目提供全方位风险保障。截至2025年底，中国信保累计支持的国 内外贸易和投资规模超过10万亿美元，为40余万家企业提供了信用保险及相关服务，企业获赔受偿累计近280亿美 元。2015年以来，中国信保业务总规模连续在全球官方出口信用保险机构中排名第一。 China Export & Credit Insurance Corporation (hereinafter referred to as SINOSURE), established on December 18, 2001, is a state-owned policy-oriented insurance company with the mission of supporting China’s foreign trade and economic cooperation. The CPC Central Committee and the State Council attach great importance to giving full play to the role of export credit insurance. General Secretary Xi Jinping has issued important instructions on three separate occasions, calling for fully leveraging export credit insurance. Upholding its mission of “fulfilling the policy functions and supporting high-level opening-up”, SINOSURE works to actively expand the coverage of export credit insurance and provides comprehensive risk protection for the exports of Chinese goods, technologies, and services, as well as overseas contracting projects and investment projects. As of the end of 2025, SINOSURE had supported over USD10 trillion of domestic and international trade and overseas investment, extended services to more than 400,000 customers and paid out nearly USD28 billion of claims. Since 2015, SINOSURE has consistently ranked first globally among export credit agencies (ECAs) in terms of total business volume.
3 2025 年度报告 ANNUAL REPORT 2025 累计支持的国内外贸易和投资规模超过 10万亿美元 服务企业 40余万家 企业获赔受偿累计近 280亿美元 The cumulative value of domestic and foreign trade and investments supported by SINOSURE has exceeded USD10 trillion. Sinosure has provided services to over 400,000 enterprises. The accumulated indemnities paid to policyholders have reached nearly USD28 billion.
4 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 产品简介 PRODUCT PROFILE 开拓市场 Market Development 便利融资 Financing Facilitation 补偿损失 Loss Compensation 中长期出口信用保险 MEDIUM- AND LONGTERM EXPORT CREDIT INSURANCE 为金融机构、出口企业或融 资租赁公司收回融资协议、 商务合同或租赁协议项下 应收款项提供风险保障。 承保业务的保险期限一般为 2-15年。 It covers risks in relation to the repayment of exportrelated loan agreements for financial institutions, the collection of accounts receivable (A/R) for exporters, or the repayment under leasing contracts for financial leasing companies. The tenor is generally 2-15 years. 海外投资保险 OVERSEAS INVESTMENT INSURANCE 为投资者及金融机构因投资 所在国发生的征收、汇兑限 制、战争及政治暴乱等政治风 险造成的经济损失提供风险 保障。承保业务的保险期限不 超过20年。 It protects investors and financial institutions from economic losses resulting from political risks such as expropriation, exchange and transfer restrictions, war and political violence in the host country. The tenor is no longer than 20 years. 短期出口信用保险 SHORT-TERM EXPORT CREDIT INSURANCE 为企业货物或服务出口，或 银行开展保理、福费廷等业 务过程中，因商业风险或政 治风险导致的应收汇损失提 供风险保障。承保业务的信 用期限一般为1年以内，最 长不超过2年。 It protects exporters of goods/services or banks of factoring/forfaiting from the losses of accounts receivables due to commercial or political risks. The covered credit period is generally within 1 year, but no longer than 2 years. 短期出口特险 SHORT-TERM PROJECT INSURANCE 为企业在设备出口、工程承包 等合同项下，因商业风险或政 治风险导致的成本投入损失和 应收账款损失提供风险保障。 该险种一般针对单一合同承 保，承保业务的信用期限为2 年（含）以内。 It protects exporters from the losses of incurred costs or A/R resulting from commercial risks or political risks under the export contracts or engineering contracts. The cover is normally provided on single-contract basis, and the credit period is generally no longer than 2 years.
5 2025 年度报告 ANNUAL REPORT 2025 国内贸易信用保险 DOMESTIC TRADE CREDIT INSURANCE 为企业在国内贸易中，因商业 风险导致的应收账款或预付款 损失提供风险保障。承保业务 的信用期限一般为1年以内。 It protects enterprises of domestic transactions from the losses of A/R or advance payment resulting from commercial risks. The covered credit period is generally within 1 year. 进口预付款保险 IMPORT ADVANCE PAYMENT INSURANCE 为企业在进口贸易中因商业风 险或政治风险导致的预付款损 失提供风险保障。 It protects Chinese importers from the losses of their advance payment resulting from commercial risks or political risks. 融资担保/ 非融资担保 FINANCIAL GUARANTEE/ NON-FINANCIAL GUARANTEE 为企业的大型资本性货物出 口、海外工程承包、海外投资 并购等“走出去”项目及一般 贸易出口等业务提供融资担保 及投标保函、履约保函、预付 款保函等非融资担保支持，为 企业提供信用增级的“一站式” 服务。 It provides enterprises with “one-stop” credit enhancement services through financial guarantees and non-financial guarantees in forms of bid bond, performance bond and advance-payment bond, for their general trade exports and “Going Global” projects like large capital goods export, overseas engineering contracting, overseas investment and M&As. 资信服务 INFORMATION SERVICES 为企业提供资信调查、国别 行业风险分析、海外投资咨 询和企业信用管理咨询等 服务。 We provide services of credit investigation, country and industry risk analysis, overseas investment consulting, and corporate credit management consulting. 提升信用 Credit Enhancement 管理风险 Risk Management
6 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 董事长致辞 CHAIRMAN’S MESSAGE 坚守主责主业，为企业稳订单、拓市场保驾护航。面对 严峻复杂的外部环境，我们扩大授信供给、强化理赔服 务，全力支持企业突围破局。年承保金额再次超过万亿 美元，服务客户近25万家，均创历史新高。出口信用保 险渗透率和政策性业务占比进一步提升，帮助出口企业 有效防范、吸收、消化贸易战背景下面临的收汇风险。 聚焦服务客户，为企业谋发展、求创新赋能增效。我们 锚定企业所需所盼，不断完善产品服务体系，实现一批 新业务、新承保模式落地，大力支持跨境电商、海外仓 等外贸新业态和服务贸易，积极服务我国企业在关键领 域、关键通道、关键支点拓展国际化布局。我们出台推 进普惠金融高质量发展工作方案，开展“政策惠企”“服 务兴企”“数字化助企”三大专项行动，持续降费让利， 完善“单一窗口”服务场景，升级95387统一客服平台， 让惠企服务更加精准、高效、便捷。 强化风险防控，为企业守底线、保安全筑牢屏障。我们 始终把企业风险保障放在突出位置，持续发布《国家风 险分析报告》、中小微企业出口风险指数等研究成果，强 化风险动态监测预警，以专业能力为企业海外经营保驾 护航。我们将工业母机等五大产业集群纳入产业链支持 范围，强化政策举措全周期管理，助力企业提升产业链 供应链稳定性和竞争力。构建重大项目保后重点跟踪处 2025年是“十四五”规划收官之年，是中国式现代化进程中具有重要意义的一年。一年来，中国 信保坚决贯彻落实党中央、国务院决策部署，聚焦主责主业，强化使命担当，充分发挥出口信 用保险作用，不断提升服务实体经济质效，着力做好金融“五篇大文章”，坚定不移走好中国特 色金融发展之路，为实现“十四五”圆满收官交出了一份扎扎实实的信保答卷。 理机制，推进理赔标准化流程，让企业开拓国际市场更 有底气、更有信心。 “十四五”以来，面对错综复杂的形势和艰巨繁重的任 务，我们坚持以习近平新时代中国特色社会主义思想为 指导，持续深入贯彻落实习近平总书记关于充分发挥 出口信用保险作用的重要指示精神，迎难而上、砥砺前 行，圆满完成各项任务，累计实现承保金额4.8万亿美 元，服务支持客户数增长七成，全力帮助外经贸企业应 对新冠疫情、贸易摩擦等冲击，为扩大高水平对外开放 作出积极贡献，实现“十四五”圆满收官。 2026年是“十五五”开局之年，新征程承载新使命，新 起点呼唤新作为。我们将更加紧密地团结在以习近平同 志为核心的党中央周围，坚守初心，担当使命，凝心聚 力启新程，砥砺奋进再出发，以高质量履职服务高水平 开放，以实干实绩确保“十五五”开好局、起好步，为 推动经济社会高质量发展作出新的贡献！ 董事长
7 2025 年度报告 ANNUAL REPORT 2025 2025 marked the final year of the 14th national Five-Year Plan and was a year of special importance in China’s modernization drive. Over the past year, by staying focused on our core mission, reinforcing our sense of responsibility, carrying out initiatives in five key financial sectors and unwaveringly following the path of financial development with Chinese characteristics, we resolutely implemented the decisions and arrangements made by the CPC Central Committee and the State Council, fully leveraged export credit insurance and continuously improved the effectiveness of serving the real economy. With such efforts we delivered solid results to ensure a successful conclusion to the 14th Five-Year Plan. We remained steadfast in core mandate, supporting enterprises to secure orders and expand market presence. Amid a severe and complex external environment, we expanded credit supply and enhanced claims service. For the full year, our insured amount exceeded USD1 trillion again, our service reached nearly 250,000 clients, all marking record highs. Both the penetration rate of export credit insurance and the proportion of policy-oriented business in our portfolio were further increased. Our efforts effectively helped exporters to prevent, absorb and mitigate the accounts receivable collection risks faced against the backdrop of the trade war. Client-centered, we empowered clients to perform more effectively in development and innovation. Aiming at clients’ needs of expanding international footprint across critical sectors, key corridors and strategic pivot points, we improved our products and services by introducing a number of new business models and underwriting approaches to actively support new forms of foreign trade and service trade such as cross-border e-commerce, overseas warehouses, etc. We rolled out a work plan to promote high-quality development in inclusive finance, including carrying out three special actions of supporting clients through releasing favorable policies, providing targeted, streamlined and accessible services and using digitalization, reducing clients’ insurance cost, refining service scenarios for the “International Trade Single Window”, and upgrading the 95387 Integrated Customer Service Platform. We strengthened risk management system, building a resilient shield for clients to guard the bottom line and ensure safety. We have consistently prioritized clients’ risk protection and continuously published research findings such as the Handbook of Country Risk and China’s SMERI (SME Export Risk Index). By enhancing dynamic risk monitoring and early warning system, we have leveraged our professional expertise to safeguard clients in their overseas operations. We have incorporated five major industrial clusters, including machine tools, into our industrial chain underwriting framework, so as to better assist clients in their competitiveness and stability of industrial and supply chains. We have established a postunderwriting monitoring mechanism for major projects and advanced the standardization of claims processes. Our efforts reinforced confidence and resolve of Chinese exporters venturing into international markets. Since the 14th Five-Year Plan period, under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and steadfastly following General Secretary Xi Jinping’s important directives on fully leveraging export credit insurance, we have forged ahead with determination despite complex situations and challenges, and successfully accomplished all tasks. The cumulative insured amount reached USD4.8 trillion, and the number of supported client has grown by 70%. SINOSURE has spared no efforts to support foreign trade enterprises in navigating shocks such as the COVID-19 pandemic and trade frictions, making positive contributions to the cause of high-level opening-up, culminating in the successful conclusion of the Company’s 14th Five-Year Plan. The year 2026 marks the inaugural year of the 15th Five-Year Plan period, which calls for new missions and endeavors. Rallying more closely around the CPC Central Committee with Comrade Xi Jinping at its core, we shall stay true to our original aspiration, shoulder our missions. We will serve the nation’s high-level opening-up with high-quality performance of duties, secure a strong start for the 15th Five-Year Plan through concrete results, and make new contributions to driving high-quality economic and social development! Wang Hao Chairman of SINOSURE
8 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 公司领导层 LEADERSHIP OF THE COMPANY 序号 姓名 现任职务 1 王浩 党委书记、董事长 2 盛和泰 党委副书记、副董事长、总经理 3 李文森 党委副书记 4 李景龙 党委委员、中央纪委国家监委驻公司纪检监察组组长 5 徐新伟 党委委员、副总经理 6 张艺雄 7 赵蓉 8 张辉 业务评审委员会主任 9 殷延辉 总经理助理 No. Name Current Position 1 Wang Hao Secretary of CPC Committee and Chairman of SINOSURE 2 Sheng Hetai Deputy Secretary of CPC Committee, Vice Chairman and President of SINOSURE 3 Li Wensen Deputy Secretary of CPC Committee of SINOSURE 4 Li Jinglong Member of CPC Committee of SINOSURE and Chief Inspector of the Discipline and Supervision Office of the CPC Central Commission for Discipline Inspection and the National Commission of Supervision of the PRC at SINOSURE 5 Xu Xinwei Member of CPC Committee and Vice President of SINOSURE 6 Zhang Yixiong 7 Zhao Rong 8 Zhang Hui Director of the Business Review Committee 9 Yin Yanhui Assistant President
9 2025 年度报告 ANNUAL REPORT 2025 CHANGES IN THE LEADERSHIP 任职和变动情况 2025年5月，李文森先生任党委副书记，不再担任副总经理； In May 2025, Mr. Li Wensen served as Deputy Party Secretary and was reassigned from the position of Vice President; 2025年8月，张艺雄先生任党委委员，2025年11月任副总经理； In August 2025, Mr. Zhang Yixiong was named as a member of the Party Committee and, in November 2025, he was appointed Vice President; 2025年8月，张辉先生不再担任党委委员、副总经理、执行董事，2025年9月任业务评审委员会主任； In August 2025, Mr. Zhang Hui concluded his service as a member of the Party Committee, Vice President and Executive Director. In September 2025, he was appointed Director of the Business Review Committee; 2025年12月，赵蓉女士任党委委员，2026年2月任副总经理。 In December 2025, Ms. Zhao Rong was named as a member of the Party Committee. In February 2026, she was appointed Vice President.
10 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 董事会 BOARD OF DIRECTORS 董事会组成 MEMBERS OF THE BOARD OF DIRECTORS 序号 姓名 现任职务 1 王浩 董事长 2 盛和泰 副董事长 3 赵怀勇 部委董事 4 姚里程 5 梁昊飞 6 杨柳 7 朱永 股权董事 8 冯宜文 9 陈燕 10 夏阳 No. Name Current Position 1 Wang Hao Chairman 2 Sheng Hetai Vice Chairman 3 Zhao Huaiyong Ministry or Commission-appointed Directors 4 Yao Licheng 5 Liang Haofei 6 Yang Liu 7 Zhu Yong Equity Directors 8 Feng Yiwen 9 Chen Yan 10 Xia Yang 董事会下设六个专业委员会，分别为战略与投资委员会、资产负债管理委员会（由战略与投资委员会代行职责）、提 名薪酬委员会、风险管理与消费者权益保护委员会、审计委员会、关联交易控制委员会，各专业委员会主席和委员 均由董事担任。 Six specialized committees are established under the Board of Directors, namely the Strategy and Investment Committee, the Asset and Liability Management Committee (with its duties performed by the Strategy and Investment Committee), the Nomination and Remuneration Committee, the Risk Management and Consumer Protection Committee, the Audit Committee, the Related Party Transactions Control Committee. All committee chairs and members are serving directors.
11 2025 年度报告 ANNUAL REPORT 2025 董事会成员调整情况 CHANGES IN THE MEMBERS OF THE BOARD OF DIRECTORS 2025年1月，王浩先生任董事长、执行董事。 In January 2025, Mr. Wang Hao was appointed Chairman and Executive Director. 2025年7月，财政部派驻公司股权董事罗文光先生因年龄原因辞去董事职务。 In July 2025, Mr. Luo Wenguang, the Ministry of Finance-appointed Equity Director, resigned from the Board upon reaching retirement age. 2025年8月，张辉先生因职务调整原因辞去执行董事职务。 In August 2025, Mr. Zhang Hui resigned from his position as Executive Director due to a change in his duties. 2025年8月，中央汇金派驻公司股权董事辛晓岱女士因职务调整原因辞去董事职务。 In August 2025, Ms. Xin Xiaodai, the Central Huijin-appointed Equity Director, resigned from the Board due to a change in her duties. 2025年9月，夏阳先生任中央汇金派驻公司股权董事。 In September 2025, Mr. Xia Yang was appointed as the Central Huijin-appointed Equity Director.
12 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 董事会 BOARD OF DIRECTORS 董事会主要工作 OPERATION OF THE BOARD OF DIRECTORS 2025年，董事会坚持以习近平新时代中国特色社会主义思想为指导，全面 贯彻党的二十大和二十届历次全会、中央金融工作会议、中央经济工作会议 精神，持续深入落实习近平总书记关于充分发挥出口信用保险作用的重要指 示精神，支持公司深化改革，推动公司高质量发展取得新成效。不断完善公 司治理体系，推进公司章程获批，修订董事会议事规则及专委会工作规则， 完成监事会职能调整改革。认真履行议事决策职能，全年共召开董事会13 次，审议议案155项，涉及“十四五”发展规划实施情况、战略风险管理情 况、经营计划等重要议题；务实开展调查研究，提出具有针对性的意见建 议，为公司充分履行政策性职能提供有力决策支持。持续强化风险防控意 识，坚守底线思维，推动公司健全完善全面风险管理体系，着力抓好重点领 域风险管控，实现高质量发展和高水平安全的良性互动。 In 2025, guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the Board of Directors thoroughly implemented the guiding principles of the CPC 20th National Congress, the plenary sessions of the 20th CPC Central Committee, the Central Financial Work Conference and the Central Economic Work Conference. The Board continued to fully implement key directives of General Secretary Xi Jinping on maximizing the role of export credit insurance, supported the Company in deepening its reforms, and drove new process in the Company’s high-quality development. The Board consistently refined the corporate governance system, promoting the approval of the Company’s Articles of Association, revising the Rules of Procedure for Board Meetings and the Working Rules for Specialized Committees, and completing the reform of the Supervisory Board’s functional positioning. The Board diligently discharged its decision-making functions, convening 13 board meetings during the year to review 155 proposals on the implementation of the Company’s 14th Five-Year Plan, strategic risk management, and business planning. The Board conducted pragmatic research and investigations, putting forward targeted opinions and recommendations, providing robust decision-making support for the Company in fully fulfilling its policy-oriented functions. The Board consistently strengthened risk control awareness and upheld bottom-line thinking, promoting the enhancement of the Company’s comprehensive risk management system with focused oversight on risk control in key areas, thereby achieving a virtuous cycle between high-quality development and high-level security. 全年共召开董事会 13次 审议议案 155项 Throughout the year, the Company convened 13 board meetings Deliberated 155 proposals
13 2025 年度报告 ANNUAL REPORT 2025
14 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 组织架构 ORGANIZATIONAL CHART 子公司 营业机构 总部部门/营业部 董事会办公室 党委办公室/党委宣传部/办公室 境外机构 中国信保资信有限公司 提名薪酬委员会 资产负债管理委员会 审计委员会 风险管理与消费者权益保护委员会 关联交易控制委员会 因服务境外中资企业需要，除上述代表处外，中国信保设立了巴西圣保罗、印度尼西亚雅 加达、埃及开罗工作组。 注： 战略与投资委员会 法律合规部 机关党委/工会 党风廉政建设工作部/巡视工作领导小组办公室 审计部 战略研究部/深化改革领导小组办公室 国际部 产品管理和创新部 国别风险研究中心/区域国别研究院 数字金融部/普惠金融部 评审部 贸易险承保部 担保业务部 信息科技部 战略客户一部 资产管理事业部 贸易险理赔追偿部 党委组织部/人力资源部/信保党校 财务会计部 风险管理部 业务管理部 市场开发和客户服务部 项目险承保部 项目险保后理赔追偿部 行政管理部 战略客户二部 天津分公司 北京分公司 河北分公司 山西分公司 辽宁分公司 上海分公司 江苏分公司 浙江分公司 宁波分公司 安徽分公司 福建分公司 厦门分公司 山东分公司 河南分公司 广东分公司 深圳分公司 四川分公司 云南分公司 陕西分公司 黑龙江分公司 江西分公司 湖北分公司 湖南分公司 广西分公司 重庆分公司 新疆分公司 伦敦代表处 约翰内斯堡代表处 迪拜代表处 莫斯科代表处 管理层 董事会
15 2025 年度报告 ANNUAL REPORT 2025 In response to the needs of serving Chinese enterprises overseas, SINOSURE set up working groups in São Note： Board of Directors Management Strategy and Investment Committee Asset and Liability Management Committee Nomination and Remuneration Committee Risk Management and Consumer Protection Committee Audit Committee Related Party Transactions Control Committee Headquarters/Business Departments Domestic Branches Overseas Offices Subsidiary SINOSURE Credit Service Ltd London Representative Office Johannesburg Representative Office Dubai Representative Office Moscow Representative Office Xinjiang Branch Shaanxi Branch Yunnan Branch Sichuan Branch Chongqing Branch Guangxi Branch Shenzhen Branch Guangdong Branch Hunan Branch Hubei Branch Henan Branch Shandong Branch Jiangxi Branch Xiamen Branch Fujian Branch Anhui Branch Ningbo Branch Zhejiang Branch Jiangsu Branch Shanghai Branch Heilongjiang Branch Liaoning Branch Shanxi Branch Hebei Branch Tianjin Branch Beijing Branch Strategic Client Department Two Strategic Client Department One Asset Management Business Department Administration Department Information Technology Department Trade Insurance Claims & Recovery Department Project Insurance Claims & Recovery Department Guarantee Business Department Trade Insurance Underwriting Department Project Insurance Underwriting Department Appraisal Department Digital Finance Department/Inclusive Finance Department Business Development and Client Service Department Reach Center of Country Risk/Institute of Area and Country Studies Product Management & Innovation Department Business Management Department International Department Legal Affairs & Compliance Department Risk Management Department Strategic Research Department/ Office of the Leading Group for Deepening Reform Audit Department Finance & Accounting Department Institutional Party Committee Office/Labor Union Party Conduct and Clean Government Construction Department/Office of the Leading Group for Inspection Party Committee Organization Department/Human Resources Department/SINOSURE Party School Party Committee Office/Party Committee Publicity Department/General Office The Board Office Paulo, Brazil; Jakarta, Indonesia; and Cairo, Egypt, in addition to the four representative o ces.
16 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 组织架构 ORGANIZATIONAL CHART 人力资源 HUMAN RESOURCES 截至2025年末，公司员工数量3,372人，其中博士研究生90人，硕士研究生 2,152人，大学本科生1,080人。 截至2025年末，中国信保设有28个总部部门、26家分公司、1家子公司、4 个境外代表处和3个境外工作组。 As of the end of 2025, the Company employed 3,372 staff members, including 90 doctoral degree holders, 2,152 master’s degree holders, and 1,080 bachelor’s degree holders. As of the end of 2025, SINOSURE's organizational footprint includes 28 HQ departments, 26 domestic branches, one wholly-owned subsidiary, four overseas representative offices and three overseas working groups. 截至2025年末，中国信保员工 数量 3,372人 As of the end of 2025, SINOSURE had 3,372 employees in total
业绩回顾 PERFORMANCE REVIEW 17 2025 年度报告 ANNUAL REPORT 2025 全年支持对共建“一带一路”国家的出口和投资超 4,800亿美元 第三届“一带一路”国际合作高峰论坛 12项成果落地 12 achievements of the Third Belt and Road Forum for International Cooperation have been implemented Over 480 billion US dollars in exports and investment to countries jointly building the “the Belt and Road” throughout the year 服务高质量共建“一带一路” FACILITATING HIGH-QUALITY BELT AND ROAD COOPERATION 中国信保深入贯彻落实习近平总书记在第四次“一带一路”建设工作座谈会上的重要讲话精神，紧扣政策性金融机构 职能定位，服务共建“一带一路”高质量发展。推动第三届“一带一路”国际合作高峰论坛12项成果落地，全年支持 对共建“一带一路”国家的出口和投资超4,800亿美元。 Guided by the spirit of General Secretary Xi Jinping’s important speech at the Fourth Symposium on Belt and Road Initiative (BRI) Construction, SINOSURE closely aligned its role as a policy-oriented financial institution to facilitate the high-quality BRI cooperation. The Company facilitated the implementation of 12 deliverables from the Third Belt and Road Forum for International Cooperation, and supported China’s exports and outbound investments to BRI partner countries totaling over USD480 billion throughout the year. 支持我国外贸质升量稳 SUPPORTING HIGHER QUALITY AND STABLE GROWTH IN FOREIGN TRADE 中国信保实施“两轮+”稳外贸专项措施，积极助力企业保订单、拓市场、稳经营。制定实施提高限额供给、加大风 险保障、优化理赔服务等举措，强化对重点国别、市场的承保支持，引导企业开拓多元化市场，积极推动外贸新业 态和服务贸易创新发展、内外贸一体化，多措并举助力稳住外贸基本盘。 SINOSURE rolled out targeted measures to stabilize foreign trade, actively helping clients secure orders, expand market reach, and sustain operations. By implementing initiatives including increasing credit limit supply, strengthening risk protection, and optimizing claims services, SINOSURE enhanced underwriting support in key destination markets, guided clients in diversifying market footprint, and actively promoted the innovative development of new forms and models in foreign trade and trade in services, as well as the integration of domestic and foreign trade. Through these multi-pronged efforts, SINOSURE helped safeguard the fundamentals of China’s foreign trade.
18 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 业绩回顾 PERFORMANCE REVIEW 统筹做好金融“五篇大文章” DELIVERING COORDINATED FINANCIAL SERVICES ACROSS “FIVE PRIORITIES” 中国信保认真做好金融“五篇大文章”，促进加快发展新质生产力。大力支 持高新技术企业拓展国内和国际市场；落实绿色金融发展战略，支持绿色贸 易和投资1,769亿美元，增长38.1%；扩大普惠金融覆盖面，服务小微客户 数量和承保金额分别增长9.4%和15.4%；推动“全球查”、EDI等数字化产 品提质增效。 SINOSURE diligently executed the “Five Key Financial Priorities” to accelerate the cultivation of new quality productive forces. In technology finance, the Company provided robust support to high-tech enterprises in expanding their domestic and international market presence. In green finance, it implemented its green strategy, supporting green trade and investment of USD176.9 billion, an increase of 38.1%. In inclusive finance, the coverage was broadened with SME client number and the insured amount growing by 9.4% and 15.4%, respectively. In digital finance, it drove quality enhancement of digital products such as “Global Check” and EDI. 服务小微客户数量和承保金额分 别增长 9.4% 和15.4% SME client number and the insured amount grew by 9.4% and 15.4%
19 2025 年度报告 ANNUAL REPORT 2025 全年产业链承保规模突破 5,000亿美元 The scale of industrial chain underwriting exceeding USD500 billion throughout the year 着力提升产业链韧性和安全 STRENGTHENING INDUSTRIAL CHAIN RESILIENCE AND SECURITY 中国信保聚焦产业链韧性安全，突出对产业链企业“内外贸一体化”的支 持、强化产业链全流程保障力度。迭代完善产业链政策标准化模板，强化政 策举措全周期管理。扎实推进产业链承保，产业链承保规模突破5,000亿美 元，以精准的政策举措激发市场主体的内生动力。 SINOSURE sharpened its focus on industrial chain resilience and security, prioritizing integrated support for domestic and foreign trade of chain enterprises while strengthening safeguards across the industrial chain process. With solid progress in underwriting, the amount covered for industrial chains exceeded USD500 billion.
20 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 业绩回顾 PERFORMANCE REVIEW 短期出口信用保险业务 SHORT-TERM EXPORT CREDIT INSURANCE 短期出口信用保险业务有效落实稳外贸政策要求，加强限额支持，覆盖面持续扩大，加大支持新业态和服务贸易发 展，扎实推进产业链承保，着力提升理赔服务质效，加快响应市场需求，业务规模再上新台阶。 SINOSURE implemented policies of stabilizing China’s foreign trade and drove business scale to new heights, with enhanced credit limit support, continuously expanded coverage, strengthened support for new business forms and trade in service, solid progress in industrial chain underwriting, elevated quality and efficiency of its claims services, and accelerated market responsiveness in the short-term export credit insurance business. 全国首个国际物流出口信用保险服务贸易平台落地义乌 China’s First Export Credit Insurance Platform Tailored for International Logistics Service Launched in Yiwu 2025年5月，中国信保与义乌市商务局共同搭建组货人国际运输出口信用保险政府平台，创新推出组货人运费险项 目。“组货人”是义乌市场采购贸易的关键角色，承担着商品集拼、物流运输等重要职能。近年来国际物流市场波动 加剧，运费拖欠、垫资压力大等问题日益突出。中国信保基于义乌市场采购联网平台，通过数字化金融赋能，推出 组货人运费险方案，构建“低门槛、广覆盖”的风险保障体系，显著提升了企业抗风险能力。 In May 2025, SINOSURE, in collaboration with the Yiwu Municipal Bureau of Commerce, jointly launched an export credit insurance platform for international transport tailored to cargo consolidator. This initiative debuted an innovative freight insurance facility for cargo consolidators. As pivotal players of procurement trade in Yiwu’s market, cargo consolidators undertake critical functions such as cargo consolidation and logistics operations. Amid escalating volatility in the international logistics market in recent years, challenges such as freight payment default and high advance payment pressure have become increasingly prominent. Leveraging the online procurement platform for Yiwu’s market and digital finance solution, SINOSURE introduced the freight insurance solution for cargo consolidators, establishing a risk protection system with easy access and broad coverage, and significantly enhancing the resilience of enterprises against credit risks. 案例
21 2025 年度报告 ANNUAL REPORT 2025 中长期出口信用保险业务 MEDIUM- AND LONG-TERM EXPORT CREDIT INSURANCE 中长期出口信用保险业务承保项目覆盖新加坡、乌兹别克斯坦等59个国家（地区），涉及大型装备、交通运输、电 力、信息与通讯等行业，“小而美”民生项目承保数量及金额均保持稳定增长。 The medium- and long-term export credit insurance business portfolio spanned 59 countries and regions, like Singapore and Uzbekistan, covering industries such as heavy equipment, transportation, power, and ICT. In particular, the year saw sustained and steady growth in both the number and insured value of “small and beautiful” livelihood projects. 创新承保模式支持柬埔寨菩萨河水电站项目 Cambodia’s Pursat River Hydro-power Project Supported by Innovative Underwriting Model 2025年6月，中国信保为某工程企业承建柬埔寨菩萨河水电站项目出具出口延付合同再融资保险保单，承保金额超 2亿美元。该模式以出口延付合同再融资保险产品为基础，拓展适用范围，将承保责任起点由项目“完工后”提前至 “建设期”，为中资出口企业/工程承包企业在建设期进行应收款出表融资提供了新方案，有力促进了中资企业以延付 模式开拓国际市场。 案例 In June 2025, SINOSURE issued an Export Deferred Payment Contract Refinancing Insurance policy for a Chinese contractor undertaking the Pursat River hydropower project in Cambodia, with covered amount exceeding USD200 million. This policy expands the scope of application by advancing the starting point of cover from “post-completion” to the “construction phase.” This solution enables off-balance-sheet financing for account receivables during the construction period for Chinese exporters and contractors, thereby bolstering their global competitiveness via deferred payment terms.
22 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 业绩回顾 PERFORMANCE REVIEW 海外投资保险业务 OVERSEAS INVESTMENT INSURANCE 海外投资保险业务规模保持稳定，承保项目覆盖印尼、越南、巴基斯坦等102个国家（地区），主要分布在电力、矿 业、制造业及相关设备等行业，“小而美”民生项目与绿色项目承保成效明显。 The overseas investment insurance portfolio remained stable, spanning 102 countries and regions, including Indonesia, Vietnam, and Pakistan, covering sectors such as power, mining, manufacturing, and related equipment. Notable progress was achieved in underwriting both “small and beautiful” livelihood projects and green projects. 为中企在尼泊尔投资项目出具首张人民币银行债权保险单 First RMB-denominated Bank Loan for Project in Nepal Covered by SINOSURE 2025年7月，中国信保为四川某企业投资尼泊尔马楠马相迪135兆瓦水电站项目出具海外投资债权保险保单。本项 目被列为“中尼产能合作白皮书”优先建设项目，投资总额3.2亿美元，是中国信保首次在尼泊尔承保人民币海外投 资债权项目。项目建成后将持续提供绿色清洁能源，有助于尼泊尔产业发展、民生改善和环境保护。 案例 In July 2025, SINOSURE issued an overseas investment debt insurance policy for Nepal’s 135 MW Manang Marsyangdi Hydro-power Project invested by a Sichuanbased enterprise. The project, a priority in the China-Nepal Production Capacity Cooperation White Paper, represents a total investment of USD320 million. It marked SINOSURE’s first underwriting of a RMB-denominated project in Nepal by overseas investment debt insurance. Upon completion, the project will provide a steady stream of green and clean energy, supporting Nepal’s industrial development, livelihood improvement, and environmental protection.
23 2025 年度报告 ANNUAL REPORT 2025 国内贸易信用保险业务 DOMESTIC TRADE CREDIT INSURANCE 国内贸易信用保险业务规模实现较快增长，全年新签保单及服务客户数增加，客户覆盖面进一步扩大，积极服务外 贸企业开拓国内市场。 SINOSURE achieved robust growth in domestic trade credit insurance business scale. This year saw an increase in the number of both newly issued policies and clients served, further broadening clients reach and actively facilitated exportoriented enterprises in tapping the domestic market. 助力国内数据中心建设 Domestic Data Center Supported by SINOSURE 2025年11月，中国信保积极响应市场对新兴行业的信用保险诉求，通过国内贸易信用保险等产品全力支持数字基础 设施建设，成功承保了某大型电信运营商、某头部社交媒体、某云基础设施服务商等3个数据中心项目，保障了数 十台国产柴油发电机采购需求，截至2025年底，中国信保累计承保国内外数据中心的柴油发电机采购超3亿元人民 币。 案例 SINOSURE actively responded to the market demand for credit insurance coverage in emerging industries, fully supporting digital infrastructure development. In November 2025, the Company successfully underwrote the procurement of dozens of domestically produced diesel generators across three data center projects involving a major telecom operator, a leading social media platform, and a cloud infrastructure service provider. As of the end of 2025, SINOSURE had cumulative coverage of diesel generator procurement for domestic and international data centers over RMB300 million.
24 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 业绩回顾 PERFORMANCE REVIEW 担保业务 GUARANTEE 担保业务加强业务创新，不断丰富服务客户出口贸易、境外工程承包和境外投资并购的业务场景，全年业务规模保 持稳定。 The guarantee business stepped up innovation to diversify business scenarios for clients across export trade, overseas project contracting, and cross-border M&A, maintaining stable business scale throughout the year. “融资保函+中长期出口信用保险”组合服务乌兹别克斯坦储能项目 A Package Service Integrating Financial Guarantee and MLT Cover for Uzbekistan’s Energy Storage Project 2025年1月，中国信保为中资企业投资的乌兹别克斯坦储能项目开立融资保函，服务其建设期贷款需求。该项目是 中国信保提供“融资保函+中长期出口信用保险”组合服务的第一个储能项目，覆盖项目全周期融资需求，助力乌兹 别克斯坦电力行业绿色转型。 In January 2025, SINOSURE issued a financial guarantee for an energy storage project in Uzbekistan invested by a Chinese enterprise to support its construction-phase loan requirements. Representing the first energy storage project supported with SINOSURE’s integrated “financial guarantee + MLT cover” solution, this initiative covered the project’s full-cycle financing needs and bolstered the green transition of Uzbekistan’s power industry. 案例
25 2025 年度报告 ANNUAL REPORT 2025 支付某机车出口项目赔款近700万欧元 Approximately EUR7 million Paid for Locomotive Export 四川某机车生产企业于2022年向非洲某国出口34台机车，后因该国发生武装冲突，国家财政收入锐减、外汇短缺， 导致合同项下已经开立并承兑的部分信用证无法支付，造成出口企业应收账款损失2,000余万欧元。在中国信保和 出口企业共同努力下，陆续追回近1,000万欧元。对其余损失，中国信保于2025年3月支付赔款近700万欧元。 A locomotive manufacturer based in Sichuan Province exported 34 locomotives to an African country in 2022. Following the outbreak of armed conflict in the buyer’s country, a sharp decline in fiscal revenue and severe foreign exchange shortages led to the default on accepted letters of credit under the contract, leaving the exporter with accounts receivable losses over EUR20 million. Through joint efforts of SINOSURE and the exporter, nearly EUR10 million was recovered. For the remaining loss, SINOSURE paid a claim of approximately EUR7 million in March 2025. 案例 理赔和追偿业务 CLAIMS AND RECOVERIES 中国信保运用“追赔联动”模式推动主权债务风险处置，相关国别主权债务重组取得阶段性进展。在贸易险理赔追偿 方面制定两轮超常规政策，推进理赔标准化流程，首创单证智能管理系统，实现人工智能在业务端应用零的突破。 SINOSURE deployed its “Claims-Recovery Linkage” model to facilitate resolution of sovereign debt risks, achieving phased progress in relevant sovereign debt restructuring. In trade credit insurance business, the Company advanced standardized claims settlement process, and pioneered an intelligent document management system—marking a breakthrough by applying AI in front-line operations.
26 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 业绩回顾 PERFORMANCE REVIEW 资信服务业务 CREDIT INFORMATION SERVICE 2025年，中国信保资信有限公司聚焦服务主责主业，提升服务质效，保持 稳健经营。资信数据服务覆盖全球国别、行业、企业银行等多个领域，建立 了覆盖全球约200个国家和地区、近500家渠道的资信数据网络，搭建了动 态更新的全球风险数据库，其中全球企业银行风险数据库累计入库企业突破 5亿家，行业风险数据库数据量近4亿条。累计提供海内外企业资信报告、 提（关）单报告、定制化行业研究及咨询报告132万份。 In 2025, SINOSURE CREDIT SERVICE LTD. adhered to prudent operations while sharpening focus on its core mandates and enhancing service quality and efficiency. Its credit data services span diverse domains, including countries, industries, enterprises, and banks. It has established a credit data network encompassing approximately 200 countries and regions, supported by nearly 500 partner channels. Furthermore, it has set up a dynamically updated Global Risk Database, which includes data of over 500 million enterprises and banks as well as 400 million risk data records of industries. Cumulatively, 1.32 million credit reports on domestic and overseas enterprises, bills of lading reports, and customized industry research and consulting reports were delivered throughout the year. 全球企业银行风险数据库累计 入库企业突破 5亿家 全年累计提供报告 132万份 The global corporate and bank risk database has accumulated data on over 500 million entities Accumulated 1.32 million reports provided throughout the year
27 2025 年度报告 ANNUAL REPORT 2025 客户服务 CUSTOMER SERVICE 2025年，中国信保95387统一智能客户服务平台持续发挥实效。全年接听来 电2.5万通，开展外呼服务超70万通；处理客户需求1.5万件，平均1个工作 日内办结。 In 2025, SINOSURE’s 95387 Integrated Smart Customer Service Platform continued to deliver tangible results. The platform handled 25,000 inbound calls and over 700,000 outbound calls throughout the year. Additionally, it processed 15,000 customer requests, achieving a 100% completion rate within one business day on average. 全年接听来电 2.5万通 Totally 25,000 calls were received
28 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 风险管理 RISK MANAGEMENT 2025年，中国信保全面贯彻党中央关于防范化解重大风险的决策部署，统筹业务发展和风险防控，恪守“稳健、审 慎、合规、全面”的风险管理理念，强化重点领域风险防控，完善创新风险防控机制，推动风控数字化建设，着重 提高风险管理能力，坚决守住风险底线，为公司高质量履行政策性职能提供有力支撑，七大类风险整体可控： 2025年，公司共发生6笔关联交易。相关关联交易定价公允，关联交易识别、审议、披露、报告等符合法律法规及 监管规定。 保险风险 风险总量略有上升， 风险水平总体可控。 信用风险 各类信用风险表现平 稳，总体可控。 操作风险 全年新发操作风险事件数量、操作风 险相关损失金额等核心指标均在可控 范围内，各项业务及经营管理工作正 常运转，操作风险总体可控。 市场风险 市场风险限额指标均在监 管和公司控制范围，投资 业务审慎稳健运行。 战略风险 公司无重大战略风险事项发 生，战略规划科学合理，实施 情况总体良好，政策性履职再 上新台阶。 声誉风险 未发现对公司声誉造成 重大不良影响或产生重 大声誉风险的事件，声 誉风险总体可控。 流动性风险 公司流动性监测比例高于监管 要求，投资资产变现能力较 强，整体流动性充足。
29 2025 年度报告 ANNUAL REPORT 2025 In 2025, thoroughly implementing the CPC Central Committee’s deployment for preventing and defusing major risks, SINOSURE coordinated business development with risk control by adhering to the risk management philosophy of being “sound, prudent, compliant and comprehensive”, strengthening risk prevention and control in key areas, improving risk control mechanisms, advancing digitalization of risk control, thus elevating risk management capabilities to firmly guard the risk bottom line, and providing strong support for the high-quality fulfillment of our policy-oriented functions. All seven major categories of risks remained well-contained: In 2025, SINOSURE entered into six related party transactions, all of which were fairly priced. The identification, review, disclosure, and reporting of these transactions complied with applicable laws, regulations, and regulatory requirements. Insurance risk Overall risk slighted increased, with overall risk levels remaining wellcontained. Credit risk Various credit risk exposures remained stable and were generally wellmanaged. Operational risk Core indicators, including the number of newly reported operational risk events and associated loss amounts, stayed within controllable ranges. All business lines and management operations functioned normally, with overall operational risks well-contained. Liquidity risk Liquidity monitoring ratios exceeded regulatory requirements. Investment assets demonstrated strong liquidity. Overall liquidity remained ample. Market risk All market risk limit indicators comply with regulatory and internal requirements, ensuring the prudent and steady operation of investment activities. Reputational risk No events triggering material adverse impacts on the Company’s reputation were identified, leaving overall reputational risk wellcontained. Strategic risk No major strategic risk incidents occurred. Strategic planning remained robust and evidencebased, with implementation progressing effectively. Policyoriented performance delivered record results.
30 CHINA EXPORT & CREDIT INSURANCE CORPORATION 中国出口信用保险公司 风险管理 RISK MANAGEMENT 《国家风险分析报告》 HANDBOOK OF COUNTRY RISK 2025年10月16日，中国信保在京举办“2025年《国家风险分析报告》发布会”，正式发布2025年《国家风险分析报 告》以及相配套的全球风险地图和地球仪。2025年版报告具有以下特点：立足可持续视角，从政治、经济、法律、 营商环境等维度系统评估一国风险，从财政、外债、汇率、就业等方面综合研判经济走势，为主要国家描绘一个全 面、客观、公正的评估视图。立足发展视角，从资源禀赋、产业结构等层面分析发展潜力，从政策导向、双边经贸 等角度寻找发展机遇，为我国企业海外布局、风险管理提供合理建议。立足实用视角，汇集整理主要国家重点展会 等实用信息，为中国企业开拓多元化市场提供准确指引。 On October 16, 2025, SINOSURE held the Launch Event for the Handbook of Country Risk (2025) in Beijing, officially releasing the 2025 version of Handbook along with Country Risk Map and the Globe. The 2025 edition features the following characteristics: From a sustainability perspective, it systematically assesses country risks across dimensions including politics, economy, law and business environment, and comprehensively evaluates economic trends from aspects such as fiscal position, external debt, exchange rate and employment, offering a comprehensive, objective, and impartial assessment of major countries. From a development perspective, it analyzes a country’s growth potential through its resource endowments and industrial structure, and identifies development opportunities via policy orientation and trade relations, to guide Chinese enterprises in international market expansion and risk management. From a practical perspective, it compiles practical information such as key exhibition data in target countries to help Chinese enterprises explore diversified markets.
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