| | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) | | | | 户均持股数(股) | | --- | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 16.64% | | 83784 -26614 | -24.11% | 306.45万 | 8.17万 | | 2025-03-31 | 4.18% | 110398 | -399 | -0.36% | 199.40万 | 6.20万 | | 2025-02-28 | -9.42% | 110797 | 6442 | 6.17% | 190.71万 | 6.18万 | | 2024-12-31 | -12.84% | 104355 | 13603 | 14.99% | 223.54万 | 6.56万 | | 2024-09-30 | 45.60% | 90752 | -2128 | -2.29% | 294.91万 | 7.54万 | 根据统计，中国太保2025年3月31日至2025年6月30日，主力资金净流出3.76亿元，游资资金净流入4.26 亿元，散户资金净流出5 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 50.08 CNY per share [6][13]. Core Insights - The company's net profit increased by 11.0% year-on-year in the first half of 2025, with a significant improvement of 36.5% in Q2. This growth is attributed to improved investment returns [3][13]. - The embedded value increased by 4.7% year-to-date, primarily driven by expected returns and the positive contribution from new business value (NBV), which grew by 32.3% year-on-year in H1 2025 [3][13]. - The company has optimized its asset allocation, with a notable increase in bond allocation by 2.4 percentage points to 62.5% [13]. Financial Summary - Revenue for 2023 is projected at 323,945 million CNY, with a growth forecast of 25% for 2024, followed by a slight decline of 3% in 2025 [5]. - Net profit attributable to shareholders is expected to rise from 27,257 million CNY in 2023 to 44,960 million CNY in 2024, reflecting a 65% increase [5]. - The earnings per share (EPS) is projected to be 4.78 CNY in 2025, with a steady growth trajectory in subsequent years [5][14]. Business Performance - The life insurance NBV growth is primarily driven by a robust increase in new policy premiums, which rose by 28.7% year-on-year [13]. - The company’s property insurance combined ratio (COR) improved by 0.8 percentage points to 96.3%, indicating better operational efficiency [13]. - The company’s investment income is expected to improve, with a projected non-annualized net investment return of 1.7% in H1 2025 [13].

证券研究报告·公司点评报告·保险Ⅱ 中国太保（601601） 2025 年中报点评：寿险 NBV 保持高增长， 产险 COR 同比改善 -4% 2% 8% 14% 20% 26% 32% 38% 44% 50% 2024/8/29 2024/12/28 2025/4/28 2025/8/27 中国太保 沪深300 市场数据 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 323945 | 404089 | 418074 | 424009 | 429944 | | 同比（%） | -2.47% | 24.74% | 3.46% | 1.42% | 1.40% | | 归母净利润（百万元） | 27257 | 44960 | 51637 | 52698 | 55273 | | 同比（%） | -27.08% | 64.95% | 14.85% | 2.06% | 4.89% | | EV（元/股） | 55.04 | ...

瑞银发布研报称，中国太保(02601)上半年盈利表现超预期，其他指标大致符合预期，上半年净利润同 比增长11%，超越市场预测的2%至9%增幅，营运溢利增长7.1%，略高于瑞银预测的增长6%。重述后上 半年新业务价值同比升32%，符合预期。按可比口径太保新业务价值增长于第二季放缓，瑞银归因于首 年保费增长按季减慢所致，但表现仍属强劲。因应中国太保近期股价上扬，瑞银将其2025年内涵价值预 测上调5%，目标价亦从37港元升至41港元，评级"买入"。 ...

瑞银发布研报称，中国太保（601601）(02601)上半年盈利表现超预期，其他指标大致符合预期，上半 年净利润同比增长11%，超越市场预测的2%至9%增幅，营运溢利增长7.1%，略高于瑞银预测的增长 6%。重述后上半年新业务价值同比升32%，符合预期。按可比口径太保新业务价值增长于第二季放 缓，瑞银归因于首年保费增长按季减慢所致，但表现仍属强劲。因应中国太保近期股价上扬，瑞银将其 2025年内涵价值预测上调5%，目标价亦从37港元升至41港元，评级"买入"。 ...

Financial Data and Key Metrics Changes - Group operating income amounted to CNY 200.5 billion, up 33% [5] - Group OPAT was CNY 19.9 billion, up 7.1% [5] - Net profit increased by 11% [5] - EV reached CNY 588 billion, up 4.7% [5] - AUM totaled CNY 3.8 trillion, up 6.5% [5] - Comprehensive solvency margin was 264% and core solvency margin was 190% [6] Business Line Data and Key Metrics Changes - Life insurance recorded a return premium of CNY 193.5 billion, up 13.1% [12] - New business value (NBV) grew by 32% [13] - Property and Casualty (P&C) premium income was CNY 112.8 billion, up 0.9% [17] - Auto insurance premiums reached CNY 53.6 billion, up 2.8% [17] - Non-auto premiums were CNY 59.8 billion, down 0.8% [17] Market Data and Key Metrics Changes - The bank channel realized CNY 41.7 billion in premiums, up 82% [16] - The share of mid-tier customers and above increased by 3.8 percentage points year on year [14] - The number of high net wealth customers from the bank channel grew by 75% [14] Company Strategy and Development Direction - The company aims for high-quality development and to uphold value and profitability [4] - Focus on health, elderly care, internationalization, and AI integration as key strategies [24] - Continued investment in technology and green insurance offerings [32] Management's Comments on Operating Environment and Future Outlook - The Chinese economy is stabilizing, presenting opportunities for the insurance industry [26] - New regulations are aimed at enhancing risk prevention and promoting high-quality growth [27] - The company is committed to prudent business operations and innovation to drive growth [35] Other Important Information - The company has implemented a dividend policy linked to OPAT [7] - The investment strategy includes a focus on long-term bonds and alternative assets [22] - The company is enhancing its asset-liability management (ALM) systems [72] Q&A Session Summary Question: Comments on performance for the first half of the year and macroeconomic opportunities - Management noted stable growth in China's economy and improvements in domestic demand [26][28] - The company is adapting to new regulations to enhance its competitive edge [27] Question: Future strategies for life and bank channels - The company is focusing on team building and digital empowerment to enhance agency performance [48] - The bank channel strategy emphasizes value creation and deepening partnerships with key banks [53] Question: Investment outlook and net asset changes - Management highlighted uncertainties in the macroeconomic environment but sees long-term opportunities in the equity market [68][70] - The drop in net assets was attributed to accounting standards and interest rate volatility, with expectations for stabilization [73][75]

Financial Data and Key Metrics Changes - Group operating income amounted to CNY 200.5 billion, up 33% [7] - Group OPAT was CNY 19.9 billion, up 7.1% [8] - Net profit increased by 11% [7] - EV reached CNY 588 billion, up 4.7% [7] - AUM totaled CNY 3.8 trillion, up 6.5% [7] - Comprehensive solvency margin was 264% and core solvency margin was 190% [8] Business Line Data and Key Metrics Changes - Life insurance recorded a return premium of CNY 193.5 billion, up 13.1% [15] - New business value (NBV) grew by 32% [15] - Property and Casualty (P&C) premium income was CNY 112.8 billion, up 0.9% [19] - Auto insurance premiums were CNY 53.6 billion, up 2.8% [19] - Non-auto premiums were CNY 59.8 billion, down 0.8% [19] Market Data and Key Metrics Changes - The bank channel realized CNY 41.7 billion in premiums, up 82% [18] - The share of mid-tier customers and above increased by 3.8 percentage points year on year [16] - The number of high net wealth customers from the bank channel grew by 75% [16] Company Strategy and Development Direction - The company aims to pursue high-quality development and strengthen its market position [6] - Focus on health, elderly care, internationalization, and AI integration as key strategies [26] - Emphasis on digital finance and technology insurance to enhance service offerings [14][12] Management's Comments on Operating Environment and Future Outlook - The management noted resilience in the Chinese economy despite uncertainties [5] - New regulations are expected to enhance risk prevention and promote high-quality growth in the insurance industry [30] - The company is committed to stable and prudent business operations to ensure shareholder value [10] Other Important Information - The company has launched various initiatives in technology and green insurance, serving 75,000 enterprises [11][12] - The dividend policy links payouts to OPAT while considering investment contributions [9] Q&A Session Summary Question: Comments on performance for the first half of the year and macroeconomic opportunities - Management highlighted stable growth in China's economy and improvements in domestic demand [29][30] Question: Strategy for promoting the share of par business and AI applications - The company is focusing on customer needs and differentiating strategies by channel and region [41][45] Question: Future strategy for life and bank channels - The company is enhancing team management and digital empowerment to improve agent productivity [50][56] Question: Impact of investment market volatility and net asset drop - Management acknowledged uncertainties in the macroeconomic environment and emphasized a long-term stable trend for assets [71][76]

August 29, 2025 2025 Interim Results Announcement China Pacific Insurance (Group) Co., Ltd. Disclaimer n These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of China Pacific Insurance (Group) Co., Ltd. (the "Company") or any holding company or any of its subsidiaries in any jurisdiction. No part of these materials shall form the basis of or be relied up ...

Investment Rating - The investment rating for the company is "Buy" [7][5]. Core Views - The company reported a strong growth in New Business Value (NBV) of 32% year-on-year, driven primarily by the bancassurance channel, which saw a 156% increase in NBV [2][5]. - The operating profit after tax (OPAT) increased by 7.1% year-on-year, with life insurance operating profit growing by 5% [1][5]. - The combined operating ratio (COR) for property insurance improved, decreasing by 0.8 percentage points to 96.3%, mainly due to a reduction in expense ratios [1][3]. Summary by Sections Life Insurance - The NBV for life insurance increased by 32% year-on-year, with new single premium income rising approximately 29% [2]. - The bancassurance channel significantly contributed to this growth, while the agent channel experienced a decline in new single premium income [2]. - The profit from life insurance grew by 3.2% year-on-year, supported by improved investment returns [2]. Property Insurance - Property insurance premiums grew by 0.9% year-on-year, with a focus on reducing high COR business [3]. - The COR for property insurance improved to 96.4%, with a notable decrease in expense ratios [3]. - The company anticipates a low single-digit growth rate of 3% for property insurance premiums in 2025 [3]. Investment Performance - The total investment return rate for the first half of 2025 was 2.3%, a decrease of 40 basis points year-on-year [4]. - The net investment return rate was 1.7%, down 10 basis points from the previous year [4]. - The company's asset allocation saw a slight increase in equity investments, while bond investments decreased [4]. Profit Forecast and Valuation - The EPS forecast for 2025 has been adjusted to RMB 4.88, reflecting a slight increase in expectations for life insurance NBV growth and property insurance performance [5]. - The target price for A/H shares has been raised to RMB 47/HKD 42, maintaining the "Buy" rating [5][7]. - The company is expected to maintain a steady growth trajectory in both life and property insurance segments, with a projected EPS growth rate of 30% for NBV in 2025 [2][5].

Core Viewpoint - The company reported a year-on-year increase in net profit and operating profit for the first half of 2025, driven by strong growth in new business value and stable performance in property and casualty insurance [1][2]. Financial Performance - In H1 2025, the group achieved a net profit attributable to shareholders of 27.9 billion yuan, up 11% year-on-year, and an operating profit of 19.9 billion yuan, up 7.1% year-on-year [1]. - The group's net investment yield was 1.7%, total investment yield was 2.3%, and comprehensive investment yield was 2.4%, all showing a decline compared to the previous year [1][4]. New Business Value (NBV) - The life insurance segment reported a NBV of 9.5 billion yuan, reflecting a significant year-on-year increase of 32.3% [2]. - The new business value margin increased by 0.4 percentage points to 15%, benefiting from adjustments in the preset interest rate and the integration of sales channels [2]. Property and Casualty Insurance - The property and casualty insurance segment recorded original premiums of 112.8 billion yuan, a slight increase of 0.9% year-on-year, with auto insurance premiums rising by 2.8% and non-auto insurance premiums declining by 0.8% [3]. - The combined ratio for property and casualty insurance improved to 96.3%, a decrease of 0.8 percentage points year-on-year, with the loss ratio at 69.5% [3]. Investment Strategy - The group’s investment assets reached 2.92 trillion yuan, an increase of 7% from the previous year, with a focus on increasing allocations to bonds, stocks, and funds [4]. - The bond allocation increased to 62.5% of the total investment portfolio, while stock allocation rose to 9.7% [4][5]. Future Outlook - The company adjusted its EPS forecasts for 2025-2027 to 5.2, 5.5, and 5.7 yuan respectively, with a target price of 47.5 yuan for 2025, maintaining a "recommended" rating [5].