Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights steady growth in life insurance new business value (NBV) and improvements in property insurance underwriting [2][3][4] - The company achieved total revenue of 200.50 billion yuan in H1 2025, a year-on-year increase of 3.0%, with net profit attributable to shareholders reaching 27.88 billion yuan, up 11.0% year-on-year [2] - The report maintains previous profit forecasts, expecting revenue and net profit growth for 2025-2027 [6] Summary by Sections Life Insurance - In H1 2025, the company's life insurance NBV reached 9.54 billion yuan, a year-on-year increase of 5.6%, with a comparable growth of 32.3% [3] - The new premium income was estimated at 63.63 billion yuan, up 29.7% year-on-year [3] - The bank insurance channel saw a significant increase in NBV, reaching 3.60 billion yuan, a year-on-year growth of 156.0% [3] Property Insurance - The company reported original premium income of 112.76 billion yuan in H1 2025, a year-on-year increase of 0.9% [4] - The underwriting profit for property insurance was 3.55 billion yuan, up 30.9% year-on-year, with a combined ratio (COR) of 96.3%, improving by 0.8 percentage points [4] - The company effectively controlled costs and optimized the structure of its auto insurance business, leading to a COR improvement of 1.8 percentage points to 95.3% [4] Investment Performance - As of the end of H1 2025, the company's investment assets totaled 2,924.73 billion yuan, a 7.0% increase from the previous year [5] - The net investment income was 42.57 billion yuan, up 8.9% year-on-year, with a net investment yield of 1.7%, down 0.1 percentage points [5] - Total investment income was 56.89 billion yuan, a year-on-year increase of 1.5% [5] Financial Forecasts - The company expects revenues of 415.44 billion yuan, 421.88 billion yuan, and 438.16 billion yuan for 2025, 2026, and 2027 respectively [6] - The projected net profit attributable to shareholders for the same period is 45.46 billion yuan, 46.16 billion yuan, and 50.83 billion yuan [6] - The expected earnings per share (EPS) for 2025-2027 are 4.73 yuan, 4.80 yuan, and 5.28 yuan respectively [6]

证券代码：601601 证券简称：中国太保 公告编号：2025-047 中国太平洋保险（集团）股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 896 | | --- | --- | | 其中：A 股股东人数 | 895 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 5,984,459,512 | | 其中：A 股股东持有股份总数 | 4,679,133,871 | | 境外上市外资股股东持有股份总数（H 股） | 1,305,325,641 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 62.206311 | | 份总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 48.637919 | ...

TYC TEST 上海市徐汇区淮海中路999号 上海环贸广场写字楼一期17层 邮编: 200031 17/F, One ICC, Shanghai ICC 999 Huai Hai Road (M) Shanghai, 200031 P.R. China T +86 21 2412 6000 F +86 21 2412 6150 www.kwm.com 北京市金杜律师事务所上海分所关于 中国太平洋保险（集团）股份有限公司 2025年第一次临时股东大会的 法律意见书 致: 中国太平洋保险(集团)股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受中国太平洋保险（集团）股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司股 东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中国境内，为本法 律意见书之目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有 效的法律、行政法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了 公司于 2025 年 ...

| | | 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].

Investment Rating - The investment rating for China Pacific Insurance (601601) is "Buy" (maintained) [1] Core Views - The report highlights that the new business value (NBV) of the life insurance segment continues to grow significantly, while the combined ratio (COR) of the property insurance segment has improved year-on-year [1][8] - The report projects an increase in net profit for the years 2025 to 2027, with estimates of 51.6 billion, 52.7 billion, and 55.3 billion yuan respectively, reflecting a positive outlook for the company's financial performance [1][8] Financial Performance Summary - **Revenue Forecast**: - 2023A: 323.9 billion yuan - 2024A: 404.1 billion yuan (24.74% YoY growth) - 2025E: 418.1 billion yuan (3.46% YoY growth) [1] - **Net Profit Forecast**: - 2023A: 27.3 billion yuan - 2024A: 44.9 billion yuan (64.95% YoY growth) - 2025E: 51.6 billion yuan (14.85% YoY growth) [1] - **Embedded Value (EV) per Share**: - 2023A: 55.04 yuan - 2024A: 58.42 yuan - 2025E: 62.03 yuan [1] - **Price to Embedded Value (PEV)**: - 2023A: 0.73 - 2024A: 0.68 - 2025E: 0.64 [1] Business Segment Insights - **Life Insurance**: - New business value (NBV) for H1 2025 reached 9.54 billion yuan, with a year-on-year increase of 32.3% [8] - The new single premium insurance saw a significant increase in bank insurance channel sales, up 108% year-on-year [8] - **Property Insurance**: - The combined ratio improved to 96.3% in H1 2025, a decrease of 0.8 percentage points year-on-year [8] - The underwriting profit for property insurance was 3.55 billion yuan, reflecting a 30.9% increase year-on-year [8] Investment Strategy - The report emphasizes the company's focus on high-quality development and continuous optimization of product structure, supporting the "Buy" rating [8]

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]