Financial Performance - In the first half of 2025, the company achieved an operating profit of 77.732 billion RMB, a year-on-year increase of 3.7% [1] - The net profit attributable to shareholders reached 68.047 billion RMB [1] - The company announced an interim dividend of 0.95 RMB per share, reflecting a 2.2% year-on-year growth [1] Business Highlights - The new business value of life and health insurance reached 22.335 billion RMB, a significant increase of 39.8% year-on-year [1] - The new business value from the agency channel grew by 17.0%, with per capita new business value increasing by 21.6% [1] - The bancassurance channel focused on value growth, achieving a new business value of 5.972 billion RMB, up 168.6% year-on-year [1] Customer Engagement and Services - The company served over 13 million customers in health management during the first half of 2025 [2] - Home-based elderly care services covered 85 cities, with nearly 210,000 customers qualifying for such services [2] - The company added 15.71 million new customers, marking a 12.9% year-on-year increase, with a customer retention rate of 94.6% [2] Investment Portfolio - As of June 30, 2025, the company's insurance fund investment portfolio exceeded 6.20 trillion RMB, reflecting an 8.2% growth since the beginning of the year [3]

Core Viewpoint - China Ping An's mid-year performance report highlights a divergence between operating profit and net profit, with operating profit increasing by 3.7% while net profit decreased by 8.8% due to various factors, including accounting impacts from subsidiaries and investments [4][5][6][10]. Financial Performance - The operating profit for the first half of the year increased by 3.7%, while the net profit attributable to shareholders decreased by 8.8% [4]. - A significant factor in the net profit decline was a one-time accounting impact from Ping An Good Doctor, resulting in a 3.4 billion yuan impairment, affecting growth by 4.6 percentage points [4][6]. - Approximately 600 billion yuan in unrealized gains from investments are not reflected in the profit statement, as 67% of these investments are classified under Other Comprehensive Income (OCI) [6][7]. Life and Health Insurance Growth - The new business value from the agency channel in life insurance grew by 17% year-on-year, with per capita new business value increasing by 21.6% [8]. - The bancassurance channel saw a substantial increase of 168.6% in new business value, contributing 33.9% to the overall new business value [8][9]. - The company is experiencing a "golden development period" in the life insurance sector, driven by three key advantages: wealth preservation, family protection, and value-added services in health and retirement [8][9]. Dividends and Stock Price - Ping An plans to distribute an interim dividend of 0.95 yuan per share, reflecting a year-on-year increase of 2.2% [10]. - The company believes that the market is beginning to recognize its value, with the life insurance sector's growth potential and Ping An's comprehensive financial and healthcare advantages contributing to this perception [11]. AI Technology Innovation - In the first half of the year, Ping An's AI model was called upon 818 million times, with over 650 applications across various scenarios [12]. - The company emphasizes a comprehensive digital transformation strategy, focusing on AI integration across the financial value chain and healthcare services [12]. Investment Strategy - Ping An's investment strategy is based on asset-liability matching, considering factors such as duration, cost, cash flow, and regulatory requirements [13]. - The company employs a "three criteria" principle for investments: reliability of operations, growth potential, and sustainability of dividends [13][14]. Future Outlook - The company anticipates that as liability costs decrease and asset allocation improves, it will dynamically match investments across high-yield, value, and growth stocks [14]. - Ping An's valuation is expected to rise due to its strategic advantages in comprehensive finance and healthcare, alongside ongoing investments in AI [15].

Core Viewpoint - China Ping An reported a 3.7% year-on-year increase in operating profit for the first half of the year, while net profit attributable to shareholders decreased by 8.8%, raising market concerns about the disparity between these two profit indicators [3][4]. Financial Performance - The decline in net profit is attributed to three main factors: a one-time impact from the consolidation of Ping An Good Doctor resulting in a 3.4 billion yuan impairment, a non-operating impact from the revaluation of convertible bonds, and significant unrealized gains from stock investments classified under other comprehensive income [5][6][7]. - The company emphasized that operating profit is a more accurate reflection of the insurance industry's true profitability [7]. Business Growth - The new business value from the life insurance agent channel grew by 17% year-on-year, with a significant 168.6% increase from the bancassurance channel [8]. - The overall quality of business improved, with a 13-month policy continuation rate of 96.9%, up 0.3 percentage points year-on-year [7]. Industry Trends - The life insurance sector is experiencing a golden development period, driven by a low-interest-rate environment and increasing demand for wealth preservation, family protection, and value-added services related to health and retirement [8][9]. - The company is leveraging three key reform dividends: multi-channel strategies, product-service integration, and AI-driven enhancements to sales efficiency [9]. Dividend and Shareholder Value - Ping An plans to distribute a mid-term dividend of 0.95 yuan per share, reflecting a 2.2% year-on-year increase [10]. - The company believes that the life insurance industry's growth potential and its comprehensive financial and healthcare advantages will enhance shareholder value over time [11]. AI and Technology Investment - The company has significantly invested in AI and digital transformation, with over 818 million calls to its AI model and more than 650 application scenarios [11][12]. - The strategic focus on comprehensive AI integration aims to enhance the entire financial and healthcare value chain [11][12]. Investment Strategy - Ping An's investment strategy emphasizes asset-liability matching, considering factors such as duration, cost, cash flow, yield, and regulatory compliance [13]. - The company aims to optimize asset allocation to improve investment returns while reducing liability costs [14]. Future Outlook - The company anticipates that as liability costs decrease and capital markets stabilize, it will dynamically match investments across high-yield, value, and growth stocks [14]. - Ping An's valuation is expected to rise due to its strategic leadership and technological empowerment in the comprehensive financial and healthcare sectors [15].

Core Viewpoint - China Ping An is optimistic about its future performance, focusing on increasing equity allocation and leveraging artificial intelligence across its financial services [4][5][14]. Group 1: Business Development - The company plans to moderately increase equity allocation, emphasizing new productivity and high dividend strategies [4][5]. - The insurance fund investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up 0.3 percentage points year-on-year [5]. - The life insurance sector is entering a golden development period, becoming a cornerstone for wealth allocation among the middle class [8]. Group 2: Investment Strategy - Ping An's investment strategy focuses on matching assets and liabilities, considering duration, cost, cash flow, yield, and regulatory requirements [17]. - The company maintains a diversified asset allocation with 13% in equities and 65% in OCI investments, which helps improve investment returns [17]. - The "three Cs" principle for investments emphasizes reliable operations, growth potential, and sustainable dividends [18]. Group 3: Artificial Intelligence Integration - The company has developed 67 proprietary AI models, with 14 new additions this year, aiming for comprehensive digital transformation [14][15]. - AI is expected to enhance customer experience, reduce costs, and improve sales productivity [16]. - The core strategy is "AI in All," integrating AI throughout the financial and healthcare value chains [14][15]. Group 4: Market Confidence and Stock Performance - The management believes that the market is gradually recognizing Ping An's value, with the stock price expected to reflect this over time [11][13]. - The company has maintained a consistent cash dividend increase for 13 consecutive years, linking dividends to long-term operational profits [13].

Core Viewpoint - China Ping An is committed to increasing its equity asset allocation, focusing on growth sectors and high-dividend value stocks, while maintaining a strong operational performance despite a decline in net profit [1][2][3]. Financial Performance - In the first half of 2025, China Ping An achieved a net operating profit of 77.732 billion yuan, a year-on-year increase of 3.7% [2]. - The company's net profit attributable to shareholders was 68.047 billion yuan, a year-on-year decrease of 8.8% [2]. - The decline in net profit is attributed to three main factors: one-time accounting treatment related to the consolidation of Ping An Good Doctor, the issuance of convertible bonds affecting short-term valuations, and unrealized capital gains of approximately 60 billion yuan not reflected in the profit statement [2]. Investment Strategy - As of mid-2025, China Ping An's insurance asset investment scale exceeded 6.2 trillion yuan, an increase of 8.2% from the beginning of the year, with stock assets accounting for 10.5% [3]. - The company plans to increase its equity market allocation, focusing on new productive forces and high-dividend value stocks [3]. - Future asset allocation will dynamically match high-yield stocks, value stocks, and growth stocks as the cost of liabilities continues to decrease [3]. Market Valuation - As of August 27, 2025, China Ping An's A-share closed at 58.69 yuan per share, with a total market capitalization exceeding 1 trillion yuan, reflecting a cumulative increase of over 14% in A-share price this year [5]. - The company believes that the market is gradually recognizing its value, especially as the life insurance industry enters a golden development period [6].

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Insights - In July, the life insurance premium growth rate significantly increased, while the property insurance business remained stable [1] - The life insurance companies' original premium income for the first seven months of 2025 reached 33,203 billion yuan, a year-on-year increase of 7.5%, with a total premium income of 37,498 billion yuan, up 6.4% year-on-year [4] - The report anticipates a shift towards dividend insurance products following adjustments in the preset interest rates, indicating a positive outlook for the industry's liability cost optimization [4] - The health insurance premium in July showed a year-on-year increase of 2.6%, marking a return to positive growth [4] - The property insurance companies' premium income for the first seven months of 2025 was 10,933 billion yuan, reflecting a year-on-year increase of 5.1% [4] - The report highlights that the market's savings demand remains strong, and the liability costs are expected to gradually decrease, alleviating pressure from interest rate differentials [4] Summary by Sections Life Insurance - July's single-month life insurance premium reached 3,447 billion yuan, a year-on-year increase of 26.2%, with a notable acceleration from June's growth [4] - The new investment contributions from policyholders showed a year-on-year decrease of 1% for the first seven months, but July saw a significant increase of 21% [4] Health Insurance - The health insurance premium for July was 2.6% higher year-on-year, reversing the negative trend observed in June [4] - The report emphasizes the potential for long-term growth in health insurance through the integration of various health-related services [4] Property Insurance - The property insurance premium for July increased by 5.3% year-on-year, with non-auto insurance business showing improved growth [4] - The report notes that the growth in non-auto insurance premiums was driven by health insurance, with specific segments like health and accident insurance showing substantial increases [4] Market Outlook - The report indicates that the valuation of the insurance sector remains at historical lows, with expected valuations for 2025 ranging from 0.64 to 0.95 times PEV and 1.10 to 2.24 times PB [4] - The report concludes that the leading insurance companies are likely to maintain robust growth and profitability, particularly in the context of ongoing reforms [4]

增配成长股和价值股 作为金融股的代表，中国平安自身的股价表现也是投资者和业内关注的重点。中国平安副总经理兼首席 财务官付欣表示，非常认同"金子总会发光"的观点，相信市场正在印证，并且会逐步认证中国平安的价 值。 谈及未来的市场表现，付欣认为："我们觉得光还可以发得更亮，这是因为当前寿险正处在黄金发展 期，行业的增长正在逐步释放，中国平安的综合金融和医疗养老优势正在逐步体现，医疗养老的护城河 也在逐步构建，当前整个中国平安的估值倍数非常低，我相信会有更多投资者认可，并持续认可中国平 安的价值，金子可以更亮。" "对寿险业务全年的发展充满信心""对分红险的转型充满信心""投资者对A股市场信心不断回暖"……交 出了上半年"答卷"后，8月27日，在中国平安中期业绩发布会上，该公司管理层就业绩表现、寿险渠道 新增长、人工智能发展等问题一一回应。谈到相关话题，中国平安管理层用多个"信心"让市场和公众吃 下"定心丸"！ 当前海外市场降息信号显露、A股市场持续带给人惊喜，长期资金如何布局，成为市场关注焦点。 谈及投资市场，中国平安总经理兼联席首席执行官谢永林表示，今年以来，投资者对A股市场信心不断 回暖，中国市场当前估值水平 ...

中期业绩发布会香港会场，马明哲等高管亮相 按照半年报，平安将向股东派发中期股息每股现金人民币0.95元，同比增长2.2%。 在外界看来，尽管此次现金分红偏于保守，但"金子"还是"发光了"。据记者观察，中国平安在当前这波 股市热潮中，已经吃到红利。 付欣 股东户数减少近一成， 未来估值底气来自战略和科技 面对资本市场的态度，平安集团副总经理兼首席财务官付欣认为，市场正在印证并且逐步认可平安的价 值，我们觉得这个光还可以发得更亮，因为整个寿险行业处于黄金发展期，整个行业的需求、增长正在 逐步释放，潜力还是非常大的。 从最高超1.7万亿市值到腰斩，再到现在站稳万亿关口，中国平安距离自己曾经的"神坛"还有多远？ 8月27日，中国平安在香港和上海两地同时举办2025年中期业绩发布会，董事长马明哲率多位核心高管 亮相。 26日晚间，平安集团的"半年考"刚出炉。记者留意到，今年上半年，平安集团实现归属于母公司股东的 营运利润777.32亿元，同比增长3.7%；归属于母公司股东的净利润680.47亿元，同比下降8.8%。上半年 营业收入5,000.76亿元，同比增长1个点；归属于母公司股东权益9,439.52亿元，较年初增长 ...

具体而言，第一层改革红利来自多渠道策略，中国平安从早期单一的代理人渠道，到涵盖代理人、银保渠道、社区金融渠道的多元体系。目前平安银保渠道、社区网格渠道均有大幅增长。 第二层是"产品+服务"模式，郭晓涛强调，当前金融行业尤其是寿险行业逐步进入同质化竞争的阶段，只有增值服务才能真正做出差异化。中国平安提前布局"保险+医疗""保险+健康""保险+养 第三层改革红利是基于平安的科技赋能，过去几年平安投入了大量资源赋能销售队伍，利用AI、数据分析等，帮助销售团队获客，持续提升转化效率。 蓝鲸新闻8月27日讯（记者 石雨）昨日晚间，中国平安（601318.SH）发布2025年半年报，核心数据来看，上半年，中国平安实现归母营运利润777.32亿元，同比增长3.7%；归属于母公司股 在今日举行的中期业绩发布会上，中国平安一众高管出席，管理层就利润变动、新业务价值、投资配置、AI应用等方面回应市场关注的热点问题。 其中，针对归母净利润同比下滑，中国平安副总经理兼首席财务官付欣拆解其背后的三重因素：其一是一季度平安好医生并表带来的减值影响；其二是因平安发行的港股可转债，当股价上升时在 谈新业务价值增长：三重改革红利驱动 2025 ...

Core Viewpoint - The management of China Ping An expressed satisfaction with the company's performance in the first half of the year, highlighting stable overall performance, strong growth in core business, and ongoing innovation efforts [1] Financial Performance - In the first half of the year, China Ping An achieved an operating profit attributable to shareholders of 77.732 billion yuan, a year-on-year increase of 3.7%, and a net profit of 68.047 billion yuan [1] - The company announced an interim dividend of 0.95 yuan per share, representing a year-on-year growth of 2.2% [1] Business Growth - The new business value of life and health insurance reached 22.335 billion yuan, a significant year-on-year increase of 39.8%, driven by a nearly 170% growth in the bancassurance channel and double-digit growth in the agent channel [2] - The life insurance sector is entering a golden development period, with low interest rates favoring sales despite challenges in investment returns [3] Strategic Advantages - The company identified three key reform dividends driving business growth: 1. Multi-channel strategy, expanding beyond traditional agent channels to include bancassurance and community finance [3] 2. "Product + Service" strategy, offering value-added services to differentiate from competitors [4] 3. Technology empowerment through AI, enhancing sales efficiency and customer acquisition [4] Investment Strategy - As of the end of June, China Ping An's investment fund size reached 6.2 trillion yuan, making it a significant institutional investor [5] - The company increased its allocation to high-dividend, fundamentally strong stocks, with stock value accounting for 10.5% of total investments, up from 7.6% at the end of the previous year [6] - The non-annualized comprehensive investment return rate for the first half was 3.1%, an increase of 0.3 percentage points year-on-year, attributed to dividends from high-dividend equity assets [7] Market Outlook - Management expressed confidence in the capital market's future, citing effective regulatory policies and a favorable valuation compared to global markets [7] - The investment focus will be on growth sectors representing new productive forces and high-dividend value stocks [7] - The company adheres to a "three Cs" principle for stock selection: reliable operations, growth potential, and sustainable dividends [7] Stock Performance - China Ping An's stock price has increased by nearly 15% this year, with a 250-day increase of 49%, indicating growing market recognition of the company's value [8]