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 ...

Group 1 - Hailiang Co., Ltd. achieved a revenue of 44.476 billion yuan, a year-on-year increase of 1.17%, and a net profit of 711 million yuan, a year-on-year increase of 15.03% [1] - Yinfai Storage reported a revenue of 543 million yuan, a year-on-year decrease of 18.97%, and a net profit of 62.347 million yuan, a year-on-year decrease of 20.05% [1] - Huamao Technology achieved a revenue of 1.108 billion yuan, a year-on-year increase of 14.42%, and a net profit of 137 million yuan, a year-on-year increase of 3.21% [2] Group 2 - Postal Savings Bank reported a revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and a net profit of 49.228 billion yuan, a year-on-year increase of 0.85% [4] - Bright Dairy achieved a revenue of 12.472 billion yuan, a year-on-year decrease of 1.9%, and a net profit of 217 million yuan, a year-on-year decrease of 22.53% [6] - Pianzaihuang reported a revenue of 5.379 billion yuan, a year-on-year decrease of 4.81%, and a net profit of 1.442 billion yuan, a year-on-year decrease of 16.22% [7] Group 3 - Great Wall Motors achieved a revenue of 92.335 billion yuan, a year-on-year increase of 0.99%, and a net profit of 6.337 billion yuan, a year-on-year decrease of 10.21% [9] - Haowei Group reported a revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit of 2.028 billion yuan, a year-on-year increase of 48.34% [10] - Batian Co., Ltd. achieved a revenue of 2.543 billion yuan, a year-on-year increase of 63.93%, and a net profit of 456 million yuan, a year-on-year increase of 203.71% [12] Group 4 - Yuxin Technology reported a revenue of 1.415 billion yuan, a year-on-year decrease of 5.01%, and a net profit of 220 million yuan, a year-on-year increase of 35.26% [14] - Zhongti Industry reported a revenue of 787 million yuan, a year-on-year decrease of 25.24%, and a net loss of 24.3955 million yuan [15] - Kemei Diagnostics achieved a revenue of 165 million yuan, a year-on-year decrease of 27.03%, and a net profit of 24.3408 million yuan, a year-on-year decrease of 68.24% [16] Group 5 - Huatai Co., Ltd. reported a revenue of 6.409 billion yuan, a year-on-year decrease of 1.86%, and a net profit of 67.6382 million yuan, a year-on-year decrease of 63.13% [17] - Fudan Fuhua reported a revenue of 326 million yuan, a year-on-year increase of 2.20%, and a net loss of 711.58 million yuan [19] - Haili Co., Ltd. achieved a revenue of 12.426 billion yuan, a year-on-year increase of 13.16%, and a net profit of 333.546 million yuan, a year-on-year increase of 693.76% [21] Group 6 - Xintong New Science reported a revenue of 61.852 million yuan, a year-on-year increase of 8.49%, and a net loss of 30.393 million yuan [22] - Newzhisoft achieved a revenue of 897 million yuan, a year-on-year decrease of 3.40%, and a net profit of 30.3531 million yuan, a year-on-year increase of 42.84% [24] - Maolai Optics reported a revenue of 319 million yuan, a year-on-year increase of 32.26%, and a net profit of 32.7555 million yuan, a year-on-year increase of 110.36% [25] Group 7 - Qianjin Pharmaceutical achieved a revenue of 1.818 billion yuan, a year-on-year decrease of 5.52%, and a net profit of 128 million yuan, a year-on-year increase of 8.50% [28] - Quanfeng Automotive reported a revenue of 1.218 billion yuan, a year-on-year increase of 18.90%, and a net loss of 167 million yuan [29] - Zhongjin Lingnan's application for a specific issuance of A-shares has been accepted by the Shenzhen Stock Exchange [31] Group 8 - Zhonglv Electric achieved a revenue of 2.333 billion yuan, a year-on-year increase of 29.30%, and a net profit of 618 million yuan, a year-on-year increase of 33.06% [33] - Sanhuan Group reported a revenue of 4.149 billion yuan, a year-on-year increase of 21.05%, and a net profit of 1.237 billion yuan, a year-on-year increase of 20.63% [35] - China Energy Construction achieved a revenue of 212.091 billion yuan, a year-on-year increase of 9.18%, and a net profit of 28.02 billion yuan, a year-on-year increase of 0.72% [37] Group 9 - Liou Co., Ltd. reported a revenue of 9.635 billion yuan, a year-on-year decrease of 9.62%, and a net profit of 478 million yuan, turning from a loss to profit [38] - Suzhou Bank achieved a revenue of 6.504 billion yuan, a year-on-year increase of 1.81%, and a net profit of 3.134 billion yuan, a year-on-year increase of 6.15% [40] - Shunxin Agriculture reported a revenue of 4.593 billion yuan, a year-on-year decrease of 19.24%, and a net profit of 173 million yuan, a year-on-year decrease of 59.09% [43] Group 10 - Tongfu Microelectronics achieved a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, a year-on-year increase of 27.72% [44] - Weidao Nano reported a revenue of 1.05 billion yuan, a year-on-year increase of 33.42%, and a net profit of 192 million yuan, a year-on-year increase of 348.95% [44] - ZTE Corporation achieved a revenue of 715.53 billion yuan, a year-on-year increase of 14.51%, and a net profit of 50.58 billion yuan, a year-on-year decrease of 11.77% [46]

| | | 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"。 ...

从资金流向上来看，当日保险板块主力资金净流入9413.95万元，游资资金净流出5.07亿元，散户资金净 流入4.13亿元。保险板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 68.24 | 5.49% | 57.47万 | 39.70 Z | | 601319 | 中国人保 | 8.98 | 3.10% | 158.45万 | 14.31亿 | | 601318 | 中国平安 | 59.88 | 1.77% | 108.03万 | 64.89 Z | | 601628 | 中国人寿 | 42.08 | 1.47% | 33.85万 | 14.41亿 | | 601601 | 中国太保 | 40.31 | 0.93% | 51.11万 | 21.02亿 | 证券之星消息，8月29日保险板块较上一交易日上涨1.95%，新华保险领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。保险板块个股 ...

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]