Investment Rating - The report maintains a "Buy" rating for the company [9][11]. Core Insights - The company's new business value (NBV) exceeded expectations with a growth of 35% year-on-year, driven by individual insurance and bancassurance channels [6][7]. - The net profit for Q1 2025 was 27.016 billion yuan, a decrease of 26.4% year-on-year, primarily impacted by fluctuations in the fair value of bonds and the consolidation of Ping An Health [6][9]. - The operating profit showed a stable performance with a year-on-year increase of 2.4% to 37.907 billion yuan [6]. Financial Performance Summary - As of March 31, 2025, the company's net asset per share was 51.61 yuan, and the debt-to-asset ratio was 89.84% [3]. - The total share capital was 18.21 billion shares, with 10.763 billion shares circulating in A-shares and 7.448 billion in H-shares [3]. - The company's investment assets grew by 3.3% year-to-date to 5.92 trillion yuan, with a net investment return of 0.9% and a comprehensive investment return of 1.3% [8]. Business Segment Analysis - The individual insurance segment's NBV grew by 11.5% year-on-year, despite a 19.5% decline in new single premiums [7]. - The bancassurance channel saw a significant increase in NBV by 170.8% year-on-year, benefiting from a low base and increased industry concentration [7]. - The property and casualty insurance segment reported a premium income growth of 7.7% year-on-year, with a combined ratio (COR) improvement to 96.6% [8]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted downwards to 127.279 billion yuan, 140.233 billion yuan, and 162.904 billion yuan respectively [9][10]. - The report indicates that the company's closing price corresponds to a price-to-embedded value (PEV) of 0.62x for 2025 [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - In Q1 2025, the company achieved a net operating profit of 37.9 billion yuan, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 27 billion yuan, a decrease of 26.4% year-on-year [2]. - The new business value (NBV) increased by 34.9% year-on-year to 12.9 billion yuan, driven by improvements in value rates [2]. - The combined ratio (COR) for property insurance improved to 96.6%, a decrease of 3 percentage points year-on-year, attributed to a reduction in disasters and ongoing risk clearance in guarantee insurance [2]. - The investment portfolio of insurance funds reached over 5.92 trillion yuan, with non-annualized net and comprehensive investment returns of 0.9% and 1.3%, respectively, remaining stable year-on-year [2]. - The report forecasts EPS for 2025-2027 to be 7.6, 8.1, and 9.1 yuan, respectively, with a target price of 65.6 yuan based on a projected PEV of 0.8 times [2]. Financial Summary - Total revenue for 2024 is projected at 1,028,925 million yuan, with a year-on-year growth rate of 12.6% [4]. - The net profit attributable to shareholders is expected to reach 126,607 million yuan in 2024, reflecting a year-on-year growth of 47.8% [4]. - The price-to-earnings ratio (P/E) is forecasted to decrease from 7.8 in 2024 to 6.0 by 2027 [4]. - The company’s total market capitalization is approximately 934.73 billion yuan, with a circulating market value of about 552.45 billion yuan [5].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Insights - The company's operating profit remains robust, while the value of new business is growing rapidly. In Q1 2025, the company reported an operating profit of 379.1 billion RMB, a year-on-year increase of 2.4%, despite a decline in net profit due to pressures from various business segments [4][5]. Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 232.8 billion RMB, a decrease of 5.2% year-on-year. The net profit attributable to shareholders was 270.2 billion RMB, down 26.4% year-on-year. The new business value reached 128.9 billion RMB, reflecting a significant year-on-year growth of 34.9% [4][7]. - The net investment return rate (non-annualized) was 0.9%, unchanged from the previous year, while the comprehensive investment return rate (non-annualized) increased by 0.2 percentage points to 1.3% [4][6]. Business Segment Analysis - **Life Insurance**: The quality of the sales team continues to improve, with the per capita new business value (NBV) increasing by 14%. The new business value rate improved by 11.4 percentage points to 28.3%, driving a 34.9% increase in NBV [5]. - **Property Insurance**: The comprehensive cost ratio improved by 3.0 percentage points to 96.6%, with property insurance service revenue slightly increasing by 0.7% to 81.15 billion RMB [6]. - **Investment Strategy**: The company actively managed interest rate risks, achieving a net investment return rate of 0.9% and a comprehensive investment return rate of 1.3% [6]. Profit Forecast and Valuation - The company is expected to maintain a positive trend in new business value (NBV) due to product structure optimization and enhanced service offerings. The forecasted net profit for 2025-2027 is 1550 billion RMB, 1721 billion RMB, and 1992 billion RMB respectively [7][8]. - The current A/H share prices correspond to a price-to-earnings value (PEV) of 0.65 for A-shares and 0.55 for H-shares, supporting the "Buy" rating [7].

Investment Rating - The investment rating for Ping An Insurance (601318) is "Buy" [1] Core Views - The report highlights a steady growth in operating profit, with a year-on-year increase in new business value (NBV) of 35% driven by an improvement in value rate [1] - The report maintains previous profit forecasts, expecting net profit attributable to shareholders to be 135.2 billion, 154.4 billion, and 177.0 billion for 2025, 2026, and 2027 respectively [1] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion, with a year-on-year growth of 3.8% [1] - Net profit attributable to shareholders for 2023 is expected to be 85.665 billion, reflecting a year-on-year decrease of 22.8% [1] - The earnings per share (EPS) for 2025 is estimated at 7.42 yuan, with a price-to-earnings (P/E) ratio of 6.92 [1][21] - The projected net asset value per share (BVPS) for 2025 is 57.64 yuan, with a price-to-book (P/B) ratio of 0.89 [21] Business Segment Analysis - In the life insurance segment, the NBV reached 12.9 billion yuan, with a comparable year-on-year increase of 34.9% [1] - The property and casualty insurance segment saw a premium growth of 7.7%, with a combined cost ratio improving by 3.0 percentage points to 96.6% [1] - Investment income showed a non-annualized comprehensive investment return of 1.3%, an increase of 0.2 percentage points year-on-year [1] Capital Strength - The net asset at the end of Q1 2025 was 939.7 billion yuan, reflecting a 1.2% increase from the beginning of the year [1] - The solvency adequacy ratio for life insurance improved significantly, with core and comprehensive solvency ratios rising to 164% and 228% respectively [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating profit showed steady growth, with a year-on-year increase in New Business Value (NBV) of 35% driven by an improvement in value rates [1] - The report highlights a decline in net profit attributable to the parent company by 26.4% year-on-year, primarily due to the downturn in the bond market and the consolidation of Ping An Good Doctor [1] - The report anticipates that the company's net profit for 2025-2027 will be 135.2 billion, 154.4 billion, and 177.0 billion respectively, maintaining previous profit forecasts [1] Financial Performance Summary - Total revenue for 2023 is projected at 913.79 billion, with a year-on-year growth of 3.8% [1] - The net profit attributable to the parent company for 2023 is expected to be 85.665 billion, reflecting a year-on-year decrease of 22.8% [1] - The company's net assets at the end of Q1 2025 reached 939.7 billion, an increase of 1.2% from the beginning of the year [1] Business Segment Analysis - Life Insurance: The NBV margin increased by 11.4 percentage points to 28.3%, with individual insurance and bank insurance channels contributing significantly [1] - Property Insurance: The combined cost ratio improved by 3.0 percentage points to 96.6%, attributed to reduced disaster claims and risk clearance in credit insurance [1] - Investment: The non-annualized comprehensive investment return rate increased by 0.2 percentage points year-on-year to 1.3% [1] Capital Strength - The core and comprehensive solvency ratios for life insurance improved significantly, reaching 164% and 228% respectively [1] - The company plans to issue up to 50 billion in domestic bond financing tools over the next three years to enhance capital strength [1]

Core Viewpoint - The company reported a stable performance in the first quarter of 2025, with a focus on high-quality development and maintaining a solid operational foundation despite a complex external environment [14][25]. Financial Performance - The company achieved an operating profit of 37.907 billion yuan, a year-on-year increase of 2.4% [14][25]. - The profit attributable to the shareholders of the parent company was 2.16 yuan per share, reflecting a 3.3% increase year-on-year [25]. - The new business value for life and health insurance reached 12.891 billion yuan, up 34.9% year-on-year, with a new business value rate of 32.0%, an increase of 10.4 percentage points [14][30]. Business Segments Life and Health Insurance - The life and health insurance segment showed robust growth, with the new business value increasing significantly across various channels, including a 170.8% increase in the bancassurance channel [14][30]. - The company has enhanced its multi-channel development, with agent channel new business value growing by 11.5% [14][30]. Property Insurance - The property insurance segment reported an insurance service income of 81.153 billion yuan, a 0.7% increase year-on-year, with a comprehensive cost ratio of 96.6%, improving by 3.0 percentage points [14][37]. Investment Performance - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, up 0.2 percentage points year-on-year, with total investment assets exceeding 5.92 trillion yuan, a 3.3% increase from the beginning of the year [14][39]. Customer Base and Services - The company served nearly 245 million individual customers as of March 31, 2025, with a customer retention rate of 98.0% for those holding four or more contracts [14][18]. - The medical and elderly care strategy has been effectively implemented, with coverage in 75 cities and over 190,000 customers qualifying for home care services [14][21]. Corporate Governance - The board of directors and senior management have ensured the accuracy and completeness of the quarterly report, taking legal responsibility for its content [2][3]. - The company has implemented a core personnel shareholding plan and a long-term service plan to align the interests of shareholders, the company, and employees [50][51].

Core Viewpoint - China Ping An Insurance (Group) Co., Ltd. plans to issue bonds up to 50 billion yuan to optimize its capital structure and reduce financing costs, amid a favorable market interest rate environment [1][2][3] Group 1: Bond Issuance Plans - The company intends to issue bonds in one or multiple tranches, with a total principal amount not exceeding 50 billion yuan, including various types of bonds such as capital supplement bonds and financial bonds [2][3] - The total bond issuance by insurance companies this year has reached 49.6 billion yuan, with an additional planned issuance of 70 billion yuan [1][4] Group 2: Market Conditions and Financial Performance - The current market interest rates are at historical lows, leading to significantly reduced bond issuance costs, which supports the company's strategic expansion in sectors like healthcare and elderly care [3][5] - In 2024, the company reported a net profit attributable to shareholders of 126.6 billion yuan, a substantial increase of 47.8% year-on-year, with operating profit rising by 9.1% [2] Group 3: Capital Demand and Debt Structure - The demand for capital among insurance companies remains high, driven by the need to lower financing costs and enhance solvency ratios [4][5] - The issuance of perpetual bonds has become a favored method for capital supplementation, with 45.7 billion yuan of the total bond issuance this year being perpetual bonds [4] Group 4: Future Outlook - The transition period for the new solvency regulation has been extended to the end of 2025, indicating that insurance companies will need to address potential capital shortfalls as regulatory standards tighten [5] - The industry anticipates that companies will continue to enhance their capital strength through various means, including bond issuance and retained earnings, to support long-term stable development [5]

2025 First Quarter Results —Advancing with Stability through Cycles April 2025 Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as "potential", "estimates", ...

（2）《公司 2025 年第一季度报告》内容真实、准确、完整地反映了本公司 的实际情况； （3）未发现参与《公司 2025 年第一季度报告》编制和审议的人员有违反保 密规定的行为。 证券代码：601318 证券简称：中国平安 公告编号：临 2025-020 中国平安保险（集团）股份有限公司 第十一届监事会第七次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"本公司"或"公司"）监事会及全 体监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。 本公司第十一届监事会第七次会议（以下简称"会议"）通知于 2025 年 4 月 11 日发出，会议于 2025 年 4 月 25 日在深圳市召开。会议应出席监事 5 人，实 到监事 5 人，会议有效行使表决权票数 5 票。本公司部分高级管理人员列席了会 议，会议的召集、召开程序符合《中华人民共和国公司法》和《中国平安保险（集 团）股份有限公司章程》（以下简称"《公司章程》"）的相关规定，会议合法、 有效。 会议由本公司监事会主席孙建一主持，与会监事经充分讨论，审议通过了如 下议案： 一、审议通过了《关 ...

证券代码：601318 证券简称：中国平安 公告编号：临 2025-019 中国平安保险（集团）股份有限公司 第十三届董事会第九次会议决议公告 中国平安保险（集团）股份有限公司（以下简称"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。 本公司第十三届董事会第九次会议（以下简称"会议"）通知于 2025 年 4 月 11 日发出，会议于 2025 年 4 月 25 日在深圳市召开。会议应出席董事 15 人， 实到董事 15 人，会议有效行使表决权票数 15 票。本公司全体监事和高级管理人 员列席了会议。会议的召集、召开程序符合《中华人民共和国公司法》和《中国 平安保险（集团）股份有限公司章程》的相关规定，会议合法、有效。 会议由本公司董事长马明哲主持，与会董事经充分讨论，审议通过了如下议 案： 一、审议通过了公司 2025 年第一季度报告及截至 2025 年 3 月 31 日止 3 个月的 未经审核业绩公布 三、审议通过了《关于审议〈张小璐女士合规负责人职务离任审计报告〉的议 案》 本公司董事会审计与风险管理委员会已审议通 ...