Guo Ji Jin Rong Bao·2025-08-27 11:49Core Viewpoint - China Ping An reported a steady overall performance with strong growth in its main business and continued innovation during the mid-year performance release on August 27, 2025 [1] Financial Performance - In the first half of 2025, China Ping An achieved an operating profit of 77.732 billion yuan, a year-on-year increase of 3.7% [1] - The net profit attributable to shareholders was 68.047 billion yuan, a year-on-year decline of 8.8% [1] - The company announced an interim dividend of 0.95 yuan per share, representing a year-on-year increase of 2.2% [1] Profit Discrepancy Factors - The difference between operating profit growth and net profit decline is attributed to three main factors: 1. A one-time accounting treatment resulting in a 3.4 billion yuan impairment from the consolidation of Ping An Good Doctor in Q1 [5] 2. The issuance of multiple convertible bonds, which led to a short-term decline in valuation due to rising stock prices, although it does not affect the financial statements over the full lifecycle [5] 3. A 60 billion yuan unrealized gain from equity stakes in listed companies that did not appear on the profit statement [5] Business Growth and Strategy - The new business value of life and health insurance reached 22.335 billion yuan, a year-on-year increase of 39.8% [6] - The new business value from the bancassurance channel surged by 168.6% to 5.972 billion yuan [6] - The company has transitioned to a multi-channel system for life insurance, with non-agent channels accounting for over 36% of new business value, an increase of 15 percentage points from the previous year [6] Product Trends - In response to low interest rates and asset scarcity, insurance companies are accelerating the shift towards participating insurance products [6] - Participating insurance accounted for 40% of new business value in the first half of the year, indicating a significant industry trend [6][7] Investment Strategy - As of June 30, 2025, China Ping An's investment portfolio exceeded 6.2 trillion yuan, reflecting an 8.2% increase since the beginning of the year [9] - The non-annualized comprehensive investment return rate was 3.1%, up 0.3 percentage points year-on-year [9] - The company plans to increase equity asset allocation, focusing on growth stocks and high-dividend value stocks [9] Future Outlook - The company anticipates that the proportion of participating insurance will continue to rise following the upcoming interest rate cuts [7] - With ongoing optimization of asset allocation and a stable capital market, China Ping An aims to dynamically match high-yield stocks, value stocks, and growth stocks to enhance investment returns for clients [10] - The approval of Ping An's private equity investment fund for long-term investments in the secondary market is expected to be operational soon [10]