Xin Lang Cai Jing·2025-08-28 00:28Core Viewpoint - The company achieved a net profit attributable to shareholders of 40.9 billion yuan in H1 2025, representing a year-on-year increase of 6.9%, with a notable growth in new business value (NBV) of 20.3% to 28.5 billion yuan [1][2]. Financial Performance - In H1 2025, the company reported a net profit of 40.9 billion yuan, up 6.9% year-on-year, and an NBV of 28.5 billion yuan, reflecting a 20.3% increase [1][2]. - The net and total investment returns were 2.78% and 3.29%, respectively, both showing a decline of 0.25 percentage points and 0.3 percentage points year-on-year [1][3]. - The proposed interim dividend is 0.238 yuan per share (before tax) [1]. Business Growth - The company experienced a slight increase in new single premiums, which rose by 0.6% to 161.3 billion yuan, primarily driven by a significant expansion in lump-sum premiums, which surged by 306.5% to 20 billion yuan [2]. - The NBV margin improved by 2.9 percentage points to 17.7%, benefiting from adjustments in the preset interest rate and the integration of insurance and banking services [2]. - The individual insurance channel saw an NBV increase of 9.5% to 24.3 billion yuan, despite a slight reduction in the number of agents [2]. Investment Strategy - The company's investment assets reached 7.13 trillion yuan by the end of H1 2025, marking a 7.8% increase from the previous year [3]. - The allocation to equity assets increased, with stocks rising by 1.12 percentage points to 8.7% and funds by 0.28 percentage points to 4.92%, totaling 13.62% [3]. - The proportion of FVOCI stocks significantly expanded, increasing by 11 percentage points to 23% within the equity allocation [4]. Future Outlook - The company adjusted its EPS forecasts for 2025-2027 to 3.04, 3.19, and 3.25 yuan, respectively, with a target price of 50.1 yuan for 2025, maintaining a "recommended" rating [4].