Sou Hu Cai Jing·2025-09-04 09:50Core Viewpoint - The article discusses the changes in the shareholder structure of China Life Insurance (601319), highlighting the decline in the ranking of individual shareholder Kong Fengquan among the top shareholders due to the rise of the National Social Security Fund's 108 portfolio [1][3]. Shareholder Structure - As of the 2025 semi-annual report, Kong Fengquan's ranking among the top shareholders of China Life has dropped to 7th place, holding 50.96 million shares, which is 0.12% of the total shares [1][2]. - The top shareholder is the Ministry of Finance, holding 60.84% of the shares, followed by Hong Kong Central Clearing Limited with 19.69% [2]. - The National Social Security Fund's 108 portfolio has surpassed Kong Fengquan, who is now only 1.16 million shares behind the 6th place holder [2][3]. Shareholding History - Kong Fengquan first entered the top ten shareholders in Q3 2022 with 16.63 million shares (0.04%) and ranked 9th [3]. - His shareholding increased significantly to 34.96 million shares (0.08%) by the end of 2022, moving him to 6th place [3]. - In 2023, he continued to increase his holdings, reaching 50.96 million shares by Q3, maintaining a 5th place ranking until the recent decline [3]. Investment Performance - Kong Fengquan's investment coincided with a low point in China Life's stock price, with an average purchase price estimated at 5.37 yuan per share [4]. - Since then, the stock price has increased by over 69.4%, significantly enhancing the value of his holdings [4]. Dividend Income - Kong Fengquan has received substantial dividends during his holding period, totaling approximately 2.577 million yuan from 2022 to 2024 [5]. - The expected dividend from the 2025 semi-annual report is around 408,000 yuan based on his current holdings [5]. Company Performance - China Life's revenue grew from 2200.5 billion yuan in 2022 to 2672.1 billion yuan in 2025, reflecting a year-on-year growth rate of 6.7% [6]. - The net profit for the first half of 2025 reached 234.6 billion yuan, a significant increase of 34.4% compared to the previous year [6]. - Total assets increased from 7653.6 billion yuan in 2022 to 8050 billion yuan in 2025, marking a 9.2% year-on-year growth [6].