Core Viewpoint - Pacific Securities maintains a "buy" rating for Sunshine Insurance (06963), projecting revenue and net profit growth from 2025 to 2027, with expected revenues of 95.368 billion, 100.325 billion, and 106.974 billion yuan, and net profits of 6.095 billion, 6.550 billion, and 7.152 billion yuan respectively [1] Group 1: Business Performance - In the first half of 2025, Sunshine Insurance achieved insurance service revenue of 32.441 billion yuan, a year-on-year increase of 3.0%, and a net profit of 3.389 billion yuan, up 7.8% year-on-year, with a weighted average ROE of 5.7%, an increase of 0.5 percentage points [1] - The company reported total premium income and insurance service income of 80.81 billion and 32.44 billion yuan respectively, reflecting year-on-year growth of 5.7% and 3.0% [2] - The value of the group's embedded value reached 128.49 billion yuan, an increase of 11.0% from the beginning of the period, with effective customer numbers reaching 30.116 million [2] Group 2: Life Insurance and Non-Life Insurance - The net new business value (NBV) for life insurance was 4.01 billion yuan, showing a year-on-year increase of 47.3%, while the embedded value (EV) for life insurance was 106.2 billion yuan, up 13.8% from the beginning of the period [2] - The total premium income from individual insurance was 15.34 billion yuan, a year-on-year increase of 12.1%, while bank insurance premium income was 35.44 billion yuan, up 4.2% [2] - The non-life insurance business saw a premium income of 25.27 billion yuan, a year-on-year increase of 2.5%, with non-auto insurance premiums accounting for 50.6% of total premiums, an increase of 4.5 percentage points [2] Group 3: Investment Performance - As of June 30, 2025, the group's investment asset scale reached 591.86 billion yuan, with total investment income of 10.7 billion yuan in the first half of the year, yielding an annualized total investment return of 4.0% [3] - The proportion of fixed-income financial assets in the investment portfolio was 69.4%, with bond investments making up 53.3% of total investment assets [3] - The core solvency adequacy ratio and comprehensive solvency adequacy ratio were 171% and 233% respectively, indicating improved solvency [3]