Xin Lang Cai Jing·2025-11-01 00:27Core Insights - The company achieved a net profit attributable to shareholders of 167.8 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 60.5% [1] - The company’s new business value (NBV) grew by 41.8% year-on-year, with a significant improvement in growth rate compared to the previous quarter [2] - Total investment return rate increased by 1.04 percentage points to 6.42% year-on-year, driven by a favorable stock market [3] Financial Performance - Total premium income reached 669.6 billion yuan in Q1-Q3 2025, up 10.1% year-on-year, with new single premium income increasing by 10.4% [2] - The company’s investment assets amounted to 7.28 trillion yuan, a growth of 10.2% compared to the end of the previous year [3] - The net profit growth rate for Q3 2025 was particularly strong at 91.5% year-on-year, contributing to a total net profit of 167.8 billion yuan for the first three quarters [3] Strategic Initiatives - The company is actively transforming its product offerings, with a notable increase in the proportion of floating income-type business in first-year premium income, which rose by 45 percentage points year-on-year [2] - The workforce in individual insurance increased to 607,000, reflecting ongoing improvements in recruitment and retention efforts [2] - The company is expected to maintain a high growth trend in Q4 2025, benefiting from a low base effect from Q4 2024 [3] Investment Outlook - The company has adjusted its earnings per share (EPS) forecasts for 2025-2027 to 6.34, 4.1, and 4.74 yuan respectively, with a target price of 54.6 yuan for 2026 based on a price-to-earnings value (PEV) of 0.85x [3] - The performance of the insurance sector is anticipated to be positively influenced by the recovery in the equity market, allowing the company to leverage its asset flexibility for high growth [3]