Guoxin Securities·2025-08-27 05:26Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Insights - The company has achieved a 3.7% year-on-year growth in operating profit attributable to shareholders in the first half of 2025, indicating a stable overall performance driven by its "comprehensive finance + medical and elderly care" strategy [1] - The new business value of the life insurance segment has significantly increased by 39.8%, with a notable improvement of 9.0 percentage points in new business value rate [2] - The company has optimized its product structure and channel transformation, resulting in a 21.6% year-on-year increase in per capita new business value for agents [2] - The non-life insurance segment reported a 7.1% year-on-year growth in original insurance premium income, with notable growth rates in accident insurance (25.6%), health insurance (22.5%), and agricultural insurance (15.7%) [2] - The company has increased its direct stock investment scale, achieving a non-annualized comprehensive investment return of 3.1%, up by 0.3 percentage points year-on-year [3] - The company maintains its earnings forecast for 2025 to 2027, expecting EPS of 7.72, 8.57, and 9.26 CNY per share, with current stock prices corresponding to P/EV ratios of 0.71, 0.65, and 0.59 [3] Summary by Sections Financial Performance - The operating profit attributable to shareholders increased by 3.7% year-on-year, with basic earnings per share at 4.42 CNY, a 4.5% increase [1] - The net profit attributable to shareholders decreased by 8.8% to 22.335 billion CNY due to capital market fluctuations and the impact of the consolidation of Ping An Good Doctor [1] Life Insurance Segment - The new business value increased by 39.8%, with a new business value rate improvement of 9.0 percentage points [2] - The individual agent channel saw a 21.6% year-on-year increase in per capita new business value [2] - The bank insurance channel achieved a remarkable growth of 168.6% [2] Non-Life Insurance Segment - The original insurance premium income reached 171.857 billion CNY, growing by 7.1% year-on-year [2] - The combined cost ratio for property insurance improved to 95.2%, a 2.6 percentage point optimization year-on-year [2] Investment Strategy - The company has increased its investment in high-dividend stocks, with stock investments reaching 649.294 billion CNY, accounting for 10.5% of total investment assets [3] - The non-annualized net investment return was 1.8%, down by 0.2 percentage points year-on-year [3]