证券研究报告 | 公司点评 | 保险Ⅱ 2、队伍：持续深化代理人队伍转型 2025Q1 末，国寿个险代理人数量 59.6 万，相比上年末减少 3.1%，规模总体保持稳 定；从队伍质态看，队伍的优增率、留存率同比有效提升。新型营销模式"种子计 划"有序推进，持续深耕。 展望未来，国寿稳步推进营销体系改革，持续推进销售队伍向专业化、职业化、综合 化转型，银保渠道有望进一步加大贡献，预计全年 NBV 保持平稳增长。 中国人寿(601628) 报告日期：2025 年 04 月 30 日 营业支出减少驱动盈利超预期 ——中国人寿 2025 年一季报点评 投资要点 业绩概览 2025Q1，国寿归母净利润 288.02 亿元，同比+39.5%，超出预期，主要由于营业支出 中的保险服务费用大幅减少所致；营业收入 1101.77 亿元，同比-8.9%；加权 ROE 5.53%，同比提升 1.22pt；NBV 按重置后可比口径同比+4.8%，略低于预期。 核心关注 1、NBV：小幅增长，略低于预期 国寿 NBV 的小幅增长，推测主要来自于新业务价值率的小幅提升。2025Q1，国寿新 单保费 1074.34 亿元，同比下降 4.5 ...

事件：公司发布2024 年年报及2025 年一季报。 2024 年公司实现营收123.9 亿（同比-20.7%），归母净利2665 万元（同比-96.8%），扣非净利3854 万 亿元（同比-95%）；实现毛利率39.3%（同比-9.3pct），净利率0.4%（同比-5.1pct）。 2024Q4 公司实现营收19.5 亿元（同比-43.3%），归母净利-5.2 亿元（同比-909.7%），扣非净利-4.6 亿 元（同比-878.9%）。 2025Q1 公司实现营收28.3 亿元（同比-32.8%），归母净利润7454万元（同比-69.8%），扣非净利8044 万元（同比-63.2%）。 深化渠道营销体系改革，营销创新开新局。 公司通过创新品牌传播实现精准受众触达。以藿香小可乐为宣传点开展"跨界传播"，开拓年轻消费市 场；通过与人民网、央视、国医大师的合作，实现全媒体矩阵宣传，提升品牌学术影响力；在O2O领域 扩赛道，多形式助力流量转化销量等。 2025 年公司将建立以临床价值为中心、以市场需求为导向的战略市场体系，加强渠道整合和终端拓 展，加快产品和品类导入；工业营销将以利润和结果为导向，强化市场职能，有望 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [5][17]. Core Viewpoints - The company's performance in 2024 was significantly impacted by high base effects, social inventory, and tax adjustments, leading to a revenue decline of 20.7% year-on-year, with a net profit drop of 96.8% [2][3]. - Despite the challenges faced in 2024, the company has shown signs of recovery in Q1 2025, with a revenue of 28.3 billion, reflecting a 32.8% year-on-year decrease but an improvement from the previous quarter [2][4]. - The company is implementing a strategic marketing system reform focused on clinical value and market demand, aiming to enhance channel integration and terminal expansion, which is expected to support sales recovery [4][5]. Financial Performance Summary - In 2024, the company achieved a revenue of 123.9 billion, with a gross margin of 39.3% and a net margin of 0.4% [2][3]. - The breakdown of revenue by sector in 2024 shows: - Pharmaceutical industry: 70.4 billion (down 32.3%) - Pharmaceutical commerce: 67.4 billion - Traditional Chinese medicine resources: 10.5 billion - Health and international business: 4.6 billion [3]. - The forecast for 2025 projects revenues of 139.1 billion, with a growth rate of 12%, and net profits of 5.6 billion, reflecting a substantial recovery [5][6]. Earnings Forecast - The earnings forecast for 2025, 2026, and 2027 indicates revenues of 139.1 billion, 155.2 billion, and 174.6 billion respectively, with net profits expected to rise significantly from 5.6 billion in 2025 to 8.8 billion in 2027 [5][6]. - The projected growth rates for net profit are 2001% in 2025, 21% in 2026, and 30% in 2027, indicating a strong recovery trajectory [5][6]. Market Position and Strategy - The company is focusing on innovative marketing strategies to reach younger consumers and enhance brand influence through collaborations with media outlets [4]. - The establishment of a strategic market system centered on clinical value and market demand is expected to drive sales growth and improve overall performance [4][5].

Core Viewpoint - Wuliangye reported its 2024 annual and 2025 Q1 financial results, showing a steady growth in revenue and net profit, indicating a robust operational strategy despite a competitive market environment [1][2][3] Financial Performance - In 2024, Wuliangye achieved a revenue of 89.175 billion yuan, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% [1] - For Q1 2025, the company reported a revenue of 36.94 billion yuan, reflecting a 6.05% year-on-year growth, with a net profit of 14.86 billion yuan, increasing by 5.8% [1][6] - The gross profit margin for liquor products exceeded 82% in 2024, marking a continuous increase since 2016, with Wuliangye's product gross margin reaching 87% [1][3] Product and Market Strategy - Wuliangye optimized its product system in 2024, focusing on a balanced pricing strategy and launching new products to meet diverse consumer needs [3] - The company reported a significant increase in sales volume, with liquor products achieving a total sales volume of 162,000 tons and an average price of approximately 513,200 yuan per ton [3] - The revenue from series liquor products reached 15.251 billion yuan, a year-on-year increase of 11.79% [3] Channel Development - Wuliangye emphasized enhancing its distribution channels, achieving a 12.89% year-on-year growth in direct sales channels, which now account for about 40% of total revenue [4] - The company added 16,000 core terminal points and 138 new specialty stores, optimizing its traditional channel structure [4] Contract Liabilities and Cash Flow - As of the end of 2024, Wuliangye's contract liabilities reached 11.69 billion yuan, a year-on-year increase of 70.3%, indicating strong market confidence [5][7] - The company reported a cash flow of 138.55 billion yuan and a significant increase in contract liabilities, both reaching historical highs [7] Shareholder Returns - Wuliangye announced a total cash dividend of 22.301 billion yuan for 2024, with a dividend payout ratio of 70%, the highest in recent years [7]