Core Viewpoint - China Pacific Insurance (CPIC) is leveraging its partnership with actress Sun Li to enhance public awareness and understanding of the insurance industry through the popular TV drama "A Good Life" [2][3][5]. Group 1: Partnership and Brand Strategy - CPIC's collaboration with Sun Li stems from her role in the TV drama "A Good Life," which is the first urban drama centered around the insurance industry, exploring various social issues related to insurance [2][4]. - The company aims to reshape public perception of insurance and increase its social recognition and trust through innovative branding efforts [3][4]. - CPIC has previously produced a documentary on critical illnesses in partnership with SMG, showcasing real customer stories to promote the message that "insurance makes life more secure" [4]. Group 2: Industry Insights and Development - The drama "A Good Life" reflects the diverse insurance needs and solutions in modern society, addressing pain points left over from the industry's rapid growth [6]. - The character development in the series illustrates the transition from traditional insurance practices to a more professional and customer-centric approach, aligning with CPIC's strategic focus on high-quality business partnerships [6][7]. - CPIC emphasizes the importance of a professional, warm, and trustworthy agent workforce as part of its development strategy, aiming to enhance the overall quality of its service [6][7]. Group 3: Audience Engagement and Impact - The series has sparked deeper discussions about insurance among the public and industry professionals, leading to increased media coverage and public interest in insurance education [5][6]. - The show's success is evidenced by its high viewership ratings and social media engagement, indicating a strong public response to the themes presented [4][5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the new business value (NBV) increased by 39% year-on-year, driven by strong performance in the bancassurance channel [1][8] - The combined ratio (COR) improved year-on-year, indicating better underwriting performance [8] - The report notes a decline in total revenue by 1.8% year-on-year for Q1 2025, with a net profit attributable to shareholders decreasing by 18.1% [8] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 323,945 million - 2024A: 404,089 million - 2025E: 414,571 million - 2026E: 416,653 million - 2027E: 418,358 million - Year-on-year growth rates: -2.47% (2023A), 24.74% (2024A), 2.59% (2025E), 0.50% (2026E), 0.41% (2027E) [1][22] - **Net Profit Forecasts**: - 2023A: 27,257 million - 2024A: 44,960 million - 2025E: 48,864 million - 2026E: 46,875 million - 2027E: 46,101 million - Year-on-year growth rates: -27.08% (2023A), 64.95% (2024A), 8.68% (2025E), -4.07% (2026E), -1.65% (2027E) [1][22] - **Earnings Per Share (EPS)**: - 2023A: 2.83 - 2024A: 4.67 - 2025E: 5.08 - 2026E: 4.87 - 2027E: 4.79 [1][22] - **Valuation Metrics**: - Current market capitalization is 296,498.92 million with a price-to-earnings (P/E) ratio of 7.93 for 2022 and projected P/E of 6.07 for 2025E [5][22] Business Segment Performance - **Life Insurance**: - New business value (NBV) reached 57.8 million, with a year-on-year increase of 39% on a comparable basis [8] - Individual insurance new premium decreased by 15.2%, while bancassurance new premium surged by 130.7% [8] - **Property and Casualty Insurance**: - The combined ratio improved to 97.4%, a decrease of 0.6 percentage points year-on-year [8] - Total premium income for property insurance was 631 million, reflecting a 1% increase year-on-year [8] - **Investment Performance**: - Total investment assets reached 28,102 million, up 2.8% from the beginning of the year [8] - The annualized net investment yield remained stable at 0.8% [8]