Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained as "Buy" [1] Core Views - The report indicates that the company's Q1 2025 net profit attributable to shareholders is 9.63 billion, a year-on-year decrease of 18.1%, primarily due to fluctuations in the bond market affecting investment income [4] - The new business value (NBV) for Q1 2025 is reported at 5.78 billion, reflecting a year-on-year growth of 11.3%, driven by strong growth in the bancassurance channel [4][5] - The report maintains the forecast for NBV in 2025 at 14.56 billion, representing a year-on-year increase of 9.8% [4] Financial Performance Summary - Q1 2025 net profit attributable to shareholders decreased by 18.1% year-on-year to 9.63 billion, with insurance service performance at 8.6 billion, down 10.8% year-on-year, and investment service performance at 5 billion, down 16% year-on-year [4] - The company's total assets at the end of Q1 2025 are reported at 2.81 trillion, with a net investment yield of 0.8%, unchanged year-on-year [6] - The insurance service revenue for 2025 is projected to be 297.2 billion, with a year-on-year growth of 6.3% [7] Business Segment Insights - The bancassurance channel saw a significant increase, with new single premiums reaching 20.1 billion, up 131% year-on-year, while individual insurance new premiums decreased by 15% to 13.7 billion [5] - The property and casualty insurance segment achieved a premium income of 63.1 billion, a year-on-year increase of 1.0%, with a combined ratio of 97.4%, down 0.6 percentage points year-on-year [6] Valuation Metrics - The report indicates that the current stock price corresponds to a price-to-embedded value (PEV) of 0.49 for 2025, 0.45 for 2026, and 0.41 for 2027, with a dividend yield of 3.5% [4] - The forecasted return on equity (ROE) for 2025 is 13.74%, with a projected net profit of 48.52 billion, reflecting a year-on-year growth of 7.9% [7]

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601.SH) with a current price of 30.82 CNY [5]. Core Views - The company reported a revenue of 93.717 billion CNY in Q1 2025, a decrease of 1.8% year-on-year, and a net profit attributable to shareholders of 9.627 billion CNY, down 18.1% year-on-year, primarily due to fluctuations in capital markets affecting fair value changes [3]. - The life insurance segment shows positive trends with a new business value (NBV) of 5.778 billion CNY in Q1 2025, an increase of 11.3% year-on-year, and a 39.0% increase on a comparable basis [3]. - The individual insurance channel maintains a stable workforce with a total of 188,000 agents, reflecting a 1.1% year-on-year increase, while the bancassurance channel saw a significant growth in premium income, up 107.8% year-on-year to 25.722 billion CNY [3]. - The property insurance segment experienced a slight growth in premium income, up 1.0% year-on-year to 63.108 billion CNY, with a combined ratio (COR) improving by 0.6 percentage points to 97.4% [3][4]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved total revenue of 93.717 billion CNY, a decrease of 1.8% year-on-year, and a net profit of 9.627 billion CNY, down 18.1% year-on-year due to capital market volatility [3]. Life Insurance Performance - The life insurance business remains robust, with an NBV of 5.778 billion CNY, reflecting an 11.3% year-on-year increase, and a 39.0% increase on a comparable basis. Insurance service revenue increased by 0.6% to 20.980 billion CNY [3]. Distribution Channels - The individual insurance channel's workforce is stable at 188,000 agents, with a 13-month retention rate for new agents improving by 4.8 percentage points year-on-year. The bancassurance channel's premium income surged by 107.8% year-on-year to 25.722 billion CNY [3]. Property Insurance Insights - The property insurance segment reported a slight premium income growth of 1.0% year-on-year to 63.108 billion CNY, with a COR improvement of 0.6 percentage points to 97.4% [3][4]. Investment Performance - The company reported a net investment yield of 0.8% in Q1 2025, with total investment yield at 1.0%, reflecting a slight year-on-year decline due to market fluctuations [4].

§1 重要提示 1.1本公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 本公司第十届董事会第十一次会议于2025年4月25日审议通过了本公司《2025年第一季度报告》。应 出席会议的董事14人，亲自出席会议的董事14人。 1.3 本公司2025年第一季度报告所载财务资料根据中国企业会计准则编制，且未经审计。 1.4 本公司负责人傅帆先生，主管会计工作负责人苏罡先生及会计机构负责人徐蓁女士保证本季度报告 中财务报告的真实、准确、完整。 §2 主要财务数据 2.1 主要会计数据及财务指标 单位：人民币百万元 ■ 注：以归属于本公司股东的数据填列。 ■ 2.3主要会计数据、财务指标发生变动的情况、原因 □适用 √不适用 §3 股东信息 截至报告期末本公司无有限售条件的股份。 单位：股 ■ 注： 1、截至报告期末，本公司未发行优先股。 2.2非经常性损益项目和金额 单位：人民币百万元 2、前十名股东持股情况根据中国证券登记结算有限责任公司上海分公司（A股）和香港中央证券登记 有限公司（H股）的登记股东名册排 ...