Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6][9]. Core Insights - The company has accelerated its transformation towards dividend insurance, achieving rapid growth in both new business value (NBV) and net profit. In the first half of 2025, the company reported an operating income of 70.041 billion yuan, a year-on-year increase of 26.0%, and a net profit attributable to shareholders of 14.799 billion yuan, up 33.5% year-on-year [4][5]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company achieved original insurance premium income of 121.262 billion yuan, a year-on-year increase of 22.7%. The new business value reached 6.182 billion yuan, reflecting a year-on-year growth of 58.4% [5]. - The company’s return on equity (ROE) for the trailing twelve months (TTM) stands at 35.90% [2]. Business Segments - The rapid growth in new single premium income was driven by long-term insurance, which saw first-year premium income of 39.622 billion yuan, a significant increase of 113.1%. The first-year regular premium and lump-sum premium increased by 64.95% and 353.3%, respectively [5]. - The company has enriched its dividend insurance product offerings, leading to a 24.9% year-on-year increase in dividend insurance premium income, with new single scale increasing by an extraordinary 231,250.0% [5]. Distribution Channels - The individual insurance channel's NBV was 3.105 billion yuan, up 11.69% year-on-year, with long-term insurance first-year premium income reaching 14.506 billion yuan, a 70.8% increase [5]. - The bancassurance channel achieved a historical breakthrough in NBV, reporting 3.267 billion yuan, a year-on-year increase of 137.08%, with new single premium income rising by 150.3% [5]. Investment Strategy - The company has shifted its investment strategy towards high-dividend OCI-type equity instruments, increasing its investment in high-dividend OCI equity tools from 30.640 billion yuan at the beginning of the year to 37.466 billion yuan, an increase of 6.826 billion yuan [5]. - As of June 2025, the company's investment in bonds and stocks accounted for 50.6% and 11.6% of its portfolio, respectively [5]. Dividend Policy - The company plans to distribute an interim cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which represents 14.1% of the net profit attributable to shareholders for the first half of 2025 [7].