Investment Rating - The report maintains a "Buy-A" investment rating for the company [7] Core Insights - The company reported a net profit attributable to shareholders of 68.047 billion yuan for the first half of 2025, a year-on-year decrease of 8.8%, while the operating profit attributable to shareholders increased by 3.7% to 77.732 billion yuan [2] - The new business value (NBV) of the life and health insurance segment reached 22.335 billion yuan, reflecting a year-on-year growth of 39.8% [2] - The comprehensive cost ratio of the property and casualty insurance business improved significantly, decreasing by 2.6 percentage points to 95.2% [3] - The investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, up by 0.3 percentage points year-on-year, with a total investment scale exceeding 6.2 trillion yuan, an increase of 8.2% from the beginning of the year [3] Financial Performance Summary - For the first half of 2025, the life and health insurance business generated an operating profit of 52.435 billion yuan, a year-on-year increase of 2.5% [2] - The insurance service revenue for the property and casualty insurance business was 165.661 billion yuan, a year-on-year increase of 2.3% [3] - The company expects earnings per share (EPS) for 2025 to be 7.85 yuan, with projections of 9.07 yuan and 10.49 yuan for 2026 and 2027, respectively [3] - The target price for the stock is set at 66.87 yuan, based on a price-to-embedded value (P/EV) of 0.8 times for 2025 [3]