Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has seen a significant increase in revenue, with a year-on-year growth of 26.1% attributed to enhanced investment income. The investment income reached 20.9 billion yuan, a substantial increase of 44.3%, contributing 62.6% to total revenue, which led to a 19.0% increase in net profit attributable to shareholders [1][3] - The company is focusing on transforming its product structure, particularly in promoting mid-to-short term premium payment insurance products, resulting in a 28.0% year-on-year increase in original insurance premium income to 73.22 billion yuan. The first-year premium income for long-term insurance saw a remarkable growth of 149.6% [2][3] - The company achieved an annualized total investment return of 5.7% in the first quarter, with a net investment yield of 2.8%, reflecting a 3.9% year-on-year decline due to pressure on fixed-income assets [3] Financial Forecasts - The projected operating revenue for 2025 is 132.75 billion yuan, with a slight increase of 0.15% from 2024. The net profit attributable to shareholders is expected to be 25.82 billion yuan, a decrease of 1.56% from 2024 [4][8] - The diluted earnings per share (EPS) for 2025 is forecasted to be 8.28 yuan, with a price-to-embedded value (P/EV) ratio of 0.52 [4][8]