Core Insights - The company reported a revenue of 70.041 billion yuan for the first half of 2025, representing a year-on-year growth of 26.0% [1] - The net profit attributable to shareholders for the same period was 14.799 billion yuan, showing a year-on-year increase of 33.5% [1] - The company plans to distribute an interim cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which accounts for 14.1% of the net profit attributable to shareholders for the first half of 2025 [1] Business Performance - In the life insurance segment, the company achieved original insurance premium income of 121.262 billion yuan, a year-on-year growth of 22.7% [1] - The new business value for the first half of 2025 was 6.182 billion yuan, reflecting a significant year-on-year increase of 58.4% [1] - The total number of multi-channel marketing agents remained stable at 145,387, consistent with the end of 2024 [1] Investment Performance - As of June 30, 2025, the company's investment scale reached 1,712.522 billion yuan [1] - The annualized total investment return rate for the first half of 2025 was 5.9% [1] - The annualized comprehensive investment return rate for the same period was 6.3% [1]

Core Insights - China Life Insurance Company reported a total premium of 525.088 billion yuan for the first half of 2025, marking a historical high for the same period and a year-on-year increase of 7.3% [1] - The company achieved a new business value of 28.546 billion yuan, reflecting a significant year-on-year growth of 20.3% compared to the same period in 2024 [1] Premium Breakdown - The total premium for life insurance reached 439.134 billion yuan, with a year-on-year growth of 8.5% [1] - Health insurance premiums totaled 78.958 billion yuan, showing a year-on-year increase of 2.0% [1] - Accident insurance premiums amounted to 6.996 billion yuan [1] First-Year Premiums - The first-year regular premium for the company was 81.249 billion yuan [1] - The first-year regular premium for policies with a duration of ten years or more was 30.305 billion yuan, accounting for 37.3% of the total first-year premiums [1] - The 14-month policy retention rate improved to 92.1%, an increase of 0.6 percentage points year-on-year [1] Investment Performance - As of June 30, 2025, the company's investment assets reached 7.127153 trillion yuan, a growth of 7.8% from the end of 2024 [1] - The net investment income for the first half of 2025 was 96.067 billion yuan, with a net investment yield of 2.78% [1] - Total investment income was 127.506 billion yuan, yielding a total investment return of 3.29% [1] Financial Position - By the end of June 2025, the total assets of China Life Insurance amounted to 7.29 trillion yuan [2] - The net profit attributable to shareholders for the first half of 2025 was 40.931 billion yuan, reflecting a year-on-year increase of 6.9% [1] Solvency Ratios - As of June 30, 2025, the comprehensive solvency ratio was 190.94%, and the core solvency ratio was 139.54%, indicating a strong solvency position [2]

格隆汇8月27日丨中国人寿(601628.SH)发布2025年半年度报告，上半年实现总保费5250.88亿元，创历史 同期最好水平，同比增长7.3%；实现归属于母公司股东的净利润为409.31亿元，同比增长6.9%。公司坚 持高质量发展主题，积极布局应对市场变化，大力推动变革转型，业务发展顺势而上，交出了稳中有 进、进中提质、量质齐升、效速兼取的优异答卷。 上半年，中国人寿业务指标保持领先，再迈新台阶。在保持经营大盘稳定的同时，公司各渠道奋力开 拓，主要指标再创佳绩。上半年取得总保费5250.88亿元。其中，寿险业务总保费4391.34亿元，同比增 长8.5%；健康险业务总保费为789.58亿元，同比增长2.0%；意外险业务总保费为69.96亿元。截至今年6 月30日，中国人寿总销售人力64.1万人，销售队伍规模保持领先；持续推进营销体系改革，队伍质态稳 步提高。 ...

北京商报讯（记者 李秀梅）8月27日，中国平安召开2025年中期业绩发布会。谈及寿险业发展，中国平 安联席首席执行官郭晓涛表示："对于今年全年的业务发展非常有信心。在行业趋势的驱动下，在三重 改革红利逐步释放的推动下，我们相信在今年全年寿险业务健康持续稳定的发展，将会交出满意的一个 答案。" 郭晓涛进一步介绍，中国平安的寿险业务在过去几年经历了产品和渠道的改革，现在开始释放改革红 利。第一重改革红利是多渠道的策略。在非代理人渠道的新业务价值占比已经超过了36%，比去年增长 了15个百分点，银保渠道和社区网格渠道都有超过160%的增长。第二重是产品+服务的能力。寿险行业 逐步进入到同质化竞争的阶段，郭晓涛指出，只有增值服务才能真正做出差异化来。第三个改革的红利 是科技赋能AI的红利。 ...

公告显示，截至8月8日，天茂集团总股本为4904139165股，控股股东新理益集团、实控人刘益谦及一致 行动人王薇合计持有天茂集团66.78%股份，刚刚达到三分之二的门槛；而另外持股33.23%的其他股东 将对议案表决通过与否起着关键作用。 天茂集团此次设置了投资者保护机制安排。公告显示，本次终止上市事项经股东会审议通过后，由荆门 市维拓宏程管理合伙企业(有限合伙)向除新理益集团、王薇、刘益谦外现金选择权股权登记日登记在册 的全体A股股东提供现金选择权(限售或存在权利限制的股份等情形除外)。行使现金选择权的天茂集团 股东可就其有效申报的每一股天茂集团股份，在现金选择权实施日获得由相关现金选择权提供方按现金 选择权价格支付的现金对价，同时将相对应的股份过户至相关现金选择权提供方名下。 A股又有一家上市公司拟主动退市。 近日，天茂实业集团股份有限公司(以下简称"天茂集团")发布公告称，公司拟以股东会决议方式主动撤 回A股股票在深交所的上市交易。不过，目前以股东会决议方式主动退市尚须股东表决通过。 值得关注的是，在此次主动申请退市前，因2024年年报难产，天茂集团本身也面临着较大的退市压力。 今年以来，A股已有多家 ...

Core Viewpoint - *ST Tianmao has announced its intention to voluntarily delist from the Shenzhen Stock Exchange, becoming the first insurance company to initiate a voluntary delisting process in 2025, primarily to protect the rights of its 111,900 minority shareholders [1][2][9]. Group 1: Delisting Process - The company plans to withdraw its A-share listing due to significant uncertainties affecting its business structure, and will apply to transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [2][8]. - The voluntary delisting proposal requires approval from two-thirds of the voting rights, including two-thirds from minority shareholders holding less than 5% [2][3]. Group 2: Shareholder Protection Mechanism - A cash exit option will be provided to all A-share shareholders, excluding certain major shareholders, regardless of their vote on the delisting proposal [4][6]. - The cash option will be priced at 1.60 yuan per share, representing a 10% premium over the last trading price of 1.45 yuan per share, with a total potential payout not exceeding 2.606 billion yuan for up to 1.629 billion shares [6][9]. Group 3: Risks and Consequences - If the delisting proposal is not approved, the company may still face mandatory delisting due to its failure to disclose annual reports on time, which could lead to significant losses for minority shareholders [8][9]. - The company is currently under investigation by the China Securities Regulatory Commission for failing to disclose periodic reports, indicating that delisting does not exempt the company or its major shareholders from potential legal liabilities [9].

Core Viewpoint - *ST Tianmao (000627) has announced its intention to voluntarily delist, becoming the first insurance company to initiate a voluntary delisting process in 2025, amid a critical situation where it faces mandatory delisting warnings [2][9]. Group 1: Voluntary Delisting Process - The company plans to protect the rights of its 111,900 minority shareholders by providing a cash exit option through a shareholder meeting resolution, distinguishing it from mandatory delisting which could lead to total loss for investors [2][4]. - The voluntary delisting proposal requires approval from two-thirds of the voting rights, including two-thirds from minority shareholders holding less than 5% [4][5]. - The cash exit option is set at a price of 1.60 CNY per share, representing a 10% premium over the last trading price of 1.45 CNY per share before suspension, with a total potential payout not exceeding 2.606 billion CNY for up to 1.629 billion shares [7][8]. Group 2: Shareholder Dynamics - The controlling shareholder, New Liyi Group, and the actual controller Liu Yiqian hold 3.275 billion shares, accounting for 66.78% of the total share capital, making minority shareholders crucial in the decision-making process for the delisting [5][6]. - As of July 18, 2025, the company had approximately 111,900 shareholders, with minority shareholders being pivotal in determining the outcome of the voluntary delisting proposal [5][6]. Group 3: Regulatory and Financial Context - The delisting crisis stems from the company's failure to disclose its 2024 annual report and 2025 quarterly report within the legal timeframe, leading to a risk warning and potential mandatory delisting by September 8, 2025 [10][12]. - The company has received a notice from the China Securities Regulatory Commission regarding an investigation for failing to disclose periodic reports on time, indicating that delisting does not exempt the company or its executives from regulatory accountability [12].

Core Viewpoint - *ST Tianmao plans to voluntarily withdraw its A-shares from the Shenzhen Stock Exchange due to significant uncertainties in its business structure adjustment, aiming to protect the interests of minority shareholders [3][5]. Company Overview - *ST Tianmao, originally named "Baike Pharmaceutical," was established in 1993 and is controlled by capital magnate Liu Yiqian. The company has shifted its focus from chemical and pharmaceutical businesses to insurance, primarily through its subsidiaries Guohua Life and Huarui Insurance [4]. - As of the end of Q3 2024, the shareholding structure shows New Liyi Group, Liu Yiqian, and his spouse Wang Wei holding 44.56%, 10.47%, and 11.25% of the shares, respectively, forming a concerted action group [4]. Recent Developments - On August 8, 2023, *ST Tianmao announced its decision to withdraw its A-shares from trading on the Shenzhen Stock Exchange and apply for transfer to the National Equities Exchange and Quotations (NEEQ) after delisting [5]. - The company has faced delisting risks due to failure to disclose its 2024 annual report and 2025 Q1 report within the statutory timeframe, leading to a warning from the Shenzhen Stock Exchange [6]. - Following a suspension of trading on August 7, 2023, due to significant matters being planned by the controlling shareholder, the company has not disclosed relevant financial reports as of the suspension date [6]. Shareholder Protection Mechanism - To protect investors, *ST Tianmao has set up a mechanism for dissenting shareholders and other shareholders, allowing them to exercise cash options at a price of 1.60 CNY per share, while the last closing price before suspension was 1.45 CNY per share [3][6]. - The proposed record date for the cash option is set for September 2, 2025, subject to adjustments by the company's board [3]. Regulatory Actions - The company received a notice from the China Securities Regulatory Commission (CSRC) on May 6, 2025, regarding an investigation for failing to disclose periodic reports on time, indicating that the situation will not be resolved simply by delisting [7].

Core Viewpoint - Citigroup's research report indicates that China Pacific Insurance (CPIC) is expected to experience strong growth in new business value (NBV) for the first half of the year, with an anticipated year-on-year increase of 31% [1] Group 1 - The comprehensive cost ratio is projected to improve by 1 percentage point year-on-year, primarily due to a reduction in natural disaster losses and a shift in product structure towards higher-margin businesses [1] - Mid-term profit for CPIC is forecasted to rebound with an estimated increase of approximately 5%, contrasting with an 18% decline in the first quarter of this year [1] - Citigroup has assigned a "Buy" rating to CPIC, setting a target price of HKD 37.7, reflecting confidence in the robust development of its life insurance business and potential benefits from policy reforms [1]

Core Viewpoint - *ST Tianmao is likely planning to voluntarily delist due to ongoing financial difficulties and regulatory pressures, following a series of failures to disclose financial reports on time [1][4]. Group 1: Company Background - *ST Tianmao, originally named Baike Pharmaceutical, was established in 1993 and is controlled by Liu Yiqian through New Liyi Group [3]. - The company primarily engages in life insurance and insurance intermediary services through its subsidiaries, Guohua Life and Huarui Insurance [3]. - As of the end of Q3 2024, *ST Tianmao's total assets were approximately 285.2 billion yuan, with Liu Yiqian and his spouse holding a combined 66.28% of the shares [3]. Group 2: Financial Performance - The company projected a revenue of 40 billion to 43 billion yuan for 2024, with expected losses ranging from 500 million to 750 million yuan [3]. - The losses are attributed to a declining interest rate environment, which has led to increased reserve provisions for Guohua Life, resulting in consecutive years of losses [3]. Group 3: Regulatory Issues - The company has faced regulatory scrutiny, including an investigation by the China Securities Regulatory Commission for failing to disclose financial reports on time [2][4]. - Following the failure to disclose the 2024 annual report and the 2025 Q1 report, *ST Tianmao's stock was subject to a delisting risk warning [2][4]. Group 4: Market Reaction and Strategic Considerations - Since the implementation of the delisting risk warning, *ST Tianmao's stock price has dropped over 47%, closing at 1.45 yuan per share, with a total market capitalization of 7.111 billion yuan as of August 6 [4]. - The potential voluntary delisting may be a strategic move to mitigate further losses and legal liabilities, as the company faces increasing operational challenges and regulatory pressures [4].