Core Viewpoint - China Pacific Insurance (02328) is expected to experience significant profit growth driven by the resonance of assets and liabilities in Q3 2025, with stable growth in auto insurance premiums and controlled combined ratio [1][2] Group 1: Financial Performance - The company achieved a net profit of 40.268 billion, a year-on-year increase of 50.5%, with Q3 showing a remarkable growth of 91.5% [2] - The combined cost ratio stood at 96.1%, a decrease of 2.1 percentage points year-on-year, reflecting improved operational efficiency [2] - The annualized total investment return rate was 5.4%, up by 0.8 percentage points year-on-year, with total investment income reaching 35.9 billion, a 33.0% increase [2] Group 2: Insurance Business Segments - In the first three quarters, the company reported original premiums of 443.182 billion, a year-on-year increase of 3.5%, with underwriting profit of 14.865 billion, up by 130.7% [2] - Auto insurance service revenue was 227.632 billion, a year-on-year increase of 3.7%, with a combined cost ratio of 94.8%, down by 2.0 percentage points [2] - Non-auto insurance service revenue reached 158.289 billion, a year-on-year increase of 9.3%, with a combined cost ratio of 98.0%, down by 2.5 percentage points [2] Group 3: Strategic Outlook - The company is positioned as a leader in the property insurance industry, with competitive advantages expected to continue, supported by stable ROE and high dividend yield [1] - The implementation of "reporting and operation in one" for non-auto insurance is expected to benefit compliant operations, risk management, and service capabilities of leading insurers [1] - The current valuation corresponds to 1.36x PB, maintaining a "strongly recommended" rating for long-term investment value [1]