A：The management team members attending the meeting in Beijing include Chairman Mr. Cai Xiliang, Vice President and Board Secretary Ms. Liu Hui, Vice President Mr. Ruan Qi, and Executive Assistant and Chief Actuary Ms. Hou Jing. Attending the meeting in Hong Kong are President Mr. Li Mingguang, Finance Manager Ms. Yuan Ying, and Independent Director Mr. Zhai Haitao attending online.

A：Chairman Cai Xiliang briefly introduced the overall operating situation of the company at the performance release conference, involving four aspects: firstly, the company actively participated in the construction of the third pillar pension insurance system, vigorously developing commercial pension insurance, with a payout of 160.9 billion yuan, of which the payout for health insurance liability exceeded 34 billion yuan; secondly, the company adhered to the purpose of financial services for the development of the real economy, with the investment scale in major national strategies, strategic emerging industries, and green industries supported by insurance funds significantly increased; thirdly, the company steadily promoted the entry of medium and long-term funds into the market, with the size of open market equity increasing by over 150 billion yuan from the beginning of the year, becoming a industry model supporting the capital market; fourthly, while maintaining steady development, the company focuses on shareholder returns, with a cumulative dividend of 227.7 billion yuan, and an interim dividend of 2.38 yuan per every 10 shares for the year 2025.

A：Next, Mr. Li Mingguang will give a detailed explanation of the company's business and operations, including the high-quality development of individual insurance channels, value leadership, and specific performance of channel transformation and upgrading; the transformation effectiveness of bank-insurance channels, improvement of various core indicators, etc. At the same time, the company is conducting research on the construction of a sales qualification grading system based on the industry salesperson analysis framework, and will proceed with implementing the grading system in accordance with regulatory requirements in the future.

A：The company continues to deepen in the field of digital finance, focusing on customers and data-driven to achieve the goal of higher operational service efficiency, wider touchpoints, and better experience. This is specifically reflected in the solid foundation of the digital platform, enhancing quality and efficiency through digital empowerment, providing diversified and warm-hearted services, and ensuring solid and orderly consumer protection work. Among them, the digital underwriting staff have increased the intelligent audit rate to 95.8%, with digital service filings accounting for over 75%; and has been awarded the China Financial Media 2025 Outstanding Case of Financial Consumer Education, with the quality index of life insurance services ranking first in the industry for two consecutive years.

A：In the face of a complex and ever-changing market environment, China Life Insurance has risen to the challenge, maintained strategic composure, vigorously promoted transformation and achieved impressive results. This report card reflects the effectiveness of the company's proactive strategy, transformation, and development. In terms of strategic initiatives, the company steadfastly promotes asset-liability management, strengthens long-term sustainable development and omni-channel coordinated development strategies, achieving significant strategic results in the current environment. In terms of transformation initiatives, focusing on cost reduction and efficiency improvement, product business diversification, marketing system reform, and the construction of a health and wellness ecosystem, the company continues to promote deep transformation and improvement in production efficiency in the first half of this year. In terms of development initiatives, in the first half of this year, the company's total premium growth rate reached 7.3%, outperforming the market both in new policies and renewals. The company's market share has increased compared to the same period last year, creating favorable conditions for the development layout in the second half of the year.

A：In the fluctuation of market interest rates, China Life Insurance has strengthened its asset-liability management, optimized duration matching, effectively shortened the duration gap of new business assets and liabilities, and significantly reduced the cost of liabilities. For the future, the company is confident in managing interest rate and spread risks, as the market's potential for significant interest rate declines is limited.

A：The company always adheres to the differentiated development of multiple sales channels, with the service of the people at the center, to meet the diverse insurance needs of customers. Currently, the company is steadily promoting the transformation and upgrading of sales channels, reshaping the channel strategy positioning. Specifically, each county channel plays a core role, promoting specialized, professional, and youthful development through reform; bank-insurance channels serve as important strategic support, building a balanced channel layout; group line channels focus on serving entities and inclusive insurance; and internet channels actively promote incremental operations as an experimental platform. In the future, the company will integrate resources, promote integration and development between channels, and enhance the ability to serve customers and the momentum for high-quality development.

A：We maintain an optimistic attitude towards the A-share market in the second half of the year, believing that the market bottom has been relatively solidified and positive factors are accumulating. In terms of investment opportunities, we will focus on directions such as technology innovation, consumer manufacturing, advanced manufacturing, new consumption, and outbound enterprises. In terms of allocation strategy, we will adopt a neutral and flexible allocation plan, control the asset-liability duration gap to maintain a low level. At the same time, in the equity market, we will actively implement the requirement for medium and long-term funds to enter the market, optimize the equity allocation structure, focus on allocating to new economy and high-quality high-dividend stocks, and enhance the stability and long-term return potential of equity allocation. In addition, in the context of QD quota issuance, we will pay special attention to investment opportunities in the Hong Kong stock market.

A：In recent years, China Life has achieved a series of accomplishments in the field of inclusive finance. As a financial central enterprise, we have always regarded inclusive insurance as our mission and responsibility, continuously launching products and services that cater to the needs of different groups of people. Our product system is rich and complete, covering the entire life cycle, including various protection responsibilities such as accidents, illnesses, medical care, and nursing, and we have introduced several innovative products in the first half of this year. Through the empowerment of technology for sinking services, we have established a national service network and achieved unmanned claims processing throughout the entire process, with digital services accounting for over 75% and an average processing time of only 0.2 days. The protection functions are significant, with over 48 million claims paid out in the first half of the year and a total payout of 160.9 billion yuan. In terms of future work, the company will adhere to the requirements of the implementation plan, focusing on driving expansion through innovation, upgrading services, and enhancing quality, and achieving sustainability through digital empowerment, in order to promote the high-quality development of inclusive insurance from three aspects.

A：Equity investment is an effective means to achieve stable growth and returns by balancing, diversifying, and diversifying the allocation structure in response to a low interest rate environment. China Life Insurance has always adhered to this strategy, focusing on both the growth sectors of emerging productivity and the new economy in equity investment, as well as placing a high emphasis on the allocation of high dividend stocks. Since last year, we have increased our investment in equities, with the addition of over 150 billion yuan in equity assets in the first half of the year, significantly increasing investment returns. In the future, we will continue to make prudent allocations according to asset allocation needs, optimize equity investment structures, and focus more on the allocation of high dividend stocks to enhance the stability of equity and dividend returns, and to improve the overall stability and long-term return potential of equity investments.

A：In recent years, especially this year, the insurance industry is undergoing major transformation and adjustment, including channel reform and the integration of underwriting and operation. Facing the industry's entry into a stage of high-quality development, despite changes brought about by adjustments in scheduled interest rates, looking ahead, the fundamental positive aspects and trends of China's economy remain unchanged, providing solid support for the continuous development of the life insurance industry. China Life Insurance is optimistic about the future development of China's life insurance industry for several reasons: there is great development space, strong demand for protection, and strong policy support. The company has made sufficient preparations for the adjustment of scheduled interest rates, through various aspects such as new product reserves, sales management, management training, system development, policy dissemination, and pandemic monitoring, forming a comprehensive operating management system to ensure a smooth transition and seize market opportunities.

A：The daily payment of social security policy has limited impact on the company's asset management. The company has made sufficient preparations in asset management and has developed a sound integrated business management system, which can respond quickly to market changes and ensure stable business development. Although this policy helps improve social security levels, its direct connection with the company is not significant, and its specific impact remains to be further discussed.

A：China Life Insurance started early in digitization transformation, shifting its technology focus from technology to data since 2009, optimizing and innovating business models through data. Its digitization transformation is mainly implemented in two aspects: first, changing the way by empowering offline teams with digital mobile technology, optimizing processes and improving efficiency; second, changing the model fundamentally, creating a new model based on digital ecology. In the new model, marketing costs have significantly decreased, product competitiveness has strengthened, and it is highly integrated with artificial intelligence, opening up market space for business growth. Currently, China Life Insurance is the only industry-approved 63 trusted digital space development and innovation pilot unit, and its digitization transformation has been highly recognized by the market. At the same time, the company will continue to deepen asset and liability matching management, enhance the ability to create internal capital and supplementary capital, focus on external sources of supplementary channels, and ensure sufficient and stable solvency.