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<Research>CLSA: CHINA LIFE (02628.HK) 2025 DPS Up 32% Exceeds Initial Guidance; Rating Outperform
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Positive
15
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19
CHINA LIFE (02628.HK)'s 2025 net profit was in line, with a proposed final DPS of RMB0.618, and a full-year DPS reaching RMB0.856, representing a 32% YoY rise, topping previous guidance, CLSA said in its research report.

The full-year net profit hiked 44% YoY to RMB154.078 billion, implying a net loss of RMB13 billion in 4Q25, which the broker viewed within expectations due to already-high earnings growth and capital market adjustments in 4Q25.

Related News Citi: China Life (02628.HK) Last Year's Results Largely in Line with Expectations
In light of the recent adjustments in the A-share market, CLSA revised its earnings and book value forecasts but maintained CHINA LIFE H-share target price at HKD33 and the A-share (601628.SH) target price at RMB45. The H-share rating was Outperform, and the A-share rating was Hold.
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