Core Viewpoint - The stock price of Shouhui Group (02621.HK) reached a new low since its listing, closing at 4.33 HKD, down 1.64% [1] Group 1: Company Performance - Shouhui Group's stock hit a minimum of 4.09 HKD during trading, marking the lowest point since its IPO [1] - The company went public on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD, and a net amount of 134.22 million HKD after deducting estimated listing expenses of 62.59 million HKD [1] Group 2: Major Shareholders - Noah Wealth's subsidiary, Gaofei Asset, is the largest external institutional shareholder of Shouhui Group [1] - Gaofei Asset invested 150 million RMB in Shouhui Group's C round financing in 2020, driven by insights into the internet personal insurance sector and the company's core capabilities [1]

Financial Performance - For the six months ended June 30, 2025, the company recorded revenue of approximately RMB 554.5 million, a decrease of about 21.2% compared to RMB 703.6 million for the same period in 2024[6]. - The gross profit for the same period was approximately RMB 196.6 million, down 28.6% from RMB 275.5 million in the previous year[6]. - The company achieved a profit of approximately RMB 664.6 million, a significant increase of about 977.3% compared to a loss of RMB 75.8 million in the same period last year[6]. - Adjusted net profit (non-HKFRS measure) was approximately RMB 65.7 million, a decrease of about 49.0% from RMB 129.0 million in the previous year[6]. - The company's revenue for the same period was approximately RMB 554.5 million, with a profit of approximately RMB 664.6 million, reflecting a year-on-year increase of over 900%[13]. - Total revenue from insurance products for the six months ended June 30, 2025, was RMB 549.5 million, a decrease of 21.5% from RMB 700.1 million for the same period in 2024[36]. - The company reported a total of RMB 511,957 thousand in accounts payable as of June 30, 2025, compared to RMB 463,616 thousand as of December 31, 2024, indicating an increase of 10.4%[164]. Premiums and Insurance Products - Total premiums reached RMB 4.9 billion, reflecting a year-on-year growth of 25.7%[8]. - The first-year premium for long-term critical illness insurance grew by 30.7%, driven by customized insurance products[8]. - In the first half of 2025, the company achieved total premiums of approximately RMB 4.9 billion, a year-on-year increase of 25.7%[13]. - The first-year premium for long-term critical illness insurance reached approximately RMB 227 million, a year-on-year increase of 30.7%, contributing to a revenue increase of 24.0%[18]. - The company has established deep partnerships with over 100 insurance companies, distributing more than 2,200 insurance products, with customized products accounting for over 51% of total first-year premiums[17]. Technology and Innovation - Technology service fees increased by 46.7%, with AI-based risk control systems contributing over half of the revenue[9]. - The company achieved a 100% coverage rate for its self-developed "AI multi-modal quality inspection" customer service quality inspection[9]. - The company launched nearly 30 AI services in the first half of 2025, enhancing operational efficiency and customer service[21]. - Revenue from AI-based intelligent risk assessment solutions grew by 46.7% year-on-year, contributing over half of the total revenue of approximately RMB 5.1 million[23]. Financial Position and Assets - As of June 30, 2025, total assets amounted to approximately RMB 2.2 billion, an 18.5% increase from the end of 2024[14]. - The company reported a net asset total of approximately RMB 1.2 billion as of June 30, 2025, compared to net liabilities of RMB 700 million at the end of 2024[14]. - The company’s cash and cash equivalents totaled approximately RMB 791.3 million, a 28.0% increase from the end of 2024, indicating strong liquidity[14]. - The company’s cash and cash equivalents amounted to RMB 249.1 million as of June 30, 2025[65]. - The company’s total liabilities increased to RMB 1,702,171 thousand as of June 30, 2025, from RMB 1,357,136 thousand as of December 31, 2024, reflecting a growth of 25.4%[166]. Operational Efficiency - The company aims to maintain stable gross margins despite industry challenges, showcasing its operational efficiency and pricing power[8]. - The operating costs decreased by 16.4% to RMB 357.9 million for the six months ended June 30, 2025, down from RMB 428.1 million for the same period in 2024[37]. - The gross margin for insurance transaction services decreased to 35.2% in the six months ended June 30, 2025, from 39.1% in the same period of 2024[39]. - The gross margin for insurance technology services increased to 66.5% for the six months ended June 30, 2025, from 51.1% for the same period in 2024[40]. Shareholder Information - The company’s major shareholders include Mr. Guangyao, holding 107,863,792 shares, representing approximately 47.64% of the total shares[92]. - Mr. Han Liwei holds 16,522,800 shares, accounting for about 7.30% of the total shares[92]. - The total number of shares held by other employees under the pre-IPO share incentive plan is 3,568,200, with 4,080 shares having been canceled[91]. - The total number of ordinary shares issued is 226,379,000, with a share capital of RMB 16,000 and a share premium of RMB 183,528,000[170]. Future Plans and Strategies - The board is confident in the long-term development of the group and plans to deepen customized product advantages and expand technological leadership[10]. - The company plans to develop more customized insurance products and enhance brand awareness, focusing on a diverse range of corporate insurance products to meet client risk protection needs[26]. - The company aims to expand its business scale by deepening online and offline marketing strategies and enhancing user coverage and conversion rates[27]. - The company will continue to strengthen its research and development capabilities, focusing on AI applications in underwriting and insurance advisory services to improve operational efficiency[30]. - The company is actively exploring overseas insurance business expansion to inject new momentum into its long-term sustainable development[31]. Governance and Compliance - The company’s audit committee reviewed the interim financial results and confirmed compliance with applicable accounting standards[106]. - The board of directors consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring strong independence[108]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors from the listing date to June 30, 2025[107]. - The company does not hold any treasury shares as of the reporting date[100].

Group 1 - The stock price of Shouhui Group (02621.HK) reached a new low of 4.25 HKD, marking the lowest point since its listing [1] - As of the market close, Shouhui Group's stock was at 4.28 HKD, reflecting a decline of 0.696% [1] - Noah Wealth's subsidiary, Gaofei Asset, is the largest external institutional shareholder of Shouhui Group, having invested 150 million RMB in the company's Series C financing in 2020 [1] Group 2 - Gaofei Asset's investment decision was based on its deep insights into the internet personal insurance sector and a precise assessment of Shouhui Group's core capabilities [1] - Shouhui Group was listed on the Hong Kong Stock Exchange on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD [1] - After deducting estimated listing expenses of 62.59 million HKD, the net proceeds from the listing amounted to 134.22 million HKD [1]

Core Viewpoint - Hand Return Group (02621.HK) has reached a record low of 4.30 HKD since its listing, closing at 4.32 HKD with a decline of 1.37% on the day [1] Company Summary - Hand Return Group's largest external institutional shareholder is Gaofei Asset, a subsidiary of Noah Wealth, which invested 150 million RMB in the company's C round financing in 2020 due to its insights into the internet personal insurance sector and the company's core capabilities [1] - The company was listed on the Hong Kong Stock Exchange on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD, and a net amount of 134.22 million HKD after deducting estimated listing expenses of 62.59 million HKD [1]

Group 1 - The stock price of Hand Return Group (02621.HK) reached a new low of 4.41 HKD, marking a decline of 2.64% at the close of trading [1] - Gao Fei Asset, a subsidiary of Noah Wealth, is the largest external institutional shareholder of Hand Return Group, having invested 150 million RMB in the company's Series C financing in 2020 [1] - Hand Return Group was listed on the Hong Kong Stock Exchange on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD, and a net amount of 134.22 million HKD after deducting estimated listing expenses [1]

Core Viewpoint - The Hong Kong IPO market is active, with 57 new listings and a total fundraising amount of 131.9 billion HKD as of August 25. However, many companies face challenges in meeting both domestic and Hong Kong regulatory requirements for listing [1]. Group 1: Hong Kong IPO Overview - As of August 25, 2023, there have been 57 new IPOs on the Hong Kong Stock Exchange, raising a total of 131.9 billion HKD [1]. - There are currently 211 companies that have submitted applications for listing in Hong Kong [1]. Group 2: Listing Challenges - Companies looking to list in Hong Kong must comply with both domestic laws and Hong Kong's regulatory framework, making the IPO preparation process complex and demanding [1]. Group 3: Resources for Companies - A compilation of Hong Kong listing rules and disclosure documents for domestic companies planning to list in Hong Kong has been organized to assist businesses in understanding the latest regulatory dynamics [1].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 手回集團有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02621 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | ...

Core Insights - The company is actively seizing opportunities for transformation in the life insurance industry, focusing on optimizing product structure and business models following the adjustment of the predetermined interest rate policy in October 2024 [1] - The company reported a robust growth in first-year premiums and revenue, achieving double-digit growth on a quarter-on-quarter basis in the first and second quarters of 2025 [1] Product Performance - The company emphasized supply-side innovation, with first-year premiums for long-term critical illness insurance reaching approximately 227 million RMB, a year-on-year increase of 30.7% [1] - Dividend products showed remarkable performance, with first-year premiums of 241 million RMB, a significant year-on-year increase of 147.7%, leading to revenue growth exceeding 100% [1] Technological Advancements - Technology empowerment is a key driver for the company's high-quality development, with the full launch of an AI product configuration platform in the first half of 2025, improving product delivery efficiency by over 50% [1] - Various self-developed AI systems have been applied in compliance management, customer service, and risk control, significantly enhancing quality and efficiency [1] Financial Performance - As of June 30, 2025, the company's total assets increased to approximately 2.2 billion RMB, an 18.5% growth compared to the end of 2024 [2] - The company reported a total premium income of approximately 4.9 billion RMB in the first half of 2025, a year-on-year increase of 25.7%, with profits soaring to 664 million RMB, reflecting a growth rate exceeding 900% [4] Service Quality - The company's intelligent claims processing system handled over 15,000 "flash claims" in the first half of 2025, with an average claim processing time of only 0.27 days and a customer satisfaction rate of 99% [2] Strategic Outlook - The company plans to continue iterating on star IP products, focusing on customized dividend insurance and corporate insurance layouts, while enhancing product ecology and brand influence [2] - The company aims to deepen the integration of online and offline channels, cultivate high-quality agents, and leverage technology to create industry-leading intelligent underwriting and service systems [2]

Group 1 - The company reported a revenue of 555 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 21.18% [1] - The company achieved a profit attributable to shareholders of 664 million RMB, compared to a loss of 75.984 million RMB in the same period last year, indicating a turnaround to profitability [1] - Basic earnings per share were reported at 5.93 RMB [1] Group 2 - The decrease in revenue was primarily attributed to increased uncertainty in the macroeconomic environment, a slowdown in financial consumer demand, and the insurance industry's implementation of the "reporting and commission integration" policy, which reduced commission rates [1]

Core Viewpoint - The company reported a significant decrease in revenue but achieved profitability compared to the previous year, indicating a potential recovery despite challenging market conditions [1] Financial Performance - Revenue for the six months ending June 30, 2025, was 555 million yuan, representing a year-on-year decrease of 21.18% [1] - Shareholders' profit amounted to 664 million yuan, a turnaround from a loss of 75.984 million yuan in the same period last year, indicating a successful recovery [1] - Basic earnings per share were reported at 5.93 yuan [1] Factors Affecting Performance - The decline in revenue was attributed to increased uncertainty in the macroeconomic environment, a slowdown in financial consumer demand, and a reduction in commission rates due to the insurance industry's implementation of the "reporting and business integration" policy [1] - The decrease in income from insurance transaction services was a significant contributor to the overall revenue decline [1]