SHENZHEN, China, March 20, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited ("Huize", the "Company" or "we") (NASDAQ:HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Full Year 2023 Financial and Operational Highlights Sustainable business resilience: Gross Written Premiums ...

SHENZHEN, China, March 20, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited, ("Huize", the "Company" or "we") (NASDAQ:HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in China, today announced that its Board of Directors ("the Board") has authorized a share repurchase program under which Huize may repurchase up to US$5 million of its Class A common shares in the form of American depositary s ...

Core Viewpoint - Huize Holding Limited plans to release its fourth quarter and full year 2023 unaudited financial results on March 20, 2024, before the U.S. market opens [1] Group 1: Company Overview - Huize Holding Limited is a leading digital insurance product and service platform targeting new generation consumers in China [3] - The company focuses on long-term life and health insurance products, providing a digitalized insurance experience that includes product recommendations, consulting services, intelligent underwriting, and assistance in claims [3] Group 2: Earnings Conference Call - The management team will hold an earnings conference call on March 20, 2024, at 8:00 A.M. Eastern Time [1] - Participants must register online in advance to receive dial-in numbers and a unique access PIN for the conference call [1] Group 3: Investor Relations - A live and archived webcast of the conference call will be available on the company's investor relations website [2] - For investor inquiries, the contact is Ms. Harriet Hu, Investor Relations Director [4]

SHENZHEN, China, March 07, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today announced that it plans to release its fourth quarter and full year 2023 unaudited financial results before the U.S. market opens on Wednesday, March 20, 2024. The Company’s management team will hold an earnings conference call at 8:00 A.M. Eastern Time on Wednesday, March 20, 2024 (8: ...

SHENZHEN, China, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Huize Holding Limited, ("Huize", the "Company" or "we") (NASDAQ:HUIZ), a leading digital insurance product and service platform for new generation consumers in China, today released its 2023 Customer Service Report and the 2023 "Xiao Ma Claim" Service Annual Review. According to the Customer Service Report, Huize achieved a 98.6% customer satisfaction rate for online customer services and a 99.5% satisfaction rate for teleservices during the year. The repor ...

Financial Data and Key Metrics Changes - In Q3 2023, total gross written premium (GWP) facilitated on the platform reached RMB1.25 billion, with total revenues of RMB290 million. GAAP net profit increased by 43% sequentially to RMB20.17 million, marking the fourth consecutive quarter of non-GAAP net profit at RMB18.49 million [6][23]. - The gross profit margin increased by 6 percentage points year-over-year to 35.3%, while total operating expenses decreased by 27% year-over-year [14][22]. Business Line Data and Key Metrics Changes - First-year premiums (FYP) facilitated on the platform reached RMB640 million in Q3, with a year-over-year increase of 54% to RMB2.2 billion for the first nine months of 2023 [7][20]. - The FYP of long-term health products increased by 8% year-over-year to approximately RMB100 million, while the FYP of annuity products tripled year-over-year to RMB120 million [7][21]. Market Data and Key Metrics Changes - The cumulative number of insurance clients reached 9.12 million, with 223,000 new customers added in Q3. The average age of long-term insurance customers was 33.9 years, with 67.5% from higher-tier cities [9][18]. - The GWP contribution of long-term insurance products was 90.9%, continuing a trend of exceeding 90% for 16 consecutive quarters [8]. Company Strategy and Development Direction - The company aims to leverage competitive advantages in product innovation and omnichannel distribution to enhance customer acquisition and retention. Future strategies include developing a range of innovative customized products and deepening the application of digital technology in finance [16][24]. - The company is also focusing on expanding its market share in international markets, particularly in the ASEAN region, targeting to generate double-digit revenue percentages from these markets within the next 12 months [25]. Management's Comments on Operating Environment and Future Outlook - Management noted that the macro economy is gradually recovering, but challenges remain due to international relations and stock market fluctuations. The insurance industry is undergoing transformation, with a focus on product innovation and customer engagement [4][5]. - Management expressed confidence in the company's long-term growth prospects, supported by a strong liquidity position and ongoing share repurchase programs [23]. Other Important Information - The company has cooperated with 121 insurer partners and launched several new customized insurance products, including child critical illness insurance and annuity products targeting younger customers [10][11]. - The company reported a 27% year-over-year decrease in total operating expenses, with a significant reduction in general and administrative expenses by 50% [15][22]. Q&A Session Summary Question: Impact of regulatory changes on overall business - Management acknowledged that recent regulatory changes, particularly the cessation of 3.5% products, have impacted the market but noted signs of recovery post-October [26][27]. Question: Demand for critical illness products - Management reported an 8% year-over-year growth in the long-term health segment, primarily driven by critical illness products, and emphasized ongoing product innovation to meet consumer demand [31]. Question: Product strategy for 2024 - Management indicated that it is too early to provide specific guidance for 2024 but highlighted a focus on retirement and annuity products, as well as potential collaborations with larger insurance companies [38][39].

Huize Holding Limited (NASDAQ:HUIZ) Q2 2023 Earnings Conference Call August 15, 2023 8:00 AM ET Company Participants Harriet Hu - Investor Relations Director Cunjun Ma - Founder and Chief Executive Officer Ron Tam - Co-Chief Financial Officer Conference Call Participants Coco Gong - Morgan Stanley Mindy Gao - CLSA Michelle Ma - Citi Operator Ladies and gentlemen, thank you for standing by. And welcome to Huize Holding Limited Second Quarter 2023 Earnings Conference Call. At this time, all participants are i ...

Huize Holding Limited (NASDAQ:HUIZ) Q1 2023 Earnings Conference Call May 30, 2023 8:00 AM ET Company Participants Harriet Hu - Investor Relations Cunjun Ma - Founder and Chief Executive Officer Kwok Tam - Co-Chief Financial Officer Operator Ladies and gentlemen, thank you for standing by and welcome to Huize Holding Limited’s First Quarter 2023 Earnings Conference Call. [Operator Instructions] Today’s conference call is being recorded and the webcast replay will be available. Please visit the Huize’s IR web ...

Corporate Structure and Regulatory Environment - Huize Holding Limited operates primarily through a variable interest entity (VIE) in China, with no direct equity ownership in its operating entities[19]. - The VIE's shareholders have pledged 100% equity interests to Huize's wholly foreign-owned enterprise (WFOE) to ensure control over the VIE's operations[20]. - As of the report date, Huize's PRC subsidiary and VIE have obtained all necessary licenses and permits for operations, including a value-added telecommunications business operating license and insurance brokerage business license[28]. - The PRC government has increased oversight on capital raising activities, requiring cybersecurity reviews for network platform operators holding personal information of over one million users before any public offering[29]. - The Overseas Listing Filing Rules, effective March 31, 2023, mandate that domestic companies file with the China Securities Regulatory Commission (CSRC) for overseas offerings and listings[29]. - Failure to obtain necessary approvals or complete filing procedures could result in sanctions, including fines and restrictions on operations in China[29]. - The Holding Foreign Companies Accountable Act may prohibit Huize's shares from being traded in the U.S. if audit reports are issued by firms not inspected by the PCAOB for two consecutive years[27]. - The PCAOB has recently regained the ability to inspect audit firms in mainland China and Hong Kong, which may affect Huize's future compliance status under the HFCAA[27]. - Huize faces various legal and operational risks due to evolving PRC laws and regulations, which could materially impact operations and the value of its American Depositary Shares (ADSs)[25]. - The company relies on a series of contractual agreements to maintain effective control over the VIE and ensure it receives economic benefits from its operations[20]. Financial Performance and Revenue - Total operating revenue reached RMB 2,245,016, with a significant contribution from brokerage income of RMB 1,215,434[41]. - The company reported a net loss attributable to common shareholders of RMB 18,292, reflecting challenges in the market[42]. - Operating costs totaled RMB 2,359,427, indicating a need for cost management strategies moving forward[41]. - Research and development expenses amounted to RMB 120,478, highlighting the company's commitment to innovation[41]. - The company reported a profit before income tax of RMB 110,377, showing potential for future profitability despite current losses[41]. - Interest income was reported at RMB 645, contributing positively to the financial performance despite overall losses[41]. - The company plans to enhance market expansion efforts and explore new product development to drive future growth[41]. Assets and Liabilities - Total assets increased to RMB 1,857,454,000, up from RMB 1,089,000,000 year-over-year[43]. - Current assets amounted to RMB 1,420,684,000, compared to RMB 750,000,000 in the previous year, reflecting significant growth[43]. - Total liabilities reached RMB 1,222,241,000, an increase from RMB 559,000,000, indicating a rise in financial obligations[43]. - Cash and cash equivalents stood at RMB 381,158,000, compared to RMB 277,000,000, showing improved liquidity[43]. - Total current liabilities were RMB 1,222,241,000, compared to RMB 559,000,000, reflecting a significant increase in short-term obligations[43]. - The accumulated deficit was reported at RMB (499,940), showing a slight improvement from the previous year's deficit[44]. Regulatory Compliance and Risks - The company operates in a highly regulated online insurance industry, facing uncertainties in compliance with evolving laws and regulations[61]. - The regulatory environment in China is complex and evolving, which may adversely affect the company's business operations[73]. - The company must continuously adapt its product offerings to meet the evolving needs of insurance clients to retain and attract customers[61]. - The company is subject to evolving regulatory requirements that may limit its business operations and affect its financial condition[81]. - The company has ceased offering cash rewards to potential insurance clients to comply with regulatory standards, which may impact marketing strategies[77]. - The company’s compliance with data privacy and protection laws is critical, as any failure could lead to liabilities and negatively impact its reputation[85]. Market and Economic Conditions - The COVID-19 pandemic has materially and adversely affected the company's business operations since 2020, leading to decreased productivity and operational efficiency due to remote work measures and compliance with health protocols[168]. - Economic conditions in China, including the impact of COVID-19, have resulted in a slowdown in GDP growth, which could materially and adversely affect the company's business and financial condition[173]. - The potential for a prolonged downturn in the Chinese or global economy poses a risk to the company's business, particularly in light of ongoing geopolitical tensions and economic uncertainties[172]. Operational Challenges - The company has incurred operating losses in the past and may struggle to achieve profitability in the future[61]. - Rapid business growth may strain management and operational resources, potentially leading to increased expenses that could outpace revenue growth[135]. - The company faces risks related to natural disasters and health epidemics, which could significantly disrupt operations and adversely affect financial performance[170]. Shareholder and Investment Considerations - The shareholders of the VIE may have potential conflicts of interest, which could adversely affect the company's ability to control the VIE and receive economic benefits from it[183]. - The newly enacted PRC Foreign Investment Law may create substantial uncertainties regarding the company's corporate structure and financial results, as it does not explicitly classify contractual arrangements as a form of foreign investment[185]. - The company may rely on dividends and other distributions from its WFOE to meet cash and financing requirements, and any limitations on these payments could materially affect its operations[193].

Shareholder Structure - As of February 28, 2023, Mr. Cunjun Ma holds 76.8% of the Company's aggregate voting power[4] - Huidz Holding Limited owns 150,591,207 Class B common shares, representing 14.7% of total outstanding shares and 72.1% of voting power[5] - Crov Global Holding Limited holds 155,928,400 Class A common shares, accounting for 15.2% of total outstanding shares and 5.0% of voting power[5] - Wande Weirong Limited owns 98,321,680 Class A common shares, representing 9.6% of total outstanding shares and 3.1% of voting power[6] - CDF Capital Insurtech Limited holds 80,991,300 Class A common shares, accounting for 7.9% of total outstanding shares and 2.6% of voting power[6] - Bodyguard Holding Limited owns 55,110,084 Class A common shares, representing 5.4% of total outstanding shares and 1.8% of voting power[6] Regulatory and Reporting - The Company is classified as a Commission-Identified Issuer under the Holding Foreign Companies Accountable Act (HFCAA)[2] - The audit report for the Company's financial statements was issued by PricewaterhouseCoopers Zhong Tian LLP[3] - The Company filed its annual report on Form 20-F for the year ended December 31, 2021 on April 26, 2022[3] Management Control - The Company is not aware of any governmental entity in mainland China that has control over its management and policies[7]