Core Viewpoint - U-BX Insurance (UBXG) has experienced a significant decline in revenue and net profit, indicating potential challenges in its business model and market conditions [1][2]. Financial Performance - As of June 30, 2024, U-BX Insurance reported total revenue of $51.6 million, a decrease of 45.29% year-over-year [1]. - The company recorded a net profit attributable to shareholders of -$748,500, reflecting a drastic decline of 463.53% compared to the previous year [1]. Company Background - U-BX Technology Co., Ltd. was established on June 30, 2021, in the Cayman Islands and operates through a VIE agreement with U-BX China, which is based in Beijing, China [1]. - Since its inception in 2018, U-BX China has focused on providing value-added services driven by artificial intelligence technology to insurance companies and brokers [1]. Services Offered - U-BX China provides three main services/products: 1. Digital promotion services to enhance visibility on social media platforms [2]. 2. Risk assessment services utilizing a proprietary algorithm named "Magic Mirror" to calculate insurance payout risks for auto insurance [2]. 3. Value-added bundled benefits to help large insurance operators attract customers, including services like car washes and maintenance plans [2].
有家保险上涨2.9%，报3.465美元/股，总市值3394.14万美元