白鸽在线冲刺港股IPO，业绩连续亏损

Core Viewpoint - Bai Ge Online has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, reporting continuous net losses during the reporting period [1][2]. Group 1: Financial Performance - Bai Ge Online reported net losses of 25.075 million, 17.18 million, and 15.576 million yuan for the years 2022, 2023, and the first three quarters of 2024, respectively [1][2]. - The company achieved revenues of approximately 405 million, 660 million, and 631 million yuan during the same periods, with net losses increasing from 14.7 million yuan in the first three quarters of 2023 to 15.576 million yuan in the first three quarters of 2024, primarily due to increased sales, distribution expenses, and R&D costs [2]. - R&D expenditures were reported as 14.1 million, 15.7 million, and 16.5 million yuan, accounting for 3.5%, 2.4%, and 2.6% of revenue during the respective periods, with expectations for continued increases in R&D spending [2]. Group 2: Market Position and Client Dependency - Bai Ge Online holds a 4.4% market share in the digital risk management solutions for scenario-based insurance in China, with the market size growing from 51.1 billion yuan in 2019 to 79.4 billion yuan in 2023 [2]. - The company collaborates with a limited number of clients, primarily domestic insurance companies, with total revenue from the top five clients accounting for 55.3%, 69%, and 79.2% of total revenue during the reporting periods [3]. - Revenue from risk management financial services constituted 77%, 81.2%, and 91% of total revenue during the respective periods, indicating a high dependency on this segment [3].