连续三年营收复合增长率达65.5%，最大保险AI科技企业暖哇科技拟赴港上市

Core Viewpoint - Nuanwa Technology has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the accelerating digital transformation in the insurance industry, positioning itself as a leading independent AI technology company in China [1] Company Overview - Nuanwa Technology is recognized as the largest independent AI technology company in China's insurance sector and the largest in health insurance with full-stack risk analysis capabilities, according to a report by Frost & Sullivan [1] - The company has been focusing on AI solutions for the insurance market since 2018, driving the next generation of digital transformation in the industry [1] Financial Performance - Nuanwa Technology achieved rapid growth, with revenues of 340 million RMB, 650 million RMB, and 940 million RMB for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [1] - The gross profit margin for 2024 is projected to be 49.8%, with an adjusted net profit of approximately 57.5 million RMB, resulting in an adjusted net profit margin of 6.1% [1] Core Technology - The company possesses proprietary technology that integrates data analysis capabilities, multi-agent systems, and cloud infrastructure, providing AI underwriting and claims solutions tailored for the insurance industry [2] - Nuanwa Technology's dual-engine system, consisting of knowledge and data flywheels, enables systematic self-reinforcement and continuous iteration of its multi-agent systems [2] AI Underwriting Solutions - The core of Nuanwa's AI underwriting solution is the Alamos system, which automates the entire underwriting process, achieving a 97.5% policy renewal rate and a 63.0% cross-selling rate in the first half of the year, significantly higher than the industry average of 15.0% to 25.0% [2] - By June 30, 2025, the company has facilitated 10.7 billion RMB in first-year premiums and intercepted over one million high-risk applicants, reducing the loss ratio by 10 to 23 percentage points [2] AI Claims Solutions - Nuanwa's AI claims solutions utilize a nationwide medical data network and the "Robopo" claims decision model, achieving an 80% automated review rate and a 98.0% decision accuracy rate in the first half of the year [3] - The company has processed over 230 million claims cases, with the fastest claim resolution time being approximately one minute [3] Client Relationships - As of December 31, 2024, Nuanwa's solutions have been adopted by over 90 insurance companies, including eight of the top ten insurance companies by premium income in China [3] - The company has executed over 200 million underwriting reviews and claims investigations, serving over 40 million clients [3] Capital and Market Position - Nuanwa Technology has attracted significant capital attention since its inception, securing multiple rounds of funding, including angel financing led by Sequoia Capital China and a B round in 2024 [4] - With the continuous expansion of the Chinese insurance market and increasing investments in smart technology by insurance companies, Nuanwa's first-mover advantage in the AI insurance technology sector is expected to translate into market share growth [4]