ZA ONLINE(HK:06060) Zhong Guo Zheng Quan Bao·2025-09-16 15:09Core Insights - Nuanwa Insight Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with major shareholders including ZhongAn Online and Sequoia China [1][2] - The company provides AI-based risk analysis solutions for insurance companies, with 90 insurance companies adopting its solutions by the end of 2024 [1] - Nuanwa Technology's revenue is heavily reliant on ZhongAn Online, accounting for 78.7%, 61.8%, 45.2%, and 49.6% of total revenue from 2022 to the first half of 2025 [1][3] Financial Performance - Nuanwa Technology's revenue for 2022, 2023, and 2024 was 345 million, 655 million, and 944 million yuan, respectively, with a compound annual growth rate of 65.5% [2] - The net losses for the same years were 223 million, 240 million, and 155 million yuan, while adjusted net profits were -79.31 million, 18.51 million, and 57.5 million yuan [2] - In the first half of 2025, the company achieved revenue of 431 million yuan, slightly up from 427 million yuan in the same period last year, with a net loss of approximately 100 million yuan [2] Client Dependency - A significant portion of Nuanwa Technology's revenue comes from a small number of clients, with the top five clients contributing 92.3%, 82.9%, 78.9%, and 73.6% of revenue from 2022 to the first half of 2025 [2] - ZhongAn Online is the most important client, with revenue contributions from it decreasing from 78.7% in 2022 to 49.6% in the first half of 2025 [3] Market Position and Competition - Nuanwa Technology is the largest independent AI technology company in China's insurance industry based on the number of insurance cases processed in 2024 [2] - The company aims to reduce its dependency on ZhongAn Online by deepening collaborations with other insurance companies and expanding its product offerings [3] - The Chinese health insurance AI technology market is projected to grow from 23.1 billion yuan in 2024 to 65.3 billion yuan by 2029, indicating a competitive landscape [4] Future Plans - The net proceeds from the IPO will be used to enhance R&D and technical infrastructure, improve operational efficiency, expand geographical coverage, diversify insurance offerings, and for strategic investments in insurtech-related businesses [4]