帮险企用AI卖保险，冲刺港股上市的暖哇科技成色几何

Core Viewpoint - Warmwa Technology, an AI insurance technology company, has submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors [1] Group 1: Company Overview - Warmwa Technology was established in 2018 and operates primarily in two segments: AI underwriting and AI claims [1] - The company holds an insurance intermediary license and conducts insurance sales through Aibang Insurance Brokerage [1] - ZhongAn Online, a listed company in Hong Kong, is both the largest shareholder and the primary customer of Warmwa Technology [1][6] Group 2: Business Model and Revenue - Unlike other insurance technology companies that rely on intermediary fees, Warmwa Technology generates revenue by providing AI solutions for underwriting and claims management [2] - The company utilizes its core systems, "Alamos" and "Lop Nur," to offer intelligent underwriting and claims services, mainly in commercial health insurance [2] - As of June 30, 2025, Warmwa Technology has facilitated a total of 10.7 billion yuan in first-year premiums [2] Group 3: Financial Performance - In the first half of 2025, Warmwa Technology's revenue from AI underwriting solutions was 321 million yuan, accounting for 74.5% of total revenue, while AI claims solutions contributed 110 million yuan, or 25.5% [3] - The company's revenue for the years 2022, 2023, 2024, and the first half of 2025 was 345 million yuan, 655 million yuan, 944 million yuan, and 431 million yuan, respectively, with gross margins around 50% [4] - Despite a compound annual growth rate of 65% in revenue over the past three years, the company remains in a loss position, with net losses of 223 million yuan, 240 million yuan, 155 million yuan, and 100 million yuan for the same periods [5] Group 4: Key Partnerships - ZhongAn Online has been a significant customer for Warmwa Technology, contributing substantially to its revenue growth [7] - Revenue from ZhongAn Online for the years 2022 to the first half of 2025 was 270 million yuan, 400 million yuan, 427 million yuan, and 214 million yuan, representing 78.7%, 61.8%, 45.2%, and 49.6% of total revenue, respectively [7] Group 5: Investment and Shareholding - Warmwa Technology has completed four rounds of financing since its inception, with notable investors including Sequoia Capital China and Longhu Capital [8] - As of now, ZhongAn Online holds 31.65% of Warmwa Technology's shares, making it the largest shareholder, while the CEO holds 28.76% [8]