暖哇科技冲刺港股，角逐健康险科技赛道

Core Viewpoint - Nuanwa Technology, a leading AI technology company in the insurance sector, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step for the insurance technology industry [1][5]. Company Overview - Nuanwa Technology, established in 2018 and incubated by ZhongAn Insurance, is recognized as the largest independent AI technology company in China's insurance industry [3][4]. - The company has received backing from prominent investment institutions, including Sequoia Capital, and has achieved significant technological advancements and business expansion over the years [3][4]. Financial Performance - Nuanwa Technology's revenue has shown a strong upward trend, increasing from 345 million yuan in 2022 to 944 million yuan in 2024, with a compound annual growth rate of 65.5% [5][6]. - The adjusted net profit turned positive in 2023, reaching 19 million yuan, and is projected to grow to 58 million yuan in 2024 [6]. Revenue Sources - The company's revenue sources are diversifying, with income from ZhongAn Insurance decreasing from 78.7% in 2022 to 49.6% in the first half of 2025, indicating a broader client base [4][5]. Market Position and Solutions - Nuanwa Technology's solutions have been adopted by 90 insurance companies, including 8 of the top 10 insurers in China, demonstrating its strong market presence [7][8]. - The company offers AI-driven underwriting and claims solutions, which have processed over 204 million underwriting reviews and claims investigations, serving more than 41 million clients [7][8]. Strategic Focus - The company plans to allocate approximately 30% of the IPO proceeds to enhance R&D and technical infrastructure, another 30% to expand geographical coverage and diversify insurance offerings, and 30% for strategic investments in related businesses [5]. - Nuanwa Technology aims to address the pain points in the insurance industry by leveraging AI technology to optimize the entire insurance transaction cycle [7][9]. Technological Innovations - The company has developed two core systems, "Alamos" and "Robor," which provide AI underwriting and claims solutions, significantly improving operational efficiency and customer interaction [10][11]. - These systems aim to automate the underwriting process and expedite claims resolution, addressing traditional inefficiencies in the insurance sector [10][11]. Product Development - Nuanwa Technology collaborates with major insurers to design innovative health insurance products, particularly for patients with pre-existing conditions and rare diseases [11]. - The company's focus on technology-driven solutions is expected to enhance user experience and reduce operational costs in the insurance industry [11].