暖哇科技赴港IPO：众安孵化的保险AI巨头，三年半亏损超7亿的扩张之路

Core Viewpoint - Nuanwa Technology, a domestic AI technology company in the insurance sector, has submitted its main board listing application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors. The company has become the largest independent AI technology firm in China's insurance industry but has reported cumulative losses exceeding 700 million yuan over three and a half years [1]. Business Model - Nuanwa Technology, established in 2018 and incubated by ZhongAn Insurance, focuses on providing AI solutions for the insurance industry. Its business is divided into two main segments: AI underwriting solutions and AI claims solutions, utilizing systems named "Alamos" and "Roborock" to offer end-to-end services from risk assessment to claims processing [2]. - In the first half of 2025, revenue from AI underwriting solutions was 321 million yuan, accounting for 74.5% of total revenue, while AI claims solutions generated 110 million yuan, making up 25.5% [2]. Financial Performance - Nuanwa Technology has shown rapid revenue growth, with income rising from 345 million yuan in 2022 to 944 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 65.5%. In the first half of 2025, the company achieved revenue of 431 million yuan, a slight increase compared to the same period last year [3]. - Despite revenue growth, the company has not yet achieved profitability, with net losses of 223 million yuan, 240 million yuan, 155 million yuan, and 99 million yuan from 2022 to the first half of 2025, totaling over 700 million yuan. However, adjusted net profits turned positive in 2023 and 2024, at 19 million yuan and 58 million yuan, respectively [3]. Customer Structure - Nuanwa Technology faces high customer concentration risk, with revenue from the top five clients accounting for 92.3%, 82.9%, 78.9%, and 73.6% of total revenue from 2022 to the first half of 2025. ZhongAn Online, as the largest single client and major shareholder, significantly contributes to the company's revenue [4]. - Revenue from ZhongAn Online for the same period 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 [4]. Shareholder Structure - As of the disclosure date of the prospectus, ZhongAn Online holds a 31.65% stake in Nuanwa Technology, making it the largest shareholder [5]. - The company's founder and CEO, Lu Min, holds 28.76% of the shares, making him the second-largest shareholder, while Sequoia Capital holds 15.90%, ranking third [6]. Industry Outlook - The market for AI technology in health insurance in China is projected to grow from 23.1 billion yuan in 2024 to 65.3 billion yuan by 2029, with a CAGR of 23.1%. However, the penetration rate of AI solutions in health insurance is relatively low at 11.9% in 2024, expected to rise to 15.6% by 2029, indicating significant future growth potential [7]. - The insurance technology market is highly competitive, with participants including internet giants' insurance platforms, independent AI technology companies, and traditional insurance companies building their tech subsidiaries [7]. Fundraising Purpose - Nuanwa Technology plans to allocate approximately 30% of the raised funds to enhance research and technology infrastructure, another 30% to expand geographical coverage, diversify insurance offerings, and improve products, and the remaining 30% for potential strategic investments in insurance technology-related businesses. The remaining 10% will be used for working capital and other general corporate purposes [8].