《报告》：惠民保从“增量扩张”迈入“存量优化”

Core Insights - The report indicates that by 2025, there will be 9 new Huiminbao products launched, with a market growth rate of 2.96%. As of July 2025, a total of 313 local Huiminbao products will have been introduced nationwide, marking a shift from "incremental expansion" to "stock optimization" for high-quality development in the market [1][2] - The product landscape is characterized by "traditional dominance and diversified progress," with traditional Huiminbao products still accounting for over 80% of currently operational products. The proportion of normally operating products is expected to decrease by approximately 7.5 percentage points from 2023 to 2024, and by about 1.2 percentage points from 2024 to July 2025, indicating a stabilization of the basic product base [1] - The report highlights that the negative lists and exemption clauses of current Huiminbao products mainly focus on areas such as work-related injuries, childbirth, third-party liability, overseas medical treatment, non-medical insurance settlement, cosmetic surgery, illegal activities, and restrictions on special drug usage [1] Pricing Mechanism - The report notes a transition from a single pricing model to a differentiated pricing model for Huiminbao products. Among the currently operating basic version Huiminbao products, 141 products adopt a single pricing model, with an average price of 95 yuan, which is an increase from approximately 60 yuan reported in 2021 [2] - The differentiated pricing is primarily based on factors such as age, health status, income, and group insurance participation [2]