“保险科技中介”白鸽在线：赴港上市在即，持续亏损三费猛涨

Core Viewpoint - Baige Online, positioned as an "insurance technology intermediary," has passed the Hong Kong Stock Exchange listing hearing, indicating it is close to going public [1][10]. Company Overview - Established in 2015, Baige Online is based in Xiamen and focuses on providing digital risk services centered around "scenario insurance," addressing various risk management needs across nine ecosystems, including travel, human resources, inclusive finance, automotive services, public services, health care, education, engineering, and logistics [1][10]. - The company has developed over 1,900 customized insurance products covering 76 sub-scenarios within its ecosystems [1][10]. Market Potential - The Chinese internet insurance market is projected to grow from RMB 298.9 billion in 2020 to RMB 563.1 billion in 2024, with a compound annual growth rate (CAGR) of 17.2%. The insurance technology market is expected to expand from RMB 35.2 billion to RMB 85.4 billion during the same period, with a CAGR of 24.8% [2][11]. Financial Performance - Baige Online has shown continuous revenue growth but remains in a state of ongoing losses. Revenue figures for 2022, 2023, and the first half of 2024 are RMB 404.5 million, RMB 659.9 million, and RMB 423.5 million, respectively [4][13]. - Gross profit for the same periods was RMB 33.5 million, RMB 52.1 million, and RMB 32.1 million, while operating losses were RMB 19.8 million, RMB 10.4 million, and RMB 0.7 million [4][13]. - The net losses for these periods were RMB 25.1 million, RMB 17.2 million, and RMB 4.7 million [4][13]. Revenue Structure - Insurance transaction services have been the primary revenue driver, contributing 74.2% of total revenue in the first half of the year, down from previous levels of 80-90%, indicating growth in other revenue segments [6][15]. - The marketing and digital solutions segment contributed RMB 143 million in revenue, significantly increasing its share to 25.2% of total revenue [6][15]. Challenges and Strategic Needs - The company faces high operational costs and competitive pressures from insurance companies seeking to reduce reliance on intermediaries and from peers replicating products [8][17]. - There is an urgent need for Baige Online to secure financing through its IPO to capture more market share and enhance economies of scale, thereby reducing marginal costs and increasing marginal returns [9][17].