“场景险第一股”白鸽在线通过港交所聆讯，高度依赖大客户构成生存威胁

Core Viewpoint - The article discusses the challenges faced by Baige Online, a digital insurance intermediary, as it prepares for its IPO, highlighting its reliance on commission income and the risks associated with high customer concentration despite its growth in revenue and technological claims [2][4][5]. Group 1: Company Overview - Baige Online was established in 2015 and positions itself as an "insurance technology intermediary," focusing on "AI + insurance" to enhance the insurance transaction process [3]. - The company has developed over 1,900 customized insurance products covering 76 niche scenarios, claiming its technology platform can handle 100,000 policies per second [4]. Group 2: Revenue Structure - Nearly 90% of Baige Online's revenue comes from insurance transaction services, with income from this segment rising from 311 million yuan in 2022 to 825 million yuan in 2024, increasing its share of total revenue from 77.0% to 90.3% [4]. - The company's other business lines, including "precision marketing and digital solutions" and "third-party management services," contribute less than 10% to total revenue, indicating a heavy reliance on commission income [4]. Group 3: Financial Performance - Baige Online has reported continuous losses over three years, with net losses of 25.07 million yuan, 17.18 million yuan, and 27.71 million yuan from 2022 to 2024, despite revenue growth from 405 million yuan in 2022 to 914 million yuan in 2024 [5]. - In the first half of 2025, the company generated 567 million yuan in revenue but still faced a net loss of 21.54 million yuan [5]. Group 4: Investment and Marketing Strategy - The company's marketing expenses increased from 24.66 million yuan in 2022 to 41.91 million yuan in 2024, while R&D spending rose from 14.06 million yuan to 32.43 million yuan, indicating a disproportionate focus on marketing over technology development [5]. - The lack of significant breakthroughs in deep technology applications, such as AI and big data, raises concerns about the company's competitive edge in the insurance technology sector [5]. Group 5: Customer Concentration Risk - Baige Online's top five clients accounted for 55.3% of its revenue in 2022, increasing to 77.2% by 2024, which poses a risk to its revenue stability and bargaining power [7]. - The company acknowledges that losing any major client could significantly impact its growth and income, highlighting the vulnerability associated with its high customer concentration [7]. Group 6: Industry Context - The article notes a trend of insurance intermediaries, including Baige Online, seeking to go public amid pressures from early-stage investors and the need for capital to compete [9]. - The insurance industry is experiencing a shift towards direct sales by insurance companies, which threatens the traditional intermediary model, although the long-term value of third-party intermediaries remains [10].