中国最大独立保险AI科技公司赴港上市！

Core Viewpoint - Warmwa Technology has officially submitted its IPO application to the Hong Kong Stock Exchange, with ZhongAn Online holding a 31.65% stake in the company [2][3]. Company Overview - Warmwa Technology, established in October 2018, focuses on providing AI solutions throughout the entire lifecycle of insurance transactions, particularly in AI underwriting and claims solutions [4]. - The company is recognized as one of the largest independent AI technology firms in China's insurance industry, based on the number of insurance cases processed in 2024 [4]. Financial Performance - Warmwa Technology's revenue has shown rapid growth, with reported revenues of 340 million yuan, 650 million yuan, and 940 million yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [7]. - Despite being in a loss position, the company's losses have been narrowing, with net losses of 223 million yuan, 240 million yuan, and 155 million yuan for the same years [7]. - As of mid-2025, the company reported revenue of 431 million yuan and a net loss of 100 million yuan, which is an improvement from a net loss of 145 million yuan in the previous year [7]. Shareholding Structure - The shareholding structure indicates that the CEO and co-founder, Lu Min, holds 31.65% of the shares through various companies and trusts, while ZhongAn Online also holds 31.65% through its subsidiaries [5]. - Sequoia Capital holds a 15.90% stake in the company [5]. Technological Edge - Warmwa Technology's core technological advantage lies in its dual-engine system, which consists of a knowledge flywheel and a data flywheel, enabling systematic self-enhancement and continuous iteration of its AI solutions [5]. Market Outlook - Industry analysts suggest that as the Chinese insurance market continues to expand and insurance companies increase their investments in smart technologies, Warmwa Technology's first-mover advantage in the insurance AI technology sector is expected to enhance the industry's digitalization [7].