股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: 2025年10月31日 | | --- | | 狀態: 新提交 | 致：香港交易及結算所有限公司 公司名稱: 手回集團有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02621 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,00 ...

Core Viewpoint - Hand Return Group (02621.HK) has reached a new low since its listing, with a minimum price of 3.78 HKD during trading today, closing at 3.90 HKD, reflecting a decline of 1.02% [1] Company Summary - Noah Wealth's subsidiary, Gofor Asset, is the largest external institutional shareholder of Hand Return Group [1] - Gofor Asset invested 150 million RMB in Hand Return Group's Series C financing in 2020, driven by insights into the internet personal insurance sector and the company's core capabilities [1] - Hand Return Group was listed on the Hong Kong Stock Exchange on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD, and a net amount of 134.22 million HKD after deducting estimated listing expenses [1]

Core Insights - The health insurance sector is experiencing significant growth, with an annual growth rate of 12.75%, and projected original premium income expected to exceed 1 trillion yuan by Q2 2025 [2] - In contrast, the pension insurance protection index remains low at 0.4706, indicating that pension insurance is the weakest link in China's multi-tiered protection system [2][5] - The report emphasizes the need for integration between health and pension insurance to improve resource efficiency and address the challenges posed by an aging population [5][7] Health Insurance Trends - The commercial health insurance penetration rate has reached 77.51%, with medical insurance and critical illness insurance coverage at 45.38% and 41.24%, respectively [3] - High-end medical insurance is experiencing explosive growth, transitioning from a high-net-worth exclusive product to a choice for urban middle-class consumers [3] - Conversely, critical illness insurance has seen single-digit growth for four consecutive years, indicating a saturation point in the market [3][4] Policy and Market Dynamics - Recent policy changes are directing resources towards innovative drugs and medical insurance data settlement, creating growth opportunities for medical insurance and inclusive commercial insurance [3][7] - The establishment of a commercial health insurance directory and the "three exclusions" policy are expected to enhance the provision of quality medical services covered by commercial insurance [7] Pension Insurance Challenges - The current pension system heavily relies on the first pillar of basic pension insurance, with a coverage rate of 74.38%, while the second and third pillars are underdeveloped [5] - The structural imbalance in the pension system poses significant challenges amid an aging population and rising dependency ratios [5] Industry Innovations - Companies are exploring innovative models, such as the "insurance product + ecosystem + service" approach, to provide comprehensive solutions for health and pension needs [6][8] - The "City Center Pension" model focuses on integrating insurance products with community services, achieving high occupancy rates in related facilities [6] Future Outlook - The future development of health and pension insurance will focus on inclusivity, requiring government investment and targeted product design to benefit vulnerable groups [8] - Technological advancements are expected to transform service models and efficiency in the insurance sector, particularly in health management and wealth management [9]

Core Insights - The report titled "Health and Pension Insurance Security Index Research Report (2024)" was jointly released by Shouhui Group and Nankai University, marking the sixth market research report since their collaboration began in 2019 [2][4] - The report emphasizes the evolution of health insurance in China, focusing on the integration of health and pension insurance, and the need for innovative products to address the gaps in coverage [27][28] Group 1: Market Analysis - The report is based on 4,200 valid questionnaires and incorporates policy guidance and market trends, exploring topics such as the silver economy, pension security, and the synergy between commercial health insurance and the pension industry [4][27] - The average health insurance index for Chinese residents in 2024 is 0.6241, with 91.18% of respondents having basic or below-level health coverage; the average pension insurance index is 0.4706, with 76.66% of respondents at a low level of pension coverage [27][28] Group 2: Challenges and Recommendations - The report highlights the over-reliance on the first pillar of basic pension insurance, with only 32.03% of respondents having enterprise annuities and a mere 8.64% purchasing commercial pension insurance [27][28] - Recommendations include optimizing incentive policies for the second and third pillars of pension insurance, expanding coverage for enterprise and occupational annuities, and promoting product innovation to enhance participation among lower-income groups [28][30] Group 3: Industry Trends - The health insurance market is experiencing a shift from a focus on one-time payouts to a multi-layered reimbursement model, with products like high-end medical insurance and inclusive health insurance gaining traction [29][30] - Shouhui Group is transitioning from a traditional insurance intermediary to a comprehensive health service platform, enhancing user engagement and satisfaction through technology and product innovation [31][33]

Core Viewpoint - A new wave of IPOs is emerging in China's fintech sector, with several companies successfully listing and many others waiting for approval, indicating a shift in the market dynamics after a prolonged period of stagnation [1][3]. Group 1: IPO Activity in China - Since 2025, companies like Shouhui Group, Yuanbao, and Weiguan have successfully gone public, while over ten others, including Fuyou Payment and Lianghua, have submitted IPO applications [1][2]. - The current IPO candidates represent a diverse range of business areas, including IT solutions, payment services, consumer credit, tax management, supply chain finance, and insurtech, contrasting with the previous focus on lending [3]. - The Hong Kong Stock Exchange has introduced mechanisms to facilitate the listing of tech companies, resulting in a significant increase in IPO activities, with 67 IPOs completed in the first three quarters of 2025, a 50% year-on-year increase [8]. Group 2: IPO Trends in the US - Concurrently, the US fintech market is also experiencing a resurgence in IPOs, with companies like Chime and Klarna successfully listing on major exchanges [4][5]. - In the first half of 2025, over 20 fintech companies globally completed IPOs, reflecting a broader recovery in the capital markets [6][7]. Group 3: Challenges Faced by Companies - Many companies attempting IPOs in China have faced multiple setbacks, with Fuyou Payment and Lianghua being notable examples of firms that have repeatedly tried to go public without success [10][12]. - Companies like Weisuan and Zantong Technology have also struggled, with significant financial losses impacting their ability to attract investors [13][14]. - The pressure to go public often stems from the need for growth and the exit strategies of early investors, leading to a challenging environment for these firms [12][19]. Group 4: Market Sentiment and Valuation - The current market sentiment has shifted towards a more rational approach, with companies like Chime and Klarna seeing their valuations significantly reduced compared to previous funding rounds [24]. - For instance, Chime's valuation dropped from $250 billion to $116 billion at IPO, while Klarna's valuation fell from $460 billion to $173 billion [24]. - Even after successful IPOs, companies face ongoing challenges, as seen with Shouhui Group, whose stock price has declined since its listing [25][26].

本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 手回集團有限公司 | | | 呈交日期: | 2025年10月2日 | | | I. 法定/註冊股本變動 | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02621 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | ...

Core Viewpoint - The stock price of Shouhui Group (02621.HK) reached a new low since its listing, closing at 4.33 HKD, down 1.64% [1] Group 1: Company Performance - Shouhui Group's stock hit a minimum of 4.09 HKD during trading, marking the lowest point since its IPO [1] - The company went public on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD, and a net amount of 134.22 million HKD after deducting estimated listing expenses of 62.59 million HKD [1] Group 2: Major Shareholders - Noah Wealth's subsidiary, Gaofei Asset, is the largest external institutional shareholder of Shouhui Group [1] - Gaofei Asset invested 150 million RMB in Shouhui Group's C round financing in 2020, driven by insights into the internet personal insurance sector and the company's core capabilities [1]

Financial Performance - For the six months ended June 30, 2025, the company recorded revenue of approximately RMB 554.5 million, a decrease of about 21.2% compared to RMB 703.6 million for the same period in 2024[6]. - The gross profit for the same period was approximately RMB 196.6 million, down 28.6% from RMB 275.5 million in the previous year[6]. - The company achieved a profit of approximately RMB 664.6 million, a significant increase of about 977.3% compared to a loss of RMB 75.8 million in the same period last year[6]. - Adjusted net profit (non-HKFRS measure) was approximately RMB 65.7 million, a decrease of about 49.0% from RMB 129.0 million in the previous year[6]. - The company's revenue for the same period was approximately RMB 554.5 million, with a profit of approximately RMB 664.6 million, reflecting a year-on-year increase of over 900%[13]. - Total revenue from insurance products for the six months ended June 30, 2025, was RMB 549.5 million, a decrease of 21.5% from RMB 700.1 million for the same period in 2024[36]. - The company reported a total of RMB 511,957 thousand in accounts payable as of June 30, 2025, compared to RMB 463,616 thousand as of December 31, 2024, indicating an increase of 10.4%[164]. Premiums and Insurance Products - Total premiums reached RMB 4.9 billion, reflecting a year-on-year growth of 25.7%[8]. - The first-year premium for long-term critical illness insurance grew by 30.7%, driven by customized insurance products[8]. - In the first half of 2025, the company achieved total premiums of approximately RMB 4.9 billion, a year-on-year increase of 25.7%[13]. - The first-year premium for long-term critical illness insurance reached approximately RMB 227 million, a year-on-year increase of 30.7%, contributing to a revenue increase of 24.0%[18]. - The company has established deep partnerships with over 100 insurance companies, distributing more than 2,200 insurance products, with customized products accounting for over 51% of total first-year premiums[17]. Technology and Innovation - Technology service fees increased by 46.7%, with AI-based risk control systems contributing over half of the revenue[9]. - The company achieved a 100% coverage rate for its self-developed "AI multi-modal quality inspection" customer service quality inspection[9]. - The company launched nearly 30 AI services in the first half of 2025, enhancing operational efficiency and customer service[21]. - Revenue from AI-based intelligent risk assessment solutions grew by 46.7% year-on-year, contributing over half of the total revenue of approximately RMB 5.1 million[23]. Financial Position and Assets - As of June 30, 2025, total assets amounted to approximately RMB 2.2 billion, an 18.5% increase from the end of 2024[14]. - The company reported a net asset total of approximately RMB 1.2 billion as of June 30, 2025, compared to net liabilities of RMB 700 million at the end of 2024[14]. - The company’s cash and cash equivalents totaled approximately RMB 791.3 million, a 28.0% increase from the end of 2024, indicating strong liquidity[14]. - The company’s cash and cash equivalents amounted to RMB 249.1 million as of June 30, 2025[65]. - The company’s total liabilities increased to RMB 1,702,171 thousand as of June 30, 2025, from RMB 1,357,136 thousand as of December 31, 2024, reflecting a growth of 25.4%[166]. Operational Efficiency - The company aims to maintain stable gross margins despite industry challenges, showcasing its operational efficiency and pricing power[8]. - The operating costs decreased by 16.4% to RMB 357.9 million for the six months ended June 30, 2025, down from RMB 428.1 million for the same period in 2024[37]. - The gross margin for insurance transaction services decreased to 35.2% in the six months ended June 30, 2025, from 39.1% in the same period of 2024[39]. - The gross margin for insurance technology services increased to 66.5% for the six months ended June 30, 2025, from 51.1% for the same period in 2024[40]. Shareholder Information - The company’s major shareholders include Mr. Guangyao, holding 107,863,792 shares, representing approximately 47.64% of the total shares[92]. - Mr. Han Liwei holds 16,522,800 shares, accounting for about 7.30% of the total shares[92]. - The total number of shares held by other employees under the pre-IPO share incentive plan is 3,568,200, with 4,080 shares having been canceled[91]. - The total number of ordinary shares issued is 226,379,000, with a share capital of RMB 16,000 and a share premium of RMB 183,528,000[170]. Future Plans and Strategies - The board is confident in the long-term development of the group and plans to deepen customized product advantages and expand technological leadership[10]. - The company plans to develop more customized insurance products and enhance brand awareness, focusing on a diverse range of corporate insurance products to meet client risk protection needs[26]. - The company aims to expand its business scale by deepening online and offline marketing strategies and enhancing user coverage and conversion rates[27]. - The company will continue to strengthen its research and development capabilities, focusing on AI applications in underwriting and insurance advisory services to improve operational efficiency[30]. - The company is actively exploring overseas insurance business expansion to inject new momentum into its long-term sustainable development[31]. Governance and Compliance - The company’s audit committee reviewed the interim financial results and confirmed compliance with applicable accounting standards[106]. - The board of directors consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring strong independence[108]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors from the listing date to June 30, 2025[107]. - The company does not hold any treasury shares as of the reporting date[100].

Group 1 - The stock price of Shouhui Group (02621.HK) reached a new low of 4.25 HKD, marking the lowest point since its listing [1] - As of the market close, Shouhui Group's stock was at 4.28 HKD, reflecting a decline of 0.696% [1] - Noah Wealth's subsidiary, Gaofei Asset, is the largest external institutional shareholder of Shouhui Group, having invested 150 million RMB in the company's Series C financing in 2020 [1] Group 2 - Gaofei Asset's investment decision was based on its deep insights into the internet personal insurance sector and a precise assessment of Shouhui Group's core capabilities [1] - Shouhui Group was listed on the Hong Kong Stock Exchange on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD [1] - After deducting estimated listing expenses of 62.59 million HKD, the net proceeds from the listing amounted to 134.22 million HKD [1]

Core Viewpoint - Hand Return Group (02621.HK) has reached a record low of 4.30 HKD since its listing, closing at 4.32 HKD with a decline of 1.37% on the day [1] Company Summary - Hand Return Group's largest external institutional shareholder is Gaofei Asset, a subsidiary of Noah Wealth, which invested 150 million RMB in the company's C round financing in 2020 due to its insights into the internet personal insurance sector and the company's core capabilities [1] - The company was listed on the Hong Kong Stock Exchange on May 30, 2025, with an initial offering price of 8.08 HKD, raising a total of 196.82 million HKD, and a net amount of 134.22 million HKD after deducting estimated listing expenses of 62.59 million HKD [1]