Core Viewpoint - Nuanwa Technology, a domestic AI technology company in the insurance sector, has submitted its main board listing application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors. The company has become the largest independent AI technology firm in China's insurance industry but has reported cumulative losses exceeding 700 million yuan over three and a half years [1]. Business Model - Nuanwa Technology, established in 2018 and incubated by ZhongAn Insurance, focuses on providing AI solutions for the insurance industry. Its business is divided into two main segments: AI underwriting solutions and AI claims solutions, utilizing systems named "Alamos" and "Roborock" to offer end-to-end services from risk assessment to claims processing [2]. - In the first half of 2025, revenue from AI underwriting solutions was 321 million yuan, accounting for 74.5% of total revenue, while AI claims solutions generated 110 million yuan, making up 25.5% [2]. Financial Performance - Nuanwa Technology has shown rapid revenue growth, with income rising from 345 million yuan in 2022 to 944 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 65.5%. In the first half of 2025, the company achieved revenue of 431 million yuan, a slight increase compared to the same period last year [3]. - Despite revenue growth, the company has not yet achieved profitability, with net losses of 223 million yuan, 240 million yuan, 155 million yuan, and 99 million yuan from 2022 to the first half of 2025, totaling over 700 million yuan. However, adjusted net profits turned positive in 2023 and 2024, at 19 million yuan and 58 million yuan, respectively [3]. Customer Structure - Nuanwa Technology faces high customer concentration risk, with revenue from the top five clients accounting for 92.3%, 82.9%, 78.9%, and 73.6% of total revenue from 2022 to the first half of 2025. ZhongAn Online, as the largest single client and major shareholder, significantly contributes to the company's revenue [4]. - Revenue from ZhongAn Online for the same period was 270 million yuan, 400 million yuan, 427 million yuan, and 214 million yuan, representing 78.7%, 61.8%, 45.2%, and 49.6% of total revenue, respectively [4]. Shareholder Structure - As of the disclosure date of the prospectus, ZhongAn Online holds a 31.65% stake in Nuanwa Technology, making it the largest shareholder [5]. - The company's founder and CEO, Lu Min, holds 28.76% of the shares, making him the second-largest shareholder, while Sequoia Capital holds 15.90%, ranking third [6]. Industry Outlook - The market for AI technology in health insurance in China is projected to grow from 23.1 billion yuan in 2024 to 65.3 billion yuan by 2029, with a CAGR of 23.1%. However, the penetration rate of AI solutions in health insurance is relatively low at 11.9% in 2024, expected to rise to 15.6% by 2029, indicating significant future growth potential [7]. - The insurance technology market is highly competitive, with participants including internet giants' insurance platforms, independent AI technology companies, and traditional insurance companies building their tech subsidiaries [7]. Fundraising Purpose - Nuanwa Technology plans to allocate approximately 30% of the raised funds to enhance research and technology infrastructure, another 30% to expand geographical coverage, diversify insurance offerings, and improve products, and the remaining 30% for potential strategic investments in insurance technology-related businesses. The remaining 10% will be used for working capital and other general corporate purposes [8].

来源：市场资讯 暖哇科技成立于2018年，经过七年的行业深耕，已从最初的探索者成长为保险AI科技头部企业，助力 保险业高质量发展。 在保险行业数字化转型加速的背景下，这家由众安在线与红杉中国联合孵化的科技企业，凭借其在保险 AI领域的深耕与突破，正成为资本市场关注的焦点。业内人士注意到，成立七年来，暖哇科技在保险 AI科技赛道完成了深厚积累，正以AI技术重塑保险业数字化生态，不断推动着保险行业向数字化、智 能化新阶段迈进。 保险业数字化转型迫切，AI科技成破局关键 近年来，中国保险行业正经历着前所未有的数字化转型浪潮。 国联民生证券研报显示，2019年至2022年，我国保险行业的金融科技投入由276.4亿元增长至451.3亿 元，年复合增速达17.8%，反映出行业对科技赋能的迫切需求。这一趋势背后，是传统保险业务模式面 临的诸多挑战：承保流程繁琐导致客户转化率低，理赔审核效率低下影响用户体验，风险评估精准度不 足推高赔付成本等。 而与保险业旺盛转型需求对应的，是AI科技在业内的持续落地应用。弗若斯特沙利文研究指出，在保 险行业内，AI正逐步从边缘工具转变为核心业务的推动引擎；AI无缝集成于包括营销、承保、理赔 ...

Core Viewpoint - Warmwa Technology Co., Ltd. has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, backed by ZhongAn Online [1][3] Company Overview - Warmwa Technology was established in October 2018 in Shanghai, co-founded by Lu Min and ZhongAn Online, with ZhongAn holding approximately 31.65% of the shares and Lu Min holding about 28.76% [1][3] - Lu Min serves as the Executive Director, Chairman, and CEO of Warmwa Technology, while Cai Jianwei is the Executive Director and Co-CEO [3] Shareholding Structure - The initial registered capital of Warmwa Technology was 1 million RMB, with shareholders including Shanghai Longhao and ZhongAn Information Technology [4][5] - Warmwa Technology has undergone multiple rounds of financing, with notable investors including Sequoia Capital [5][6] Financial Performance - Revenue figures for Warmwa Technology are as follows: approximately 345 million RMB in 2022, 655 million RMB in 2023, 944 million RMB in 2024, and an estimated 431 million RMB in the first half of 2025 [9][10] - The company reported net losses of approximately 223 million RMB in 2022, 240 million RMB in 2023, and 155 million RMB in 2024, with an adjusted net profit of 57.5 million RMB in 2024 [10][11] Market Position and Growth Potential - Warmwa Technology is recognized as the largest independent AI technology company in China's insurance industry by the number of insurance cases processed in 2024 [8][9] - The total addressable market for AI technology in the Chinese insurance sector is projected to reach 746.8 billion RMB in 2024, growing to 1.3538 trillion RMB by 2029, with a compound annual growth rate of 12.6% from 2024 to 2029 [11][12]

Group 1 - The core viewpoint of the news is that Nuanwa Technology, a domestic AI technology company focused on insurance, has officially submitted its listing application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors [1] - Nuanwa Technology provides AI-based underwriting and claims solutions to insurance companies, aiming to improve front-end processes such as product design, user analysis, user operations, and underwriting risk assessment [1] - The funds raised from the IPO will primarily be used to enhance research and development, improve operational efficiency and analytical capabilities, expand geographical coverage, diversify insurance business categories, and optimize product offerings [1] Group 2 - According to a Frost & Sullivan report, Nuanwa Technology is the largest independent AI technology company in China's insurance industry based on the number of insurance cases processed in 2024, and it is the largest AI technology company with full-stack risk analysis capabilities in the health insurance sector [2] - As of the end of 2024, Nuanwa Technology's solutions have been adopted by 90 insurance companies, facilitating approximately 10.7 billion yuan in first-year premium payments and completing around 204 million underwriting reviews and claims investigations by June 2025 [2] - Nuanwa Technology's financial performance shows a gradual improvement in its loss situation, with revenues of 340 million yuan, 650 million yuan, and 940 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 65.5%, while net losses were 223 million yuan, 240 million yuan, and 155 million yuan respectively [2]

Core Viewpoint - Warmwa Technology has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as the largest independent AI technology company in China's insurance industry [1][4]. Company Overview - Warmwa Technology was established in 2018 and has received multiple rounds of financing from funds such as Sequoia China and Longfor Capital. ZhongAn Online is the largest institutional shareholder, holding 31.65% [2][4]. - The CEO, Lu Min, has over 20 years of experience in the insurance technology sector and has previously held significant positions in companies like Alibaba Cloud and Shanghai Insurance Exchange [2][4]. Market Position - According to Frost & Sullivan, Warmwa Technology is the largest independent AI technology company in China's insurance industry based on the number of insurance cases processed in 2024. It is also the largest AI technology company with full-stack risk analysis capabilities in the health insurance sector [4]. - As of December 31, 2024, Warmwa Technology's solutions have been adopted by 90 insurance companies, including eight of the top ten insurance companies in China by premium income [4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 345 million, 655 million, and 944 million respectively, with a compound annual growth rate of 65.5%. Net losses for the same years were 223 million, 240 million, and 155 million [5]. - In the first half of 2025, Warmwa Technology achieved a revenue of 431 million, slightly up from 427 million in the same period last year, with a net loss of approximately 100 million [5]. Product Offering - Warmwa Technology provides advanced AI-driven risk analysis solutions that optimize the workflow from underwriting to claims settlement for insurance clients. The two core intelligent systems, "Alamos" and "Robor," are responsible for underwriting and claims solutions respectively [5].

Core Viewpoint - Warmwa Technology has submitted its listing application to the Hong Kong Stock Exchange, positioning itself as the largest independent AI technology company in China's insurance industry [1][2]. Company Overview - Warmwa Technology was established in 2018 and has received multiple rounds of financing from funds such as Sequoia China, Longfor Capital, and KTB [2]. - The largest institutional shareholder is ZhongAn Online, holding 31.65% of the shares [2]. - CEO Lu Min has over 20 years of experience in the insurance technology sector and has previously held significant positions in companies like Alibaba Cloud and Shanghai Insurance Exchange [2]. Market Position - According to Frost & Sullivan, Warmwa Technology is the largest independent AI technology company in China's insurance industry based on the number of insurance cases processed in 2024 [4]. - It is also the largest AI technology company with full-stack risk analysis capabilities in the health insurance sector in China, based on revenue projections for 2024 [4]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 345 million, 655 million, and 944 million respectively, with a compound annual growth rate (CAGR) of 65.5% [4]. - Net losses for the same years were 223 million, 240 million, and 155 million, while adjusted net profits were -79.31 million, -18.515 million, and 57.5 million respectively [4]. - In the first half of 2025, Warmwa Technology achieved a revenue of 431 million, slightly up from 427 million in the same period last year, with a net loss of approximately 100 million compared to 145 million the previous year [5]. Product Offering - Warmwa Technology provides advanced AI-driven risk analysis solutions that help insurance companies optimize workflows from underwriting to claims settlement [5]. - The two core intelligent systems, "Alamos" and "Robor," are designed for underwriting solutions and claims solutions respectively, utilizing extensive insurance sales expertise and operational insights [5]. Industry Challenges - The company acknowledges facing various uncertainties and risks as a participant in the rapidly evolving insurance AI technology market [5]. - There are concerns regarding the potential for competitors to develop similar products using open-source models that Warmwa Technology has utilized in its AI development [5].

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].

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 [1][2]. 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 [2]. - The company is recognized as one of the largest independent AI technology companies in China's insurance industry, based on the number of insurance cases processed in 2024 [2]. Financial Performance - Warmwa Technology 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 of 65.5% [4]. - Despite being in a loss position, the company's losses have been narrowing, with net losses of 222.3 million yuan, 240 million yuan, and 155 million yuan for the same years [4]. - As of mid-2025, the company achieved a revenue of 431 million yuan and a net loss of 100 million yuan, an improvement from a net loss of 145 million yuan in the previous year [4]. Shareholding Structure - The shareholding structure includes CEO Lu Min holding 31.65% through various companies and trusts, while ZhongAn Online also holds 31.65% through ZA Technology and Absolute Capital [3]. - Sequoia Capital holds a 15.90% stake in Warmwa Technology [3]. Technological Advantages - 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-reinforcement and continuous improvement of its AI solutions [3]. 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 [4].

9月16日，国内保险AI科技企业暖哇洞察科技有限公司向港交所递交上市申请。招股书显示，其主要股 东包括众安在线（即众安保险，股票简称为众安在线）、红杉中国等。 保险AI科技市场竞争激烈 暖哇科技主要为保险公司提供基于人工智能的风险分析解决方案，截至2024年末，暖哇科技的解决方案 已累计被90家保险公司采用。不过，暖哇科技在收入上较为依赖众安在线。2022年、2023年、2024年以 及2025年上半年，暖哇科技来自众安在线的收入分别占公司总收入的78.7%、61.8%、45.2%及49.6%。 众安在线贡献较多收入 根据弗若斯特沙利文报告，以2024年处理的保险案件数量计算，暖哇科技是中国保险业最大的独立AI 科技公司；以2024年收入计算，暖哇科技为中国健康险行业具备全栈风险分析能力的最大的AI科技公 司。 业绩方面，暖哇科技2022年、2023年、2024年的营业收入分别为3.45亿元、6.55亿元、9.44亿元，复合 增长率达65.5%；净亏损分别为2.23亿元、2.4亿元、1.55亿元；经调整净利润分别为-7931万元、1851.5 万元、5750万元。 2025年上半年，暖哇科技实现营业收入4.3 ...

9月16日，国内保险AI科技企业暖哇洞察科技有限公司向港交所递交上市申请。招股书显示，其主要股 东包括众安在线(即众安保险，股票简称为众安在线)、红杉中国等。 暖哇科技主要为保险公司提供基于人工智能的风险分析解决方案，截至2024年末，暖哇科技的解决方案 已累计被90家保险公司采用。不过，暖哇科技在收入上较为依赖众安在线。2022年、2023年、2024年以 及2025年上半年，暖哇科技来自众安在线的收入分别占公司总收入的78.7%、61.8%、45.2%及49.6%。 众安在线贡献较多收入 暖哇科技表示，公司与众安在线的合作符合业界惯例，公司预期与众安在线的战略业务关系不会发生不 利变化。但为降低对众安在线的依赖，暖哇科技称，计划通过深化与其他保险公司的合作来扩大业务和 市场规模，并提供创新的健康险产品及增值健康管理产品服务。 保险AI科技市场竞争激烈 暖哇科技的历史最早可追溯到成立于2018年的暖哇科技(无锡)有限公司，由卢旻和众安在线共同创立管 理。2019年3月，该公司在开曼群岛注册成立为离岸控股公司。 招股书显示，暖哇科技已历经多轮融资。目前，暖哇科技董事会主席兼首席执行官卢旻通过多家公司合 计持有 ...