Core Viewpoint - Warmwa Technology has officially submitted its listing application to the Hong Kong Stock Exchange, positioning itself as a leading independent AI technology company in China's insurance industry, with significant growth potential in the health insurance sector [1] Financial Performance - Warmwa Technology's projected revenues from 2022 to 2024 are 345 million, 655 million, and 944 million yuan, respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [1] - The gross profit margins for the same period are 57.7%, 58.3%, and 49.8% [1] - The company is currently operating at a loss, with net losses of 223 million, 240 million, and 155 million yuan from 2022 to 2024, although the losses are narrowing over time [1] Adjusted Profitability - After excluding the fair value of convertible redeemable preferred shares, the adjusted net profit for 2024 is approximately 58 million yuan, with an adjusted net profit margin of 6.1% [2] - As of June 2025, the company achieved revenue of 431 million yuan, slightly up from 427 million yuan in the same period last year, with a reduced net loss of 100 million yuan compared to 145 million yuan the previous year [2] Business Model - Warmwa Technology provides AI solutions for the entire lifecycle of insurance transactions, focusing on two key areas: AI underwriting solutions and AI claims solutions [4] - The AI underwriting solution, centered around the Alamos system, integrates intelligent modules and external language models to automate the underwriting process, achieving a renewal rate of 97.5% and a cross-selling rate of 63.0%, significantly above the industry average of 15.0% to 25.0% [4] - The AI claims solution utilizes a nationwide medical data network and the "Roborock" claims decision model, achieving an 80% automatic review rate and a decision accuracy rate of 98.0% for claims [4] Company History and Ownership - Warmwa Technology was founded in 2018 and has undergone multiple rounds of financing, including investments from Sequoia Capital China and Longfor Capital [5] - The company's CEO, Lu Min, holds 31.65% of the shares, with ZhongAn Online also holding 31.65% through various entities, and Sequoia Capital holding 15.90% [6]

Core Viewpoint - Nuanwa Technology has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the accelerating digital transformation in the insurance industry, positioning itself as a leading independent AI technology company in China [1] Company Overview - Nuanwa Technology is recognized as the largest independent AI technology company in China's insurance sector and the largest in health insurance with full-stack risk analysis capabilities, according to a report by Frost & Sullivan [1] - The company has been focusing on AI solutions for the insurance market since 2018, driving the next generation of digital transformation in the industry [1] Financial Performance - Nuanwa Technology achieved rapid growth, with revenues of 340 million RMB, 650 million RMB, and 940 million RMB for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [1] - The gross profit margin for 2024 is projected to be 49.8%, with an adjusted net profit of approximately 57.5 million RMB, resulting in an adjusted net profit margin of 6.1% [1] Core Technology - The company possesses proprietary technology that integrates data analysis capabilities, multi-agent systems, and cloud infrastructure, providing AI underwriting and claims solutions tailored for the insurance industry [2] - Nuanwa Technology's dual-engine system, consisting of knowledge and data flywheels, enables systematic self-reinforcement and continuous iteration of its multi-agent systems [2] AI Underwriting Solutions - The core of Nuanwa's AI underwriting solution is the Alamos system, which automates the entire underwriting process, achieving a 97.5% policy renewal rate and a 63.0% cross-selling rate in the first half of the year, significantly higher than the industry average of 15.0% to 25.0% [2] - By June 30, 2025, the company has facilitated 10.7 billion RMB in first-year premiums and intercepted over one million high-risk applicants, reducing the loss ratio by 10 to 23 percentage points [2] AI Claims Solutions - Nuanwa's AI claims solutions utilize a nationwide medical data network and the "Robopo" claims decision model, achieving an 80% automated review rate and a 98.0% decision accuracy rate in the first half of the year [3] - The company has processed over 230 million claims cases, with the fastest claim resolution time being approximately one minute [3] Client Relationships - As of December 31, 2024, Nuanwa's solutions have been adopted by over 90 insurance companies, including eight of the top ten insurance companies by premium income in China [3] - The company has executed over 200 million underwriting reviews and claims investigations, serving over 40 million clients [3] Capital and Market Position - Nuanwa Technology has attracted significant capital attention since its inception, securing multiple rounds of funding, including angel financing led by Sequoia Capital China and a B round in 2024 [4] - With the continuous expansion of the Chinese insurance market and increasing investments in smart technology by insurance companies, Nuanwa's first-mover advantage in the AI insurance technology sector is expected to translate into market share growth [4]

财务数据显示，于2022年度、2023年度、2024年度以及截至2025年6月30日止六个月，暖哇洞察实现收 入分别约为3.45亿元、6.55亿元、9.44亿元、4.31亿元人民币， 复合增长率65.5%；同期，毛利分别为 1.99亿元、3.82亿元、4.7亿元、2.2亿元人民币。 2025年9月16日，据港交所披露，暖哇洞察科技有限公司（简称：暖哇科技）向港交所主板递交上市申 请， 招股书显示，其主要股东包括众安在线、红杉中国等，摩根大通和汇丰为本次上市的联席保荐 人。 招股书显示，以2024年处理的保险案件数量计，暖哇科技是中国保险业最大的独立AI科技公司。截至 2024年12月31日，暖哇科技的客户包括按2024年保费收入计算中国前十大保险公司中的八家。 ...

Core Viewpoint - Nuanwa Technology has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the accelerating digital transformation in the insurance industry, positioning itself as a leading independent AI technology company in China [1] Group 1: Company Overview - Nuanwa Technology is recognized as the largest independent AI technology company in China's insurance sector and the largest in health insurance with full-stack risk analysis capabilities, according to a report by Frost & Sullivan [1] - The company has been focusing on AI solutions for the insurance market since 2018, driving the next generation of digital transformation in the industry [1] Group 2: Financial Performance - Nuanwa Technology achieved rapid growth, with revenues of RMB 340 million, RMB 650 million, and RMB 940 million projected for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [1] - The gross margin for 2024 is expected to reach 49.8%, with an adjusted net profit of approximately RMB 57.5 million, resulting in an adjusted net profit margin of 6.1% [1] Group 3: Core Technology and Solutions - The company possesses proprietary technology that integrates data analysis capabilities, multi-agent systems, and cloud infrastructure, providing AI underwriting and claims solutions tailored for the insurance industry [2] - Nuanwa Technology's dual-engine system, consisting of knowledge and data flywheels, enhances its multi-agent system for continuous self-improvement and iteration [2] - The AI underwriting solution, centered around the Alamos system, automates the underwriting process, achieving a policy renewal rate of 97.5% and a cross-selling rate of 63.0%, significantly higher than the industry average of 15.0% to 25.0% [2] Group 4: Claims Management - Nuanwa Technology's AI claims solution, utilizing a nationwide medical data network and the "Robopo" decision model, has achieved an 80% automatic review rate and a decision accuracy rate of 98.0% for claims [3] - The company has processed approximately 2.3 million claims in the first half of the year, with the fastest case resolution time being around one minute [3] Group 5: Market Position and Future Prospects - Nuanwa Technology has signed 21 new AI solution cooperation agreements with insurance companies, with a significant portion involving life insurance [4] - The company has attracted substantial capital since its inception, with multiple funding rounds supporting its technology development and market expansion [4] - Analysts suggest that as the Chinese insurance market continues to expand and companies increase their investments in intelligence, Nuanwa Technology's first-mover advantage in the AI insurance technology sector is likely to translate into increased market share [4]