此外，2025年上半年营收4.31亿元，毛利为2.2亿元，毛利率为51%，较上年同期的52.5%下降了1.5个百分点；期内亏损为9988万元，上年同期的期内亏损为 1.45亿元。 同时，招股书中还提到了多项风险：2022年至2025年上半年暖哇科技持续净亏损，累计亏损数额较大，毛利率由2022年的57.7%波动降至2025年上半年的 51.0%。客户集中度较高，前五大客户收入占比介于73.6%至92.3%，其中众安在线为主要客户，相关交易占比显著。 在保险行业数字化转型浪潮中，AI科技企业暖哇洞察科技有限公司（以下简称"暖哇科技"）正试图通过资本市场寻求更多增长。 9月16日，据香港联交所网站披露，暖哇科技正式向港交所递交上市申请，摩根大通和汇丰担任联席保荐人。 暖哇科技招股书显示，2022年至2024年的年收入分别为3.45亿元、6.55亿元、9.44亿元，复合增长率达65.5%；毛利率分别为57.7%、58.3%、49.8%。从净利 润看，暖哇科技目前仍为亏损状态，但亏损额总体逐年收窄，在2022年至2024年分别实现净亏损2.23亿元、2.4亿元、1.55亿元。 在持续亏损、经营现金流承压的背景下，暖哇 ...

Core Viewpoint - Nuanwa Technology, a leading AI technology company in the domestic insurance sector, has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the accelerating digital transformation in the insurance industry [1] Company Overview - Nuanwa Technology's major shareholders include ZhongAn Online and Sequoia China, with JPMorgan and HSBC serving as joint sponsors for the listing [1] - As of December 31, 2024, Nuanwa Technology's solutions have been adopted by 90 insurance companies, covering eight of the top ten insurers in China [1] Financial Performance - Nuanwa Technology has shown rapid growth, achieving profitability starting in 2023, with revenues of RMB 340 million, RMB 650 million, and RMB 940 million for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [2] - The gross margin for 2024 reached 49.8%, with an adjusted net profit of approximately RMB 57.5 million, resulting in an adjusted net profit margin of 6.1% [2] Technological Capabilities - Nuanwa Technology has developed proprietary technologies that integrate data analysis capabilities, multi-agent systems, and cloud infrastructure, focusing on various scenarios within the insurance industry [2] - The company has created industry-specific multi-agent systems, Alamos and Roborock, which optimize the entire process from underwriting to claims settlement [2] AI Solutions - The AI underwriting solution, centered around the Alamos system, automates the entire 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% [3] - Nuanwa Technology has intercepted over one million high-risk applicants, reducing the claim payout ratio by 10 to 23 percentage points [3] Claims Management - The AI claims solution utilizes a nationwide medical data network and the Roborock decision model to enhance efficiency and accuracy in claims management [4] - The AI claims solution has achieved an automatic review rate of up to 80%, with a decision accuracy rate of 98.0% for fully automated claims reviews [4] Market Outlook - 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 insurance AI technology sector is likely to translate into increased market share and elevate the industry's digitalization level [4]

业内分析指出，随着中国保险市场持续扩容、未来保险公司在智能化投入上的不断增加，暖哇科技在保 险AI科技赛道的先发优势，有望进一步转化为市场份额的增长，推动整个行业的数字化水平迈向更高 阶段。 弗若斯特沙利文报告显示，2024年暖哇科技已成为中国保险业最大的独立AI科技公司，也是中国健康 险行业具备全栈风险分析能力的最大独立AI科技公司。在财务表现上，暖哇科技增长迅速，于2023年 实现盈利；2022年至2024年收入分别为3.4亿元、6.5亿元及9.4亿元，复合增长率达65.5%；其中，2024 年，公司毛利率达49.8%，在去除可转换可赎回优先股的公允价值后，经调整净利润约为5750万元，经 调整净利润率达6.1%。 本报讯(记者张文湘)9月16日，国内保险AI科技头部企业暖哇洞察科技有限公司(以下简称"暖哇科技")正 式向港交所主板递交上市申请。分析人士认为，在保险行业数字化转型加速的浪潮下，掌握核心技术的 AI科技公司备受青睐，暖哇科技正式启动港股上市进程，将为国内保险科技赛道增添新的资本化力 量。 资料显示，暖哇科技自2018年起深耕中国保险业AI解决方案市场这一高潜力赛道，以AI技术为保险交 易全生 ...

持续3年的保险公司分支机构净退出态势出现了一些新变化：去年，虽然人身险公司分支机构仍然保持 净退出态势，但财险公司分支机构扭转了净退出态势，全年净增加分支机构55家。 业内人士认为，保险公司分支机构的新设与退出既与行业发展有密切关系，也受到科技、互联网等因素 的影响。随着"清虚"工作的推进，预计2024年保险公司分支机构的增减会进入到相对平稳的状态。 人身险公司分支机构 净退出270家 从人身险行业发展的基本面来看，2023年前11个月，人身险公司原保险保费收入同比增长10.79%，赔 付支出同比增长26%。与2022年同期相比，保费收入和赔付支出都出现较大提升，但整体来看，行业转 型的基本面未发生重大改变。周瑾认为，随着行业数字化转型的不断推进，越来越多的业务环节将依赖 线上平台或系统，预计人身险公司分支机构净退出的态势还将持续。 财险公司下沉市场 对物理网点依赖度高 与人身险公司分支机构呈净退出态势不同的是，2023年，财产险公司分支机构退出723家，新设778家， 全年净增加55家 与人身险行业近年面临较大的转型压力不同，财险行业发展相对稳健。 某财险公司大连分公司负责人告诉记者，近年来，财险公司比较注 ...

Core Viewpoint - The insurance industry is undergoing a transformation driven by regulatory reforms and changing consumer demands, as highlighted by the popular drama "The Good Life," which reflects both the growth and challenges faced by the sector [2][3]. Group 1: Industry Challenges and Reforms - The rapid expansion of the insurance agent workforce has led to issues such as inflated manpower and inadequate training, resulting in a lack of trust in insurance sales [3][4]. - The recent notification from the financial regulatory authority aims to reform the personal marketing system in the insurance industry, emphasizing the need for better regulation and professionalization of agents [2][4]. - The "New National Ten Articles" issued by the State Council calls for accelerated marketing system reforms to enhance the quality and sustainability of the insurance sector [3][4]. Group 2: Industry Trends and Innovations - Major insurance companies are launching initiatives to attract high-quality agents, reflecting a competitive landscape focused on improving service quality and agent professionalism [4][5]. - The industry is shifting from a focus on scale to value creation, with companies like China Pacific Insurance and Taikang Insurance implementing strategies to address aging populations and diversify service offerings [6][7]. - Digital transformation is becoming a key driver for precision in product innovation and risk management, utilizing technologies like AI and IoT for better underwriting and claims processes [5][6]. Group 3: Consumer Engagement and Education - There is a growing recognition of the need for better public understanding of insurance as a risk management tool, which is essential for enhancing consumer trust and satisfaction [7]. - The narrative in "The Good Life" illustrates the importance of empathy and professionalism in insurance sales, aligning with the industry's goal of putting customers at the center of its operations [2][7]. - The industry's transition towards a more refined management approach aims to improve customer experiences and restore the fundamental purpose of insurance as a safety net [7].

Core Viewpoint - The article discusses the ongoing withdrawal of branches by Taikang Life Insurance, highlighting issues such as high policy surrender amounts and frequent sales violations, which pose significant challenges for the company in a competitive and regulated insurance market [2][3]. Branch Withdrawals - Since May, Taikang Life has accelerated the closure of its branches, with over 100 institutions being withdrawn this year alone, including 15 in May [5][10]. - The closures are part of a strategic move to optimize branch networks in response to declining consumer capacity and willingness in lower-tier cities [11][12]. Financial Performance and Challenges - Taikang Life's operating expenses have increased significantly, rising from 1950.96 billion to 2670.78 billion over three years, with a year-on-year growth of 17.24% in 2024 [11]. - The company's revenue and net profit from 2021 to 2024 show fluctuations, with net profit growth rates of -52.29%, 19.8%, and 8.88% respectively, indicating challenges in maintaining profitability [15]. Policy Surrender Issues - In 2024, Taikang Life had three products listed among the top 10 for policy surrenders, with a total surrender amount of 111.09 billion, indicating significant customer dissatisfaction [17]. - The company has received over 6,000 complaints on platforms like Black Cat, with common issues including refund requests and exaggerated marketing claims [17][21]. Regulatory and Compliance Issues - Taikang Life has faced regulatory penalties for issues such as false financial reporting and mismanagement of product presentations, with fines totaling 272.8 million across various branches [18][20]. - The increasing regulatory scrutiny has prompted the company to optimize its internal management and reduce the number of low-efficiency branches to lower compliance costs [22]. Industry Trends - The insurance industry is experiencing a shift towards digitalization and online services, which is impacting traditional branch operations and necessitating the closure of less efficient outlets [22]. - As consumer awareness and preferences evolve, companies like Taikang Life must adapt to these changes to remain competitive in the market [22].