Core Viewpoint - Baige Online (Xiamen) Digital Technology Co., Ltd. is set to become the first insurance technology company in the Hong Kong stock market with a focus on "AI + insurance," aiming to drive technological transformation in the traditional insurance industry [1] Group 1: Company Overview - Established in 2015, Baige Online specializes in digital risk management, connecting insurance companies, scenario partners, and end consumers through a digital platform [2] - The company's core business revolves around "scenario insurance," covering areas such as delivery services, shared mobility, and government services [2] - As of December 2025, Baige Online is projected to have serviced over 8.9 billion policies and connected more than 381 million insured individuals [2] Group 2: Technology and Innovation - Baige Online's core technological advantage lies in its self-developed "MaaS model," which includes six AI models such as "Ark," "Femtosecond," and "Smart Eye," supporting dynamic pricing, risk prediction, and automated claims processing [2] - The company's AI technology is integrated with its "9+N ecosystem," collaborating with 233 scenario partners to accumulate multidimensional data covering 381 million insured individuals [3] - The technology architecture allows for seamless API integration with partner systems, enabling real-time linkage between insurance services and scenario transactions, with the SaaS system "Baige e Insurance" capable of processing over 50 million policies daily [3] Group 3: Market Potential and IPO Plans - The market size for scenario insurance in China is expected to grow from 53.1 billion yuan in 2020 to 93.2 billion yuan in 2024, with a projected compound annual growth rate of 12.1% [4] - Baige Online plans to use the funds raised from its IPO primarily for technology research and development, ecosystem expansion, and potential mergers and acquisitions, including optimization of the MaaS model and big data infrastructure [4] - The IPO is seen as a critical step for Baige Online's development and offers a new perspective on the evolution of insurance technology [4]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Baige Online Digital Technology Co., Ltd. 白鴿在線（廈門）數字科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文 件，即代表 閣下知悉、接納並向本公司、本公司的聯席保薦人、整體協調人、顧問或包銷團 成員表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長 註冊的本公司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出 ...

Core Insights - White Dove Online (Xiamen) Digital Technology Co., Ltd. has submitted a revised H-share listing application to the Hong Kong Stock Exchange, showcasing its business progress, financial status, and future strategic layout in the scene insurance technology sector [1] Business Development - The company has established itself as a technology-driven scene insurance service provider, offering digital insurance services tailored to various digital economy scenarios, with over 1,700 customized insurance products launched in collaboration with insurance companies [2] - White Dove Online's proprietary White Dove e-Bao SaaS system supports a fully digitalized process from risk identification to product customization and claims service, enhancing operational efficiency for insurance companies and financial institutions [2] Financial Performance - Revenue from the precision marketing and digital solutions business has shown dynamic changes, with approximately 8.69 million yuan in 2022, increasing to about 11.57 million yuan in 2023, and projected to be around 8.61 million yuan in 2024, followed by a recovery to 12.14 million yuan in the first five months of 2025 [3] - The overall gross profit has consistently increased from approximately 33.51 million yuan in 2022 to about 52.05 million yuan in 2023, reaching around 83.22 million yuan in 2024, with a gross profit of approximately 28.49 million yuan for the first five months of 2024 and further increasing to about 42.98 million yuan for the same period in 2025 [4] Profitability and Cash Flow - The gross margin has shown a "stable then rising" trend, with margins of 8.3% in 2022, dropping to 7.9% in 2023, and recovering to 9.1% in 2024, indicating improved cost control and enhanced pricing power [4] - The company has achieved a significant turnaround in operating cash flow, with a net cash inflow of 11.27 million yuan as of May 31, 2025, compared to 7.22 million yuan in the same period of 2024, indicating a solid cash generation capability [5] - With restricted cash and cash equivalents reaching 113.41 million yuan, the company is well-positioned for long-term growth, leveraging the high-growth potential of China's digital economy [5]

Group 1 - The core viewpoint of the article is that Baige Online (Xiamen) Digital Technology Co., Ltd. has submitted an application for listing on the Hong Kong main board, with Minyin Capital and Bank of China International Asia as joint sponsors [1] - The company operates in the insurtech sector, providing technology-enabled insurance intermediary services to various partners, including financial institutions, enterprises, and government entities [1] - Baige Online primarily generates revenue through scenario insurance, offering insurance transaction services, precision marketing, digital solutions, and TPA services [1] Group 2 - According to Zhi Shi Consulting, there are over 100 participants in China's scenario insurance market [1] - Based on total premiums in 2024, the company ranks 11th in the internet insurance intermediary sector, 5th in the scenario internet insurance intermediary sector in China, and 1st in the third-party scenario internet insurance intermediary sector, holding a market share of 3.4% [1]