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]