Core Insights - The "Hui Min Bao" insurance product has rapidly expanded across China since 2020, becoming a significant component of the multi-tiered medical insurance system, with 313 local products launched by July 2023, reflecting a market growth rate of 2.96% [1] - The market is transitioning from "incremental expansion" to "stock optimization," indicating a shift towards high-quality development, with over 80% of products still being traditional types [1][2] - The average price of basic Hui Min Bao products has increased to 95 yuan, up from approximately 60 yuan in 2021, as the pricing mechanism shifts from a single pricing model to a differentiated pricing model based on various factors [3] Market Dynamics - The number of operational products has stabilized at 202, with a slight decrease in the proportion of operational products expected from 2023 to 2025 [1] - New products are being introduced with a "dual-driven" approach, expanding into lower-tier markets while innovating within existing markets, such as the introduction of critical illness insurance products in Guangdong and Guangxi [2] - The average Hui Min Bao product now covers 41 types of special drugs, with over 80% of traditional products including special drug responsibilities, primarily focusing on cancer treatment and expanding to rare diseases and other conditions [2] Product Features - Many Hui Min Bao products now offer multiple versions for consumer choice, with nearly half providing various options to cater to different needs and payment capabilities [3] - The introduction of "add-on packages" allows consumers to enhance their coverage, such as hospitalization and online consultation reimbursements [3] - The development of Hui Min Bao faces challenges, including the need for scientific rate determination and effective risk management to ensure long-term stability [3]

Core Insights - The report indicates that by 2025, there will be 9 new Huiminbao products launched, with a market growth rate of 2.96%. As of July 2025, a total of 313 local Huiminbao products will have been introduced nationwide, marking a shift from "incremental expansion" to "stock optimization" for high-quality development in the market [1][2] - The product landscape is characterized by "traditional dominance and diversified progress," with traditional Huiminbao products still accounting for over 80% of currently operational products. The proportion of normally operating products is expected to decrease by approximately 7.5 percentage points from 2023 to 2024, and by about 1.2 percentage points from 2024 to July 2025, indicating a stabilization of the basic product base [1] - The report highlights that the negative lists and exemption clauses of current Huiminbao products mainly focus on areas such as work-related injuries, childbirth, third-party liability, overseas medical treatment, non-medical insurance settlement, cosmetic surgery, illegal activities, and restrictions on special drug usage [1] Pricing Mechanism - The report notes a transition from a single pricing model to a differentiated pricing model for Huiminbao products. Among the currently operating basic version Huiminbao products, 141 products adopt a single pricing model, with an average price of 95 yuan, which is an increase from approximately 60 yuan reported in 2021 [2] - The differentiated pricing is primarily based on factors such as age, health status, income, and group insurance participation [2]