Core Insights - The article discusses the transition of Huiminbao, a representative of urban inclusive commercial health insurance, from rapid expansion to a phase of stock optimization, marking its tenth anniversary and entering a stage of high-quality development [2][3] Group 1: Market Dynamics - As of July 31, 2025, a total of 313 local Huiminbao products have been launched, with traditional products still dominating over 80% of the operational products [3] - The proportion of operational products has decreased from 74.3% in 2024 to 66.68% in 2025, indicating a trend of product elimination and iteration [2][3] - The rapid growth of Huiminbao products began in 2020, with the number increasing from 5 in 2019 to 313 in 2025, showcasing a clear shift from incremental expansion to stock optimization [3] Group 2: Product Development - New Huiminbao products are characterized by a "dual-driven" approach, expanding into lower-tier markets while innovating and upgrading existing products in already covered areas [4] - The report highlights that the pricing mechanism is shifting from a uniform pricing model to a differentiated pricing model based on age, health status, income, and group insurance [5][6] - Nearly half of the products offer multiple versions to cater to different consumer needs, with some regions introducing "add-on packages" for enhanced coverage [5] Group 3: Special Drug Coverage - The expansion of special drug coverage is identified as a key path for the high-quality development of Huiminbao, with an average of 41 special drugs covered per product [7] - Over 80% of traditional Huiminbao products now include special drug responsibilities, focusing on critical illnesses and rare diseases [7] - The report indicates that foreign pharmaceutical companies are significantly involved in the special drug market, with a focus on innovative anti-tumor drugs [8] Group 4: Regulatory Environment - The recent guidelines from the National Financial Regulatory Administration emphasize the need for standardized sales practices, encouraging product innovation and differentiated pricing for the healthy development of Huiminbao [9] - Challenges remain in determining rates, setting reasonable exclusions, and preventing risks and adverse selection, which are crucial for the long-term stability of the products [9]