在费用方面，水滴公司2025年第一季度营业费用为6.78亿元人民币，同比增长3%。其中，运营成本增长较快，达到3.742亿元，同比增长13%。而销售及 市场营销费用则有所下降，为1.724亿元，同比下降5.4%。一般及行政支出也呈现下降趋势，为7490万元，同比下降15.8%。研发费用保持在5620万元的水 平。 尽管费用有所增长，但水滴公司仍实现了可观的营业利润。第一季度营业利润为7590万元，运营利润率为10.1%。公司还实现了3380万元的利息收入，所 得税费用为1330万元。 水滴公司近期发布了其截至2025年3月31日的2025年第一季度未经审计财务报告。数据显示，该季度水滴公司总营收达到7.54亿元人民币，与去年同期的 7.05亿元相比，实现了7%的增长。 在营收构成方面，保险相关收入占据主导地位，达到6.58亿元人民币，同比增长8.4%。这一增长主要得益于水滴公司在保险业务上的持续深耕和市场拓 展。服务费收入保持稳定，为6710万元，与去年第一季度基本持平。数字化临床试验解决方案收入也实现了11.5%的增长，达到2300万元。 在财务运作方面，水滴公司表现积极。自2021年9月启动股票回购计划以 ...

Group 1 - The company reported a net operating revenue of 754 million yuan for Q1 2025, representing a year-on-year growth of 7% [1] - The net profit attributable to the parent company reached 108 million yuan, with a year-on-year increase of 34.2%, marking the 13th consecutive quarter of profitability [1] - Operating expenses, including sales, management, and R&D costs, accounted for 40.3% of revenue, a decrease of 6.1 percentage points year-on-year [1] Group 2 - Insurance-related revenue for the first quarter was 658 million yuan, showing a year-on-year growth of 8.4%, with an operating profit of 151 million yuan [1] - The first-year premium for the insurance business was 2.092 billion yuan, reflecting a year-on-year increase of 19.3% [1] Group 3 - The company's crowdfunding platform, which assists patients in urgent need, has seen approximately 475 million users donate a total of 68.8 billion yuan since its launch, with a Q1 operating loss of about 30.2 million yuan [3] - The digital clinical trial solutions business generated a net operating revenue of 23 million yuan in Q1 2025, an increase of 11.5% year-on-year, with partnerships established with 185 pharmaceutical companies and contract research organizations [3] - As of the end of March, the company had completed 1,281 projects and enrolled 11,217 patients [3]

Market Overview - US stock index futures showed mixed performance with Dow futures up 0.03% and Nasdaq futures down 0.02% [1] - European indices also experienced slight gains, with Germany's DAX up 0.29%, UK's FTSE 100 up 0.16%, and France's CAC40 up 0.27% [2][3] - WTI crude oil increased by 0.22% to $62.99 per barrel, while Brent crude rose by 0.31% to $65.06 per barrel [3][4] Regulatory Changes - Michelle Bowman was confirmed as the Vice Chair for Supervision at the Federal Reserve, indicating a shift towards more lenient regulations under the Trump administration [5] - Bowman has advocated for tailored regulations and has been critical of the complexity of current regulatory frameworks [5] Industry Impact of Tariffs - The new 50% tariff on aluminum imports has raised concerns among industry executives about potential declines in consumer demand [6] - Derek Prichett from Novelis highlighted that the tariff could negatively impact demand, particularly affecting their operations in Canada and the US [6] Economic Outlook - Neel Kashkari from the Minneapolis Fed stated that the Fed is in a favorable position to observe the impact of tariffs on the economy before making interest rate decisions [7] - He noted that uncertainty from tariffs is a significant risk to business investment and could lead to job cuts [7] Emerging Markets - Bank of America Securities predicts double-digit returns for emerging market assets this year, driven by expectations of a declining dollar [8] - The firm favors Eastern European currencies and stocks, with Brazil being a top pick in fixed income due to high interest rates [8] Company Earnings - Momo Inc. reported a 1.5% year-over-year decline in Q1 net revenue, with a drop in paid users to 4.2 million [9] - Waterdrop Inc. achieved a 7% increase in Q1 revenue, marking its 13th consecutive quarter of profitability [10] - Procter & Gamble plans to cut 15% of its office workforce, amounting to approximately 7,000 positions, to enhance productivity [11] - Alphabet Inc. intends to expand its engineering workforce despite industry-wide layoffs, emphasizing the importance of talent in AI [12] Legal Developments - Apple Inc. faced a setback as a US appeals court denied its request to pause a ruling requiring changes to its App Store practices [13]

近日，全球领先的AI保险科技公司Seel联合亿邦动力，分别在深圳和杭州成功举办"品牌独立站美国市 场增长峰会暨Seel合作伙伴答谢会"。会议聚焦"信任与增长"主题，Seel创始人兼CEO Zack Peng、亿邦 动力联合创始人/马蹄社CEO刘宸、美国前保监会长Susanne Murphy、Fastlane联合创始人&CEO廖浪 沙、MTC Global联合创始人周涌、ShopShops创始人兼CEO Liyia Wu、Seel VP Pyro Chen、OOU全球事 业部负责人林楚平、苏嘉科技（SUGA）创始人&CEO Jaron Tam、Urtopia联合创始人侯广辉、如果科技 全球售后服务负责人周宁等出席了峰会并上台分享，大家重点围绕品牌独立站如何继续深耕美国市场， 给中国出海企业带来一些全新视角，共同探讨中国品牌如何通过构建"信任基建"实现可持续增长。 拥有30年保险监管领域经验的美国前保监会长Susanne Murphy在独立演讲中提醒广大出海品牌，美国各 州对延保服务有严格监管，不合规会导致法律风险。受监管的金融产品能够有效减轻消费者的购买风 险，从而建立消费者信任。她特别指出，Seel在美国提供 ...

Investment Rating - The report maintains an "Increase" rating for the Southeast Asian fintech sector [8] Core Insights - Southeast Asia's fintech industry has significant growth potential, driven by a robust macroeconomic environment, improving infrastructure, and a friendly policy landscape [13][16] - The four main areas of fintech development are digital payments, internet lending, insurtech, and virtual assets [17][20] - The region's GDP growth is approximately 5%, with a population of 630 million, predominantly under 40 years old, providing a strong consumer base [22][23] Digital Payments - Digital payment penetration is expected to increase, with 44% of transactions still conducted in cash as of 2024, compared to 5.8% in China [39][40] - The COVID-19 pandemic has shifted consumer habits towards online payments, with 33% of consumers using e-wallets for the first time during the pandemic [40] - The main digital payment methods are card payments and e-wallets, with a competitive landscape lacking a dominant player like Alipay or WeChat Pay in China [38][50] Internet Lending - The internet lending market in Southeast Asia is projected to grow from $48 billion in 2022 to $71 billion in 2024, with a penetration rate of only 1.8% [4][14] - The lending market is characterized by high pricing limits (18-180%), small loan amounts (average $18), and short durations, providing substantial profit margins [4][14] - The risk profile is relatively stable, with SeaMoney's 90-day overdue rate at 1.1%, lower than domestic platforms in China [14][16] Insurtech - The insurtech market in Southeast Asia is in its early stages, with a market size of approximately $2.4 billion in 2024, expected to reach $7.5 billion by 2030 [5][14] - The penetration rate of insurtech is low, at about 1.5-3.1%, compared to 8.8% in China [5][14] - Three main business models exist: insurtech platforms, full-stack insurtechs, and insurtech enablers, with the latter focusing on B2B solutions [5][14] Virtual Assets - Southeast Asia shows high interest in virtual assets, with six countries ranking in the top 20 for global cryptocurrency adoption, and Indonesia ranked third [6][14] - The regulatory environment is generally supportive, with governments encouraging the development of the virtual asset market while managing risks [6][14] - Indonesia's cryptocurrency transaction volume reached $157.1 billion from July 2023 to June 2024, the highest in the region [6][14]

Core Viewpoint - The strategic partnership between Fanmo Technology and Zhihua Technology aims to address the risk barriers in the low-altitude insurance sector, leveraging technology and insurance to support the safe development of the global low-altitude economy [1][3][9] Group 1: Strategic Cooperation - Fanmo Technology, the world's first drone insurance service provider, has partnered with Zhihua Technology's subsidiary, Sunshine Insurance Brokerage, to enhance low-altitude insurance offerings [1][3] - The collaboration is timely as the drone industry faces challenges related to safety and development, with low-altitude insurance becoming a crucial risk management tool [3][4] - The partnership will utilize Zhihua's PaaS technology platform and extensive sales network to provide customized insurance brokerage services to Fanmo's clients [3][5] Group 2: Market Potential - The global drone service market is projected to reach 230 billion yuan by 2025, with China expected to surpass 1 trillion yuan, becoming a key driver of global low-altitude economic growth [3][9] - The Chinese low-altitude economy is forecasted to exceed 1.5 trillion yuan by 2025, while the global drone insurance market is anticipated to reach 20 billion yuan [9] Group 3: Technological Synergy - Fanmo Technology has developed a comprehensive "data + product + ecosystem" model, establishing itself as a benchmark in the low-altitude insurance sector [5][7] - The company has created three core product systems, serving over 10,000 enterprise clients and thousands of individual users across various low-altitude scenarios [5] - Zhihua Technology's innovative insurance brokerage model and digital solutions are set to transform the drone insurance industry into a new era of "precise prevention + intelligent service" [7] Group 4: Risk Management and Industry Standards - The partnership aims to establish unified risk standards, data-sharing mechanisms, and emergency response systems within the low-altitude economy [9] - The collaboration is expected to provide a "Chinese solution" for global low-altitude risk governance, promoting a safer and more efficient development trajectory for the industry [9]

2025年5月8日，"三人行天下·出海∞计划"第二届全球化创新企业论坛在上海成功举办。此次由全球化创 新企业联盟、凤凰WEEKLY财经、Indiegogo、行云集团和浙江大学管理学院联合主办的行业盛会，吸 引了600余位来自跨境品牌、科技平台、资本机构的嘉宾汇聚一堂，围绕品牌全球化与信任体系搭建展 开深入探讨。 论坛期间，美国AI保险科技企业 Seel 凭借其"AI科技+安全合规"双核驱动的创新型延长保障服务，成功 入选"2025全球化创新力品牌"。Seel为独立站卖家提供了嵌入式、零成本、覆盖全链路的"无忧购"解决 方案，正在重塑跨境电商的售后保障与消费信任机制。 Seel将保障从"成本中心"转化为"增长杠杆" AI引擎驱动全流程保障，构建新型"无忧消费"体验 Seel以AI技术为核心驱动保障服务流程，从自动判责到智能定价、交易欺诈识别、秒级赔付处理，再到 全天候多语种客服支持，全面提升跨境售后处理效率。 Seel跨境延保服务采用API接口形式对接，商家可通过插件快速集成到独立站系统，无需开发投入，即 可实现保障服务的嵌入式上线。当前已全面支持Shopify、Shoplazza、Shopline等主流Saa ...

招股书显示，公司持续增加研发投入。报告期内，公司产生的研发开支分别为1410万元、1570万元及 1650万元，分别占同期收入的3.5%、2.4%及2.6%。公司预计研发开支可能会持续增加。 客户集中度较高 公司收入依赖数量有限的客户或业务合作伙伴，面临客户集中风险。根据招股书，公司客户主要为国内 保险公司。集团分别与71家、80家及75家保险公司进行合作。报告期内，集团来自前五大客户的总收入 分别为2.236亿元、4.551亿元及4.997亿元，分别占公司总收入的55.3%、69%及79.2%。 报告期内，公司的收入主要来自风险管理金融服务，该部分业务产生的收入分别为3.114亿元、5.359亿 元及5.742亿元，分别占总收入的77%、81.2%及91%。 根据灼识咨询报告，以2023年收入计，白鸽在线在中国场景类保险数字化风险管理解决方案提供商中市 场份额为4.4%。中国场景险市场经历持续增长，市场规模(就保费收入而言)从2019年的511亿元增长至 2023年的794亿元，并将保持稳定的增长趋势。公司在解决方案设计及定制方面与上游保险公司及下游 场景合作伙伴紧密合作，为生态系统参与者提供数字化风险管理 ...

文｜蛇眼财经v 近期，轻松健康集团踏上冲刺港交所的快车道。 作为一家将自身定位为中国领先的科技型一站式平台，专注于综合健康服务及健康保险解决方案的企 业，轻松健康集团怀揣着宏大愿景。从其招股书可见一斑，它计划将募资金额用于品牌提升、技术升 级、市场拓展等关键领域，尤其是大打"科技牌"，欲在AI及大数据领域发力，以技术赋能产品与服务。 在港股数字健康赛道估值保守、保险科技竞争白热化的环境中，轻松健康集团这一IPO冲刺，究竟是踏 上通往辉煌的康庄大道，还是误入荆棘满布的迷途，市场正拭目以待，而时间，将是这场博弈最公正的 裁判。 上市"前夜"的大调整 剥离之举虽然扫清了上市架构上的政策障碍，却也让轻松健康集团失去了核心流量来源。数据显示，业 务剥离后，平台活跃用户从高峰时期的7050万锐减至5000万，超2000万用户的流失如同一记重锤，敲响 了企业发展危机的警钟。 另一方面，轻松健康集团将重心聚焦在健康服务和保险两大板块，可在行业竞争加剧、监管政策趋严的 双重压力下，两大板块业务增长承压。 一来，头部保险科技企业凭借强大的资本实力、完善的渠道网络和成熟的产品体系，牢牢占据市场主导 地位；二来，用户对保险产品的需求 ...

通过本项目的落地实施,预计将带动厦门市科技型企业融资金额年均增长10亿元,年均增长率15%;全年预 估新增投保金额增长约2亿元,科技型企业保险覆盖率增长30%。并推广至省内各市,为福建省科技型企业 提供更为安全、高效、便捷的融资渠道,助力科技创新与实体经济发展迈向新高峰。 白鸽在线作为国内领先的数字化风险管理商,依托自主研发的"MaaS模型体系"和AI大数据处理能力, 为"科技保险增信贷"项目打造了"风险预警-精准定价-智能理赔-个性推荐-信用评估-黑名单拦截"的全链 条保险科技解决方案。白鸽在线通过整合企业研发、知识产权及市场动态数据,帮助银行识别创新企业 潜力,并运用大数据与机器学习评估企业信用,协同银行自动核算信贷额度并实现线上审批。该方案通过 打通"政银企保"数据壁垒,有效优化科技型中小企业融资环境,助推政府惠企政策落地和产业升级。 4月30日,在第八届数字中国建设峰会福建分论坛上,由白鸽在线联合中国农业银行厦门市分行、中国建设 银行厦门市分行、交通银行厦门分行、厦门银行、厦门信用信息技术有限公司、厦门大数据有限公司共 同打造的"科技保险增信贷"项目,正式入选"福建省公共数据赋能产业发展第一批重点培育 ...