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]

1. 6月5日(周四)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货涨0.03%，标普500指数期货微涨，纳指期货跌0.02%。 | ■ US 30 | 42,442.00 | 42,543.50 | 42,389.00 | +14.30 | +0.03% | | --- | --- | --- | --- | --- | --- | | ■ US 500 | 5,970.90 | 5,988.10 | 5,963.90 | +0.10 | 0.00% | | ■ US Tech 100 | 21,717.00 | 21,804.00 | 21,687.10 | -4.90 | -0.02% | 个股消息 挚文集团(MOMO.US)Q1净营收同比下降1.5%，陌陌付费用户数降至420万。挚文集团Q1净营收为25.208亿元(人民币,下同)，同比下 降1.5%，归属于公司净利润为3.580亿元，上年同期为520万元，摊薄后每ADS收益为2.07元，上年同期为0.03元。Non-GAAP归属于公 司净利润为4.038亿元;摊薄后每ADS收益为2.34元。2025年3月，探探应用程序的月活跃用户为1070万 ...

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 ...

证券研究报告 多元金融 东南亚：金融科技下一站 华泰研究 2025 年 6 月 03 日│中国内地 专题研究 东南亚金融科技具备较强发展潜力 支付、信贷、保险和虚拟资产作为金融科技的四大方向，在东南亚的发展潜 力巨大。东南亚人口 6.3 亿，40 岁以下人口占比在 60%以上，2023 年整体 GDP 增速约 4%，其中大部分国家约 5%，数字基础设施建设正逐步铺开， 政策环境相对友好，为金融科技发展提供了良好的宏观环境。数字支付有望 逐步取代目前仍然流行的现金，东南亚现金支付比例为 44%，远高于中国 的 5.8%；互联网信贷余额由 2022 年 480 亿美元增长至 2024 年 710 亿美 元，但 1.8%的渗透率远不及 17 年中国的 3.2%。当地贷款产品定价高且风 险相对可控，保障了互联网信贷公司的盈利；保险科技行业的发展相对早期， 行业渗透率仍然较低；虚拟资产在东南亚普及度高，监管环境相对友好。 数字支付渗透率不断提升 数字支付有望取代现金。24 年东南亚仍有 44%的交易以现金形式完成，而 中国仅有 5.8%（2023），主要受制于支付网络不完善，但东南亚消费者的 支付习惯正逐步线上化。首先 ...

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 ...

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 ...

保险科技新星元保成功登陆纳斯达克，开启新篇章。 近日，国内领先的保险科技企业元保（股票代码YB）正式在纳斯达克证券交易所挂牌上市，标志着其在资本市场的新起点。 据悉，元保此次公开发行的美国存托股（ADS）定价为每股15美元，位于发行价格区间的上限。公司共发行了230万股ADS，成功募资约3450万美元。若承 销商全额行使超额配售选择权，元保上市后的估值将达到约6.81亿美元。 元保的IPO发行由高盛、花旗、中金公司及老虎证券等多家知名投行联合承销，显示出市场对其未来发展的高度认可。上市首日，元保股价表现抢眼，开盘 后一度飙升超过93%，最终收盘价为15.96美元/股，较发行价上涨6.4%。 根据元保的招股书披露，近年来其业绩表现亮眼。2022年至2024年间，公司的营收从8.50亿元人民币增长至32.85亿元人民币，年度增长率分别达到141%和 61%。尽管在2022年和2023年，公司归母净亏损分别为4.35亿元和3.33亿元，但在2024年成功扭亏为盈，实现归母净利润4.36亿元。 元保专注于互联网人身险领域，特别是在普惠健康险这一增量市场上深耕细作。公司利用AI技术全面优化保险分销和理赔等环节，极大提升 ...

Core Viewpoint - Yuanbao, an insurtech company, successfully went public on NASDAQ under the ticker "YB," raising $34.5 million through the issuance of 2.3 million shares at an IPO price of $15 per American Depositary Share (ADS) [1] Group 1: Company Overview - Yuanbao was founded in 2019 and leverages an "AI + insurance" model to enhance efficiency and user experience in insurance sales and claims processes [1] - The company has developed nearly 4,700 AI models by the end of 2024, covering various dimensions such as users, media, and products, which support multiple scenarios from user targeting to after-sales service [3][5] - Yuanbao's employee structure is heavily focused on technology, with 69.2% of its 497 employees in research and development [4] Group 2: Market Position - Yuanbao has become the second-largest distributor in China's life insurance market based on first-year premiums, and the largest independent distributor when excluding large internet company-affiliated distributors [5] - The company targets a broader market by providing inclusive health insurance products, significantly lowering the barriers for users to obtain coverage [9] Group 3: Financial Performance - Yuanbao reported revenues of 2.045 billion yuan in 2023 and 3.285 billion yuan in 2024, with a notable turnaround from a net loss of 333 million yuan in 2023 to a net profit of 436 million yuan in 2024 [7] - The company's revenue in Q4 2024 grew by 63% year-on-year, reaching 889 million yuan [7] Group 4: Leadership and Support - The founder and CEO, Fang Rui, has extensive experience in fintech and e-commerce, previously serving as Vice President at NetEase [9] - Yuanbao's strong shareholder base includes prominent investment firms such as Shanhang Capital and Northern Light Venture Capital, providing solid financial and resource support for its growth [9]