据港交所披露，上周（5月12日至5月18日）共有2家公司递表，3家通过聆讯，4家公司招股，1家公司上 市。 2家公司递表：东方妍美、诺比侃科技递表 1 ）东方妍美 ( 成都 ) 生物技术股份有限公司（简称 " 东方妍美 " ） 5月12日，东方妍美递表港交所，建银国际担任其独家保荐人。 据招股书介绍，东方妍美主要从事再生医学医疗器械及特医食品研发、生产及商业化。截至2025年5月5 日，公司拥有13款主要再生医学材料注射剂候选产品(均属第三类医疗器械)，包括核心产品XH301及用 于治疗女性压力性尿失禁的候选产品XH321，相关13款候选产品中的两款候选产品已进入注册审评阶 段。 经营业绩方面，2023年和2024年，东方妍美营业收入分别为人民币1288.2亿和1452.0亿元，同期净亏损 分别为人民币6350.1万和6938.3万元。 2 ）诺比侃人工智能科技 ( 成都 ) 股份有限公司（简称 " 诺比侃科技 " ） 5月14日，诺比侃科技递表港交所，中金公司担任其独家保荐人。 招股书显示，诺比侃科技专注于人工智能技术和数字孪生等先进技术，在AI+交通、AI+能源及AI+城 市治理等领域的产业化应用。公司主 ...

Group 1 - The core company, Shenzhen Shouhui Technology Group, has passed the Hong Kong Stock Exchange hearing and disclosed information on May 15 [1] - Shouhui Technology, established in 2015, focuses on digital insurance intermediary services, generating revenue primarily from commissions paid by insurance companies [1] - The company operates three digital platforms: "Xiaoyusan" for C-end users, "Kachabao" for empowering insurance agents, and "Niubao 100" for connecting B-end partners [1] Group 2 - The online insurance intermediary market in China has seen significant growth, with total premiums increasing from 60 billion yuan in 2019 to 211 billion yuan in 2023, representing a compound annual growth rate (CAGR) of 36.9% [2] - For long-term insurance, total premiums rose from 12 billion yuan in 2019 to 88 billion yuan in 2023, with a CAGR of 64.6% [2] - Shouhui Group's revenue for 2022, 2023, and projected for 2024 are 806 million yuan, 1.634 billion yuan, and 1.387 billion yuan respectively, with adjusted net profits of 75 million yuan, 253 million yuan, and 242 million yuan [2] Group 3 - The company has received investments from top domestic institutions including Sequoia China and Matrix Partners from angel to C-round financing [2] - The net proceeds from the IPO will be primarily used to enhance sales and marketing networks, improve service, boost R&D capabilities, and for general corporate purposes [2]

中国第二大线上保险中介服务机构。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 手回集团有限公司 （以下简称 " 手回集团 "）日前已通过港交所聆讯并于5月 15日披露通过聆讯后的资料集，中金公司和华泰国际担任联席保荐人。 成立于 2015年的 手回集团 作为 一家中国人身险中介服务提供商，致力于通过人身险交易 与 服务 平台，在线为投保人 和 被保险人提供保险服务解决方案。 目前， 手回集团 旗下 拥有小雨伞、咔嚓保和牛保 100三大平台 ，从而 赋能于不同销售场景中的 保险交易及服务 ——在小雨伞进行在线直接分销；在咔嚓保通过保险代理人进行分销；在牛保100 在业务合作伙伴的协助下进行分销。 根据弗若斯特沙利文的资料，按 2023 年的长期人身险的总保费计算，手回集团是中国第二大线上 保险中介服务机构，占据 7.3%的市场份额；按2023年的长期人身险的首年保费计算，手回集团同 样是中国第二大线上保险中介服务机构。 自成立以来 ，手回集团总共 分销了 超 1,900个产品，其中包括 超 280个定制产品和 超 1,600个 保险公司已有的 ...

Core Viewpoint - The company, Shouhui Group Limited, is a Chinese life insurance intermediary service provider that has recently passed the listing hearing on the Hong Kong Stock Exchange, with Huatai International and CICC as joint sponsors [1][3]. Company Overview - Shouhui Group operates an online platform to provide insurance service solutions for policyholders and insured individuals, distributing insurance products underwritten by insurance companies without assuming any underwriting risks [3][4]. - The company primarily collaborates with over 110 insurance companies, covering more than 70% of China's life insurance market [5]. Market Position - In 2023, the total premium of China's life insurance market reached RMB 3.8 trillion, with the life insurance intermediary market accounting for RMB 237 billion, representing 6.3% of the total market [4]. - Shouhui Group ranked eighth in the life insurance intermediary market with a market share of 2.9% in 2023, and it is the second-largest online insurance intermediary in terms of long-term life insurance premiums, holding a 7.3% market share [4][8]. Distribution Channels - The company utilizes three distribution channels: direct online sales through "Xiaoyu San," sales through insurance agents via "Kachabao," and distribution with business partners through "Niubao 100" [7]. - The platforms facilitate comprehensive support for insurance agents and partners, enhancing the distribution process [7]. Customer Demographics - The primary customer base consists of individuals aged 30-45 from first and second-tier cities in China, contributing 63.4% of total premiums and 72.2% of distributed policies during the reporting period [8]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was approximately RMB 806 million, RMB 1.634 billion, and RMB 1.387 billion, respectively, with net profits of RMB 131 million, a loss of RMB 356 million, and a loss of RMB 136 million [8][9].

一位接近保通的人士对经济观察报记者表示，除江西省分公司 外，保通还计划关停云南、内蒙古等地的分公司。 作者：姜鑫 封图：图虫创意 2025年5月18日，是保通保险代理有限公司（下称"保通"）成立12周年的司庆日，但是今年的司 庆并不平静。 近日，保通江西省分公司的代理人收到了一条分公司关停的消息。 5月10日，代理人向经济观察报记者展示的消息显示，经公司研究决定，保通将于2025年5月30日 关停江西省分公司的所有业务。6月15日后，公司会统一办理执业登记注销，合同终止后，代理人 有30天提现权益。 一位接近保通的人士对经济观察报记者表示，除江西省分公司外，保通还计划关停云南、内蒙古等 地的分公司。 保通隶属于上海豹云网络信息服务有限公司（下称"豹云网络"），后者是一家服务于保险行业的综 合性集团。近期，有媒体报道称，同样隶属于豹云网络的爱云保技术有限公司（下称"i云保"）正在 谋求打包出售。去年7月，i云保曾计划赴美上市。 上述代理人还表示，江西分公司业绩达成率一直比较低，但直接关停还是有些意外。由于大部分代理 人依托i云保平台进行线上销售，机构关停不影响其销售，但在销售非互联网产品时，面临着合规问 题。 ...

上市公司年报基本披露完毕，新三板挂牌的保险中介机构业绩也逐渐浮出水面。北京商报记者梳理发现，截至5月5日，已有7家新三板保险中介披 露了2024年报，整体业绩表现不及去年同期。 综合来看，诚安达、润生保险、中衡股份、昌宏股份、一正保险、创悦股份、润华保险7家公司中，仅一正保险实现了盈利且净利润正增长，其余 6家公司均表现为不同程度亏损或盈利下滑。一方面，机构越来越难以生存，另一方面，挂牌机构越来越少。由于未按规定日期披露年报，华凯保 险将被停牌，且面临被摘牌风险。 业绩持续承压 对于在新三板挂牌的保险中介机构来说，在监管政策趋严、佣金率持续降低的情况下，业绩承压一直是面临的首要问题。 业绩不理想背后，当前保险中介行业普遍面临竞争压力。经济学家、新金融专家余丰慧在接受北京商报记者采访时表示，当前保险中介市场竞争 激烈，尤其是在大型保险中介公司占据主导地位的环境下，中小机构往往难以获得足够的市场份额。其次，运营成本高企，包括人力成本、技术 投入以及合规成本等，给这些企业带来了较大的财务压力。此外，产品、服务同质化现象严重，缺乏差异化竞争力也是导致盈利困难的原因之 一。 2024年营收仅有1035.09元的昌宏股份 ...

Core Insights - Yuanbao (YB) experienced a significant stock price increase of 51.6%, reaching $22.74 per share with a total market capitalization of $1.025 billion as of April 30 [1] - The company reported total revenue of 1.529 billion RMB for the fiscal year ending June 30, 2024, representing a year-on-year growth of 58.68%, while net profit attributable to shareholders surged by 320.98% to 329 million RMB [1] Company Overview - Yuanbao Limited is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, Yuanbao Insurance Brokerage (Beijing) Co., Ltd., which provides online insurance distribution and services in China [1] - The company launched its internet insurance intermediary platform in 2020 and has since accumulated millions of paying users, covering over 90% of domestic regions [1] - Yuanbao completed nearly 1 billion RMB in Series C financing by May 2021, led by Source Code Capital, with participation from several other venture capital firms [1] Business Model and Strategy - Yuanbao leverages cutting-edge technologies such as the internet, big data, and AI to enhance its insurance offerings and services, aiming to improve the risk resilience of Chinese households [2] - The company has established deep partnerships with multiple insurance providers to cover various dimensions of health and accident risks, focusing on delivering top-tier insurance planning services tailored to customer needs [2]

成立三年有余的比亚迪保险经纪有限公司（以下简称"比亚迪保险经纪"）宣布启动注销程序。4月22日，北京商报记 者了解到，比亚迪保险经纪于4月17日发布注销公告称，因决议解散，拟向公司/农民专业合作社登记机关申请注销登 记。比亚迪保险经纪注销仅是冰山一角，随着保险中介牌照审批门槛提高，从蔚来到小鹏等新能源车企，还出现 了"先设立－设立无果转收购—再注销原公司"的局面。 | 企业名称 | 比亚迪保险经纪有限公司 | | --- | --- | | 统一社会信用代码/注册号 | 91440300MA5H8X0T2W | | 登记机关 | 深圳市市场监督管理局 | | 清算组备案日期 | 2025年04月17日 | | 清算组成立日期 | 2025年04月16日 | | 注销原因 | 决议解散 | | 清算组办公地址 | 广东省深圳市坪山新区比亚迪六角大楼B区266室 | | 清算组联系电话 | 13632995212 | | 清算组负责人 | 陈瑶 | | 清算组成员 | 刘轩辰,陈瑶,程玲 | | 企业名称 | 比亚迪保险经纪有限公司 | | | --- | --- | --- | | 统一社会信用代码/注册号 | ...

Core Viewpoint - iYunBao, an insurance technology intermediary platform, is exploring new monetization avenues, including a potential sale of the company while simultaneously pursuing a U.S. IPO amidst a challenging market environment [1][3]. Group 1: Company Strategy - iYunBao is considering both a U.S. IPO and a complete sale of the company, indicating a dual approach to navigate the current market uncertainties [3][4]. - The company has received a notice from the China Securities Regulatory Commission for its U.S. IPO, planning to issue up to 43.89 million shares [3][7]. - There are indications that iYunBao is in discussions with a Hong Kong financial institution for a potential sale, which could provide a quicker path to liquidity compared to the IPO process [3][4]. Group 2: Market Environment - The insurance intermediary market is currently experiencing a downturn, with many companies facing challenges in achieving favorable valuations and investor interest [3][8]. - The U.S. market presents significant regulatory hurdles for Chinese companies, including stringent financial and compliance scrutiny, which complicates the IPO process for iYunBao [7][8]. - The overall sentiment towards Chinese stocks in the U.S. is cautious, with many companies struggling to maintain their market valuations post-IPO [8][10]. Group 3: Financial Pressures - iYunBao is under pressure to deliver returns to early investors, who are seeking exit strategies through either an IPO or a sale [10][11]. - The company has previously raised significant capital through multiple funding rounds, but the current market conditions may limit its ability to secure further financing [9][10]. - The trend of "de-intermediation" in the insurance industry poses additional challenges for iYunBao, as traditional insurers increasingly bypass intermediaries to sell directly to consumers [10][11]. Group 4: Compliance and Regulatory Challenges - iYunBao has faced compliance issues, including penalties related to its insurance sales practices, which could impact its reputation and operational viability [11][12]. - The company is also grappling with the implications of stricter regulations on "flying orders," which could further constrain its business model and market position [12][13]. - The increasing regulatory scrutiny in the internet insurance intermediary sector is likely contributing to iYunBao's urgency to achieve liquidity [13].

来源丨征探财经 作者丨五仁 3月7日，手回科技向港交所递交招股书。据招股书，手回科技为中国人身险中介服务提供商，在线为保险客户提供保险服务解决方案。 根据弗若斯特沙利文的资料，以2023年的中国人身险中介市场的总保费计算，手回科技排名第八，市场份额为2.9%。以2023年的长期人身险的总保费计， 手回科技为中国第二大线上保险中介结构，占据7.3%的市场份额，仅次于市场上的一家主要参与者，份额为45.5%。以2023年的长期人身险的首年保费 计，则是中国第二大线上保险中介机构。 招股书显示，计划将上市募资用于加强及优化销售及营销网络以及改善服务；未来60个月用于提升研发能力及改进技术基础设施；预计用于未来36至60个 月的选定兼并、收购及战略；预计于未来60个月用于营运资金及一般公司用途。 值得一提的是，此次已是手回科技第三度递表。2024年1月，手回科技首次递交招股书，但因市场环境与监管要求未通过；2024年7月，公司更新招股书后 再度失效。 以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 在招股书中，手回科技表示亏损原因主要为公司估值变动， ...