截至8月25日北京商报记者发稿，已经有五家在新三板挂牌的保险中介披露2025年中报。分别是经营保险销售、保险代理业务的昌宏股份、润生保险、诚 安达、ST创悦以及经营保险公估业务的一正保险，五家公司整体业绩表现并不理想。 从营业收入维度统计，五家公司营业收入表现为"三升一降一平"，其中，昌宏股份营业收入为0，去年同期同样为0；营业收入最高的诚安达上半年实现营 业收入3.11亿元，同比增长23.11%；其次为ST创悦，上半年实现营业收入8522.97万元，同比增长19.68%；一正保险上半年营业收入为2436.53万元，同比 增长17.25%；营业收入负增长的是润生保险，上半年营业收入为919.68万元，同比减少44.97%。 当前正值中报披露期，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8月25日，已有五家新三板保险中介披露了2025年 中报。具体来说，昌宏股份、润生保险、诚安达、ST创悦、一正保险五家公司净利润集体告负。 不仅业绩亏损，高峰时期，新三板挂牌保险中介机构有30余家，现在数量已降至个位数。保险中介为何越来越难？在严监管之下，保险中介的前路在哪 里？ 业绩持续承压 谈及新 ...

2025 年保险专业中介品牌推荐 专业中介渠道占比持续提升，头部品牌有哪些？ 1.2 保险专业中介定义 保险中介是指介于保险经营机构（保险公司）与投保人之间，或保险经营机构之间，通 过提供专业服务（如保险咨询、产品销售、风险管理、损失评估、理赔协助等）来促成 保险交易的机构或个人。其核心功能是作为"桥梁"，连接保险需求方与供给方，并从中 获取佣金或手续费作为回报。保险中介的核心价值在于降低交易成本、优化资源配置、 提供专业化风险管理、推动产业创新等。 保险中介根据组织形式和业务性质，可分为保险专业中介机构、保险兼业代理机构和保 险个人代理。其中，保险专业中介机构指的是专门从事保险代理业务的独立法人机构。 1.3 市场演变 中国保险中介行业自 1980 年发展至今，经历了四大发展阶段，目前正处于"规范深化与 高质量发展期"。该阶段下，强监管致机构数量连续下滑，头部企业依托 AI、区块链深 耕细分领域，加速"产品+服务"创新以应对市场挑战。 | 一、市场背景 | 2 | | --- | --- | | 1.1 摘要 | 2 | | 1.2 保险专业中介定义 | 2 | | 1.3 市场演变 | 2 | | 二、市 ...

Financial Data and Key Metrics Changes - The company announced a super priority senior secured term loan facility totaling $115 million, which includes $80 million in new money and $35 million in existing revolving loans [6][8][10] - The company expects to record an impairment related to intangible assets, which is the only remaining item required to finalize their Form 10-Q [10] Business Line Data and Key Metrics Changes - The company pulled back significantly from the Medicare Advantage space starting in May, which impacted their performance in Q2 [24][57] - The GoHealthProtect product suite generated approximately $8 million in revenue during the quarter, indicating a successful shift in focus [36][50] Market Data and Key Metrics Changes - The non-agency revenue was lower in Q2 compared to the same period last year, primarily due to a shift in health plan contracts and competitiveness [57] - The company noted that the health plans that were winning during the Special Enrollment Period were more agency-based, affecting the overall revenue mix [58] Company Strategy and Development Direction - The company is focused on pursuing mergers and acquisitions in a fragmented market, leveraging proprietary technology and AI to drive efficiency and scale [8][9] - A transformation committee has been established to identify and vet acquisition opportunities, indicating a more aggressive approach to growth [21][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the new capital structure and governance changes, which are expected to enhance financial flexibility and long-term positioning [3][10] - The company anticipates a disruptive market environment for the upcoming Annual Enrollment Period, with health plans making significant changes to their benefits [41][61] Other Important Information - The company has made meaningful changes to its governance structure, including the appointment of three new directors to the Board [7][8] - The lenders have approved a basket of up to $250 million for the company to pursue new transactions, which is a significant change from previous limitations [21][22] Q&A Session Summary Question: Can you compare the new loan covenants to the old ones? - The new covenants are more flexible, with only a minimum liquidity covenant moving forward, allowing the company to be nimble during the Annual Enrollment Period [13][14] Question: What does the ideal acquisition profile look like? - The company is looking for targets that offer integrated value, such as product diversification and contract assets, to enhance capabilities [15][16] Question: Is pursuing transformative acquisitions a priority for the new board members? - Yes, the new board members will focus on identifying acquisition opportunities, supported by a debt capacity of up to $250 million [20][22] Question: What is the outlook for customer acquisition cost (CAC) and revenue per submission? - The company expects to improve efficiency and performance in future quarters, with Q2 not being indicative of their capabilities [24][25] Question: How has the final expense product performed? - The final expense product has met expectations, generating approximately $8 million in revenue, and the company plans to continue focusing on this product line [36][50] Question: How do regulatory changes impact confidence in the upcoming Annual Enrollment Period? - The regulatory environment is expected to be disruptive, but health plans are stabilizing, which will influence the company's resource deployment [61][62]

手回集团(02621)发布公告,集团预计将取得截至2025年6月30日止6个月的净利润人民币6.6亿元至人民币 6.8亿元，相比较截至2024年6月30日止6个月的净亏损增加人民币7.35亿元至人民币7.55亿元。董事会认 为，净利润预期变动的主要原因是2025年上半年度取得向投资者发行的金融工具账面值变动收益相比较 2024年上半年度的变动亏损增加人民币7.95亿元至人民币8.15亿元。 截至2025年6月30日止6个月的经调整的股东应占净利润(非香港财务报告准则计量)人民币5600万元至人 民币7600万元，相比较截至2024年6月30日止6个月经调整的股东应占净利润(非香港财务报告准则计量) 减少人民币5000万元至人民币7000万元，该预期下降的主要原因是受宏观经济环境不确定性增加、金融 消费需求放缓以及保险行业实施报行合一政策下调保险中介经纪费率等综合影响，公司截至2025年6月 30日止6个月的收入约人民币5.45亿元至人民币5.65亿元，相比较截至2024年6月30日止6个月的收入减少 约人民币1.40亿元至人民币1.60亿元;成本和费用同比减少约人民币7500万元至人民币9500万元，低于收 ...

Group 1 - The company expects to achieve a net profit of RMB 660 million to RMB 680 million for the six months ending June 30, 2025, compared to a net loss of RMB 735 million to RMB 755 million for the same period in 2024 [1] - The primary reason for the change in net profit expectation is the increase in gains from the change in the fair value of financial instruments issued to investors, which is expected to increase by RMB 795 million to RMB 815 million compared to the loss in the same period last year [1] Group 2 - The adjusted net profit attributable to shareholders (non-HKFRS measure) is expected to be between RMB 56 million and RMB 76 million for the six months ending June 30, 2025, a decrease of RMB 50 million to RMB 70 million compared to the same period in 2024 [2] - The expected decline in adjusted net profit is primarily due to increased uncertainty in the macroeconomic environment, a slowdown in financial consumer demand, and the implementation of a unified reporting policy in the insurance industry that reduces brokerage fees [2] - The company's revenue for the six months ending June 30, 2025, is projected to be approximately RMB 545 million to RMB 565 million, a decrease of about RMB 140 million to RMB 160 million compared to the same period in 2024 [2] - Costs and expenses are expected to decrease by approximately RMB 75 million to RMB 95 million, which is lower than the decline in revenue [2]

Core Viewpoint - The company expects to report a net profit of between RMB 660 million and RMB 680 million for the six months ending June 30, 2025, a significant improvement compared to a net loss of between RMB 735 million and RMB 755 million for the same period in 2024 [1] Group 1 - The primary reason for the expected change in net profit is an increase in the fair value change of financial instruments issued to investors, which is anticipated to contribute a gain of between RMB 795 million and RMB 815 million compared to a loss in the previous year [1] - The adjusted net profit attributable to shareholders (non-HKFRS measure) is expected to be between RMB 56 million and RMB 76 million, a decrease of between RMB 50 million and RMB 70 million compared to the same period in 2024 [2] - The anticipated decline in adjusted net profit is attributed to increased uncertainty in the macroeconomic environment, a slowdown in financial consumer demand, and the implementation of a unified reporting policy in the insurance industry that has reduced brokerage fees [2] Group 2 - The company's revenue for the six months ending June 30, 2025, is projected to be between RMB 545 million and RMB 565 million, representing a decrease of between RMB 140 million and RMB 160 million compared to the same period in 2024 [2] - Costs and expenses are expected to decrease by between RMB 75 million and RMB 95 million, which is lower than the revenue decline [2] - Despite the anticipated challenges, the board believes that the overall operational, financial condition, and cash flow of the company remain robust [2]

Core Viewpoint - The insurance technology company Baige Online has submitted its IPO application but faces significant challenges due to ongoing losses, low gross margins, and high dependency on channel partners for revenue generation [1][5]. Financial Performance - Baige Online reported cumulative losses of approximately 57.83 million yuan from 2022 to the first three quarters of 2024, with net losses of 25.08 million yuan in 2022, narrowing to 17.18 million yuan in 2023 (a 31.49% year-on-year decrease), but expanding again by 5.82% to 15.58 million yuan in the first three quarters of 2024 [1]. - The company's gross margins were consistently low at 8.3%, 7.9%, and 8.0% during the same period, significantly below the industry average of 15%-20% [1]. Revenue Structure - Revenue growth has been notable, with figures of 405 million yuan in 2022, 660 million yuan in 2023, and 631 million yuan in the first three quarters of 2024, reflecting year-on-year growth rates of 63.13%, 38.97%, and 38.99% respectively [4]. - However, 99.9% of the company's revenue is generated through channel partners, with agreements typically lasting only one year, raising concerns about the sustainability of these partnerships [4]. Shareholder Information - As of February 19, 2025, Tu Jinbo holds approximately 55.58% of the voting rights in Baige Online, with other shareholders including New Hope Group and various local investment firms [2]. Market Challenges - The insurance industry is facing stricter regulations and declining commission rates, which may exacerbate Baige Online's vulnerabilities related to its single revenue model and weak risk management capabilities [4].

Core Viewpoint - The article highlights the increasing issue of insurance telemarketing calls and messages affecting individuals' daily lives, raising concerns about potential personal information leaks and privacy violations by insurance intermediaries [2][3]. Group 1: Consumer Experience - Many users report receiving frequent insurance sales calls, especially when their policies are nearing renewal, leading to frustration and confusion about how their personal information was obtained [3][4]. - Users express concerns about receiving targeted marketing calls despite not having purchased insurance from the companies contacting them, indicating a possible breach of privacy [3][4]. Group 2: Privacy Policies and Information Collection - Some insurance intermediaries, like "Toubao Paipai," include clauses in their user agreements that allow for extensive personal information collection, including browsing history, which raises legal and ethical questions [4][8]. - The privacy policies of these intermediaries often blur the lines between legally required information collection and data gathered for commercial purposes, potentially infringing on consumer rights [7][9]. Group 3: Regulatory Environment - Regulatory bodies have been actively addressing the issue of excessive personal information collection by financial institutions, emphasizing the need for clear, reasonable purposes for data processing [10][11]. - Recent regulations mandate that financial institutions must limit personal information collection to what is necessary for business purposes, highlighting the importance of consumer consent and transparency [11][12].

Core Viewpoint - The insurance intermediary sector in China is undergoing a significant contraction due to stricter regulations, intensified market competition, and the need for industry consolidation, leading to a substantial number of institutions exiting the market [1][2][4]. Group 1: Regulatory Environment - Since 2025, the Jilin Provincial Financial Regulatory Bureau has been actively optimizing the insurance intermediary market, resulting in the cancellation of 62 insurance professional intermediary institutions by mid-June, a decrease of 11.7% from the beginning of the year [1]. - The regulatory authorities have initiated a "cleaning and quality improvement" campaign aimed at eliminating non-compliant and weak institutions, with a goal to streamline the market over the next three years [2][4]. - The number of insurance professional intermediary institutions has been declining for six consecutive years, with a total of 103 institutions exiting the market from 2019 to 2024 [2]. Group 2: Market Competition - The insurance intermediary sector has faced increasing competition from internet platforms and large insurance companies that are establishing their own channels, which has squeezed the traditional intermediaries' market space [3]. - Many traditional intermediaries are struggling to adapt to the digital transformation, leading to their natural elimination from the market [3][4]. Group 3: Industry Trends - The implementation of the "reporting and execution consistency" policy has significantly compressed the profit margins for insurance intermediaries, with average commission levels dropping by 30% across the industry [5]. - The market is witnessing a shift where intermediaries must transition from being "product salespeople" to "risk management consultants," enhancing their professional capabilities to provide tailored solutions [9]. - New insurance intermediaries focusing on technology and risk management services are gaining traction in the capital market, with several planning to go public [8]. Group 4: Strategic Recommendations - To thrive in a competitive environment, insurance intermediaries should enhance service quality, leverage advanced technologies like big data and AI, and deepen customer relationships [8][9]. - Emphasizing compliance and building brand trust are essential for long-term success in a regulated market [9].

Core Viewpoint - The insurance intermediary sector in China is undergoing a significant contraction, driven by stricter regulations, intensified market competition, and the need for industry consolidation [3][5][9]. Regulatory Environment - Since 2025, the Jilin Provincial Financial Regulatory Bureau has been actively optimizing the insurance intermediary market, resulting in the cancellation of 62 insurance intermediary institutions by mid-June, a decrease of 11.7% from the beginning of the year [1]. - The national trend shows a continuous decline in the number of insurance intermediaries, with a total of 103 institutions exiting the market over the past six years [3][4]. Market Competition - The competitive landscape has become increasingly fierce, with internet platforms and large insurance companies establishing their own channels, thereby squeezing the survival space of traditional intermediaries [4][5]. - Many traditional intermediaries are struggling to adapt to digital transformation, leading to their natural elimination from the market [4][9]. Industry Consolidation - The insurance intermediary market is experiencing consolidation, with larger institutions acquiring smaller ones to expand market share and service range [5]. - The average commission level across the industry has decreased by 30% due to the implementation of the "reporting and execution consistency" policy, which has pressured intermediaries to transform their business models [7][8]. New Value Positioning - To remain competitive, insurance intermediaries must transition from being "product salespeople" to "risk management consultants," enhancing their professional capabilities to offer tailored protection plans [9]. - Embracing digitalization through big data and artificial intelligence is essential for optimizing operations and improving customer engagement [9]. - Focusing on niche markets or specific scenarios to create specialized brands can provide a competitive edge [9]. Emerging Trends - New insurance intermediaries that focus on technology and risk management services are gaining traction in the capital market, with several planning to go public [10].