8月29日，白鸽在线(厦门)数字科技股份有限公司(白鸽在线)再次向香港联交所递交H股上市申请，此次 更新招股书，白鸽在线全方位展示了其业务进展、财务状况以及未来战略布局，诸多亮点凸显出公司在 场景险保险科技领域的深厚底蕴与发展潜力。 智能化解决方案占比提升，技术驱动业务增长 作为科技驱动的场景保险服务商，白鸽在线的独特优势在于为不同数字经济场景下的生态系统参与者提 供数字化保险服务和积累的专业知识。截至最后实际可行日期，公司已与保险公司合作并推出1700多个 定制化保险产品，覆盖了「9+N生态圈」和73个细分场景的风险。公司通常可以根据场景合作伙伴的需 求最快在七天内定制和开发相应的风险解决方案。 技术是白鸽在线的核心竞争力所在。其自主研发的白鸽e保SaaS 系统，构建了从风险识别、产品定制到 智能投保、理赔服务的全流程数字化体系，白鸽e保已入选中国人民银行金融科技创新监管应用；白鸽 在线正逐步完善大数据模型的布局，推出方舟、飞秒、智瞳、乐荐、睿析及鉴信6个AI驱动的MaaS(模 型即服务)行业垂直模型，为保险公司及金融机构提高业务营运效率及降低决策成本。 其中，白鸽在线精准营销及数字化解决方案业务的财务数据 ...

Investment Rating - The report assigns an "Outperform" rating for the company, indicating an expected relative return exceeding 10% over the next 12-18 months [26]. Core Insights - The company achieved a revenue of RMB 2.358 billion in H1 2025, a year-over-year increase of 35.6%, driven primarily by its Generative AI business, which saw a revenue increase of 72.7% to RMB 1.816 billion, contributing 77% to total revenue [10][14]. - The gross profit rose by 18.4% to RMB 908 million, with a gross margin of 38.5%. Adjusted net losses narrowed by 50% to RMB 1.162 billion, and adjusted EBITDA losses decreased by 72.5% to RMB 521 million, indicating significant improvement in profitability quality [10][14]. - The company's cash reserves at the end of the period stood at RMB 13.158 billion, reflecting strong financial health [10]. Summary by Sections Performance Overview - In the first half of 2025, the company reported a revenue of RMB 2.358 billion, a 35.6% increase year-over-year, exceeding market expectations. The Generative AI segment's revenue reached RMB 1.816 billion, marking a 72.7% increase and accounting for 77% of total revenue [10][14]. - Gross profit increased by 18.4% to RMB 908 million, with a gross margin of 38.5%. Adjusted net loss decreased by 50% to RMB 1.162 billion, and adjusted EBITDA loss reduced by 72.5% to RMB 521 million, showcasing improved loss management [10][14]. Strategic Infrastructure - The company has developed a "Compute-Model-Application" framework, achieving a total computing power of approximately 25,000 PetaFLOPS. The SenseCore 2.0 platform has been upgraded and certified at the highest level for large model inference capabilities [11]. - The domestic chip heterogeneous cluster operates at a scale of 5,000 cards with an 80% utilization rate and 95% training efficiency, positioning the company among the top three in China for platform strength [11]. Large Models and Applications - The company launched the "Rì Rì Xīn V6.0" model in April and upgraded to V6.5 in July, achieving significant advancements in multi-modal technologies. The user base for its "Little Raccoon" data analysis products surpassed 3 million, with a 510% increase in multi-modal interaction duration [12]. - The model's cost-effectiveness improved by approximately three times, and the application penetration in sectors like government and finance accelerated significantly [12]. Visual AI and Innovative Business - The Visual AI segment focuses on high-quality clients, with the "Ark" platform now serving nearly 200 cities and over 30,000 locations, achieving over 100 million daily API calls. The company maintains a leading position in the smart cabin sector [13]. - The X Innovative Business segment has launched various products, including a co-branded home robot with Disney and healthcare solutions in Singapore, enhancing its market presence [13]. Future Outlook - Management anticipates that Generative AI will continue to be the core growth driver, with a focus on replicable solutions for high-value industries. Key areas to watch include the large-scale deployment of the V6.5 model and advancements in computing infrastructure [14][15].