在数字经济浪潮席卷全球的背景下，保险科技企业白鸽在线(厦门)数字科技股份有限公司(以下简称"白 鸽在线")宣布拟赴香港上市，成为2025年资本市场关注的焦点。作为一家深耕数字化风险管理解决方案 的科技型企业，白鸽在线的IPO计划不仅标志着其自身发展的里程碑，更呼应了其创始人涂锦波在2024 年数字经济论坛上的访谈。去年，涂锦波接受人民日报专访时，围绕"做强做优做大数字经济"的核心议 题，系统阐述了金融创新、数据安全与企业战略。如今，随着IPO进程推进，这些见解正转化为白鸽的 增长动能，为投资者描绘出一幅稳健而创新的蓝图。 金融创新：驱动数字经济高质量发展的引擎 I+场景生态：业务发展的动能 涂锦波在访谈中强调，"做强做优做大数字经济"是一个多维度目标，需通过企业创新、产业转型和社会 需求对接实现。白鸽在线正是这一理念的践行者：通过"场景+金融"大数据，重构传统保险风控体系， 打造全栈全域解决方案。公司以数据资产为核心，利用人工智能和大数据技术，实现千人千面的精准风 险评估，为中小微企业和新就业形态劳动者提供高效保障。 不同于依赖佣金分成的传统保险中介模式，白鸽在线通过自研SaaS平台、大数据系统及AI算法，打 ...

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].