暖哇洞察科技最近向港交所递了上市申请，摩根大通和汇丰银行帮着保荐。 这家公司来头不小，是众安在线2018年牵头成立的，现在众安还是它第一大股东，持股超三成。 要是单看健康险领域的全栈风险分析业务收入，它也是行业第一。 客户名单也亮眼，到2024年底已经服务了90多家保险公司，国内前十大险企里有八家都在用它的服务。 AI承保+理赔双引擎，营收高增却越亏越多？ 暖哇科技不搞传统保险中介那套靠中间费赚钱的路子，主要靠卖AI解决方案收服务费。 核心就两个系统，一个叫阿拉莫斯，管AI承保；一个叫罗布泊，做AI理赔。 2024年上线的阿拉莫斯系统表现确实不错。 暖哇科技的行业名头挺响。 按2024年处理的保险案件数量算，它是国内保险业最大的独立AI科技公司。 保单续保率做得很稳，达到了九成多。 它还能帮保险公司筛出高风险投保人，比例在3%到10%之间。 更关键的是，经AI智能体对接的客户，保费收入比系统上线前涨了不少。 罗布泊系统的效率也值得一提。 理赔案件不用人工介入就能自动审核的比例最高能到八成，最快一分钟就能结案。 放在以前，人工审核理赔案，少则几天多则几周，这个速度确实能帮保险公司省不少事。 靠着这两个系统，暖哇 ...

Core Viewpoint - Nuanwa Technology, a domestic AI technology company in the insurance sector, has submitted its main board listing application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors. The company has become the largest independent AI technology firm in China's insurance industry but has reported cumulative losses exceeding 700 million yuan over three and a half years [1]. Business Model - Nuanwa Technology, established in 2018 and incubated by ZhongAn Insurance, focuses on providing AI solutions for the insurance industry. Its business is divided into two main segments: AI underwriting solutions and AI claims solutions, utilizing systems named "Alamos" and "Roborock" to offer end-to-end services from risk assessment to claims processing [2]. - In the first half of 2025, revenue from AI underwriting solutions was 321 million yuan, accounting for 74.5% of total revenue, while AI claims solutions generated 110 million yuan, making up 25.5% [2]. Financial Performance - Nuanwa Technology has shown rapid revenue growth, with income rising from 345 million yuan in 2022 to 944 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 65.5%. In the first half of 2025, the company achieved revenue of 431 million yuan, a slight increase compared to the same period last year [3]. - Despite revenue growth, the company has not yet achieved profitability, with net losses of 223 million yuan, 240 million yuan, 155 million yuan, and 99 million yuan from 2022 to the first half of 2025, totaling over 700 million yuan. However, adjusted net profits turned positive in 2023 and 2024, at 19 million yuan and 58 million yuan, respectively [3]. Customer Structure - Nuanwa Technology faces high customer concentration risk, with revenue from the top five clients accounting for 92.3%, 82.9%, 78.9%, and 73.6% of total revenue from 2022 to the first half of 2025. ZhongAn Online, as the largest single client and major shareholder, significantly contributes to the company's revenue [4]. - Revenue from ZhongAn Online for the same period was 270 million yuan, 400 million yuan, 427 million yuan, and 214 million yuan, representing 78.7%, 61.8%, 45.2%, and 49.6% of total revenue, respectively [4]. Shareholder Structure - As of the disclosure date of the prospectus, ZhongAn Online holds a 31.65% stake in Nuanwa Technology, making it the largest shareholder [5]. - The company's founder and CEO, Lu Min, holds 28.76% of the shares, making him the second-largest shareholder, while Sequoia Capital holds 15.90%, ranking third [6]. Industry Outlook - The market for AI technology in health insurance in China is projected to grow from 23.1 billion yuan in 2024 to 65.3 billion yuan by 2029, with a CAGR of 23.1%. However, the penetration rate of AI solutions in health insurance is relatively low at 11.9% in 2024, expected to rise to 15.6% by 2029, indicating significant future growth potential [7]. - The insurance technology market is highly competitive, with participants including internet giants' insurance platforms, independent AI technology companies, and traditional insurance companies building their tech subsidiaries [7]. Fundraising Purpose - Nuanwa Technology plans to allocate approximately 30% of the raised funds to enhance research and technology infrastructure, another 30% to expand geographical coverage, diversify insurance offerings, and improve products, and the remaining 30% for potential strategic investments in insurance technology-related businesses. The remaining 10% will be used for working capital and other general corporate purposes [8].

Core Viewpoint - Warmwa Technology has submitted its IPO application to the Hong Kong Stock Exchange, showcasing a rapid growth rate of 65% over the past three years, backed by notable investors such as ZhongAn Online and Sequoia Capital China Fund [1][7]. Company Overview - Established in 2018, Warmwa Technology provides AI solutions for the entire lifecycle of insurance transactions, focusing on two key business segments: AI underwriting solutions and AI claims solutions [4]. AI Underwriting Solutions - The core system for underwriting, "Alamos," integrates intelligent modules with external large language models to automate the underwriting process, improving customer analysis and conversion rates. Since its inception, it has facilitated 10.7 billion yuan in first-year premiums and intercepted over one million high-risk applicants, reducing the claim payout rate by 10 to 23 percentage points [5]. AI Claims Solutions - The "Robopo" system enhances claims management accuracy and efficiency, identifying fraud and non-compliant claims. As of June 30, 2025, the AI claims solution achieved an 80% automatic review rate, processing 204 million underwriting reviews and claims investigations, serving over 4,100 clients [6]. Financial Performance - Warmwa Technology's revenue for the years 2022 to 2025 (first half) was approximately 345 million yuan, 655 million yuan, 944 million yuan, and 431 million yuan, respectively, with a compound annual growth rate of 65%. Gross profit for the same periods was 199 million yuan, 382 million yuan, 470 million yuan, and 220 million yuan, with gross margins around 50% [6]. Profitability - The adjusted net profits for 2023, 2024, and the first half of 2025 were 18.51 million yuan, 57.5 million yuan, and 24.9 million yuan, indicating profitability [7]. Market Position - According to Frost & Sullivan, by 2024, Warmwa Technology is projected to be the largest independent AI technology company in China's insurance industry, possessing full-stack risk analysis capabilities in the health insurance sector [7]. Shareholding Structure - Prior to the IPO, ZhongAn Online, through ZA Technology and Absolute Capital, held 31.65% of Warmwa Technology, making it the largest shareholder. The company's chairman and CEO, Lu Min, holds 28.76% of the shares, while Sequoia Capital owns 15.9% [9]. Funding History - Warmwa Technology has completed four rounds of financing, raising a total of 560 million yuan, with notable investors including Sequoia Capital China Fund and Longfor Capital [10]. IPO Fund Utilization - The funds raised from the IPO will be used to enhance research and development, expand business coverage, enrich insurance product offerings, and for general corporate purposes [14].

Core Viewpoint - Warmwa Technology has submitted its IPO application to the Hong Kong Stock Exchange, with JPMorgan and HSBC as joint sponsors, showcasing rapid growth with a compound annual growth rate (CAGR) of 65% over the past three years, backed by notable investors such as ZhongAn Online and Sequoia Capital China Fund [1][3]. Group 1: Business Overview - Warmwa Technology, established in 2018, provides AI solutions for the entire lifecycle of insurance transactions, focusing on two key business segments: AI underwriting solutions and AI claims solutions [3]. - The AI underwriting solution, centered around the "Alamos" system, automates the underwriting process, improving customer outreach and conversion rates, resulting in a cumulative first-year premium of 10.7 billion yuan and a reduction in claim rates by 10 to 23 percentage points [3][4]. - The AI claims solution, utilizing the "Robopo" system, enhances claims management accuracy and efficiency, achieving an 80% auto-review rate for claims without human intervention, and has processed over 204 million underwriting reviews and claims investigations [4]. Group 2: Financial Performance - Warmwa Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 was approximately 345 million yuan, 655 million yuan, 944 million yuan, and 431 million yuan, respectively, with a CAGR of 65% [4]. - The gross profit for the same periods was approximately 199 million yuan, 382 million yuan, 470 million yuan, and 220 million yuan, with gross margins around 50% [4]. - The company reported losses of 223 million yuan, 240 million yuan, 155 million yuan, and 99.9 million yuan during the same periods, but adjusted net profits for 2023, 2024, and the first half of 2025 were 18.51 million yuan, 57.5 million yuan, and 24.9 million yuan, indicating a path to profitability [5]. Group 3: Shareholding and Funding - Prior to the IPO, ZhongAn Online, through ZA Technology and Absolute Capital, held 31.65% of Warmwa Technology, making it the largest shareholder, while the CEO, Lu Min, held 28.76% through various entities [6]. - Sequoia Capital holds a 15.9% stake in the company, which has raised a total of 560 million yuan across four funding rounds [6]. - The funding rounds included a 100 million yuan angel round led by Sequoia Capital in July 2019, a 16 million USD (approximately 114 million yuan) Series A round in February 2020, a 29 million USD (approximately 206 million yuan) Series A+ round in August 2021, and a 140 million yuan Series B round in September 2024 [7][8][9][10]. Group 4: Future Plans - The company plans to use the funds raised from the IPO to enhance research and development, expand business coverage, enrich insurance product offerings, and make strategic investments in insurance technology-related businesses [10].

Core Viewpoint - Nuanwa Technology, a leading AI technology company in the insurance sector, has submitted its IPO application to the Hong Kong Stock Exchange, marking a significant step for the insurance technology industry [1][5]. Company Overview - Nuanwa Technology, established in 2018 and incubated by ZhongAn Insurance, is recognized as the largest independent AI technology company in China's insurance industry [3][4]. - The company has received backing from prominent investment institutions, including Sequoia Capital, and has achieved significant technological advancements and business expansion over the years [3][4]. Financial Performance - Nuanwa Technology's revenue has shown a strong upward trend, increasing from 345 million yuan in 2022 to 944 million yuan in 2024, with a compound annual growth rate of 65.5% [5][6]. - The adjusted net profit turned positive in 2023, reaching 19 million yuan, and is projected to grow to 58 million yuan in 2024 [6]. Revenue Sources - The company's revenue sources are diversifying, with income from ZhongAn Insurance decreasing from 78.7% in 2022 to 49.6% in the first half of 2025, indicating a broader client base [4][5]. Market Position and Solutions - Nuanwa Technology's solutions have been adopted by 90 insurance companies, including 8 of the top 10 insurers in China, demonstrating its strong market presence [7][8]. - The company offers AI-driven underwriting and claims solutions, which have processed over 204 million underwriting reviews and claims investigations, serving more than 41 million clients [7][8]. Strategic Focus - The company plans to allocate approximately 30% of the IPO proceeds to enhance R&D and technical infrastructure, another 30% to expand geographical coverage and diversify insurance offerings, and 30% for strategic investments in related businesses [5]. - Nuanwa Technology aims to address the pain points in the insurance industry by leveraging AI technology to optimize the entire insurance transaction cycle [7][9]. Technological Innovations - The company has developed two core systems, "Alamos" and "Robor," which provide AI underwriting and claims solutions, significantly improving operational efficiency and customer interaction [10][11]. - These systems aim to automate the underwriting process and expedite claims resolution, addressing traditional inefficiencies in the insurance sector [10][11]. Product Development - Nuanwa Technology collaborates with major insurers to design innovative health insurance products, particularly for patients with pre-existing conditions and rare diseases [11]. - The company's focus on technology-driven solutions is expected to enhance user experience and reduce operational costs in the insurance industry [11].

Core Viewpoint - The leading domestic insurance AI technology company, Warmwa Technology, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its position in the insurance industry and expand its market presence through strategic partnerships and innovative product offerings [1][3]. Company Overview - Warmwa Technology is recognized as the largest independent AI technology company in China's insurance sector and the health insurance industry, with a focus on risk analysis capabilities [1][2]. - The company was founded in 2018 and has received significant investment from major stakeholders, including ZhongAn Online and Sequoia Capital China [1][2]. Financial Performance - Warmwa Technology's revenue for the years 2022, 2023, 2024, and the first half of 2025 is approximately RMB 345 million, RMB 655 million, RMB 944 million, and RMB 431 million, respectively, reflecting a compound annual growth rate of 65.5% [2]. - The gross profit for the same periods is RMB 199 million, RMB 382 million, RMB 470 million, and RMB 220 million, with losses recorded at RMB 223 million, RMB 240 million, RMB 155 million, and RMB 99.87 million [2]. Client Relationships - ZhongAn Online is not only a major shareholder but also the largest client of Warmwa Technology, with revenue from ZhongAn decreasing from 78.7% in 2022 to 45.2% in 2024, indicating a move towards diversifying the client base [2][3]. Strategic Plans - The company plans to allocate approximately 30% of the IPO proceeds to enhance R&D and technology infrastructure, another 30% to expand business coverage and product offerings, and 30% for strategic investments in insurance technology-related businesses [3]. Service Offerings - Warmwa Technology's core revenue model is based on providing technology service fees for underwriting and claims processes, rather than traditional commission-based income [4]. - The company utilizes its core systems, "Alamos" and "Roborock," to automate the underwriting process and enhance claims management efficiency [4][6]. Market Position and Growth Potential - The health insurance market in China is projected to reach RMB 1.7 trillion by 2029, with a compound annual growth rate of 11.6% from 2024 to 2029, indicating a growing demand for precise risk management solutions [9]. - Warmwa Technology's AI solutions have been adopted by over 90 insurance companies, including eight of the top ten by premium income, showcasing its significant market penetration [8]. Challenges and Considerations - The company faces challenges related to data quality and privacy, which are critical for the accuracy of AI algorithms in underwriting and claims processes [11][12].

Core Viewpoint - Nuanwa Technology has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on the accelerating digital transformation in the insurance industry, positioning itself as a leading independent AI technology company in China [1] Group 1: Company Overview - Nuanwa Technology is recognized as the largest independent AI technology company in China's insurance sector and the largest in health insurance with full-stack risk analysis capabilities, according to a report by Frost & Sullivan [1] - The company has been focusing on AI solutions for the insurance market since 2018, driving the next generation of digital transformation in the industry [1] Group 2: Financial Performance - Nuanwa Technology achieved rapid growth, with revenues of RMB 340 million, RMB 650 million, and RMB 940 million projected for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 65.5% [1] - The gross margin for 2024 is expected to reach 49.8%, with an adjusted net profit of approximately RMB 57.5 million, resulting in an adjusted net profit margin of 6.1% [1] Group 3: Core Technology and Solutions - The company possesses proprietary technology that integrates data analysis capabilities, multi-agent systems, and cloud infrastructure, providing AI underwriting and claims solutions tailored for the insurance industry [2] - Nuanwa Technology's dual-engine system, consisting of knowledge and data flywheels, enhances its multi-agent system for continuous self-improvement and iteration [2] - The AI underwriting solution, centered around the Alamos system, automates the underwriting process, achieving a policy renewal rate of 97.5% and a cross-selling rate of 63.0%, significantly higher than the industry average of 15.0% to 25.0% [2] Group 4: Claims Management - Nuanwa Technology's AI claims solution, utilizing a nationwide medical data network and the "Robopo" decision model, has achieved an 80% automatic review rate and a decision accuracy rate of 98.0% for claims [3] - The company has processed approximately 2.3 million claims in the first half of the year, with the fastest case resolution time being around one minute [3] Group 5: Market Position and Future Prospects - Nuanwa Technology has signed 21 new AI solution cooperation agreements with insurance companies, with a significant portion involving life insurance [4] - The company has attracted substantial capital since its inception, with multiple funding rounds supporting its technology development and market expansion [4] - Analysts suggest that as the Chinese insurance market continues to expand and companies increase their investments in intelligence, Nuanwa Technology's first-mover advantage in the AI insurance technology sector is likely to translate into increased market share [4]