Core Insights - The report titled "Health and Pension Insurance Security Index Research Report (2024)" was jointly released by Shouhui Group and Nankai University, marking the sixth market research report since their collaboration began in 2019 [2][4] - The report emphasizes the evolution of health insurance in China, focusing on the integration of health and pension insurance, and the need for innovative products to address the gaps in coverage [27][28] Group 1: Market Analysis - The report is based on 4,200 valid questionnaires and incorporates policy guidance and market trends, exploring topics such as the silver economy, pension security, and the synergy between commercial health insurance and the pension industry [4][27] - The average health insurance index for Chinese residents in 2024 is 0.6241, with 91.18% of respondents having basic or below-level health coverage; the average pension insurance index is 0.4706, with 76.66% of respondents at a low level of pension coverage [27][28] Group 2: Challenges and Recommendations - The report highlights the over-reliance on the first pillar of basic pension insurance, with only 32.03% of respondents having enterprise annuities and a mere 8.64% purchasing commercial pension insurance [27][28] - Recommendations include optimizing incentive policies for the second and third pillars of pension insurance, expanding coverage for enterprise and occupational annuities, and promoting product innovation to enhance participation among lower-income groups [28][30] Group 3: Industry Trends - The health insurance market is experiencing a shift from a focus on one-time payouts to a multi-layered reimbursement model, with products like high-end medical insurance and inclusive health insurance gaining traction [29][30] - Shouhui Group is transitioning from a traditional insurance intermediary to a comprehensive health service platform, enhancing user engagement and satisfaction through technology and product innovation [31][33]

Core Viewpoint - After three submissions for an IPO, Shouhui Group Limited, a personal insurance intermediary service provider, has successfully passed the listing hearing at the Hong Kong Stock Exchange, marking a significant step towards entering the capital market [1] Company Overview - Established in 2015, Shouhui Group has built a substantial business footprint in the digital personal insurance transaction and service sector over ten years, leveraging three major platforms: Xiaoyusan, Kachabao, and Niubao100 to create a diversified distribution channel matrix [2] Financial Performance - Shouhui Group's revenue experienced fluctuations, rising from 806 million RMB in 2022 to 1.634 billion RMB in 2023, before declining to 1.387 billion RMB in 2024. The net profit shifted from a profit of 131 million RMB in 2022 to consecutive losses in the following two years [6][8] - The company's revenue structure shows a heavy reliance on long-term life insurance, which accounted for 59.4% of total revenue in 2023, but dropped to 33.8% in 2024 due to a significant decrease in commission rates [8][9] Market Position - In 2023, Shouhui Group held a 7.3% market share in China's online insurance intermediary sector, ranking second in terms of total premium for long-term personal insurance [4] - The company faces intense competition, with the leading player holding a 45.5% market share, highlighting the challenges in customer acquisition and resource integration [6] Challenges - The company has faced multiple challenges, including increased customer acquisition costs due to market saturation and regulatory changes impacting commission structures, leading to a decline in overall revenue [10][12] - Sales and marketing expenses rose from 98 million RMB in 2022 to 136 million RMB in 2024, reflecting the competitive pressures in the industry [10][11] Growth Potential - Despite challenges, Shouhui Group has a solid customer base, with over 1.6 million policyholders and 2.4 million insured individuals by 2024. The company aims to enhance its competitive edge through product customization and brand development [12][14] - The online insurance intermediary market in China is expected to continue expanding, with a projected compound annual growth rate of 32.3% from 2024 to 2028, indicating significant growth opportunities for Shouhui Group [14][15]

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 ...