Core Viewpoint - Bai Ge Online has submitted its prospectus to the Hong Kong Stock Exchange for a main board listing, reporting continuous net losses during the reporting period [1][2]. Group 1: Financial Performance - Bai Ge Online reported net losses of 25.075 million, 17.18 million, and 15.576 million yuan for the years 2022, 2023, and the first three quarters of 2024, respectively [1][2]. - The company achieved revenues of approximately 405 million, 660 million, and 631 million yuan during the same periods, with net losses increasing from 14.7 million yuan in the first three quarters of 2023 to 15.576 million yuan in the first three quarters of 2024, primarily due to increased sales, distribution expenses, and R&D costs [2]. - R&D expenditures were reported as 14.1 million, 15.7 million, and 16.5 million yuan, accounting for 3.5%, 2.4%, and 2.6% of revenue during the respective periods, with expectations for continued increases in R&D spending [2]. Group 2: Market Position and Client Dependency - Bai Ge Online holds a 4.4% market share in the digital risk management solutions for scenario-based insurance in China, with the market size growing from 51.1 billion yuan in 2019 to 79.4 billion yuan in 2023 [2]. - The company collaborates with a limited number of clients, primarily domestic insurance companies, with total revenue from the top five clients accounting for 55.3%, 69%, and 79.2% of total revenue during the reporting periods [3]. - Revenue from risk management financial services constituted 77%, 81.2%, and 91% of total revenue during the respective periods, indicating a high dependency on this segment [3].

本次港股IPO，白鸽在线计划将募资用于技术研发、收购及海外扩张，以进一步增强其技术实力与市场竞争力。其在高投入领域如AI和大数据 分析等方面，短期内可能加剧亏损，投资者对其战略执行效率及资源整合能力也存在疑虑。尽管如此，多轮融资结果显示，市场对白鸽在线在 场景险数字化领域的领先地位和技术实力抱有期待。 制图：佘诗婕 01 增收不增利 根据灼识咨询报告，按2023年收入计，白鸽在线在中国的场景险数字化风险管理解决方案提供商中位列第一，市场份额为4.4%。截至最后实际 可行日期，白鸽在线拥有超过3.02亿份被保险用户资料、68个不同生产及生活场景的数据、超过200000份理赔报告及超过84亿份保单记录。 星标 ★ IPO日报 精彩文章第一时间推送 近日，中国场景险数字化风险管理解决方案的领军企业——白鸽在线（厦门）数字科技股份有限公司（以下简称"白鸽在线"），正式向港 交所提交上市申请，引发市场的广泛关注。 成立于2015年的白鸽在线，在保险科技领域迅速崛起，凭借数据资源与技术优势，不断拓展业务版图，吸引了众多资本的青睐。自2016年起， 公司先后完成五轮融资，展现出强劲的发展势头。然而，公司目前也面临着盈利模式 ...