Core Insights - The company, Warmwa Technology, is identified as the largest independent AI technology company in China's insurance industry based on the number of insurance cases processed in 2024, and it holds the title of the largest AI technology company with full-stack risk analysis capabilities in the health insurance sector based on revenue for 2024 [1] Financial Performance - In 2024, the company achieved a revenue of 944 million yuan, representing a year-on-year growth of 44.16%. The net profit attributable to shareholders was a loss of 186 million yuan, an improvement from a loss of 244 million yuan in the previous year. The net cash flow from operating activities was 7.04 million yuan, up 51.64% year-on-year [1] - For the first half of 2025, the company reported a revenue of 431 million yuan, a slight increase of 1.01% year-on-year. The net profit attributable to shareholders was a loss of 102 million yuan, improved from a loss of 162 million yuan in the same period last year. The net cash flow from operating activities was -7.81 million yuan, compared to -56.16 million yuan in the previous year [1] Cash Flow Analysis - In 2024, the net cash flow from operating activities was 7.04 million yuan, with a year-on-year increase of 51.64%. The net cash flow from financing activities was 39.47 million yuan, an increase of 36.37 million yuan year-on-year. The net cash flow from investing activities was -16.59 million yuan, compared to 27.26 million yuan in the previous year [6] - For the first half of 2025, the net cash flow from operating activities was -7.81 million yuan, an improvement of 48.35 million yuan year-on-year. The net cash flow from financing activities was 58.16 million yuan, an increase of 30.91 million yuan year-on-year. The net cash flow from investing activities was -89.17 million yuan, compared to -2.96 million yuan in the previous year [6] Asset Changes - As of June 2025, the company's prepaid accounts decreased by 73.02%, with its proportion of total assets declining by 11.81 percentage points. Trading financial assets accounted for 11.39% of total assets, up from 0% in the previous period. Cash and cash equivalents decreased by 23.32%, with its proportion of total assets declining by 4.89 percentage points. Contract assets increased by 51.44%, with its proportion of total assets rising by 1.73 percentage points [8] Liability Changes - As of June 2025, the company's trading financial liabilities increased by 9.53%, with its proportion of total assets rising by 19.29 percentage points. Short-term borrowings decreased by 65.23%, with its proportion of total assets declining by 3.31 percentage points. Accounts payable and notes payable decreased by 9.81%, with its proportion of total assets declining by 2.31 percentage points. Contract liabilities increased by 23.56%, with its proportion of total assets rising by 0.93 percentage points [12]