In 2025, against the backdrop of accelerated iteration in the fintech industry and deep optimization of the insurance market structure, ZHONGMIAO (01471), the first insurtech stock listed in Hong Kong, anchored its core development strategy on "technology + scenarios + ecosystem." Through cross-border mergers and acquisitions, technological breakthroughs, and ecosystem network expansion, the company successfully transitioned from an insurance intermediary to a comprehensive fintech service provider amidst the industry's trend towards specialization and digital transformation, establishing itself as a high-quality benchmark in the fintech sector. On March 27, ZHONGMIAO released its 2025 annual performance report, revealing annual revenue of RMB 248 million, a year-on-year increase of 20.6%, and a net profit attributable to equity shareholders of RMB 57 million, a year-on-year increase of 23.2%. The impressive figures not only demonstrate the company's robust operational resilience but also highlight its high-quality development driven by technology enablement and ecosystem expansion. This development path aligns closely with the core future trends of ecological, digital, and specialized transformation in the insurance intermediary industry, making it a model for industry transformation.
**Insurance Distribution + Fintech: Dual Scenarios Creating an Ecosystem Model** As an ecosystem-based fintech enterprise under the Haier Group, ZHONGMIAO has deeply cultivated two core scenarios: insurance distribution and financial technology. It drives business innovation through an ecological model, providing professional fintech solutions to the market. This approach fundamentally differs from the extensive model of traditional insurance intermediaries that rely solely on product distribution. By reconstructing the entire insurance service process with digital capabilities, the company has built a new "co-creation and win-win" ecosystem. Globally, AI investment has entered a period of large-scale explosion, with global related investments reaching $187 billion in 2025, a year-on-year increase of 35.2%. Over 75% of insurance companies have achieved regular AI application in their core business operations. The AI applications of international companies have moved beyond optimizing single links to form a mature model of "full-chain penetration + human-machine collaboration," providing a clear reference for China's intermediary industry. In China, the deepening of the "AI+" initiative and the digital transformation requirements from the National Financial Regulatory Administration have jointly propelled the insurance industry's AI applications into an acceleration phase. In 2025, technology investment in China's insurance industry exceeded RMB 67 billion, with AI applications extending from insurance companies to intermediaries, characterized by "leading by major players, follow-up by small and medium-sized firms, and scenario focus." In 2025, fintech served as the core development engine for ZHONGMIAO. The company continuously explored using AI to empower the insurance ecosystem, creating two core scenarios: the smart warehouse "Anshu Zhifang" risk reduction system and the intelligent claims platform "Zhong Hui Bao." These initiatives颠覆ed the traditional perception of insurance intermediaries as merely "product distributors" and made new attempts at defining the future direction of insurance technology.
**Highlight 1: AI + Risk Reduction: Shifting from "Passive Claims" to "Active Cost Control"** The core value of traditional insurance intermediaries lies in "selling products." In contrast, ZHONGMIAO, through the deep integration of AI and the Internet of Things (IoT), extends its services into the field of "active risk prevention." Relying on its self-developed "Anshu Zhifang" risk reduction system, the company has established a new, multi-dimensional paradigm for risk reduction based on "perception, insight, decision-making, and evolution,"彻底颠覆ing the service model of traditional intermediaries. The system focuses on high-risk areas for enterprises, such as warehousing and logistics, achieving risk reduction through three technical pathways: 1. **Smart IoT Perception:** By deploying various IoT smart devices, the system dynamically collects risk-related data, enabling real-time monitoring and precise early warnings to prevent risks at the source. 2. **AI Intelligent Inspection:** Utilizing 360-degree panoramic cameras paired with AI recognition technology, it accurately binds image, location, and trajectory information to automatically identify various safety hazards, empowering every user to become a professional risk inspector. 3. **Risk Superbrain Hub:** This component aggregates and integrates all data collected from IoT perception, intelligent inspection, and eagle-eye systems. It then deeply integrates relevant national laws, regulations, and local warehouse management systems to create an integrated, intelligent entity combining "risk + management," ultimately enhancing both the insurability of warehouse assets and the sustainability of business operations.
**Highlight 2: AI + Intelligent Claims: Creating a Warm and Convenient Employee Service Interaction Platform** Addressing pain points such as fragmented employee benefits and low service efficiency, ZHONGMIAO upgraded and optimized the "Zhong Hui Bao" corporate employee benefits platform. Leveraging large language model technology, it built an intelligent, full-process system covering "insurance purchase - risk control - claims - service," comprehensively improving the quality of corporate employee benefits services. The core advantages of the "Zhong Hui Bao" platform are reflected in two main areas: First, highly efficient and convenient claims services, featuring automatic document recognition, intelligent reminders for missing items, and second-level medical bill review, with the fastest settlement for small claims achievable in seconds, significantly shortening the claims cycle. Second, whole-life-cycle protection services, integrating value-added services like digital intelligent health management and fast-track medical appointments, providing employees with comprehensive and diversified support. Currently, the "Zhong Hui Bao" platform has successfully served over 200 companies, covering more than 100,000 employees, reducing the claims processing time by 80% compared to traditional models. Recognized for its outstanding innovative value and service effectiveness, the platform was awarded the "Qingdao Financial Innovation Achievement" title, becoming a government-endorsed benchmark project in insurance technology.
ZHONGMIAO, with intelligent technology as its core driver, is deeply committed to AI scenario and product innovation. It relies on "Anshu Zhifang" to shift risk prevention from passive handling to active prediction, uses "Zhong Hui Bao" to solve corporate employee benefits pain points, and has launched multiple products including the Kui Niu risk control system, the digital intelligent platform for student insurance, and the AI Miao Xi intelligent system. The company continuously iterates its insurance service models and extends its service boundaries, contributing to the high-quality development of the industry and injecting new digital and intelligent momentum.
**Strategic M&A + Ecosystem Cooperation: Opening New Growth Space** If deepening the dual scenarios and technology enablement form the foundational strategy for ZHONGMIAO's development, then strategic mergers and acquisitions (M&A) and ecosystem cooperation are the key initiatives for the company to break through industry boundaries and advance towards becoming a comprehensive fintech service provider. This strategic layout aligns with the core path for China's insurance intermediary industry to overcome the constraints of being "small, scattered, and weak" and achieve consolidation of existing players and scale expansion. In 2025, through precise M&A integration and cross-border cooperation, the company addressed capability gaps, extended its service boundaries, and built a diversified ecosystem service system, accelerating its extension from insurance technology to comprehensive fintech. In August 2025, the company acquired a 55% stake in the New Third Board fintech firm Beijing Kerongxing Technology Co., Ltd., completing the transaction in October. Kerongxing, with over 20 years of experience in fintech, is a hidden champion in the niche segment of RMB circulation management and clearing systems, serving several state-owned and regional commercial banks. Its mature bank system management experience and high-quality financial institution client resources synergize highly with ZHONGMIAO's intelligent risk control and big data analytics capabilities. This acquisition marked a critical step in ZHONGMIAO's strategic upgrade from insurance distribution to fintech, achieving cross-border integration of "insurance tech + banking tech."
China's insurance intermediary industry has long been constrained by a "small, scattered, and weak" development pattern. Under the integrated production-sales structure, professional intermediaries often serve merely as supplementary sales channels for insurers, suffering from heavy reliance on commissions and a lack of professional value. Furthermore, new regulations implemented in 2025 raised the registered capital threshold for national intermediaries to RMB 50 million, tightened approvals for new licenses, and significantly increased industry entry barriers, making consolidation of existing players the main theme for industry development. Leading institutions possessing advantages in capital, ecosystem, and technology are presented with significant opportunities to break the mold. Looking at international industry patterns, the scaling journeys of giants like Marsh McLennan and Aon fundamentally rely on using M&A to fill capability gaps and cross-border expansion to widen boundaries, eventually growing from single sales channels into comprehensive risk management service groups. Considering the domestic industry's current state, future development will inevitably revolve around three directions: ecologicalization, digitalization, and specialization. A stable ecosystem channel is the cornerstone of sustainable enterprise development; robust technological capabilities are core to breaking industry homogenization; and efficient M&A integration is key to rapidly forming scale advantages. ZHONGMIAO's series of strategic moves represent an early practice of these three trends. The construction of its ecosystem model, supported by its core strengths, demonstrates strong feasibility and long-term sustainability.
Backed by the Haier Group, ZHONGMIAO can share the group's scenarios, customer base, and capital resources, providing solid support for M&A integration and cross-border cooperation, which is the core foundation for its rapid ecosystem expansion. Simultaneously, the technical capabilities and service experience accumulated from its prior deep cultivation in insurance distribution and fintech enable bidirectional empowerment of capabilities and scenarios during its ecosystem scaling, avoiding mere scale expansion without a value core and ensuring the practical implementation and long-term development of its ecosystem layout. This model of "leveraging the industrial ecosystem, strengthening technological capabilities, and achieving scale expansion through M&A integration" has become a referable practical example for China's insurance intermediary industry to break development constraints, offering important insights for the industry's transition from an extensive model that "emphasizes sales over service" to a "value creation" model.
**Market Cap Potential Unlocked, Investment Value Gains Market Recognition** For the capital market, ZHONGMIAO's investment value is reflected not only in its short-term high growth but also in its long-term ecosystem-building capability and sustainable growth potential. China's insurance intermediary industry is at a critical stage of consolidation and transformation. Institutions traditionally reliant on "information asymmetry" and single commission models are gradually being phased out, while leading players with technological capabilities, ecosystem resources, and scale advantages are entering a period of sustained market share growth. Referencing the development paths of international intermediaries like Marsh McLennan and Aon, their transition from single sales channels to comprehensive risk management service groups led to long-term high growth in revenue and market capitalization. Given the vast size of China's insurance intermediary industry, it is inevitable that local leaders with market capitalizations reaching hundreds of billions will emerge in the future. Through its deep cultivation of the "insurance distribution + fintech" dual scenarios, ZHONGMIAO has built a unique ecosystem characterized by "technological capability + diversified scenarios + ecological co-creation," making it a benchmark for the industry's ecological, digital, and specialized transformation. Its development path aligns with international industry patterns while being grounded in China's market conditions, allowing it to break free from the constraints of traditional intermediaries and possess the core potential to grow into a local insurance intermediary group worth hundreds of billions.
Leveraging the Haier Group's ecosystem resources, continuous R&D investment, precise M&A integration, and ecosystem cooperation, the company is poised to continuously unleash its performance growth potential. As its ecosystem expands, its long-term market capitalization space is expected to open up further. From an industry development perspective, ZHONGMIAO's transformation practices not only provide high-quality development momentum for itself but also offer a replicable and promotable model for China's insurance intermediary industry. Empowered by both AI technology and fintech, the insurance intermediary industry is transforming from being "product movers" to "risk management partners" and "value hubs." With its forward-looking strategy and solid execution capabilities, ZHONGMIAO has positioned itself at the forefront of this industry transformation and is expected to continue leading industry development, becoming a comprehensive fintech service provider with both local advantages and a global vision.
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