As the vanguard of Taikang Insurance Group in the internet insurance arena, Taikang Online has unveiled its 2025 "report card." The data reveals that Taikang Online achieved impressive acceleration in 2025: by the end of the year, its annual cumulative written premiums reached 20.179 billion yuan, a substantial increase of 38.8% from 14.541 billion yuan in 2024, formally entering the "20-billion-yuan club." Against the backdrop of the general property insurance industry being hampered by auto insurance pricing and lackluster growth, this explosive performance primarily stems from its deep cultivation in the vertical field of health insurance. The report indicates that health insurance, as the largest business line, accounted for over 35% of written premiums, confirming the moat effect of its "insurance + services" strategy within the digital ecosystem. Beneath the scale celebration, Taikang Online's profit picture appears somewhat more complex. Taikang Online recorded a net profit of 50 million yuan in 2025; however, as the preparation of its reports for net profit, total assets, net assets, and insurance contract liabilities has switched to new accounting standards, the data is not comparable with previous years. Tracing more comparable data, Taikang Online's cumulative combined ratio (COR) for 2025 was 102.82%, almost flat compared to 2024, indicating that, after excluding investment returns, its underwriting business essentially remained in a state of marginal loss. On the investment front, Taikang Online's comprehensive investment yield for 2025 was 5.57%, significantly higher than the previous year. Another more pressing signal comes from solvency. With the rapid expansion of its business scale, the side effect of capital consumption has begun to emerge; by the end of the fourth quarter of 2025, Taikang Online's core and comprehensive solvency adequacy ratios dropped to 199.55%. While this remains well above regulatory requirements, it represents a notable decline from 256.16% a year earlier. It is worth noting that this decline was not caused by losses but is typical of "capital-consumption-driven growth"; as the minimum capital for insurance risk surged from 1.324 billion yuan at the end of 2024 to 1.651 billion yuan, this high-growth model may face constraints from regulatory red lines if subsequent capital replenishment is lacking. Changes in governance structure and compliance are also noteworthy. During the reporting period, Taikang Online abolished its board of supervisors, leading to the automatic departure of the former chairman of the board of supervisors, as part of an adjustment toward an audit committee system, streamlining the group's control logic. Overall, Taikang Online is navigating the challenging transition from "light-asset expansion" to "heavy-capital consolidation"; while the 20-billion-yuan scale is undoubtedly a milestone, the hard task it must confront in the next phase is how to maintain growth momentum while optimizing underwriting quality and alleviating capital anxiety.