Shouhui Group (02621) reported a decisive turnaround for the year ended 31 December 2025, booking a net profit of RMB793.58 million versus a RMB135.61 million loss a year earlier. The swing was driven mainly by a RMB619.02 million gain from the reclassification of preferred shares to equity following the company’s May 2025 IPO.
Revenue rose 5.9% year-on-year to RMB1.47 billion, led by insurance transaction services, which contributed 99.0% of the total at RMB1.45 billion (+5.6%). Insurance technology services contributed the remaining 1.0%, climbing 54.5% to RMB14.42 million.
Product mix shifted markedly: • Critical-illness products generated RMB694.70 million, up 46.4% and accounting for 47.8% of transaction-service revenue. • Life insurance revenue fell 19.1% to RMB376.52 million (25.9% share). • Medical and other long-term products dropped 29.4% to RMB216.29 million (14.9% share). • Short-term products improved 27.3% to RMB167.32 million (11.5% share).
Cost of revenue increased 14.9% to RMB986.40 million, mainly on higher agent commissions and self-media promotion fees. Group gross profit slipped 8.7% to RMB482.85 million, and overall gross margin narrowed to 32.9% from 38.1%. Insurance transaction services’ margin fell to 32.5% (-5.5 ppts), while the technology segment’s margin expanded to 65.6% (+13.8 ppts).
Operating expenses were largely contained: • Sales & marketing: RMB138.00 million (+1.3%) • G&A: RMB85.05 million (-13.2%) • R&D: RMB48.42 million (-5.0%)
Adjusted net profit, which excludes share-based payments, listing expenses and the non-cash remeasurement gain, declined 17.1% to RMB200.24 million.
Total assets climbed 31.1% to RMB2.40 billion, supported by higher contract assets and financial investments. Net assets improved to RMB1.31 billion from a net-liability position of RMB0.74 billion at end-2024. Cash, cash equivalents and low-risk investments totaled RMB845.50 million (+36.8%).
Operational highlights included first-year premiums of RMB4.50 billion (+49.9%) and gross written premiums of RMB11.20 billion (+37.0%). The distribution network covered 4.16 million insured users, over 30,000 contracted agents and 1,400 business partners across 15 provincial regions. The company continued to integrate AI across underwriting, customer service and product management, supporting a 54.5% rise in technology-service revenue.
The Board recommends a final dividend of HK$0.14 per share, pending approval at the 10 June 2026 AGM; payment is slated for around 15 July 2026. As at 31 December 2025, Shouhui Group had utilised HK$15.1 million of the HK$134.2 million IPO proceeds, leaving HK$119.1 million earmarked for strategic expansion, technology upgrades and working capital.