Investment Highlights

1.Extensive Partner Ecosystem Driving Product Innovation   Huize has built a highly scalable insurance ecosystem through long-standing partnerships with more than 150 insurance carriers and over 10,000 distribution partners. Leveraging deep collaboration with leading insurers including Ping An Insurance, AVIVA-COFCO and Fosun Health, Huize co-develops and distributes differentiated, customized insurance solutions tailored to evolving consumer demand. This expansive partner network reinforces Huize’s position as a leading digital insurance distribution platform in Asia.

2.Open Platform Enabling Scalable Multi-Channel Distribution  Huize integrates direct-to-consumer (DTC), business-to-business-to-consumer (B2B2C), and business-to-agent-to-consumer (B2A2C) distribution models, creating a diversified distribution platform. Through mobile APP, online platform and social media channels, Huize directly engages consumers while also expanding reach through partnerships with influencers, corporates, merchants and financial intermediaries. In the B2A2C segment, Huize empowers independent financial advisors (IFAs) with AI-powered tools and digital infrastructure, including intelligent CRM and underwriting systems, improving advisor productivity and customer servicing efficiency. Huize continues to see solid profitability contribution from its 2A business, reflecting the growing impact of AI-driven operational efficiency across its advisor network.

3. High-Quality Customer Base with Strong Lifetime Value   Huize serves 12.3+ million cumulative insured clients, with a focus on mass-affluent consumers with an average age of 35.3, and 65.8% residing in Tier-2 cities or above. Industry-leading 13th- and 25th-month persistency ratios consistently above 95% reflect the depth of customer trust and the quality of Huize’s product offerings.

4.Unwavering Strategic Focus on Long-Term Insurance Products.  Long-term insurance products consistently account for over 90% of total GWP, underscoring Huize’s strategic focus on high-quality, recurring business line. Centered on long-term life and health insurance products, Huize offers a diversified portfolio of retirement planning, wealth management and savings-oriented solutions, including exclusive co-branded offerings jointly developed with carrier partners. FYP from long-term savings products surged 48% YoY to RMB 3,471 million in FY 2025, representing 74.9% of total FYP. Annuity FYP surpassed RMB1 billion, more than doubling YoY — driven by structural demand for wealth management and retirement-planning solutions in China.

5.AI-Driven Efficiency Delivering Measurable Results.  Huize is building toward a fully AI-driven ecosystem where AI agents serve as primary operators across every stage of the insurance value chain. The initial AI deployment drives significant improvements in operational efficiency, customer service and expenses control. The expense-to-revenue ratio down 5.9 percentage points YoY to 26.3% in FY 2025, while self-service policy purchases among new users grew by 50% YoY.

6.International Expansion as a New Growth Engine. Huize is building a growing multi-market presence across the Southeast Asia through its international arm Poni Insurtech. In Vietnam, Poni Insurtech’s subsidiary Global Care is capitalizing on the surging insurance demand amid rapid economic development, delivering 106% YoY GWP growth in FY 2025. In Singapore, the receipt of MAS Financial Adviser and Exempt Insurance Broker licenses in Singapore anchors Huize’s dual regional hub strategy – spanning Singapore and Hong Kong – targeting cross-border assets and mass-affluent and high-net-worth (HNW) clients across Asia. These international expansion initiatives are seeing tangible results, with revenue from international business reaching 48% of total revenue in FY2025.

7.Profitability on Track, Backed by a Strong Balance Sheet. Underpinned by a unique business model, Huize has demonstrated consistent resilience by maintaining business growth amid the industry downturn in recent years. From 2022 to 2025, GWP grew from RMB4.9 billion to RMB7.4 billion, representing a CAGR of 14.4%. In FY2025, Huize achieved adjusted net profit of RMB22.6 million, up 169.0% YoY, marking its third consecutive year of non-GAAP profitability. As of 31 December 2025, cash and cash equivalents stood at RMB250.8 million, providing the financial flexibility to support future strategic expansion opportunities.

Data sourced from Huize’s Full Year 2025 Financial Results