ZHONGMIAO(01471): Rapid growth in performance in 2025, deepening risk management, upgrading ecological construction.

In 2025, the financial technology industry accelerated iteration and optimization of the insurance market structure, with the first Hong Kong stock insurance technology company ZHONGMIAO (01471) anchoring the core development axis of "technology + scene + ecology". Through cross-border mergers and acquisitions, technological breakthroughs, and expanding ecological networks, ZHONGMIAO completed a key transition from insurance intermediary to comprehensive financial technology services provider in the wave of industry specialization and digitization, positioning itself as a benchmark enterprise in the financial technology race. On March 27, ZHONGMIAO released its 2025 annual performance report, showing a 20.6% year-on-year increase in operating income to RMB 2.48 billion and a 23.2% increase in net profit attributable to equity shareholders to RMB 0.57 billion. The outstanding performance data not only confirmed the company's strong resilience in business development but also demonstrated its high-quality development foundation centered on technology empowerment and ecological expansion, aligning closely with the core trends of ecological, digital, and professional transformation in the insurance intermediary industry, becoming a model for industry transformation. Insurance distribution + financial technology, creating an ecological model in dual scenarios As a financial technology company under the Haier Group, ZHONGMIAO deeply cultivates the two core scenarios of insurance distribution and financial technology, driving business innovation through an ecological model to provide professional financial technology solutions to the market. This is different from the traditional insurance intermediary's reliance on product distribution through a simple model, transforming the insurance service process through digital capabilities and building a new ecology of "co-creation and win-win." Looking at the global insurance industry, AI investment has entered a period of large-scale growth, with global investments reaching $187 billion in 2025, a 35.2% year-on-year increase, and over 75% of insurance companies utilizing AI in their core business operations. International companies have moved beyond optimizing a single link in AI applications, forming a mature model of "whole chain permeation + human-machine collaboration," providing clear reference points for China's intermediary industry. In China, the deep promotion of "artificial intelligence +" initiatives and the digital transformation requirements of the China Banking and Insurance Regulatory Commission have jointly propelled the accelerated deployment of AI applications in the insurance industry. By 2025, China's investment in insurance technology has exceeded 67 billion yuan, and AI applications have extended from insurance companies to intermediary organizations, showing characteristics of "leading by head, following by medium and small, focusing on scenarios." In 2025, financial technology is the core development engine of ZHONGMIAO, continuously exploring and empowering the insurance ecology with AI, creating two core scenarios of the "Anshu Intelligent Risk Reduction" system for smart warehousing and the "Zhonghui Insurance" platform for intelligent claims management. This has overturned the inherent impression that insurance intermediaries are limited to "product distribution" and made a new attempt in guiding the future direction of insurance technology. Highlight one: AI + risk reduction, from "passive claims processing" to "active cost control" The core value of traditional insurance intermediaries lies in "selling products," but ZHONGMIAO, through the deep integration of AI and the Internet of Things (IoT), extends services to the "active risk prevention" domain. With the independently developed "Anshu Intelligent Risk Reduction" system, ZHONGMIAO has created a paradigm shift in risk reduction, focusing on perception, insight, decision-making, and evolution to completely overturn the traditional service model of insurance intermediaries. Focus on high-risk sectors such as warehousing and logistics, the system achieves risk reduction through three major technological pathways: First, intelligent IoT sensing. By deploying various IoT smart devices to dynamically collect various risk-related data, it achieves real-time monitoring and precise warnings for risks, preventing risks from the source. Second, AI intelligent inspection. Using a 360-degree panoramic camera combined with AI intelligent recognition technology, it accurately binds images, locations, and trajectory information to automatically identify various safety hazards, allowing every user to become a professional risk detector through the system. Third, the central nervous system of risk. By aggregating and integrating the full data collected by IoT sensing, AI intelligent inspection, and the eagle-eye system, and deeply integrating with national laws and regulations and local warehousing management systems, it creates an integrated intelligence system of "risk + management," ultimately enhancing the insurability of warehousing targets and the sustainability of enterprise operations. Highlight two: AI + intelligent claims, creating a warm and convenient intelligent interaction experience for employee protection Addressing the pain points of fragmented employee protection and low service efficiency, ZHONGMIAO has upgraded and optimized the "Zhonghui Insurance" platform for enterprise employee protection. By relying on large-scale modeling technology, it has built an intelligent system covering the entire process of insurance, risk control, claims, and services, significantly improving the quality of services for enterprise employee protection. The core advantages of the "Zhonghui Insurance" platform are reflected in two aspects: efficient and convenient claims services, with automated recognition of claim materials, intelligent reminders of missing items, and seconds-level verification of medical bills, enabling rapid payment for small cases and greatly shortening the claims cycle; and full lifecycle protection services, integrating digital and intelligent health management, green channels for medical treatment, and other value-added services to provide comprehensive and diverse protection support for enterprise employees. Currently, the "Zhonghui Insurance" platform has successfully served over 200 companies, covering more than 100,000 employees, with an 80% reduction in claims processing time compared to traditional models. Recognized by the local government as an insurance technology benchmark project, this platform has demonstrated outstanding innovation value and service effectiveness. Relying on intelligent technology as the core driver, ZHONGMIAO has deeply cultivated AI scenarios and product innovation: using "Anshu Intelligent Risk Reduction" to shift from passive to active risk prevention, and using "Zhonghui Insurance" to address the pain points of enterprise employee protection. Along with the launch of multiple products such as the Kui Niu Risk Control System, Xue Ping Insurance Digital Platform, and AI Miao Xi Intelligent System, the company continues to iterate its insurance service model, extending service boundaries, aiding in the high-quality development of the industry, and injecting new impetus into digital transformation. Strategic mergers and acquisitions + ecological cooperation open up new growth space If dual-scenario deep cultivation + technology empowerment is the foundation of ZHONGMIAO's development, then strategic mergers, acquisitions, and ecological cooperation are crucial steps for the company to break through industry boundaries and advance towards becoming a comprehensive financial technology services provider. This layout also aligns with the core path of overcoming the shackles of being "small, scattered, and weak" in the Chinese insurance intermediary industry, achieving stock integration and scale expansion. In 2025, through precise mergers and acquisitions and cross-border collaborations, the company filled capability gaps, extended service boundaries, and built a diversified ecosystem of services, accelerating its expansion from insurance technology to comprehensive financial technology. In August 2025, the company acquired a 55% stake in Beijing Creative Rongxin Technology Co., Ltd., a New Third Board financial technology company, and completed the delivery in October. Creative Rongxin has been deeply involved in the financial technology field for over 20 years, serving as an invisible champion in the Renminbi circulation management and clearing system sub-sector, catering to several state-owned banks and regional commercial banks. With its mature banking system management experience and high-quality financial institution customer resources, Creative Rongxin's synergy with ZHONGMIAO's intelligent risk control and big data analysis capabilities became instrumental. This acquisition became a key step for ZHONGMIAO to strategically upgrade from insurance distribution to financial technology, achieving the cross-border integration of "insurance technology + bank technology." Currently, the Chinese insurance intermediary industry has long been trapped in the development shackles of being "small, scattered, and weak." Under the framework of the combined production and sales pattern, professional intermediaries merely supplement sales channels for insurance companies, with heavy reliance on commissions and a lack of professional value. In addition, new regulations implemented in 2025 raise the capital threshold for national intermediary registration to 50 million yuan, tighten new license approvals, significantly increase industry entry barriers, making stock integration the main theme of industry development. Head institutions with triple advantages in capital, ecology, and technology have an important opportunity for breakthroughs. Looking at the law of industry development, the path to scale for international insurance intermediary giants such as MMC and AON lies in bridging capabilities through mergers and acquisitions, expanding boundaries through cross-border initiatives, ultimately evolving from a single sales channel into a comprehensive risk management service group. Combining with the current situation in the industry, future development will inevitably revolve around the three major directions of ecologicalization, digitalization, and specialization: a stable ecological channel is the cornerstone for the continued development of enterprises, strong technological attributes break through industry homogeneity, and efficient mergers and acquisitions are key to rapidly establishing scale advantages. ZHONGMIAO's series of layouts are the first steps in implementing these three major trends, and its ecosystem model construction, relying on core strengths, exhibits strong landing capabilities and long-term effectiveness. Backed by the Haier Group, ZHONGMIAO can leverage GTI HLDGS's scenarios, customers, and capital resources to provide solid support for mergers and acquisitions, cross-border collaborations, and expand the ecological map, laying the core foundation for rapid growth. Additionally, the company's accumulated technological capabilities and service experiences from its deep cultivation in dual insurance distribution and financial technology scenarios enable it to empower capabilities and scenarios in the ecological expansion, avoiding mere scale expansion without a value core and ensuring the implementation and long-term development of the ecological layout. This model of "relying on industrial ecology, strengthening technological capabilities, and achieving scale expansion through mergers and acquisitions" has become a sample practice for the Chinese insurance intermediary industry to break development shackles, providing an important reference for the industry's transformation from a "sales-oriented, service-light" model to a "value creation" model. Market value opening up, investment value recognized by the capital market For the capital market, ZHONGMIAO's investment value is not only reflected in the high-speed growth of short-term performance but also in its long-term ecological construction capabilities and sustainable growth potential. The Chinese insurance intermediary industry is currently at a critical stage of stock integration and transformation. Institutions that traditionally relied on "information asymmetry" and a single commission model are gradually being eliminated by the market, while top institutions with technological capabilities, ecological resources, and scale advantages will continue to gain market share. Referring to the development path of international insurance intermediary giants such as MMC and AON, after growing from a single sales channel to a comprehensive risk management service group, they achieved long-term high-speed revenue and market value growth. With the vast scale of the Chinese insurance intermediary industry, local leading companies with billion-dollar scales are expected to emerge in the future. By focusing on deep cultivation of the dual scenarios of "insurance distribution + financial technology," ZHONGMIAO has built a unique ecological system of "technological capabilities + diverse scenarios + ecological co-creation," becoming a benchmark for the industry's ecological, digital, and professional transformation. Its development path is not only in line with international industry laws but also rooted in the characteristics of the Chinese market, breaking through the traditional development shackles of intermediaries and possessing the core potential to grow into a local billion-dollar insurance intermediary group. With the ecological resources of the Haier Group, continuous investment in technology research and development, precise mergers and acquisitions, and ecological cooperation, the company is expected to continue unlocking the growth potential of its performance and expanding its ecological footprint. The long-term market value space is likely to further open up. In terms of industry development, ZHONGMIAO's transformation practice not only brings high-quality development momentum to itself but also provides a replicable and scalable sample for the Chinese insurance intermediary industry. With the dual empowerment of AI technology and financial technology, the industry is transitioning from "product carriers" to "risk management partners" and "value hubs." ZHONGMIAO, with its forward-looking layout and solid implementation capabilities, has taken the lead in the industry's transformation and is expected to continue leading industry development in the future, becoming a comprehensive financial technology service provider with both local advantages and a global perspective.