Our engine enables us to provide customized services for each insurance consumer across personalized recommendation, purchasing, policy management, claim settlements and post-sales services. Built upon a scalable architecture, our engine is equipped with effective predictive capabilities generated from interconnected networks of models. This allows us to continually optimize model outcomes across different media channels, diverse consumer preferences and product depth and breadth. As of June 30, 2024, we had over 4,400 models supporting our operations.

Our engine offers significant value propositions for insurance consumers and insurance carriers. We act as a unique and efficient gateway to distribute customized insurance products underwritten by our partnered insurance carriers. We have robust collaboration with insurance carriers by empowering them to tailor a variety of flagship insurance products, which in turn enables us to attract and retain a vast consumer base and stimulate their demand for insurance products. By accumulating and analyzing more big data, we gain deeper and wider understanding of consumer demands and behavior. Through all this, we are able to fulfill consumers’ evolving needs and enhance insurance carriers’ sales at the same time.

We believe there is substantial untapped market potential for online insurance distribution. According to Frost & Sullivan, the penetration rate of online insurance sales still lags behind the penetration rate of online retail sales. Moreover, the penetration rate of online distribution for personal life and A&H insurance in China, in terms of gross written premium (“GWP”), is anticipated to double over the next five years. Driven by our engine and our market leading position, we are well-positioned to further penetrate this rapidly growing market.

We have achieved both growth and profitability. Our revenue increased by 140.5% from RMB850.3 million in 2022 to RMB2,045.2 million (US$281.4 million) in 2023. Compared to the revenue of RMB963.5 million in the six months ended June 30, 2023, our revenue increased by 58.7% to RMB1,529.0 million (US$210.4 million) in the six months ended June 30, 2024. We achieved profitability within three years. We recorded a net loss from continuing operations of RMB2.4 million in 2022, and recorded a net income from continuing operations of RMB205.2 million (US$28.2 million) in 2023. We also recorded net income from continuing operations of RMB72.5 million and RMB328.7 million (US$45.2 million) in the six months ended June 30, 2023 and 2024, respectively. In addition, we generated a net cash inflow by continuing operating activities of RMB55.1 million in 2022, RMB426.6 million (US$58.7 million) in 2023 and RMB581.6 million (US$80.0 million) in the six months ended June 30, 2024.