Huize Holding Limited (HUIZ)
Description
Huize Holding Limited is a Cayman Islands–incorporated holding company that operates an independent online insurance brokerage platform in China. It connects individual and corporate clients with a broad network of insurers, offering life & health and property & casualty insurance products through proprietary technology, data-driven underwriting and claims solutions.
Historical Reports
Financial Information
- Report Date
- 2025-04-30
- Report Period
- Full Year 2024
- Debt
- $6.85 million
- Debt History
- Debt grew from $4.11 M at end-2023 to $6.85 M at end-2024 (+66.7%)
- Debt Trend
- Increasing
Profit Information
- Profit
- $0.08 million
- Profit History
- Profit shrank from $9.66 M in 2023 to $0.08 M in 2024 (–99.2%)
- Profit Trend
- Decreasing
Detailed Report
Huize Holding Limited Annual Financial Analyst Report
Report Date: 2025-04-30
Period Covered: Fiscal Year Ended December 31, 2024
Form Type: 20-F
1. Executive Summary
- Total revenue grew 4.4% year-over-year to RMB12,489 million (USD1,711 M).
- Operating loss of RMB210 million (USD29 M) vs. an operating profit of RMB510 million in 2023.
- Net profit collapsed to RMB0.566 million (USD0.08 M) from RMB70.6 million (USD9.66 M) in 2023.
- Short-term debt increased to RMB50 million (USD6.85 M) vs. RMB30 million a year earlier.
2. Revenue & Profitability
- Brokerage Income: RMB11,938 M (USD1,635 M), +4.3% YoY
- Cost of Revenue: RMB8,555 M (USD1,172 M), +17.4% YoY, driven by user-traffic channel fees
- Operating Expenses:
- Selling: RMB1,924 M (USD264 M)
- G&A: RMB1,468 M (USD201 M)
- R&D: RMB624 M (USD85 M)
- Operating Loss: RMB210 M (USD29 M) vs. +RMB510 M in 2023
- Net Profit: RMB0.6 M (USD0.08 M) vs. RMB70.6 M in 2023
Key Drivers of 2024 Performance
- Margin Compression: Channel costs rose faster than revenues, squeezing gross margin.
- Seasonality & Product Mix: Higher share of lower-commission property & casualty business.
- Scale-up Costs: Continued investment in user acquisition, technology & compliance.
3. Balance Sheet & Cash Flow
- Short-Term Debt: RMB50 M (USD6.85 M)
- Total Cash & Equivalents: RMB233 M (USD31.9 M)
- Restricted Cash (premiums & regulatory deposits): RMB91.6 M (USD12.5 M)
- Operating Cash Flow: –RMB188 M (USD–25.9 M)
- Investor Focus: Maintaining positive cash conversion, controlling channel payouts.
4. Strategic Pros & Cons
Pros
- #1 online platform in China’s fast-growing digital insurance market.
- Deep data & tech stack (intelligent underwriting, digital claims).
- Broad insurer network (139 partners at end-2024) & large client base (106 million cumulatively).
Cons
- Thin profitability; near break-even despite strong revenue base.
- High dependency on third-party traffic channels with rising fees.
- Regulatory complexity (VIE structure, onshore repatriation, cybersecurity, licensing).
This report is based on Huize Holding Limited’s FY 2024 20-F filing and public disclosures.
Statistics Breakdown
Revenue mix FY 2024:
• Life & Health Brokerage: RMB10,569 M (84.6%)
• Property & Casualty Brokerage: RMB1,369 M (11.0%)
• Consulting & Tech Services: RMB551 M (4.4%)
Gross Written Premium (GWP) FY 2024: RMB61,586 M
• First-year premiums: RMB34,210 M
• Renewal premiums: RMB27,376 M
Company Direction Insights
While Huize maintains leadership in China’s insurtech space, profitability remains elusive. To drive margin recovery, management must optimize channel costs, deepen direct traffic, and press on with higher-value life & health products. Regulatory and fund-flow risks inherent in the VIE structure and onshore repatriation require ongoing mitigation. Going forward, disciplined cost control combined with selective expansion in high-yield segments should be the key focus to return to sustainable profitability.