Huize Holding (HUIZ) Q4 2025 earnings summary

Executive summary

• Achieved record highs in gross written premiums (CNY 7.4B, up 21%) and first year premiums (CNY 4.6B, up 35%) year-over-year in 2025.

• Total revenue grew 27% year-over-year to CNY 1.6B, with non-GAAP net profit of CNY 22.6M, marking the third consecutive year of non-GAAP profitability.

• Net profit attributable to common shareholders was CNY 4M for 2025, compared to a net loss in 2024.

• Customer base expanded to over 12M, with 1.7M new customers acquired and persistency ratios for long-term products above 95%.

• International business, especially in Singapore, Hong Kong, and Vietnam, delivered strong growth, diversifying revenue streams.

Financial highlights

• Gross written premiums: CNY 7.4B (+21% YoY); First year premiums: CNY 4.6B (+35% YoY).

• Total revenue: CNY 1.6B (+27% YoY); Net profit: CNY 4M; Non-GAAP net profit: CNY 23M.

• Cash and cash equivalents at year-end: CNY 251M.

• Operating expenses rose 3.4% YoY to CNY 415M; expense to income ratio improved by 5.9 percentage points to 26.3%.

• Selling expenses for 2025 were CNY 220.3M (up 14.5% YoY); general and administrative expenses decreased 7.1% YoY to CNY 136.3M.

Outlook and guidance

• Focus on deploying AI to enhance service quality, streamline workflows, and expand product innovation.

• Continued international expansion through Poni Insurtech, targeting increased overseas revenue.

• Expectation of robust growth in Hong Kong despite regulatory changes, driven by strong demand for offshore products.

• Plans to further deploy advanced AI agents across business functions and collaborate with insurer partners to co-develop tailored products.