Shouhui Group (2621) H1 2025 earnings summary

Executive summary

• H1 GWP rose 25.7% YoY to RMB4.9bn while revenue fell 21.2% to RMB554.5m and adjusted net profit declined 49.0% to RMB65.7m.

• Reported profit reached RMB664.6m versus a RMB75.8m loss, largely reflecting a non-cash RMB619.0m gain from remeasuring investor instruments before IPO conversion.

Financial highlights

• Gross profit fell 28.6% to RMB196.6m; operating profit declined to RMB61.6m from RMB138.1m, while profit before tax was RMB678.0m including the instrument remeasurement gain.

• Adjusted net profit excludes investor-instrument carrying-value changes, share-based compensation and listing expenses; it fell to RMB65.7m from RMB129.0m.

• Basic and diluted EPS were RMB5.93 and RMB0.22, respectively, versus losses per share of RMB0.94 for both measures in H1 2024.

Outlook and guidance

• H2 priorities include expanding customized and participating products, increasing dividend-product sales, and broadening corporate insurance offerings.

• Plans include growing agent and partner channels, extending offline reach, improving claims services, and developing AI underwriting, advisory and document-parsing applications.

• Overseas insurance expansion is planned as a source of long-term growth.