Shouhui Group (2621) H1 2026 earnings summary

Executive summary

• H1 2026 revenue rose 13.1% YoY to RMB627.1m; FYP grew 41.6% to RMB2.21bn and GWP rose 12.0% to RMB5.59bn.

• Participating-product FYP exceeded RMB1.23bn, up over 400% YoY; adjusted net profit increased 11.5% to RMB73.3m.

• Reported profit fell 89.2% to RMB71.6m, mainly against a prior-period non-cash RMB619.0m fair-value gain on preferred shares; higher channel investment pressured margins.

Financial highlights

• Revenue increased 13.1% to RMB627.1m; gross profit fell 6.7% to RMB183.5m as cost of revenue rose 23.9% to RMB443.6m.

• Profit from operations was RMB82.8m versus RMB61.6m; profit before tax was RMB84.9m versus RMB678.0m.

• Adjusted net profit, excluding changes in investor financial instruments, share-based compensation and listing expenses, rose 11.5% to RMB73.3m from RMB65.7m.

• Other net income rose to RMB20.7m from RMB2.7m, mainly from fair-value gains on equity investment funds; G&A fell 43.2% to RMB30.3m, while sales and marketing expenses rose 9.9% to RMB67.1m.

• Basic EPS was RMB0.33 versus RMB5.93; total comprehensive income was RMB56.5m versus RMB662.4m.

Outlook and guidance

• H2 priorities include customized and participating products, iterating established product IPs, expanding corporate insurance, and exploring property and niche-market opportunities.

• Technology plans include extending AI across sales, underwriting, claims and marketing; upgrading transaction, marketing and digital operations systems; and accelerating external technology monetisation.

• Distribution plans include deeper online-offline integration, more branches and agents, broader partner and media channels, and exploration of overseas insurance technology markets.