Half Year 2026 Huize Holding Ltd Earnings Call

August 20, 2026

Operator: Ladies and gentlemen, thank you for standing by. Welcome to the Huize H1 2026 earnings conference call. At this time, all participants are on listen-only mode. After the management prepared remarks, we will have a question-and-answer session. Today's conference call is being recorded and a webcast replay will be available on Huize IR website at ir.huize.com under the events and webcast section. I would now like to hand the conference over to your speaker host today, Mr. Kenny Lo, Investor Relations Director. Please go ahead, Kenny.

Speaker #1: After the management's prepared remarks, we will have a question-and-answer session. Today's conference call is being recorded, and the webcast replay will be available on IR's website at ir.com under the Events and Webcast section.

Speaker #1: I would now like to hand the conference over to your speaker host today, Mr. Kenny Lowe, Investigations Director. Please go ahead, Kenny.

Speaker #2: Thank you, operator. Hello everyone, and welcome to our first half 2026 earnings conference call. Our financial and operational results were released earlier today and are currently available on both our IR website and GlobeNewswire services.

Kenny Lo: Thank you, operator. Hello, everyone, and welcome to our H1 2026 earnings conference call. Our financial and operational results were released earlier today and are currently available on both our IR website and GlobeNewswire services. I would like to refer you to the safe harbor statement in our earnings press release, which also applies to this call as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained in our earnings release and filings with the SEC. Joining us today are founder and CEO, Mr. Cunjun Ma, Co-CFO Mr. Min Xiao, and Co-CFO Mr. Ron Tam. Mr. Ma will start the call by providing an overview of the company's performance and operational highlights, followed by Mr. Tam, who will go over our financial results for the H1 of 2026. Then we will open the call for questions.

Kenny Lo: Thank you, operator. Hello, everyone, and welcome to our H1 2026 earnings conference call. Our financial and operational results were released earlier today and are currently available on both our IR website and GlobeNewswire services. I would like to refer you to the safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements. Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained in our earnings release and filings with the SEC. Joining us today are founder and CEO Mr. Cunjun Ma, Co-CFO Mr. Min Xiao, and Co-CFO Mr. Ron Tam. Mr. Ma will start the call by providing an overview of the company's performance and operational highlights, followed by Mr. Tam, who will go over our financial results for the H1 of 2026. Then we will open the call for questions.

Speaker #2: I would like to refer you to the safe harbor statement in our earnings press release, which also applies to this call, as we will be making forward-looking statements.

Speaker #2: Please also note that we will discuss non-GAAP measures today, which are more thoroughly explained in our earnings release and filings with the SEC. Joining us today is founder and CEO, Mr. Chuan Junma.

Speaker #2: Co-CFO Mr. Min Hanqiao and Co-CFO Mr. Ron Tam. Mr. Ma will start the call by providing an overview of the company's performance and operational highlights.

Speaker #2: Followed by Mr. Tam, who will go over our financial results for the first half of 2026. Then, we will open the call for questions.

Kenny Lo: I will now turn the call over to Mr. Ma.

Speaker #2: I will now turn the call over to Mr. Ma.

Speaker #3: 大家好，欢迎大家参加会议的2026年上半年的业绩发布的电话会。2026年是会议的成立20周年。过去的20年，我们经历了中国保险行业从以渠道为主导逐步走向更加数字化、专业化的发展阶段。我们也看到了行业竞争越来越考验产品的创新、客户经营和运营效率。当前在低利率和人口结构变化的背景下，居民的长期储蓄、养老和健康保障的需求持续的增长。与此同时，AR技术的快速演进也在重塑整个保险服务和运营方式。面对这些结构性的变化，会议将长期积累的核心能力转化为增长动力。在2026年上半年，实现了业务规模与经营质量的提升。

Cunjun Ma: 大家好，欢迎大家参加慧择2026年上半年的业绩发布的电话会。2026年是慧择成立20周年。过去的20年，我们经历了中国保险行业从以渠道为主导，逐步走向更加数字化、专业化的发展阶段。我们也看到了行业竞争越来越考验产品的创新、客户经营和运营效率。当前，在低利率和人口结构变化的背景下，居民对长期储蓄、养老和健康保障的需求持续增长。与此同时，AI技术的快速演进也在重塑整个保险服务和运营方式。面对这些结构性的变化，慧择将长期积累的核心能力转化为增长动力，在2026年上半年实现了业务规模与经营质量的提升。

Cunjun Ma: [Foreign language]

Speaker #2: Hello everyone, and welcome to Huize's first half 2026 earnings conference call. 2026 marks Huize's 20th anniversary. Over the past two decades, we have witnessed the insurance industry evolve from a market dominated by traditional distribution and agent-led sales into a more digital and professionalized ecosystem.

Kenny Lo: Hello everyone, and welcome to Huize's H1 2026 earnings conference call. 2026 marks Huize's 20th anniversary. Over the past two decades, we have witnessed the insurance industry evolve from a market dominated by traditional distribution and agent-led sales into a more digital and professionalized ecosystem where product innovation, customer engagement, and operating efficiency have become increasingly important sources of competitive differentiation. Today, a low interest rate environment and shifting demographics are driving sustained demand for long term savings, retirement planning, and health protection. At the same time, rapid advances in AI are reshaping both the delivery of insurance services and the way companies operate. Against this backdrop, we are building on capabilities developed over the past 20 years to unlock new growth opportunities while continuing to improve efficiency and operating quality in the H1 of 2026.

Speaker #2: Web product innovation, customer engagement, and operating efficiency have become increasingly important sources of competitive differentiation. Today, a low interest rate environment and shifting demographics are driving sustained demand for long-term savings, retirement planning, and health protection.

Speaker #2: At the same time, rapid advances in AI are reshaping both the delivery of insurance services and the way companies operate. Against this backdrop, we are building on capabilities developed over the past 20 years to unlock new growth opportunities while continuing to improve efficiency and operating quality in the first half of 2026.

Speaker #3: 2026年的上半年，会议的全平台促成了总保费达到了人民币42亿元，同比增长30%，创下集团最佳纪录。首年保费达成达到了27.6亿元，同比增长了49%。在业务规模持续扩大的同时，公司实现了营收7.2亿元，另外随着AR进一步融入内部运营和核心工作流程，会议已全面转型AR原生组织，不断地优化组织运营效率，持续体现AR在提升经营能力方面的价值。在此基础上，归母净利润增至2,530万元，上半年我们不仅实现了保费规模的快速增长，增长动力也进一步提升，运营效率和盈利表现持续改善。

Cunjun Ma: 2026年上半年，慧择全平台促成的总保费达到了人民币42亿元，同比增长30%，创下集团最佳纪录。首年保费达到了27.6亿元，同比增长了49%。在业务规模持续扩大的同时，公司实现了营收7.2亿元。另外，随着AI进一步融入内部运营和核心工作流程，慧择已全面转型AI原生组织，不断地优化组织运营效率，持续体现AI在提升经营能力方面的价值。在此基础上，规模净利润增至2530万元。上半年我们不仅实现了保费规模的快速增长，增长动力也进一步提升，运营效率和盈利表现持续改善。

Kenny Lo: In H1 2026, GWP facilitated on our platform reached RMB4.2 billion, up 30% year-over-year and marking a new all-time high. FYP increased 49% year-over-year to RMB2.76 billion. As our business continued to scale, total revenue reached RMB720 million. At the same time, AI became more deeply embedded across our internal operations and core workflows as Huize advances its transition towards an AI-native organization, supporting continued improvements in organizational efficiency and operating capabilities. As a result, net profit attributable to common shareholders increased to RMB25.3 million. Overall, H1 was marked not only by strong premium growth, but also by broader growth momentum, improved operating efficiency, and stronger profitability.

Speaker #2: In the first half of 2026, GWP facilitated on our platform reached RMB 4.2 billion, up 40% year-over-year and marking a new all-time high. Meanwhile, FYP increased 49% year-over-year to RMB 2.76 billion. As our business continued to scale, total revenue reached RMB 720 million.

Speaker #2: At the same time, AI became more deeply embedded across our internal operations and core workflows as Huize advanced its transition toward an AI-native organization, supporting continued improvements in organizational efficiency and operating capabilities.

Speaker #2: As a result, net profit attributable to common shareholders increased to RMB 25.3 million. Overall, the first half was marked not only by strong premium growth, but also by broader growth momentum, improved operating efficiency, and stronger profitability.

Speaker #3: 我们始终坚持以客户为中心，持续深化全生命周期的客户经营。上半年，平台新增的投保客户约78.9万，截至6月底累计投保客户达到约1,307万。长期性投保的客户平均年龄为35.3岁，其中62.5%来自于二线级以上城市。长期险建军首年保费达成达到8,211元，同比增长了25%。截至5月底，长期险第13个月及第25个月继续率均保持在95%以上，持续处于行业领先水平。这些成绩验证了会议的长期险客客群的质量和业务价值。我们也在通过AR进一步深化客户服务。会议的AR规划师可以根据客户信息和实际保障需求生成个性化的家庭保险方案。目前活跃用户的规划报告生成率已达成了45%，显示AR服务正从单点咨询进一步延伸至家庭保障的规划，提升了我们的服务客户长期保障需求的深度和效率。

Cunjun Ma: 我们始终坚持以客户为中心，持续深化全生命周期的客户经营。上半年平台新增的投保客户约78.9万，截止六月底，累计投保客户达到约1307万。长期险投保的客户平均年龄为35.3岁，其中62.5%来自于二线及以上城市。长期险件均首年保费达到8211元，同比增长了25%。截至五月底，长期险第13个月及第25个月继续率均保持在95%以上，持续处于行业领先水平。这些成绩验证了惠择长期险客群的质量和业务价值。我们也在通过AI进一步深化客户服务。惠择的AI规划师可以根据客户信息和实际保障需求，生成个性化的家庭保险方案。目前活跃用户的规划报告生成率已达成了45%，显示AI服务正从单点咨询进一步延伸至家庭保障的规划，提升了我们的服务客户长期保障需求的深度和效率。

Speaker #2: We remain firmly committed to our customer-centric approach, continuously deepening customer engagement across the entire lifecycle. During the first half, we added approximately 798,000 new customers, bringing the cumulative number of insurance clients served to approximately 30.13 million as of June 30th.

Kenny Lo: We remain firmly committed to our customer-centric approach, continuously deepening customer engagement across the entire life cycle. During H1, we added approximately 798,000 new customers, bringing the cumulative number of insurance clients served to approximately 13.1 million as of 30 June. The average age of customers purchasing long-term insurance products was 35.3 years, with 62.5% coming from Tier 2 cities and above. The average FYP ticket size for long-term insurance products increased 25% year-over-year to approximately RMB8,211. As of 31 May, both our 13th and 25th month persistency ratios remained above 95%, continuing to rank among the highest. Together, these metrics underscore the quality and long-term value of our customer base. We are also using AI to further deepen customer engagement. Our AI financial planning agents can generate personalized family insurance plans based on each customer's profile and protection needs.

Speaker #2: The average age of customers purchasing long-term insurance products was 35.3 years, with 62.5% coming from tier-2 cities and above. The average FYP ticker size for long-term insurance products increased 25% year-over-year to approximately RMB 8,211 as of May 31st. Both our 13th and 25th month persistency ratios remained above 95%, continuing to rank among the highest.

Speaker #2: This metric underscores the quality and long-term value of our customer base. We are also using AI to further deepen customer engagement. Our AI financial planning agents can generate personalized family insurance plans based on each customer's profile and protection needs.

Speaker #2: Among active users, the planning report generation rate has now reached 45%, demonstrating that AI engagement is expanding beyond individual consultations toward more comprehensive household protection planning.

Kenny Lo: Among active users, the planning report generation rate has now reached 45%, demonstrating that AI engagement is expanding beyond individual consultations toward more comprehensive household protection planning. This enables us to serve customers' long-term protection needs with greater depth, personalization, and efficiency.

Speaker #2: This enables us to serve customers' long-term protection needs with greater depth, personalization, and efficiency.

Speaker #3: 截至6月底，会议已与159家保险公司保持稳定合作关系，持续推进不同险种的定制化产品创新，响应不同客群在储蓄、养老及健康保障等方面日益多元的需求。在长期财务规划需求持续增长的背景下，我们进一步迭代了核心的年金产品IP快享福，推出快享福5号分红型年金，满足客户对于长期财富的积累、家庭资产规划和养老储蓄的需求。在健康保障领域，我们进一步拓展了保障覆盖和服务场景，达尔文宝贝计划15号将儿童重疾保障与后续长期医疗保障衔接，推动保障从一次性的经济补偿进一步延伸至长期健康守护。长相安5号则将中高端的医疗保障进一步覆盖至部分结节既往症等传统医疗险较难以服务的客群。

Cunjun Ma: 截至六月底，惠择已与159家保险公司保持稳定合作关系，持续推进不同险种的定制化产品创新，响应不同客群在储蓄、养老及健康保障等方面日益多元的需求。在长期财务规划需求持续增长的背景下，我们进一步迭代了核心的年金产品IP快享福，推出快享福5号分红型年金，满足客户对于长期财富的积累、家庭资产规划和养老储蓄的需求。在健康保障领域，我们进一步拓展了保障覆盖和服务场景。达尔文宝贝计划15号将儿童重疾保障与后续长期医疗保障衔接，推动保障从一次性的经济补偿进一步延伸至长期健康守护。长相安5号则将中高端的医疗保障进一步覆盖至部分结节、既往症等传统医疗险较难以服务的客群。

Kenny Lo: As of 30 June, we maintain stable partnerships with 159 insurance carriers and continue to co-develop customized products across multiple insurance categories, addressing customers' increasingly diverse needs in savings, retirement, and health protection. As demand for long-term financial planning continues to grow, we further expanded our core annuity product franchise with the launch of Bliss 5.0, a participating annuity product designed to support long-term wealth accumulation, family asset planning, and retirement preparation. In the health protection segment, we further expanded the scope of coverage and broadened our service offerings. Darwin No.15 Kids Protection integrates critical illness protection for children with long-term medical coverage, extending protection beyond a one-time financial payout toward long-term health support. Changxiang An 5.0 further expands mid-to-high end medical coverage to customers with certain nodules, pre-existing conditions, and other needs that are traditionally underserved by medical insurance.

Speaker #2: As of June 30th, we maintained stable partnerships with 159 insurance carriers and continued to co-develop customized products across multiple insurance categories, addressing customers' increasingly diverse needs in savings, retirement, and health protection.

Speaker #2: As demand for long-term financial planning continues to grow, we further expanded our core annuity product franchise with the launch of Fleece 5.0, a participating annuity product designed to support long-term wealth accumulation, family asset planning, and retirement preparation.

Speaker #2: In our health protection segment, we further expanded the scope of coverage and broadened our service offerings. Darwin No. 15 Kids Protection integrates critical illness protection for children with subsequent medical coverage, extending protection beyond a one-time financial payout toward long-term health support.

Speaker #2: Changxiang An 5.0 further expands mid-to-high-end medical coverage to customers with certain no-dues, pre-existing conditions, and other needs that are traditionally underserved by medical insurance.

Speaker #3: 2026年的上半年，我们坚定地践行了AR原生战略，进一步提升AR应用的深度和业务覆盖。会议的AR APP已完成了2.0多智能体架构的升级，AR会话用户较年初增长了65%。AR正逐步成为用户获取保险服务的重要入口。更多用户开始通过AR完成保险咨询，产品推荐和初步保障规划。在顾问和服务端，AR开始更深入地参与到客户分析、方案生成及客户经营，家庭保险方案可在5分钟以内生成，并通过智能客户筛选，AR外呼等方式识别和转化潜在商机，可见AR已开始从提升运营效率进一步延伸至全智能业务增长引擎。在理赔端，小马理赔的AR已经从去年的首单验证拓展至覆盖四大核心险种，并适配大部分内部主流产品。整案AR时效性在1小时内完成，大部分产品可以做到分钟级。我们也在持续地完善保险专业知识库等底层能力，为AR agent在更多的服务场景中应用，提供专业而精细化的数据支持。未来我们会更加关注AR应用的实际使用效果，以及其在客户体验、专业服务、运营效率和业务转化中的实际价值。

Cunjun Ma: 2026年的上半年，我们坚定地践行了AI原生战略，进一步提升了AI应用的深度和业务覆盖。柜台的AI APP已完成了2.0多智能体架构的升级，AI绘画用户较年初增长了65%，AI正逐步成为用户获取保险服务的重要入口。更多用户开始通过AI完成保险咨询、产品推荐和初步保障规划。在顾问和服务端，AI开始更深入地参与到客户分析、方案生成及客户经营。家庭保险方案可在五分钟以内生成，并通过智能客户筛选、AI外呼等方式识别和转化潜在商机。可见AI已开始从提升运营效率进一步延伸至全智能业务增长引擎。在理赔端，小马理赔的AI已经从去年的首单验证，拓展至覆盖四大核心险种，并适配大部分内部主流产品。整案AI实效性在一小时内完成，大部分产品可以做到分钟级。我们也在持续地完善保险专业知识库等底层能力，为AI agent在更多的服务场景中应用，提供专业而精细化的数据支持。未来我们会更加关注AI应用的实际使用效果，以及其在客户体验、专业服务、运营效率和业务转化中的实际价值。

Kenny Lo: In H1 2026, we remained firmly committed to our AI-native strategy, further deepening the adoption of AI applications and expanding the coverage across our business. Huize's AI app completed its upgrade to a 2.0 multi-agent architecture. The number of users engaging in AI conversations increased 65% from the beginning of the year. AI is gradually becoming an important gateway for users to access insurance services, with more customers using AI for insurance consultation, product recommendations, and preliminary protection planning. Across our service operations, AI is becoming more deeply involved in customer analysis, solution generation, and customer engagement. Family insurance plans can now be generated in under 5 minutes. While intelligent customer screening and AI-powered outbound calls are helping identify and convert business opportunities, demonstrating that AI is evolving beyond an operational efficiency tool into an intelligent engine for business growth.

Speaker #2: In the first half of 2026, we remained firmly committed to our AI-native strategy, further deepening the adoption of AI applications and expanding their coverage across our business.

Speaker #2: Huize's AI app completed its upgrade to a 2.0 multi-agent architecture, with the number of users engaging in AI conversations increasing by 65% from the beginning of the year.

Speaker #2: AI is gradually becoming an important gateway for users to access insurance services. With more customers using AI for insurance consultation, product recommendations, and preliminary protection planning across our advisory service operations, AI is becoming more deeply involved in customer analysis, solution generation, and customer engagement.

Speaker #2: Family insurance plans can now be generated in under five minutes, while intelligent customer screening and AI-powered outbound calls are helping to identify and convert business opportunities.

Speaker #2: Demonstrating that AI is evolving beyond an operational efficiency tool and is becoming an intelligent engine for business growth. On the claim side, our Xiaoma Claims AI has expanded from completing its first pilot claim line to just—

Kenny Lo: On the claim side, our Xiaoma Claims AI has expanded from completing its first pilot claim covering 4 core insurance categories and supporting most of our mainstream products. End-to-end AI claims processing can now be completed within 1 hour, with more products processed in minutes. We are also continuing to strengthen fundamental capabilities as our professional insurance knowledge base, providing specialized and granular data support for the deployment of AI agents across a broader range of service scenarios. Going forward, we will place greater emphasis on the practical impact of our AI applications and the kind of value they deliver across customer experience, professional services, operating efficiency, and business conversion.

Speaker #2: Covering four core insurance categories and supporting most of our mainstream products, end-to-end AI claims processing can now be completed within one hour, with more products processed in minutes.

Speaker #2: We are also continuing to strengthen our fundamental capabilities, such as our professional insurance knowledge base, providing specialized and granular data support for the deployment of AI agents across a broader range of service scenarios.

Speaker #2: Going forward, we will place greater emphasis on the practical impact of our AI—specifically, the value it delivers across customer experience, professional services, operating efficiency, and business conversion.

Speaker #3: 国际业务方面，婆林因素特许继续推进亚洲的重点市场布局，上半年国际业务收入约2.2亿元，在越南Global Care继续保持良好的业务增长势头，总保费和应收分别同比增长了45%和24%。我们推出的定制化的母婴健康险，在上线初期便取得了越南市场良好的市场反应。通过代理人渠道和加速市场推广，成功验证了当地母婴健康保障场景的市场需求。在新加坡，我们重点服务更高价值的客户的保险保障、财富配置和长期财务规划需求，并通过差异化的产品持续丰富高价值产品的供给。

Cunjun Ma: 国际业务方面，Poni Insurtech继续推进亚洲的重点市场布局，上半年国际业务收入约2.2亿元。在越南，Global Care继续保持良好的业务增长势头，总保费和营收分别同比增长了45%和24%。我们推出的定制化的母婴健康险，在上线初期便取得了越南市场良好的市场反应。通过代理人渠道和加速市场推广，成功验证了当地母婴健康保障场景的市场需求。在新加坡，我们重点服务更高价值的客户的保险保障、财富配置和长期财务规划需求，并通过差异化的产品持续丰富高价值产品的供给。

Kenny Lo: On the international front, Poni Insurtech continues to deepen its presence across key Asian markets, generating approximately RMB 220 million in international revenue during H1. In Vietnam, Global Care maintained strong business momentum, with GWP and revenue increasing approximately 45% and 24% year-over-year respectively. Our customized maternal and child health insurance product received a positive initial market response, and we accelerated its rollout through our agent channels, successfully validating local demand for maternal and child health protection. In Singapore, we are focused on serving high-value customers with protection, wealth allocation, and long-term financial planning needs, while continuing to broaden our high-value offerings through differentiated products.

Speaker #2: On the international front, Polyinsurtech continues to deepen its presence across key Asian markets, generating approximately RMB 220 million in international revenue during the first half.

Speaker #2: In Vietnam, Global Care maintained strong business momentum, with GWP and revenue increasing approximately 45% and 24% year over year, respectively. Our customized maternal and child health insurance products received a positive initial market response, and we accelerated their rollout through our agent channels, successfully validating local demand for maternal and child health protection.

Speaker #2: In Singapore, we are focused on serving high-value customers with protection, wealth allocation, and long-term financial planning needs, while continuing to broaden our high-value offerings through differentiated products.

Speaker #3: 展望下半年，惠泽将继续聚焦三个方向：第一，先进推进AR原生战略，进一步提升AR应用的深度和实际效果，让AR在改善客户体验、提升专业服务能力和经营效率的同时，逐步形成更加持续的业务价值；第二，进一步深化以客户需求为导向的产品创新，在持续巩固分红险等储蓄型产品竞争力的同时，加快长期健康险及核心保障产品的迭代，并持续打造和升级核心产品IP，更好地承接客户不断变化的养老健康和家庭保障需求；第三，依托Polyinsurtech进一步做深亚洲重点市场的经营，发挥香港和新加坡双枢纽的作用，持续完善本地产品和渠道能力，夯实国际业务长期发展的经营基础。

Cunjun Ma: 展望下半年，汇泽将继续聚焦三个方向。第一，坚定推进AI原生战略，进一步提升AI应用的深度和实际效果，让AI在改善客户体验、提升专业服务能力和经营效率的同时，逐步形成更加持续的业务价值。第二，进一步深化以客户需求为导向的产品创新，在持续巩固分红险等储蓄型产品竞争力的同时，加快长期健康险及核心保障产品的迭代，并持续打造和升级核心产品IP，更好地承接客户不断变化的养老健康和家庭保障需求。第三，依托Poni Insurtech，进一步做深亚洲重点市场的经营，发挥香港和新加坡双枢纽的作用，持续完善本地产品和渠道能力，夯实国际业务长期发展的经营基础。

Speaker #2: Looking ahead to the second half, Huize will remain focused on three priorities. First, we will continue to advance our AI-native strategy, deepening the adoption and practical impact of AI applications so that, alongside improving customer experience, professional service capabilities, and operating efficiency, AI can increasingly generate sustainable business value.

Kenny Lo: Looking ahead to H2, Huize will remain focused on 3 priorities. First, we will continue to advance our AI-native strategy, deepening the adoption and practical impact of AI applications, so that alongside improving customer experience, professional service capabilities, and operating efficiency, AI can increasingly generate sustainable business value. Second, we will further strengthen customer-driven product innovation. While reinforcing our competitiveness in savings products such as participating insurance, we will accelerate the iteration of long-term health and core protection products and continue to build and upgrade our flagship product franchises to better address customer retirement, health, and family protection needs. Third, through Poni Insurtech, we will deepen our operations across key Asian markets, leverage Hong Kong and Singapore as our dual regional hubs, and continue strengthening local product and distribution capabilities to build a solid foundation for the long-term development of our international business.

Speaker #2: Second, we will further strengthen customer-driven product innovation while reinforcing our competitiveness in savings products, such as participating insurance. We will accelerate the creation of long-term health and core protection products, and continue to build and upgrade our flagship product franchises to better address customer employment, health, and family protection needs.

Speaker #2: Third, through Polyinsurtech, we will deepen our operations across key Asian markets, leverage Hong Kong and Singapore as our dual regional hubs, and continue strengthening local product and distribution capabilities to build a solid foundation for the long-term development of our international business.

Speaker #3: 接下来，请我们的CFO Ron为大家详细地解读惠泽2026年上半年的业绩和财务数据。

Cunjun Ma: 接下来请我们的CFO Ruan Tang为大家详细地解读汇泽2026年上半年的业绩和财务数据。

Speaker #2: With that, I will now turn the call over to our CFO, Ron Tam, who will provide a detailed review of Huize’s operating and financial results for the first half of 2026.

Kenny Lo: With that, I will now turn the call over to our CFO, Ruan Tang, who will provide a detailed review of Huize's operating and financial results for the H1 2026.

Speaker #4: Thank you, Mr. Ma and Kenny. Good evening to everyone in Asia, and good morning to those in the US. Regarding the first half, again, the backdrop is continued macro and geopolitical uncertainty.

Ron Tam: Thank you, Mr. Ma and Kenny. Good evening, everyone in Asia, and good morning for those in the US. In terms of the H1, again, the backdrop of continued macro and geopolitical uncertainty, we have delivered another set of very strong results in the H1 2026. Total GWP facilitated on the platform has reached a record high of RMB 4.2 billion, representing year-over-year increase of 29.8%. Total FYP also surged by 48.7% year over year to RMB 2.76 billion. Total revenue rose to RMB 720 million. Our GAAP net profit increased to RMB 25.3 million. Our financial position remains very solid with cash equivalents totaling RMB 241 million as of the quarter end, 30 June. These exceptional results underscore the effectiveness of our omni-channel distribution network, our disciplined focus on attracting high-quality customers from the market, and the extensive application of our proprietary AI technologies.

Speaker #4: We have delivered another set of very strong results in the first half of 2026. Total GWP facilitated on the platform has reached a record high of RMB 4.2 billion, representing a year-over-year increase of 29.8%.

Speaker #4: Total FYP also surged by 48.7% year over year to RMB 2.76 billion. Total revenue rose to RMB 720 million. Our GAAP net profit increased to RMB 25.3 million.

Speaker #4: Our financial position remains very solid, with cash and equivalents totaling RMB 241 million as of the quarter end, June 30th. These exceptional results underscore the effectiveness of our omnichannel distribution network, our disciplined focus on attracting high-quality customers from the market, and the extensive application of our proprietary AI technologies.

Ron Tam: Notably, we are steadily advancing our international expansion strategy in addition to revenue, long-term sustainable growth and geographical diversification. In terms of core business, FYP from a long-term savings product category rose more than 45% year over year to RMB 2 billion, supported by heightened demand for wealth management and financial planning solutions in a sustained low interest rate environment in China. Further, against the backdrop of continued policy support for a multi-tiered healthcare protection system, including the introduction of the National Commercial Health Insurance Innovative Drug Catalogue, we continue to expand our long-term health insurance offerings to address increasingly sophisticated customer needs. FYP of our long-term health insurance category grew by 1.6x year over year to RMB 204 million. Our sophisticated distribution network and advanced AI solutions enabled us to broaden our customer reach and cultivate deeper customer relationships.

Speaker #4: Notably, we are steadily advancing our international extension strategy, providing additional revenue for long-term sustainable growth and geographical diversification. Turning to our core business, FYP from the long-term savings product category rose more than 45% year-over-year to RMB 2 billion, supported by heightened demand for wealth management and financial planning solutions in a sustained low interest rate environment in China.

Speaker #4: Further, against the backdrop of continued policy support for a multi-tiered healthcare protection system, including the introduction of the National Commercial Health Insurance Innovative Plug Catalog, we continue to expand our long-term health insurance offerings to address increasingly sophisticated protection needs.

Speaker #4: FYP of our long-term health insurance category grew by 1.6x year over year, to RMB 204 million. Our diversified distribution network and advanced AI solutions enabled us to broaden our customer reach and cultivate relationships.

Ron Tam: Total customer base has reached 13.1 million as of 30 June, reflecting a net addition of approximately 0.8 million during the H1 2026. The repurchase ratio for our long-term insurance products remained high at 33.3%, demonstrating the continued progress we've made in enhancing customer lifetime value through targeted upselling and cross-selling initiatives. I would like to highlight several key operational achievements during the period. First, FYP for our to-Agent business increased by 44% year over year to RMB 216 million in the H1, underscoring the effectiveness of our AI capabilities in improving the productivity of both our in-house consultants and our IFA partners. Second, FYP from our short-term health and accident insurance grew 48% year over year to RMB 376 million in the H1, reflecting our relentless efforts in product innovation and growing the breadth of our portfolio.

Speaker #4: Total customer base has reached 13.1 million as of June 30, reflecting a net addition of approximately 800,000 during the first half of 2026.

Speaker #4: The repurchase ratio for our long-term insurance products remained high at 33.3%, demonstrating the continued progress we've made in enhancing customer lifetime value through targeted upselling and cross-selling initiatives.

Speaker #4: I would like to highlight several key operational achievements during the period. First, FYP for our 2A business increased by 44% year over year to RMB 2,116 million in the first half, underscoring the effectiveness of our AI capabilities in improving the productivity of both our in-house consultants and IRs, as well as our IFA partners.

Speaker #4: Second, FYP from our short-term health and accident insurance grew 48% year over year to RMB 376 million in the first half, reflecting our relentless efforts in product innovation and the growing breadth of our portfolio.

Ron Tam: And third, as of 31 May, our 13th and 25th month persistency ratios for long-term life and health insurance remained at industry-leading levels of over 95%, reaffirming strong customer loyalty and the high quality of our post-sale servicing. And four, average ticket size of our long-term savings products rose 10.4% year-over-year to RMB 140,500 in H1, partly attributable to higher tickets of premium product in international markets. In H1, we advanced our systematic three-pillar AI strategy centered on raising operational efficiency, elevating the user experience, and enabling platform-wide transformation. Across the organization, we continue to embed an AI-first mindset by introducing purpose-built applications within individual business functions to automate routine tasks and streamline workflows. For customers, we upgraded our AI app with a multi-agent architecture that supports seamless end-to-end user journeys, spanning product recommendations, insurance underwriting, and policy servicing.

Speaker #4: And third, as of May 31st, our 13th and 25th month persistency ratios for long-term life and health insurance remained at industry-leading levels of over 95%.

Speaker #4: We are forming strong customer loyalty and maintaining the high quality of our post-sale servicing. And fourth, the average ticket size of our long-term savings products rose 10.4% year over year, to RMB 140,500 in the first half, partly attributable to higher tickets of premium products in international markets.

Speaker #4: In the first half, we advanced our systematic three-pillar AI strategy, centered on raising operational efficiency, elevating the user experience, and enabling platform-wide transformation. Across the organization, we continue to embed an AI-first mindset by introducing purpose-built applications within individual business functions to automate routine tasks and streamline workflows.

Speaker #4: For customers, we upgraded our AI app with a multi-agent architecture that supports seamless end-to-end user journeys, spanning product recommendations, insurance underwriting, and policy servicing.

Speaker #4: We also launched an AI-powered financial planning feature that generates personalized family financial plans, tailored to each household's specific production needs and gaps.

Ron Tam: We also launched an AI-powered financial planning feature that generates personalized family financial plans tailored to each household's specific protection needs and gaps. On the advisor side, we equipped our agents with an AI-powered assistant that enhances productivity across key workflows, including intelligent lead screening, automated interaction summaries, AI-enabled outbound calls, tailored insurance proposals, and advanced customer analytics. We also integrated our AI capabilities with our extensive knowledge base to assist insurer partners and optimize the products. Overall, these initiatives produced measurable cost efficiencies and productivity gains. Our total operating expenses decreased to RMB 175 million in H1, resulting in an improved expense-to-income ratio of 24.2%. Our international arm, Poni Insurtech, delivered another strong performance and remains a key pillar of our long-term growth strategy.

Speaker #4: On the advisor side, we equipped our agents with an AI-powered assistant that enhances productivity across key workflows, including intelligent lead screening, automated interaction summaries, AI-enabled outbound calls, tailored insurance proposals, and advanced customer analytics.

Speaker #4: We also integrated our AI capabilities with our extensive knowledge base to assist insurers and partners, and optimize the products. Overall, these initiatives produce measurable cost efficiencies and productivity gains.

Speaker #4: Our total operating expenses decreased to RMB 175 million in the first half, resulting in an improved expense-to-income ratio of 24.2%. Our international arm, Pooling Insurtech, delivered another strong performance, and we have made it a key pillar of our long-term growth strategy.

Speaker #4: In Vietnam, GlobalCare recorded an 11% year-over-year increase in the policies issued during the first half, driving a year-over-year surge in gross written premiums and revenue growth of 45% and 24%, respectively.

Ron Tam: In Vietnam, Global Care recorded an 11% year-over-year increase in the policies issued through H1, driving a year-over-year surge in gross written premiums and revenue growth of 45% and 24%, respectively. The local IFA business also made notable progress, with the number of policies issued growing 48% year-over-year. In Singapore, we focused on serving high-value customers with increasingly sophisticated protection, wealth allocation, and long-term financial planning needs. We continue to broaden our portfolio of differentiated and customized products in partnership with leading insurers, strengthening Singapore's role as an important regional platform for delivering integrated protection and wealth management solutions. The expansion of Poni's regional footprint serves as an important driver of revenue diversification and creates additional growth engines for Huize, supporting long-term shareholder value creation. Looking ahead, we're well positioned to capture emerging opportunities across China's evolving insurance landscape and the broader Pan-Asian market.

Speaker #4: The local IFA business also made notable progress, with the number of policies issued growing 48% year-over-year. In Singapore, we focused on serving high-value customers with increasingly sophisticated protection, wealth allocation, and long-term financial planning needs.

Speaker #4: We continue to broaden our portfolio of differentiated and customized products, in partnership with leading insurers, strengthening Singapore’s role as an important regional platform for delivering integrated protection and wealth management solutions.

Speaker #4: The expansion of Pony's regional footprint serves as an important driver of revenue diversification and creates additional growth engines for Quasar, supporting long-term shareholder value creation.

Speaker #4: Looking ahead, we're well-positioned to capture emerging opportunities across China's evolving insurance landscape and abroad financial markets. Domestically, persistently low deposit rates are expected to further drive household allocation toward higher-yield savings and participating insurance products.

Ron Tam: Domestically, persistently low deposit rates are expected to further drive household allocation towards higher yield savings and participating insurance products. While government initiatives to strengthen the multi-tiered protection system are expected to sustain demand for commercial insurance and support the industry's long-term development. Beyond China, Poni is leveraging Huize's proven business model and proven AI capabilities to deepen its presence across key Asian markets. These initiatives together are strengthening the resilience and diversification of our growth and laying a solid foundation for sustainable long-term value creation. With that, I'll open up the call to questions. Thank you very much, and over to you, operator.

Speaker #4: While government initiatives to strengthen the multi-tiered protection system are expected to sustain demand for commercial insurance and support the industry's long-term development, beyond China, Pony is leveraging Quasar's proven business model and proven AI capabilities to deepen its presence across key Asian markets.

Speaker #4: These initiatives together are strengthening the resilience and diversification of our growth, and laying a solid foundation for sustainable long-term value creation. And with that, I'll open up the call to questions. Thank you very much, and over to you, operator.

Speaker #1: Thank you. Ladies and gentlemen, to ask a question at this time, you will need to press star 1-1 on your telephone and wait for your name to be announced.

Operator: Thank you. Ladies and gentlemen, to ask a question at this time, you will need to press star 1 1 on your telephone and wait for your name to be announced. Again, please press star 1 1 to ask a question. Our first question coming from the line of Aashisha with Sardari and Company. Your line is now open.

Speaker #1: Again, please press star 11 to ask a question. And now, the first question is coming from the line of Ashisha with Sadori & Company. Yolanda, your line is now open.

Speaker #5: Thank you so much for taking my question. Can you talk about a little bit about the AI investing that you are doing? And can you give us some tangible examples of the returns you are seeing from that investment?

[Analyst] (Sardari and Company): Thank you so much for taking my question. Can you talk a little bit about the AI investing that you are doing, and can you give us some tangible examples of the returns you are seeing from that investment, whether through lower customer acquisition costs or higher conversion, improved agent productivity, or lower operating costs? Where do you see the most benefit from the AI investment that you're doing? Thank you.

Aashi Shah: Thank you so much for taking my question. Can you talk a little bit about the AI investing that you are doing, and can you give us some tangible examples of the returns you are seeing from that investment, whether through lower customer acquisition costs or higher conversion, improved agent productivity, or lower operating costs? Where do you see the most benefit from the AI investment that you're doing? Thank you.

Speaker #5: Whether through lower customer acquisition costs, higher conversion, improved agent productivity, or lower operating costs, where do you see the most benefit from the AI investment that you're doing?

Speaker #5: Thank you.

Speaker #4: Thank you, Ashisha, and thanks for joining for the first time. I appreciate your presence. With respect to the AI investments and the key value creation that we are trying to achieve, I think we did go over this in quite some detail just now in the opening remarks.

Ron Tam: Thank you, Aashisha, and thanks for joining for the first time. Appreciate your presence. With respect to the AI investments and the key value creation that we are trying to achieve, I think we did go over quite in some detail just now in the opening remarks. Just to summarize, I think the key goals that we're trying to achieve here, obviously, the first phase of AI adoption, mainly, is really to turn our organization into more of an AI-native structure. That would mean automating workflows, optimizing the workflows and deploying AI agents across the value chain. That typically means lower operating costs and improved operational efficiency. So that's the first phase of value creation, and I think we have demonstrated that in our operating expenses ratio. We have achieved initial success in that regard.

Speaker #4: But just to summarize, I think the key goals that we're trying to achieve here are, obviously, the first phase of AI adoption mainly is really to turn our organization into more of an AI-native structure.

Speaker #4: And typically, that would mean automating workflows, right? And optimizing the workflows and deploying AI agents across the value chain. And that typically means lower operating costs and improved operational efficiency.

Speaker #4: So, that's the first phase of value creation. And I think we have demonstrated that in our operating expenses ratio; we have achieved initial success in that regard.

Speaker #4: The second phase that we're now pushing is demonstrated in the front end, which you have alluded to in terms of lower customer acquisition costs.

Ron Tam: The second phase that we're now pushing is demonstrated in the front end, which you have alluded to, in terms of lower customer acquisition costs. That, in a way, is demonstrated by the increasing amount of self-directed policy purchases that's being addressed by AI consultations in our mobile app. That's also leading to improved conversion rate and higher agent productivity, because with the same number of agents, we're actually producing more premium growth from the same headcounts. So that's the phase 2 of growth and value creation that we're driving right now.

Speaker #4: And, in a way, it's demonstrated by the increasing amount of self-directed policy purchases that's being addressed by AI consultations in our mobile app. That's also leading to improved conversion rates and higher agent productivity, because with the same number of agents, we're actually producing more premium growth from the same headcount.

Speaker #4: So that's the Phase Two of growth and value creation that we're driving right now.

[Analyst] (Sardari and Company): And as you grow your revenue in international markets, can you talk about the profitability in Hong Kong, Singapore, and Vietnam individually? Which markets are already profitable today, and what does the path to consolidated margin expansion look like as international becomes a bigger part of the revenue mix?

Aashi Shah: And as you grow your revenue in international markets, can you talk about the profitability in Hong Kong, Singapore, and Vietnam individually? Which markets are already profitable today, and what does the path to consolidated margin expansion look like as international becomes a bigger part of the revenue mix?

Speaker #5: And as you grow your revenue in international markets, can you talk about the profitability in Hong Kong, Singapore, and Vietnam individually? Which markets are already profitable today, and what does the path to consolidated margin expansion look like as international becomes a bigger part of the revenue mix?

Speaker #4: Sure, thanks. Regarding your question about international markets, we have to say that in key markets such as Hong Kong, for example, we have already been profitable since last year.

Ron Tam: Sure. Thanks for the question. In terms of the international markets, we have to say that in the key market of Hong Kong, for example, we are already profitable since last year, and that has been contributing to our bottom line results. Our Singapore business has just started since Q4 of last year, still ramping up. But we are expecting to also drive profitability from that region this year, in the full year. In Vietnam, we are almost there in terms of the path to profitability. Vietnam is still in a high-growth phase, as you can imagine. Albeit it is still not EBITDA positive, the loss there is actually quite minimal, given that the low absolute number of the business compared to the product group. Overall, international markets are profitable, combined with the Chinese business, which is also profitable.

Speaker #4: And that's been contributing to our bottom-line results. Our Singapore business just started in the fourth quarter of last year and is still ramping up, but we are expecting to also drive profitability from that region this year, for the full year.

Speaker #4: In Vietnam, we are almost there in terms of the profitability. Vietnam is still in a high growth phase, as you can imagine. Albeit it's still not EBITDA positive, but in the last day is actually quite minimal, given that the low absolute number of the business compared to the broader group.

Speaker #4: So overall, international markets are profitable, combined with the Chinese business, which is also profitable. The main reason for a relatively low net profit margin is due to the fact that we continue to invest our cash flow into AI.

Ron Tam: The main reason for a relatively low net profit margin is due to the fact that we continually invest our cash flow into AI. In the close to $10 million pretty much last year, and this year, we are looking around the same number in terms of operating expenses in the R&D front and also on CapEx. I think that would answer your question.

Speaker #4: It was closer to $10 million U.S. dollars pretty much last year, and this year, we're looking at around the same number in terms of operating expenses on the R&D front and also on CapEx.

Speaker #4: So, I think that would answer your question.

Speaker #5: Yeah, no, that's really helpful. Thank you so much. And lastly, can you just discuss a little bit about your capital allocation strategy, and will you be needing to raise any cash in the next 12 to 18 months?

[Analyst] (Sardari and Company): Yeah. No, that is really helpful. Thank you so much.

Aashi Shah: Yeah. No, that is really helpful. Thank you so much.

Ron Tam: Thank you.

[Analyst] (Sardari and Company): Lastly, can you just discuss a little bit about your capital allocation strategy, and will you be needing to raise any cash in the next 12 to 18 months?

Aashi Shah: Lastly, can you just discuss a little bit about your capital allocation strategy, and will you be needing to raise any cash in the next 12 to 18 months?

Speaker #4: Great, great. In terms of capital allocation, I think we just touched on that just now. AI is front and center in terms of the organic investment in the Group's organic business.

Ron Tam: Great. In terms of capital allocation, I think we just touched on all that just now. AI is front and center in terms of the organic investment in the group's organic business. In terms of international markets, we think that right now we are happy with what we have. So further new markets is not likely in the next 12 to 24 months. We just want to scale the existing businesses to a more healthy level. I think, what is the third part of the question?

Speaker #4: In terms of international markets, we think that right now we are happy with what we have. So, further new markets are not likely in the next 12 to 24 months.

Speaker #4: And we just want to scale the existing businesses to a healthier level. And I think, what's the part of the question?

Speaker #5: Sorry.

[Analyst] (Sardari and Company): Uh-

Aashi Shah: Uh-

Ron Tam: Sorry, I missed the last part.

Speaker #4: So, I missed the last part.

[Analyst] (Sardari and Company): Will you be, yeah, will you be needing to raise more capital?

Aashi Shah: Will you be, yeah, will you be needing to raise more capital?

Speaker #5: Yeah. Will you need to raise more capital?

Speaker #4: Oh, we are unlikely to be raising capital at this stage, because we still have decent cash on the balance sheet. Until we identify some major, transformative M&A opportunities, it's quite unlikely that we'll be tapping the markets, given the relatively low valuation of the company right now.

Ron Tam: We are unlikely to be raising capital at this stage because we still have decent cash on balance sheet. Until we identify some major transformative M&A opportunities, it is quite unlikely that we will be tapping the markets given the relatively low valuation right now of the company.

[Analyst] (Sardari and Company): All right. Thank you so much. Thank you.

Aashi Shah: All right. Thank you so much. Thank you.

Speaker #5: All right. Thank you so much. Thank you.

Operator: Thank you. Our next question coming from the line of Amy Chen with Citi. Your line is now open. Amy Chen, your line is now open. Please check your mute button.

Speaker #1: Thank you. Our next question comes from the line of Amy Chen with Citi. Yolanda, your line is now open. Amy Chen, your line is now open. Please check your mute button.

Amy Chen: Hi, thank you for giving me the opportunity, and then congrats on another resilient quarter. My question would be regarding mainland Chinese visitor business in Hong Kong. After the news flows regarding Decree 837 and the latest media reports citing that local tax authorities are charging 20% tax on core product dividends, I am wondering if Huize has observed any changes in terms of customer demand on the ground, both in terms of overseas business as well as domestic business. Thank you.

Speaker #2: Hi. Thank you for giving me the opportunity and congrats on another hours of end quarter. My question would be regarding to mainland Chinese business in Hong Kong.

Speaker #2: After the news flows regarding Degree A37 and the latest media reporting citing that local tax authorities are charging a 20% tax on foreign product dividends,

Speaker #2: I'm wondering if Huize has observed any changes in terms of customer demand on the ground, both in terms of overseas business as well as domestic business.

Speaker #2: Thank you.

Ron Tam: Thank you, Amy Chen. Just to clarify your questions on the impact from the recent regulatory documents and news article on the MCB business. I guess the quick answer to that is based on what we are seeing in the month of July and month to date in August. We see that the overall market sentiment and momentum, particularly in Hong Kong, for example, is still robust from our own numbers and as well as from our channel checks in the market. We do think that there will be some degree of impact on certain customers' mindsets with respect to the 837 Decree. The media article that you mentioned, the content of the article is actually nothing new. It is actually something that has been a long time written in the relevant regulations in China.

Speaker #4: Thank you, Amy. So just to clarify your question on the impact from the recent regulatory documents and news articles on the MCB business, I guess the quick answer to that is, based on what we are seeing in the month of July and month-to-date in August.

Speaker #4: We see that the overall market sentiment and momentum, particularly in Hong Kong, for example, is still robust from our own numbers as well as from our channel checks in the market.

Speaker #4: We do think that there will be some degree of impact on certain customers' mindsets with respect to the A37 degree and the media article that you mentioned.

Speaker #4: The context of the article is actually nothing new. It's something that has been written in the relevant regulations in China for a long time. So, it's a matter of future and potential enforcement of the relevant tax clauses.

Ron Tam: It is a matter of future and potential enforcement of the relevant tax clauses in that document. We do believe that the underlying customer demand or the logic behind overseas or offshore insurance purchases still remain intact, given the attractiveness of the underlying asset allocation for international products provided by insurers in Hong Kong and Singapore, for example, which gives a diversified global strategy for the consumers. The prevailing differential in the interest rate environment should also continue to underpin a strong demand for offshore products.

Speaker #4: In that document, we do believe that the underlying customer demand, or the logic behind overseas or offshore insurance purchases, still remains intact, given the attractiveness of the underlying asset allocation for international products provided by insurers in Hong Kong and Singapore, for example, which gives a diversified global strategy for consumers.

Speaker #4: And the prevailing differential in the interest rate environment should also continue to underpin strong demand for offshore products.

Operator: Thank you. I am showing no further questions in the Q&A queue at this time. I will now turn the call back over to Kenny Lo for any closing comments.

Speaker #1: Thank you. I am showing no further questions in the Q&A queue at this time. I will now turn the call back over to Mr. Cannillo for any closing comments.

Speaker #3: Thank you all for your time. On behalf of Huize's management team, we thank everyone for joining us on this conference call. If you need further information, please feel free to contact us through our email address.

Kenny Lo: Thank you, operator. On behalf of the Huize management team, we thank you everyone for joining our earnings conference call. If you need further information, please feel free to contact us through our email address. This concludes the call. Thank you.

Speaker #3: This concludes the call. Thank you.

Operator: Ladies and gentlemen, that does conclude our conference for today. Thank you for your participation. You may now disconnect.

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