Huize（HUIZ）2026年第2四半期 決算説明会サマリー

Huize Holding Limitedは、長期貯蓄型商品、医療保険の成長、および海外展開に支えられ、2026年上半期のプラットフォーム取扱保険料が過去最高を記録したと発表しました。経営陣はまた、AIネイティブ戦略による初期のコスト削減および生産性向上効果を強調しました。

主なポイント

• Huizeのプラットフォームで取扱われた総計上保険料は前年同期比29.8%増の42億人民元に達し、過去最高を更新しました。初年度保険料（FYP）は48.7%増の27億6,000万人民元となりました。
• 総売上高は7億2,000万人民元となり、普通株主に帰属するGAAP純利益は2,530万人民元に増加しました。
• 長期貯蓄型商品の初年度保険料は45%超増の20億人民元を超えました。長期医療保険の初年度保険料は前年同期比1.6倍の2億400万人民元に増加しました。
• 営業費用は1億7,500万人民元に減少し、売上高対費用比率は24.2%となりました。経営陣は効率改善の一因として、AIを活用したワークフローの自動化を挙げています。
• 海外売上高は約2億2,000万人民元に達しました。香港事業は黒字化し、シンガポール事業は立ち上げ段階にあり、ベトナム事業はEBITDA損益分岐点をわずかに下回る水準にとどまりました。
• Huizeは現時点で資金調達を行う予定はなく、変革をもたらすような大型M&Aの機会を見出さない限り、今後12〜24ヶ月以内に新たな海外市場へ進出する可能性は低いとしています。

主要財務データ

事業および業績ハイライト

長期貯蓄型商品は引き続きHuize最大の成長原動力となりました。中国の低金利環境における資産管理およびファイナンシャル・プランニング商品への持続的な需要を背景に、同部門の初年度保険料（FYP）は45%超増の20億人民元に拡大しました。長期貯蓄型商品の平均単価は10.4%増の14万500人民元となり、海外市場における契約規模の大型化が一部寄与しました。

長期医療保険の初年度保険料は1.6倍の2億400万人民元に増加しました。短期医療・傷害保険の初年度保険料は48%増の3億7,600万人民元、同社の2A（代理店向け）事業の初年度保険料は44%増の2億1,600万人民元となりました。

当期間中にHuizeは約78万9,000人の顧客を新たに獲得し、累計顧客数は約1,310万人に達しました。長期保険商品のリピート購入率は33.3%でした。5月31日時点で、長期生命・医療保険の13ヶ月目および25ヶ月目の契約継続率は95%以上を維持しました。

同社は159社の保険会社との提携関係を維持しました。商品開発としては、有配当個人年金「Bliss 5.0」、小児用保険「Darwin No.15 Kids Protection」、医療保険「Changxiang An 5.0」などが含まれます。

AI戦略と生産性

HuizeはAIアプリケーションを2.0マルチエージェント・アーキテクチャにアップグレードしました。AIとの対話を行うユーザー数は2026年初めから65%増加し、アクティブユーザーの45%がパーソナライズされた家族向け保険プランを生成しました。同社によると、これらのプランは現在5分未満で作成可能です。

AIツールは、見込み顧客のスクリーニング、アウトバウンドコール、顧客分析、対話要約、カスタマイズされた保険提案にも使用されています。経営陣は、同じエージェント人員数でより大きな保険料売上を生み出し、生産性と成約率の向上を支えていると述べています。

「Xiao Ma Claim AI」は現在、4つのコア保険カテゴリーと大半の主流商品をカバーしています。エンドツーエンドのAI保険金請求処理は1時間以内に完了し、一部の商品では数分で処理されます。

経営陣は、研究開発費および設備投資を合わせたAI投資額について、昨年は1,000万米ドル近くに達し、今年も同水準になると説明しました。

海外事業

Poni Insurtechは上半期に約2億2,000万人民元の海外売上高を計上しました。ベトナムでは、GlobalCareの総計上保険料（GWP）が約45%増加、売上高が24%増加し、発行保険証券数は11%増加しました。現地のIFA（独立系ファイナンシャルアドバイザー）事業を通じて発行された保険証券数は48%増加しました。

香港事業は2025年から黒字化しており、グループ業績に貢献しています。シンガポール事業は2025年第4四半期に営業を開始し、現在も拡大段階にあります。ベトナム事業はまだEBITDA黒字化を達成していませんが、経営陣はその赤字を軽微であると説明しています。

経営陣の見通し

2026年後半のHuizeの優先事項は、実用的なAI導入の深耕、有配当保険および長期医療保険商品の拡充、そしてアジア全域におけるPoni Insurtechの事業強化です。香港とシンガポールは引き続き、同社の2大地域拠点となります。

経営陣は、シンガポール事業が2026年通期で黒字化すると見込んでいます。同社は今後12〜24ヶ月間、新規市場への進出よりも既存の海外事業の拡大に注力する計画です。

Huizeはまた、手元現金残高と市場評価（バリュエーション）に鑑み、現段階での資金調達の可能性は低いと指摘しました。経営陣は、変革をもたらすような大型M&Aの機会が見つかった場合にはこの方針が変更される可能性があると述べています。

リスクと注視すべき領域

• 経営陣は、事業環境の背景としてマクロ経済および地政学的な不確実性の継続を挙げました。
• ベトナム事業は高成長段階を維持していますが、まだEBITDAの黒字化には至っていません。
• 継続的なAI支出は初期の業務効率改善効果があるものの、グループの足元の純利益率を押し下げる要因となっています。
• アナリストからは、政令第837号（Decree 837）や、香港で保険を購入する中国本土からの渡航者に対する保険配当金への20%課税の可能性に関する報道について懸念が示されました。経営陣はこの問題が一部の顧客心理に影響を与える可能性があると認めました。
• Huizeによると、香港市場の勢いは7月および8月現在も引き続き堅調です。経営陣は、オフショア保険への需要は世界的な資産分散と金利差によって引き続き支えられていると考えていますが、これは保証された結果ではなく同社の評価を示したものです。

アナリスト質疑応答のハイライト

AIの投資対効果について、経営陣は価値創造の第1段階として営業費用の削減を挙げ、これが売上高対費用比率の改善に反映されていると説明しました。第2段階では、顧客獲得、自主的な保険購入、成約率、エージェントの生産性に焦点を当てています。

海外事業の収益性について、経営陣は香港がすでに黒字化しており、シンガポールは2026年通期で黒字化する見込みであり、ベトナムは損益分岐点に近づいていると説明しました。海外事業全体としては黒字であると述べています。

資本配分について、Huizeは自社成長（オーガニック）によるAI投資と既存のアジア事業の拡大を優先します。経営陣は現時点で資金調達を予想しておらず、短期的な追加市場への進出も計画していません。

決算説明会の全文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Huize First Half 2026 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded, and a webcast replay will be available on Huize's IR website at ir.huize.com under the Events and Webcasts 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.

Kenny Lo

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 Globe Newswire services. Before we continue, 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 our Founder and CEO, Mr. Cunjun Ma; Co-CFO, Mr. Minghan 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 first half of 2026. Then we will open the call for questions.

I will now turn the call over to Mr. Ma.

Cunjun Ma

[Interpreted] Hello, everyone, and welcome to Huize's First Half 2026 Earnings Conference Call. 2026 marks Huize's 20th anniversary. Over the past 2 decades, we have witnessed insurance industry evolve from a market dominated by traditional distribution and agent-led sales into a more digital and professionalized ecosystem. We have product innovation. Customer engagement and operating efficiency have become more 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 first half of 2026.

In the first half of 2026, GWP facilitated on our platform reached RMB 4.2 billion, up 30% year-over-year and marking a new all-time high, while FYP increased 49% year-over-year to RMB 2.76 billion. As our business continued to scale, total revenue reached RMB 720 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 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.

We remain firmly committed to our customer-centric approach, continuously deepening customer engagement across the entire life cycle. During the first half, we added approximately 798,000 (sic) [ 789,000 ] new customers, bringing the cumulative number of insurance clients served to approximately 13.1 million as of June 30. 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 RMB 8,211. As of May 31, 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. Among active users, the plan report generation rate has now reached 45%, demonstrating AI engagement is expanding beyond individual consultations towards more comprehensive household protection plan. This enables us to serve customers' long-term protection needs with greater depth, personalization and efficiency.

As of June 30, we maintained stable partnerships with 159 insurance carriers and continue to codevelop 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 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 onetime financial payout towards long-term health support. Changxiang An 5.0 further expands mid- to high-end medical coverage to customers with certain new deals, preexisting conditions and other needs that are traditionally underserved by medical insurance.

In the first half of 2026, we remain 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 with 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 assess insurance services with more customers using AI for insurance consultation, product recommendations and preliminary protection planning. Across our hybrid 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.

On the claims side, Xiao Ma Claim AI has expanded from completing its first pilot claim line 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.

On the international front, Poni Insurtech continued to deepen its presence across key Asian markets, generating approximately RMB 220 million in international revenue during the first half. In Vietnam, GlobalCare 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.

Looking ahead to the second half, 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.

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.

Kwok Ho Tam

Thank you, Mr. Ma and Kenny. Good evening, everyone in Asia, and good morning for those in the U.S. In terms of first half, against the backdrop of continued macro and geopolitical uncertainty, 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%. 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 and cash equivalents totaling RMB 241 million as of the quarter end June 30. 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. Notably, we are steadily advancing our international expansion strategy and additional revenue to long-term sustainable growth and geographical diversification.

Turning to our 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 health care protection system, including the introduction of the National Commercial Health Insurance Innovative Drug Catalog, 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 diversified distribution network and advanced AI solutions enabled us to broaden our customer reach and cultivate relationships. Total customer base has reached 13.1 million as of June 30, reflecting a net addition of approximately 0.8 million during the first half of 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 2A business increased by 44% year-over-year to RMB 216 million in the first half, 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 first half, reflecting our relentless efforts in product innovation and growing the breadth of our portfolio. And third, as of May 31, 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 the first half, partly attributable to higher tickets of premium products in international markets.

In the first half, we've advanced our systematic 3-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. We also launched -- we also launched an AI-powered financial planning feature that generates personalized family financial plan tailored to each household specific production needs and gaps.

On the adviser 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 the first half, 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. In Vietnam, GlobalCare recorded an 11% year-over-year increase in the policies issued through the first half, 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 create 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 a broader pan-Asian market. 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-tier protection system are expected to sustain demand for commercial insurance and support the industry's long-term development. Beyond China, Poni is leveraging 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.

And with that, we'll open up the call to questions. Thank you very much, and over to you, operator.

Operator

[Operator Instructions] And our first question coming from the line of Aashi Shah with Sidoti & Company.

質疑応答

Aashi Shah

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? Like where do you see the most benefits from the AI investment that you're doing?

Kwok Ho Tam

Thank you, Aashi, 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 quite in some detail just now in the opening remarks. But 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. And typically, that would mean that automating workflows, right, and optimizing the workflow and deploying AI agents across the value chain. And that typically means that lower operating costs and improve operational efficiency. So that's the first phase of value creation. And I think we have demonstrated that in the operating expenses ratio, we have achieved initial success in that regard.

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. 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. And 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 headcount. So that's the Phase 2 of growth and value creation that we're driving right now.

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?

Kwok Ho Tam

Sure. Thanks for the question. In terms of the international markets, we have to say that in the key markets of Hong Kong, for example, we are already profitable since last year, and that's been contributing to our bottom line results. Our Singapore business has just started since the fourth quarter 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 profitability. Vietnam is still in a high growth phase, as you can imagine, albeit it's still not EBITDA positive, but then the loss there is actually quite minimal given the low absolute number of the business compared to the product group. 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, close to USD 10 million pretty much last year and this year, working around the same number in terms of operating expenses in the R&D front and also on CapEx. So I think that would answer your question.

Aashi Shah

Yes. No, that's really helpful. 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?

Kwok Ho Tam

Great. In terms of capital allocation, I think we just touched on it 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. And we just want to scale and -- the existing businesses to a more healthy level. And I think -- what's the third part of the question? I missed the last part.

Aashi Shah

Yes. Will you be needing to raise more capital?

Kwok Ho 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's quite unlikely that we will be tapping the market given the relatively low valuation right now of the company.

Operator

Our next question coming from the line of Amy Chen with Citi.

Amy Chen

Congrats on another resilient quarter. My question will be regarding to the Mainland Chinese Visitors business in Hong Kong. After the news flows regarding Decree 837 and the latest media reports inciting that local tax authorities are charging 20% tax on core product dividends, 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.

Kwok Ho Tam

Thank you, Amy. So just to clarify your questions on the impact from the recent regulatory documents and news article on the MCV business. So 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 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' mindset with respect to the 837 Decree.

And with the media article that you mentioned, the content of the article is actually nothing new. It's actually something that has been long term written in the relevant regulations in China. So it's a matter of future and potential endorsement of the relevant tax clauses in that document. So 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 is a diversified global strategy for the consumers. And the prevailing differential in the interest rate environment should also continue to underpin a strong demand for offshore products.

Operator

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

Kenny Lo

Thank you, operator. On behalf of the Huize's management team, we thank you, everyone, for joining our earnings conference call. And if you need further information, please feel free to connect us through our e-mail address. 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.

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live Call.]