Huize Holding Limited American Depositary Shares 2026 Q2 Earnings Call

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. Before we begin, 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.

We will then open the call for questions. I will now turn the call over to Mr. 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，我们亲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。 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 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 first half of 2026.

2026年的上半年，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，规模净利润升至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。 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.

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.

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成达到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。这些成绩验证了慧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。慧择的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。 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 new customers, bringing the cumulative number of insurance clients served to approximately 13.1 million as of June 30th. 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 31st, both our 13th and 25th month persistency ratios remained above 95%, continuing to rank among the highest in the industry. 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 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.

截至六月底，慧择已与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。达尔文保卫计划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。常享安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。 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.

As demand for long-term financial planning continues to grow, we further expanded our core annuity product franchise with the launch of Kuai Xiang Fu 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 to meet high-end medical coverage to customers with certain nodules, pre-existing conditions, and other needs that are traditionally underserved by medical insurance.

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。慧择的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场景，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。 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 access 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 within 5 minutes. 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.