Huize Holding (HUIZ) Q2 2025 earnings summary

Executive summary

• Achieved a 3-year quarterly high in revenue at RMB 400 million, up 40% year-over-year, and net profit of RMB 10.9 million in Q2 2025, reversing a net loss in Q2 2024.

• Gross written premiums (GWP) grew 34% year-over-year to RMB 1.8 billion; first-year premiums surged 73% to RMB 1.13 billion, accounting for 62.8% of GWP.

• Customer base expanded to 11.4 million, with 400,000 new clients added and persistency ratios for long-term products above 95%.

• AI-driven initiatives improved efficiency, reducing the expense-to-income ratio from 40.5% to 23.9% year-over-year.

• International expansion in Southeast Asia, with Vietnam subsidiary Global Care growing GWP and revenue by 32% year-over-year.

Financial highlights

• Total revenue reached RMB 400 million, a 40% year-over-year increase and the highest in three years.

• GAAP net profit for Q2 was RMB 10.9 million; non-GAAP net profit was RMB 7.6 million.

• Cash and cash equivalents stood at RMB 239 million at quarter-end.

• Operating expenses decreased 17% year-over-year to RMB 95 million; expense-to-revenue ratio improved by 16.6 percentage points to 23.9%.

• Gross margin stabilized at 27%, up from 26% in Q1.

Outlook and guidance

• Expects continued sequential growth in participating insurance product distribution in Q3 and Q4.

• Anticipates second half profit for 2025, with meaningful sequential growth in Q3 earnings.

• Focus remains on acquiring and serving high-quality, mass-affluent customers and expanding AI-driven operational processes.

• Continued co-development and launch of differentiated, customized insurance products to meet evolving client needs.

• Long-term vision is to build an AI-driven intelligent ecosystem connecting users, insurers, and agents.