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Ask AI · When will Bai Ge Online’s profitability path become clear behind the widening loss gap?

This article is sourced from the Times Business Research Institute. Author: Times Business Research Institute

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Source | Times Business Research Institute

Author | Intern Chen Jiajie

Edited by | Zheng Lin

On March 18, 2026, after Baige Online (Xiamen) Digital Technology Co., Ltd. (hereinafter referred to as “Baige Online”) passed the hearing, due to the expiration of its six-month validity period, it re-submitted its main board listing materials to the Hong Kong Stock Exchange. Its joint sponsors are Minyin Capital and BOC International Asia.

According to disclosures in the prospectus, unlike traditional insurance intermediaries that mainly sell standardized life or property insurance products, Baige Online’s core business model is to serve as a “digital connector,” focusing on the customization, distribution, and technological empowerment of “scenario insurance.” Scenario insurance generally refers to short-term insurance products with low premiums and high flexibility, tailored to specific life or business scenarios. The company has built a network covering “9+N” ecosystems and risk in 80 sub-scenarios, including travel, broad human resources, inclusive finance, auto services, public services, health and elder care, education and training, logistics, and E engineering. By cooperating with more than 70 insurance companies, the company embeds customized insurance solutions into the operational workflows of various scenario partners such as OTA platforms, shared mobility apps, payment tools, and housekeeping service platforms.

Financial data shows that Baige Online has demonstrated strong growth momentum. From 2023 to 2025, the company’s total revenue was approximately RMB 660 million, RMB 914 million, and RMB 1.227 billion, respectively, with its scale nearly doubling over the three years.

A report by Zhishang Consulting indicated that, based on total premiums in 2024, Baige Online ranked first among third-party scenario internet insurance intermediaries in China.

Despite rapid revenue growth, Baige Online recorded net losses during 2023–2025, totaling RMB 17.18 million, RMB 27.71 million, and RMB 46.67 million, respectively.

In its prospectus, Baige Online outlined its “path to profitability,” stating that insurance technology companies in China typically need a longer time to reach profitability and positive operating cash flow. The current losses mainly stem from the company still being in the “climbing phase” of expanding scale and building an ecosystem, continuing to make strategic investments in research and development, market expansion, and talent, with the aim of capturing long-term market potential rather than pursuing short-term profitability. The company believes that as economies of scale become apparent, operational efficiency improves, and high-margin product mix optimization is achieved, its profitability will improve in the future.

Baige Online’s listing application has directed capital market attention toward the niche track of “scenario insurance,” which is growing rapidly alongside the rise of the digital economy and new consumer business models. Its unique positioning as a “third-party digital connector,” and the solution capability it builds across nine major ecosystems, form its core competitive moat. However, whether it can convert its technological advantages and market position into sustained, profitable growth will be the key test it faces after listing.

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