The company exhibits highly inconsistent top-line performance, evidenced by a 40.2% revenue growth in 2025Q2 following a period of contraction, while underwriting profitability remains precarious with a combined ratio that fluctuated to 103.3% in 2025Q1.
| Revenue | 1.34B | 1.54B | 1.25B | 1.2B | 1.16B | 2.25B | 1.22B | 993.32M | 508.83M | 263.33M |
| Revenue Growth % | 19.12% | 23.24% | 4.46% | 3.25% | -48.42% | 83.98% | 22.84% | 95.22% | 93.23% | - |
| Medical Costs & Claims | 951.98M | 1.12B | 868.29M | 729.07M | 734.29M | 1.69B | 816.35M | 631.37M | 318.3M | 166.67M |
| Medical Cost Ratio % | 71.25% | 72.93% | 69.52% | 60.98% | 63.42% | 75.31% | 66.9% | 63.56% | 62.56% | 63.29% |
| Gross Profit | 384.2M | 416.69M | 380.63M | 466.48M | 423.62M | 554.26M | 403.87M | 361.95M | 190.53M | 96.66M |
| Gross Margin % | 28.75% | 27.07% | 30.48% | 39.02% | 36.58% | 24.69% | 33.1% | 36.44% | 37.44% | 36.71% |
| Gross Profit Growth % | - | 9.47% | -18.4% | 10.12% | -23.57% | 37.24% | 11.58% | 89.97% | 97.1% | - |
| Operating Expenses | 383.15M | 410.22M | 401.58M | 415.44M | 467.29M | 668.67M | 429.78M | 360.31M | 165.73M | 196.96M |
| OpEx / Revenue % | 28.68% | 26.65% | 32.15% | 34.75% | 40.36% | 29.78% | 35.22% | 36.27% | 32.57% | 74.8% |
| Depreciation & Amortization | 3.41M | 23.03M | 36.27M | 13.64M | 18.43M | 7.42M | 5.11M | 3.78M | 3.08M | 3.56M |
| Combined Ratio % | 99.92% | 99.58% | 101.68% | 95.73% | 103.77% | 105.1% | 102.12% | 99.83% | 95.13% | 138.09% |
| Operating Income | 1.05M | 6.47M | -20.96M | 51.04M | -43.67M | -114.41M | -25.91M | 1.64M | 24.79M | -100.3M |
| Operating Margin % | 0.08% | 0.42% | -1.68% | 4.27% | -3.77% | -5.1% | -2.12% | 0.17% | 4.87% | -38.09% |
| Operating Income Growth % | - | 130.89% | -141.06% | 216.87% | 61.83% | -341.55% | -1680.9% | -93.39% | 124.72% | - |
| EBITDA | 4.46M | 29.5M | 15.31M | 64.68M | -25.25M | -106.99M | -20.8M | 5.42M | 27.87M | -96.74M |
| EBITDA Margin % | 0.33% | 1.92% | 1.23% | 5.41% | -2.18% | -4.77% | -1.7% | 0.55% | 5.48% | -36.74% |
| Interest Expense | 0 | 0 | 0 | 630K | 5.06M | 3.21M | 1.16M | 190K | 27.11M | 0 |
| Non-Operating Income | 0 | -3.97M | 0 | 0 | 0 | 0 | 0 | -13.76M | -4.21M | -2.67M |
| Pretax Income | 16.85M | 10.44M | 701K | 70.55M | -33.74M | -107.72M | -16.52M | 15.03M | 3.21M | -96.64M |
| Pretax Margin % | 1.26% | 0.68% | 0.06% | 5.9% | -2.91% | -4.8% | -1.35% | 1.51% | 0.63% | -36.7% |
| Income Tax | 1.6M | 7M | 135K | 0 | 0 | 0 | 1.77M | 57K | 278K | 406K |
| Effective Tax Rate % | 9.51% | 67.04% | 19.26% | 0% | 0% | 0% | -10.7% | 0.38% | 8.67% | -0.42% |
| Net Income | 18.08M | 3.93M | -649K | 70.19M | -31.19M | -107.67M | -18.29M | 14.9M | 3.15M | -97.17M |
| Net Margin % | 1.35% | 0.26% | -0.05% | 5.87% | -2.69% | -4.8% | -1.5% | 1.5% | 0.62% | -36.9% |
| Net Income Growth % | -16.73% | 705.54% | -100.92% | 325.06% | 71.03% | -488.6% | -222.75% | 372.78% | 103.24% | - |
| EPS (Diluted) | 35.84 | 7.80 | -1.28 | 140.00 | -5.40 | -32.60 | -7.60 | 5.80 | 1.38 | -87.20 |
| EPS Growth % | 265.31% | 709.38% | -100.91% | 2692.59% | 83.44% | -328.95% | -231.03% | 320.29% | 101.58% | - |
| EPS (Basic) | - | 7.80 | -1.28 | 140.00 | -5.40 | -34.00 | -7.60 | 5.80 | 1.39 | -95.80 |
| Diluted Shares Outstanding | 504.43K | 504.58K | 506.9K | 2.48M | 2.55M | 2.55M | 2.41M | 2.57M | 2.28M | 1.11M |
Regulatory commission structure shifts
As evidenced by the 40.2% revenue surge in 2025Q2 following a contraction in previous periods, Huize's top-line trajectory remains highly inconsistent, reflecting the inherent seasonality and sensitivity of its digital-first brokerage model to shifting consumer demand within the competitive Chinese insurance landscape.
The company's revenue growth appears heavily influenced by the 'Jump Start' sales cycle, yet the lack of sustained momentum suggests difficulty in maintaining consistent customer acquisition. Investors should monitor whether this volatility stems from external market saturation or internal challenges in scaling the influencer-led distribution network.
Based on reported financial statements, the combined ratio fluctuated significantly, reaching 103.3% in 2025Q1 before improving to 96.4% in 2025Q2, which highlights the company's struggle to maintain consistent underwriting profitability amidst high variable costs and intense competition for digital traffic.
The oscillation around the 100% combined ratio threshold indicates that Huize frequently operates at an underwriting loss, necessitating extreme efficiency in its expense management. The reliance on third-party traffic sources appears to create a structural ceiling on margin expansion that may persist without a shift toward lower-cost direct acquisition.
According to recent quarterly data, the transition between 2024Q4 and 2025Q1 marked a period of significant operational stress, where the combined ratio spiked to 103.3%, suggesting that regulatory or competitive pressures may be disproportionately impacting the company's ability to convert premiums into sustainable operating income.
This inflection point underscores the vulnerability of the brokerage model to sudden changes in fee-and-rate matching regulations. The subsequent recovery in 2025Q2 warrants further investigation into whether this was driven by structural improvements or merely a temporary rebound in seasonal policy volume.
While Huize reports top-line growth, the persistent volatility in net income, which swung from a $23.3M loss in 2024Q2 to a $10.9M profit in 2025Q2, suggests that the underlying quality of earnings may be compromised by high acquisition costs and potential reliance on non-recurring revenue streams.
The reliance on contract assets for future renewal commissions may mask underlying lapse risks, particularly if economic conditions in China pressure policy persistency. Analysts should remain cautious regarding the potential for future impairments if the actual renewal experience deviates from the actuarial assumptions currently embedded in the balance sheet.
Quick answers to the most common questions about buying HUIZ stock.
For fiscal year 2025, Huize Holding Limited (HUIZ) reported total revenue of $1.54B. This represents a 484.5% increase compared to $263.3M in 2017.
Huize Holding Limited (HUIZ) is profitable, generating $3.9M in net income for the fiscal year ending 2025 with a net profit margin of 0.3%.
Huize Holding Limited (HUIZ) reported an operating income of $6.5M, resulting in an operating profit margin of 0.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Huize Holding Limited (HUIZ) generated $416.7M in gross profit for the year, representing a gross profit margin of 27.1%. This demonstrates the company's core pricing power and production efficiency.