HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Baige Online Digital Technology / Equity Capital Markets

<ul>
<li>Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.</li>
<li>High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of "disintermediation" in the industry is becoming increasingly evident.</li>
<li>The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.</li>
</ul>


Baige’s business model is B2B2C, connecting insurance companies/channel partners and C-end users.By mining long-tail needs of end-customers and customizing small/refined/fragmented insurance products according to personalized needs, Baige significantly boost sales.
High customer acquisition costs (referral fees, commissions/service fees) are the pain points, putting pressure on profit margin. The trend of "disintermediation" in the industry is becoming increasingly evident.
The post-money valuation after Series C financing reached about RMB2 billion. Due to smaller revenue scale and lower profitability, we think valuation of Baige should be lower than peers.


Baige Online Digital Technology - The Business Model and the Risks Behind

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Baige Online Digital Technology (BOD HK)

Baige Online Digital Technology - The Business Model and the Risks Behind

Baige's B2B2C model boosts sales by customizing insurance products for customers, but high customer acquisition costs and industry...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Baige Online Digital Technology - The Business Model and the Risks Behind

​Baige's B2B2C model boosts sales by customizing insurance products for customers, but high customer acquisition costs and industry...

Xinyao (Criss) Wang

Baige's B2B2C model boosts sales by customizing insurance products for customers, but high customer acquisition costs and industry...