电影天堂

规模也有代价，手回集团上半年分红险首年保费暴增超400%，毛利反降6.7%_我的网站

一 |     Child Artists choosing acting as their profession as they grow up is not a rare option. While most of them are star kids, there are plenty of child actors who became a part of memorable films despite a non-film background and then returned to make this their chosen path of career. While superstars like Alia Bhatt, Shahid Kapoor, Aamir Khan, Hrithik Roshan, Kamal Haasan and Urmila Matondkar are today bonafide stars with exemplary filmography to their names, names like Sana Saeed, Jibraan Khan, Siddharth Nigam who are finding their footing in the film industry though they are massively loved and remembered for their performances in films like Kuch Kuch Hota Hai and Kabhi Khushi Kabhie Gham respectively. On the occasion of Children’s Day, here’s a glance through how these stars looked when they first faced the camera compared to how they look in their latest film, all grown up and ready to carve their niche in the film industry. It’s an interesting journey through a timeline of changing faces and is sure to bring back a lot of memories for all the movie buffs out there who have grown up watching these films.Have a look at the list here:     In This Article      Alia BhattHrithik RoshanShahid KapoorAamir KhanSana SaeedSiddharth NigamMalvika RaajKunal KemmuUrmila MatondkarImran KhanSara ArjunAlia Bhatt          Alia is a true-blue star today. With versatile films like Highway, Dear Zindagi, Gangubai Kathiawadi, Brahmastra and Rocky Aur Rani Kii Prem Kahaani to name a few, she has established herself as one of the most bankable actresses of this generation. The actress first faced the camera at the age of 6 in the film Sangharsh where she played the younger version of Preity Zinta. Little did people know how she would take over the world of cinema. While this year has been about winning accolades for her performance in Gangubai Kathiawadi, her latest was a typical Bollywood mass entertainer titled Rocky Aur Rani Kii Prem Kahaani. Here’s how she looked in Sangharsh and now in her latest release.     Hrithik Roshan          Director J Om. Prakash made his grandson Hrithik Roshan face the camera at the tender age of 6 in the film Aasha released in 1980. In the song Jaane Hum Sadak Ke Logon Se, Hrithik was apparently on the set when he instantly started dancing to the song when it was played as he loved it. That’s how he became a part of it and then there was no turning back. He sure looked cute back then but today he’s known by the title Greek God. His last film was Vikram Vedha and he has Fighter coming up in January. Here’s how he looked in his first film as a child actor vs his last outing on screen.     Shahid Kapoor          Shahid Kapoor was just 11 years old when he faced the camera for a TV commercial that was about a healthy drink. The young boy had star quality in him back then which culminated in him becoming a superstar of this generation. He appeared in other commercials and then finally made his debut in 2003 in Ishq Vishq. Today his diversity is reflected in his choice of films ranging from Haider to Jab We Met to Padmaavat to Jersey to his latest - Bloody Daddy. Here’s how he looked in his first TV commercial to his get-up in his latest release.     Aamir Khan          Aamir faced the camera for the first time in 1973 in the film Yaadon Ki Baaraat. The film was made by his uncle Nasir Hussain, and Aamir started his journey at the mere age of eight when he became a part of the film. He was cast as the younger version of the character Madhosh which was essayed by Mahendra Sandhu. His last release was the much-anticipated Laal Singh Chaddha in August 2022 and he made a small cameo in Salaam Venky in December. Here’s the difference in how he looked back as he stepped in front of the camera and his last release.     Sana Saeed          The uber-cute Sana Saeed in Kuch Kuch Hota Hai who played Shah Rukh Khan and Rani Mukerji’s daughter Anjali won millions of hearts. Her effortless portrayal and easy presence in front of the camera drove her back to this world as she debuted in Karan Johar’s Student Of The Year in 2012. Since then she has done a couple of reality shows but fans are still awaiting a true blue big-screen experience. Here’s her adorable get-up as Anjali compared to how she looked in her first feature film as a parallel actor.     Siddharth Nigam          TV Commercials have opened up doors for child artistes big time and an example of grand success is Siddharth Nigam. He was first seen as a child artist in a health drink advertisement post in which he got a call to be cast in Dhoom 3. Since then he has appeared in films like Kisi Ka Bhai Kisi Ki Jaan, his claim to fame was his television shows such as Chakravartin Ashoka Samrat and Aladdin: Naam Toh Suna Hoga. Here’s a look at how he looked in his first ever TV Ad and his last which was a Salman Khan film.     Malvika Raaj          Having played the younger version of Kareena Kapoor Khan in Kabhi Khushi Kabhie Gham, a film that is thought to be one of the most memorable in Kareena’s filmography is indeed a feat. Very few people know that Malvika then went on to star in several Telugu films. She was about to star in Emraan Hashmi’s film Captain Nawab which was shelved. Her last release was in 2022, a thriller film titled Squad. She has and shall always remind us of her first performance on camera and with a film like Kabhi Khushi Kabhie Gham, comes responsibilities and fans are eagerly waiting for the same. Spot how the little girl has grown up from K3G to Squad.While there are quite a few others who make this list, these names are the ones that the masses can easily place and draw a connection to. On Children’s Day, here’s a trip down memory lane as we connect the past to the present.     Kunal Kemmu          Kunal Kemmu was a very popular child actor in the 1990s. He showed his talent in movies like Sir, Raja Hindustani, and Zakhm. People loved him for his natural acting and expressive face. After taking a break to grow up, he returned as a lead actor in the movie Kalyug. Since then, he has worked in many films, especially comedies like the Golmaal series, where his comic timing is highly praised.     Urmila Matondkar          Urmila Matondkar won hearts as a little girl in the classic movie Masoom. Her performance in the song Lakdi Ki Kaathi is still remembered today. When she grew up, she became a huge star in the 1990s. She delivered massive hits like Rangeela, Satya, and Bhoot. She was known for her great dancing skills and her ability to play both glamorous and serious roles.     Imran Khan          Imran Khan had a very special start in Bollywood. He played the childhood version of his real-life uncle, Aamir Khan, in hit films like Qayamat Se Qayamat Tak and Jo Jeeta Wohi Sikandar. Many years later, he made his debut as a lead in the romantic comedy Jaane Tu... Ya Jaane Na. He quickly became a favorite among young audiences for his boy-next-door looks and acted in several successful rom-coms.     Sara Arjun          Sara Arjun started acting in commercials and movies when she was just a toddler. She became very famous for her emotional role in the film Jazbaa and worked in many South Indian and Hindi films. She gained a lot of attention for playing the younger version of Nandini (Aishwarya Rai’s character) in the big-budget Ponniyin Selvan films. She successfully transitioned from a cute child star to a graceful actress and made a memorable appearance in Dhurandhar opposite Ranveer Singh as his love interest.      Also Read: Then Vs Now: Bollywood Child Artists Who Went On To Become Established Actors。    　　来源：险企高参　　原标题：规模也有代价，手回集团上半年分红险首年保费暴增超400%，毛利反降6.7%！一边增加营销开支，另一边大幅削减行政开支…　　“报行合一”压低佣金率，预定利率调整又催着人身险产品不断切换。对一家主要靠保险公司佣金吃饭的保险中介来说，这两股力量一头挤收入，一头赶市场，留出的腾挪空间并不宽。　　“报行合一”压低佣金率，预定利率调整又催着人身险产品不断切换。对一家主要靠保险公司佣金吃饭的保险中介来说，这两股力量一头挤收入，一头赶市场，留出的腾挪空间并不宽。　　手回集团有限公司却在2026年上半年打出了一轮“反攻”。首年保费22.1亿元，同比增长41.6%；总保费55.9亿元，同比增长12.0%；公告所列收入6.27亿元，同比增长13.1%。其中，分红类产品首年保费达到12.3亿元，同比增长超过400%，对应收入同比提升超过250%。　　往往机遇与挑战是并存的，如果将手回集团上半年成绩单再往下翻，会发现新其盈利有所收窄：报告期内，该司收入增加7257.3万元，毛利反而减少1310万元至1.84亿元；营业成本增速达到23.9%，比收入快了10.8个百分点；毛利率由35.5%降至29.3%。

二 | 　　换句话说，手回集团靠分红险冲出了规模，却被拿下这轮增长的成本拖住了脚步…　　夹缝突围：　　分红险成了意外杀出的“黑马”　　手回集团的生意并不复杂。

三 | 小雨伞连接消费者，咔嚓保连接保险代理人，牛保100连接企业客户和业务合作伙伴。公司通过三个平台分销保险产品，主要收入来自保险公司支付的佣金。2026年上半年，保险交易服务收入占总收入98.5%，保险技术服务只占1.5%。　　截至2026年6月末，公司与超过100家保险机构建立合作，累计分销保险产品超过2200款，平台累计推出超过14个产品IP。庞大的产品池给了手回集团快速换挡的条件。市场偏好转向分红险后，公司能够迅速调动三大平台和渠道资源，把新产品推向消费者、代理人和业务合作伙伴。　　这个收入结构决定了手回集团很难避开“报行合一”的影响。佣金率往下走，同样规模的保费能够换回的收入就会变少。公司2025年上半年已经吃过一次苦头。当期首年保费约15亿元，同比仅下降0.6%，总保费约49亿元，同比增长25.7%，但收入同比下降21.2%，经调整利润下降49.0%。　　保费还在增长，收入和利润却掉了下去。

四 | 矛盾指向佣金率、产品结构和市场需求。　　预定利率调整给了手回集团另一次选择。2025年上半年，分红类产品首年保费只有2.41亿元。到2026年上半年，该项规模已达到12.3亿元，增加近10亿元。

五 | 分红型产品以较低保证利益配合浮动收益，在预定利率动态调整环境下获得更多市场需求。手回集团随即把营销资源转向长期寿险，分红险也由补充产品跃升为增长主力。　　变化很快落进收入表。长期寿险收入从1.25亿元增至2.32亿元，同比增长85.9%，占保险交易服务收入的比重由22.7%升至37.5%。曾经挑大梁的重疾险收入降至2.08亿元，同比下降17.2%，收入占比由45.6%降至33.6%。医疗及其他保险收入下降6.9%至1.04亿元，短期保险收入则增长19.3%至7510.5万元。

六 | 　　分红险杀了出来，寿险和重疾险的位置随之改写。

七 | 手回集团在公告中给出的解释很直接：营销资源更多集中于长期寿险，重疾险市场需求收窄，部分定制重疾产品迭代未达预期。

八 | 　　还有一个容易被保费增速遮住的变化。2025年上半年，定制产品首年保费约7.99亿元，占全部首年保费超过51%；2026年上半年，该项保费约7亿元，占比降至31.9%。　　规模的代价：　　每100元收入，要先付出70.74元营业成本　　分红险接住了收入，却没有接住毛利。　　2026年上半年，手回集团保险交易服务收入为6.18亿元，同比增长12.5%；该分部毛利只有1.77亿元，同比下降8.3%，毛利率由35.2%降至28.7%，下降6.5个百分点。　　技术服务走出了另一条曲线。上半年手回集团保险技术服务收入由506万元增至915.6万元，同比增长80.9%；毛利由336.4万元增至622.2万元，增长85.0%；毛利率由66.5%升至68.0%。不过，915.6万元收入放进6.27亿元总盘子里，尚不足以托起第二增长曲线。　　压力仍集中在保险交易服务。

九 | 公司的营业成本包括向保险代理人、持牌经纪及代理公司支付的佣金，支付给自媒体流量渠道的推广费，员工薪酬，以及数字签名、电子认证、健康评估和反欺诈识别等技术服务成本。　　随着长期寿险放量，该司营业成本由3.58亿元增至4.44亿元，同比增长23.9%。

十 | 金额增加8567.3万元，已经超过同期7257.3万元的收入增量。这正是毛利减少的直接原因。　　将报表换成每100元收入的视角，成本挤压更直观。2025年上半年，每100元收入需要支付64.55元营业成本，还能留下35.45元毛利。2026年上半年，营业成本升至70.74元，毛利只剩29.26元。　　手回集团在公告中称，为把握分红型寿险的市场机会，公司增加渠道推广和佣金开支，以抢占市场份额。

十一 | 这种打法短期可以换取保费与收入，代价则立即落入毛利率。　　毛利率下行已经延续多个报告期。在可比的上半年口径中，手回集团整体毛利率由2024年上半年的39.2%降至2025年上半年的35.5%，2026年上半年只剩29.3%；2025年全年毛利率也已降至32.9%。成本端对毛利的挤压正在加重。　　由此看，分红险解决了手回集团“卖什么”的问题，尚未解决“怎样更赚钱”的问题。只要佣金率承压、渠道费用维持高位，保费扩张就可能继续伴随毛利变薄。　　峰回路转：　　利润降幅接近九成，经调整利润却增长11.5%　　毛利下滑，手回集团为何还能交出增长11.5%的经调整利润？答案藏在利润表下半段。　　先看最吓人的数字。2026年上半年，手回集团期内利润为7163.3万元，同比下降89.2%；2025年同期则高达6.65亿元。两者相差5.93亿元。　　2025年同期6.65亿元利润中，有6.19亿元来自上市前优先股公允价值变动形成的金融工具账面值变动收益。该项目不涉及现金收支，也不属于经营性损益。优先股已经在公司股份上市时转换为普通股，今后不会继续产生同类变动。

十二 | 　　把这项特殊收益、股份支付和上市开支剔除后，结果恰好反了过来。经调整利润由6573.8万元增至7331.7万元，增加757.9万元，同比增长11.5%。

十三 | 报表利润暴跌和经调整利润增长同时出现，原因并不复杂，只是比较口径不同。　　不过，经调整利润增长也不能直接等同于主营盈利能力全面修复。2026年上半年，经调整利润率为11.69%，较上年同期的11.85%下降0.16个百分点。利润金额增加，单位收入带来的经调整利润没有增加。　　营业利润由6162.3万元增至8282.5万元，增长34.4%。拆开这2120.2万元增量，毛利减少1310万元，销售及营销开支增加603.7万元，研发开支增加62.3万元；一般及行政开支减少2301.4万元，其他净收入增加1800.7万元。

十四 | 正负相抵后，营业利润才得以向上。　　费用科目的方向也不一致。

十五 | 销售及营销开支由6110.8万元增至6714.5万元，同比增长9.9%；研发开支增至2356.8万元，同比增长2.7%；财务成本为29.3万元，同比增长32.0%，但绝对金额较小。一般及行政开支则由5328.5万元降至3027.1万元，降幅43.2%。公司解释，2026年不再产生上市开支，股份支付减少，同时采取节流措施，办公室管理开支下降。　　员工成本也由7087.8万元降至6867.4万元，下降3.1%。但员工总数由704人增至744人，薪金、工资及其他福利增长2.6%至6419.3万元。员工成本下降主要来自股份支付由594.2万元降至168.4万元，不能理解为公司少招人或普遍降薪。

十六 | 　　另一个助力来自资金端。其他净收入由266.8万元增至2067.5万元，增幅674.9%。其中，金融资产未实现公允价值收益为1442万元，利息收入468万元。毛利少了1310万元，未实现公允价值收益恰好超过这个缺口。　　利润表之外，资产负债表留下另一处悬念。截至2026年6月末，手回集团总资产24.90亿元，较2025年末增长3.4%；净资产13.37亿元，增长2.0%。现金及现金等价物由2.02亿元增至3.28亿元，增长62.8%。表面看，手头现金更宽裕了。　　但现金、较低风险理财和存款类金融资产合计约8.15亿元，较2025年末的约8.46亿元减少约3100万元。现金增加的同时，以公允价值计量且其变动计入当期损益的金融资产由6.22亿元降至5.31亿元。部分理财和存款转回现金后，流动资金的形态变了，总量没有同步扩大。　　更大的数字在佣金类资产。应收账款由1.15亿元增至1.73亿元，增长50.8%；合约资产由10.57亿元增至11.09亿元，增长4.9%。两者合计12.82亿元，占总资产51.5%。　　分红险帮手回集团跑出了夹缝。成本、佣金和续期现金流，决定这匹“黑马”究竟能跑多远。　　AI很热　　但916万元技术收入还讲不出“第二曲线”　　手回集团在公告中用了较大篇幅讲AI。

十七 | 　　公司建设了AI基础设施“磐石”平台，推出销售助手“手小保”和核保方案“手小智”。公告称，“手小保”覆盖95%的高频内部知识场景，回答准确率超过90%；“手小智”将咨询答疑、资料审核和产品推荐串联起来，核保咨询回复准确率超过90%。部分研发项目的AI生成代码占比达到90%，项目全生命周期提效接近60%。　　AI还进入质检、内容生产、数据录入、业务审核、产品管理和双录。2026年上半年，“手回闪录”在双录订单中的渗透率超过92%。

十八 | 公司新增运营类账号超过300个，发布专业文章、视频等内容超过6万篇，总曝光量超过1亿次。签约代理人突破3.3万人，业务合作伙伴超过1500家，累计服务投保用户超过441万名。　　业务量也传导至售后环节。2026年上半年，公司处理理赔案件8.1万件，其中闪赔案件2.7万件，给付赔款2200万元，平均理赔时效为0.20天；其余5.4万件为协助服务案件。按照公司客户调查，用户满意度为99.8%。这些指标说明平台已经覆盖投保后的服务流程，但无法单独证明AI创造了多少利润。　　这些数字证明AI已经进入业务流程，但还不能证明AI成为新的利润来源。保险技术服务收入只有915.6万元，占总收入1.5%。研发开支为2356.8万元，同比增长2.7%。公司没有单独披露AI带来的佣金增量、获客成本下降幅度、代理人转化率或续保改善。责任编辑：曹睿潼。

Current article:http://qnku5v.cesangrangshunzashuangruijiu.pics/news/20260826_1049.html

Published on:13:12:19