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Water Tower Research Publishes Initiation of Coverage Report on Tian Ruixiang Holdings Limited, “From Traditional Insurance Broker to Tech-Based Health Insurance Innovator”

1. TIRX acquired Ucare for $150 million, enhancing its market position. 2. China's health insurance market is projected to grow significantly by 2030. 3. Ucare's SaaS model drives high-margin, recurring revenue for TIRX. 4. Regulatory reforms in China support TIRX's growth strategy. 5. Water Tower Research projects TIRX's revenue CAGR at 35% through FY28.

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FAQ

Why Bullish?

TIRX's acquisition of Ucare positions it well within a growing market, historically under-represented.

How important is it?

The article highlights strategic moves and potential market growth, critical for investors evaluating TIRX.

Why Long Term?

The long-term growth is supported by market expansion and regulatory tailwinds, indicating sustained revenue growth.

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NASDAQ: UCARENASDAQ: AONNYSE: JCI
ST. PETERSBURG, FL, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Tian Ruixiang Holdings Limited (NASDAQ: TIRX) titled, “From Traditional Insurance Broker to Tech- Based Health Insurance Innovator”. The report can be accessed here. Access to China’s growing health insurance market. On June 30, 2025, Chinese insurance broker Tian Ruixiang Holdings Limited completed the acquisition of Ucare, which describes itself as the only cloud-based healthcare value assessment and insurance risk control SaaS platform in China, for total all-stock consideration of $150 million. Ucare’s wealth of AI-driven analytics strongly positions TIRX in China’s commercial health insurance market, a segment of China’s insurance market in which the company has been historically under- represented historically, and which is expected to expand from ~$126 billion today to $280 billion by 2030. Scalable, high-margin SaaS drives reliable revenue in value-based payment & risk analytics. Ucare’s cloud-native, multi-tenant platform combined with a network of >4,000 hospital relations, scales with minimal incremental cost, generating gross margins above 90% and recurring subscription-based revenue that complements TIRX’s brokerage commission income. This underpins more stable and higher-quality top-line growth as adoption broadens across Ucare’s large hospital network. Regulatory and cross-border tailwinds. China’s aging demographics, policy reforms to encourage greater healthcare access and affordability, accelerating healthcare digitization adoption (with the domestic healthcare IT market projected to reach ~US$35 billion by 2030 at a CAGR of ~15.6%), present significant tailwinds for TIRX’s uniquely enhanced AI- brokerage business model to unlock significant growth potential. Additionally, TIRX has the opportunity to supplement growth with the implementation of its strategy to expand beyond Mainland China recently begun with its move into Hong Kong. Overall, our model projects 35% revenue CAGR to FY28 on a pro forma basis. Valuation. Based on our projections, TIRX’s combination with Ucare significantly enhances its revenue growth prospects. Relative to these prospects, TIRX’s valuations are below most of our selected comps on both a Price and EV basis. About Water Tower Research Water Tower Research is modernizing investor engagement through research-driven communications. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.

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