Tian Ruixiang Holdings Ltd (TIRX): Business Model Canvas [Dec-2025 Updated]

You're looking at Tian Ruixiang Holdings Ltd (TIRX) and wondering if this is still just a Chinese insurance broker, but honestly, the story is much richer now. After aggressive M&A, including that big $150 million Ucare deal, the firm is rapidly transforming into a tech-enabled entity, blending specialized liability brokerage with an AI-driven health platform and new Southeast Asian retail exposure. Seeing preliminary 2025 revenue hit $3.92 million while they integrate over 4,000 hospital partners shows management is making some serious, calculated moves. If you want to see exactly how the nine blocks of their Business Model Canvas-from their key activities to their revenue streams-are structured for this complex pivot, you need to look closely at the details below.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Tian Ruixiang Holdings Ltd (TIRX) has established to drive its business, especially after the major integration of Ucare Inc. in mid-2025. These alliances are critical for accessing distribution channels and leveraging new technology.

The most significant recent partnership structure involves the integration of Ucare, which brings a massive network of healthcare providers directly into TIRX's health insurance distribution strategy.

• - Leading Chinese insurance underwriters for product distribution
• - Cross-industry promotional partners (e.g., media, car sales)
• - Over 4,000 hospitals in China via Ucare's platform
• - KOL/KOC networks for Southeast Asian new-retail expansion

The Ucare acquisition, valued at $150 million in an all-stock transaction completed on June 30, 2025, solidifies the in-hospital distribution channel. This move involved issuing 101,486,575 Class A ordinary shares.

Here's a look at the quantifiable impact and structure related to this key partnership:

The integration of Ucare's generative AI platform into TIRX's underwriting and claims processing workflows is designed to enhance efficiency. This strategic alignment is key to accessing new growth opportunities within the health insurance sector.

The company's general partnership model involves distributing insurance products underwritten by various insurance companies operating in China, where TIRX is compensated via commissions based on a percentage of the premium paid by the insured.

For context on market sentiment around the company's structure as of late 2025, the short sale ratio for Tian Ruixiang Holdings Ltd (TIRX) was reported at 44.59% as of November 28, 2025. Also, as of May 30, 2025, the price-to-book ratio stood at 0.45.

Finance: draft 13-week cash view by Friday.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Key Activities

You're looking at the core engine of Tian Ruixiang Holdings Ltd as of late 2025, which is heavily focused on integrating recent, significant strategic moves into its established insurance brokerage foundation. The numbers tell a story of aggressive expansion, particularly in the tech-health intersection.

Insurance brokerage and risk management advisory in China

Tian Ruixiang Holdings Ltd acts on behalf of its customers to secure insurance coverage from carriers. The firm generates revenue primarily from these insurance brokerage services, supplemented by a small stream from risk management advisory work. You see the core business reflected in the financials, though the recent focus has shifted toward technology integration.

Here's a quick look at the revenue context:

• Trailing 12-month revenue as of April 30, 2025, was reported at $5.86M.
• The reported revenue for the May 2025 period touched $3.92M.
• For the full fiscal year 2024, the revenue was $3.22 million, representing a substantial growth of 158.74% over the prior year's $1.24 million.
• However, the company grappled with FY 2024 losses totaling -$3.99 million, a 62.5% increase in losses year-over-year.

Developing and maintaining AI-driven health risk platform

This activity is now central following the completion of the Ucare acquisition. The platform is described as China's only cloud-based AI-driven hospital and health insurance risk management system. Leveraging this technology is key to transforming underwriting and claims processing workflows.

The acquired Ucare platform already demonstrated impact:

• Ucare reported revenues of $5.4 million and a net profit of $0.6 million for the fiscal year ending October 31, 2024.
• By December 2024, Ucare was estimated to have saved clients $6.82 billion by reducing fraud, abuse, waste, and administrative overhead.
• The platform maintains relationships with over 4,000 hospitals in China.

Integrating recent acquisitions (Ucare, Beyond Coastline)

The integration of Ucare and the pending onboarding of Beyond Coastline Holdings Limited represent massive shifts in Tian Ruixiang Holdings Ltd's operational scope. The Ucare deal, completed around June 30, 2025, was a significant all-stock transaction, and the Beyond Coastline deal was announced in November 2025.

Here's how the deal structures compare:

The Ucare transaction involved issuing shares with a par value of $0.025 each. Also, note that Tian Ruixiang Holdings Ltd announced a reverse stock split with a marketplace effective date of September 5, 2025, which definitely impacts share counts and per-share metrics moving forward.

Cross-border e-commerce and brand operation in Asia

This activity is driven by the November 2025 agreement to acquire 80% of Beyond Coastline Holdings Limited, a Southeast Asian new retail group. This move expands Tian Ruixiang Holdings Ltd's footprint into markets like Indonesia, focusing on brand operation and e-commerce.

The key activity here is leveraging Beyond Coastline's established digital ecosystem:

• Beyond Coastline collaborates with over 10 KOLs (Key Opinion Leaders) with tens of millions of followers.
• It also works with over 200 KOCs (Key Opinion Consumers).
• The projected Gross Merchandise Volume (GMV) for Beyond Coastline is set to hit 150 million RMB by the end of 2025.

The deal to acquire 80% of Beyond Coastline was structured to issue 7,200,000 Class A ordinary shares at a price of $2 per share.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Key Resources

You're looking at the core assets Tian Ruixiang Holdings Ltd (TIRX) relies on to execute its strategy as of late 2025. These aren't just abstract concepts; they are tangible and intangible elements that drive value creation.

The most significant recent addition to the Key Resources is the AI-driven hospital and health insurance risk platform, secured through the acquisition of Ucare Inc. This platform is described as China's only cloud-based, AI-driven system for managing hospital and health insurance risks. This resource is powerful because it directly addresses fraud and administrative costs in the sector.

Here are the specifics related to this key technological asset:

• - The platform serves over 4,000 hospitals in China.
• - Through its AI capabilities, it has reportedly helped reduce avoidable healthcare expenditures by an estimated $6.82 billion as of late 2024.
• - The acquisition itself was valued at $150 million in an all-stock transaction, which involved issuing over 101 million Class A shares.
• - The target company, Ucare, reported revenue of $5.4 million and a net profit of $0.6 million in its last fiscal year (FY2024).

Financially, the balance sheet provides a snapshot of the company's scale. As of the latest reported quarter, the total assets figure stands at $49.69 million. This is balanced against total liabilities of $3.29 million in the same period.

The operational backbone relies on its licensing and structure:

The Cayman Islands holding company structure (VIE) is a fundamental resource for accessing foreign capital markets, listing on Nasdaq under the symbol TIRX. This structure allows Tian Ruixiang Holdings Ltd to conduct its business through a PRC-based VIE entity, which is necessary because Chinese law restricts direct foreign investment in certain operating companies.

The company's status as licensed insurance brokers in China and Hong Kong provides the necessary legal access to distribute its product portfolio, which includes property and casualty insurance, as well as health and life insurance products.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Value Propositions

You're looking at how Tian Ruixiang Holdings Ltd (TIRX) delivers value to its customers right now, late in 2025. It's a mix of traditional brokerage strength and a major tech pivot.

Specialized insurance brokerage across liability and P&C

The core business remains connecting clients with property and casualty (P&C) and life insurance products. You see this focus paying off in specific lines. For the fiscal year ended October 31, 2023, the company reported a significant increase of $612,000 in commissions specifically from liability insurance products, showing where their specialized advisory is gaining traction despite overall revenue challenges that year.

The overall financial trajectory shows recent acceleration; for the first half of 2025, Tian Ruixiang Holdings Ltd reported revenue of $2.82M. Plus, preliminary reports around May 2025 suggested revenue had touched $3.92M, indicating strong momentum leading into the second half of the year.

AI-powered risk reduction for health insurers and hospitals

This is the new frontier for Tian Ruixiang Holdings Ltd, cemented by the June 30, 2025, completion of the acquisition of Ucare Inc. This move was a strategic investment valued at US$150 million, all-stock. Ucare operates China's only cloud-based AI-driven hospital and health insurance risk management platform. This proposition is about moving beyond simple brokerage to offering technology that actively reduces risk exposure for health insurers and the hospitals they partner with.

Access to a vast in-hospital distribution channel

The Ucare acquisition directly feeds this value proposition. Gaining control of Ucare's platform means Tian Ruixiang Holdings Ltd now has a direct, technology-enabled route into the hospital ecosystem. In the broader healthcare distribution market, hospital pharmacies are a key segment, projected to expand at a compound annual growth rate (CAGR) of 9.99% through 2030, which shows the potential scale you're tapping into. This channel access is crucial for distributing specialized health and life insurance products directly where care is delivered.

Here's a quick look at some recent financial anchors:

Diversified exposure to high-growth Southeast Asian retail

While the primary operational focus remains in China and the recent tech acquisition is health-centric, the strategy includes diversification. The pursuit of partnerships and expansion into markets like Hong Kong signals an intent to capture growth outside the immediate mainland market. You should watch for any specific revenue disclosures from Southeast Asian retail operations, as that will validate the success of this diversification effort.

The value proposition is now clearly split: maintaining high-touch, specialized brokerage while aggressively integrating a high-value AI platform for in-hospital distribution.

• Specialized P&C and liability brokerage services.
• AI-driven risk management platform integration.
• Direct access to hospital distribution networks.
• Strategic expansion into Hong Kong insurance brokerage.

Finance: draft 13-week cash view by Friday.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Customer Relationships

You're looking at how Tian Ruixiang Holdings Ltd (TIRX) manages its connections with the market, which, for an insurance broker, is all about trust and access to coverage.

Dedicated broker-client relationship management for institutional clients is a key focus, though the public filings show a very small footprint among major institutional investors as of late 2025. For instance, filings from September 30, 2025, indicated only 1 Institutional Holder reported holding a total of 19 Total Shares. More recent data from November 2025 showed 8 institutional owners filing forms, still holding just 19 shares in total. This suggests that for the institutional segment, the relationship management is either highly concentrated or focused on non-13F reporting entities, given the company serves institutional customers.

For hospital users, which fall under the broader customer base served through online platforms, the model leans toward digital self-service and support. Tian Ruixiang Holdings Ltd distributes products through offline outlets, online platforms, and cross-industry cooperation. While the company is in the insurance consultancy domain, specific metrics on the volume of hospital users or the adoption rate of the digital self-service features aren't publically detailed in the latest reports.

The strategic consulting and creative services for brand clients are inherently tied to the core business of distributing property and casualty, and life insurance products. The firm acts on behalf of its customers seeking coverage from insurance companies, earning revenue from commissions. To give you a sense of the scale of the business supporting these relationships, here are some top-line figures from the fiscal period ending near the middle of 2025:

The company's relationship structure supports both individual and institutional customers. The firm is compensated by commissions paid by insurance companies, generally based on a percentage of the premium paid by the insured.

The relationship management strategy involves several touchpoints:

• - Dedicated broker-client relationship management for institutional clients
• - Digital platform self-service and support for hospital users
• - Strategic consulting and creative services for brand clients

The recent reverse stock split on September 5, 2025, with a ratio of 1:5, definitely impacts how stakeholders view the relationship with the market. Finance: draft 13-week cash view by Friday.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Channels

You're looking at how Tian Ruixiang Holdings Ltd (TIRX) gets its products-insurance brokerage services and now health tech solutions-to the customer base as of late 2025. The channel strategy is clearly bifurcating, moving from traditional brokerage to a tech-enabled, in-hospital approach.

The core distribution still relies on established methods, but the Ucare acquisition on June 30, 2025, fundamentally shifted the landscape by adding a direct line into healthcare facilities. This was an all-stock transaction valued at US$150 million, which involved issuing 101,486,575 Class A ordinary shares.

The channels Tian Ruixiang Holdings Ltd uses are:

• - Direct sales force and licensed brokerage offices
• - In-hospital distribution network (post-Ucare acquisition)
• - E-commerce platforms and offline retail stores
• - Nasdaq Capital Market listing (TIRX) for capital

Direct Sales Force and Licensed Brokerage Offices

The traditional insurance brokerage channel involves direct sales and licensed offices. Tian Ruixiang Holdings Ltd operates as an insurance broker distributing property and casualty, and life/health insurance products. Expansion in this area included an acquisition in May 2024, where TRX HK acquired Peak Consulting Services Limited, a licensed insurance brokerage in Hong Kong, by issuing 694,445 Class A Ordinary Shares.

In-Hospital Distribution Network (Post-Ucare Acquisition)

This is the major channel enhancement following the Ucare Inc. acquisition. Ucare operates China's only cloud-based AI-driven hospital and health insurance risk management platform. This network provides access to over 4,000 hospitals. The integration aims to broaden reach from healthcare providers to insurance partners. For context on the scale of data leveraged, Ucare's platform had contributed to reducing avoidable healthcare expenditures totaling an estimated $6.82 billion as of December 2024.

Here's a look at the key channel-related financial and operational metrics as of late 2025:

E-commerce Platforms and Offline Retail Stores

Specific, verifiable 2025 data points detailing the revenue or footprint of Tian Ruixiang Holdings Ltd's dedicated e-commerce platforms or offline retail stores are not available in the latest filings. The focus appears to have shifted to the AI-driven hospital channel.

Nasdaq Capital Market Listing (TIRX) for Capital

The listing on The Nasdaq Capital Market under the symbol TIRX is a channel for raising equity capital directly from institutional investors. In October 2025, Tian Ruixiang Holdings Ltd executed a registered direct offering to raise approximately $3 million. This involved selling 2,000,000 Class A ordinary shares and accompanying warrants. As of October 10, 2025, the stock price was $1.26, with a market capitalization of $30.7M based on 24.4M shares outstanding. This contrasts with the December 31, 2024, closing price of $1.71. The company intends to use the net proceeds for working capital and general corporate purposes.

The market's perception of this capital channel is mixed; the stock has shown significant volatility, falling nearly 60% over the year leading up to the October 2025 raise.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Tian Ruixiang Holdings Ltd (TIRX) as of late 2025, which is clearly bifurcated between its core insurance brokerage in China and a significant, recent expansion into Southeast Asian e-commerce and consumer services. The company acts on behalf of its clients to secure insurance coverage from underwriting insurance companies, earning revenue via commissions.

The customer segments are defined by the product type and geographic focus, showing a strategic shift toward digital health integration and cross-border consumer engagement.

• Institutional customers needing liability and commercial insurance
• Individual customers for life and health insurance products
• Over 4,000 hospitals and health providers in China
• Southeast Asian consumers and brand owners

The core Chinese operations serve both institutional and individual clients with a broad product mix. Institutional clients are the primary target for property and casualty lines, which include liability insurance, commercial property insurance, and automobile insurance. Individual customers are targeted through the distribution of life insurance and health insurance products.

The health insurance segment has been dramatically enhanced by the acquisition of Ucare Inc., which brings a massive network of providers. This integration directly addresses the hospital and health provider segment:

The expansion into Southeast Asia represents a new, non-core consumer segment. This is being executed via the acquisition of an 80% stake in BEYOND COASTLINE HOLDINGS LIMITED, a new retail group focusing on beauty and wellness, particularly in Indonesia.

This new segment is highly focused on digital engagement, leveraging influencer marketing. The deal structure itself provides concrete numbers related to this customer base's potential:

• Acquisition cost for 80% stake: $14.4 million
• Shares issued for stake: 7.2 million Class A Ordinary Shares at $2.00 per share
• Contingent Revenue Target: $27 million over 12 months post-closing
• Contingent Profit Target: $3 million over 12 months post-closing
• KOL Reach: Collaborations with over 10 KOLs boasting tens of millions of followers

To be fair, the primary insurance business still underpins the company, with a market capitalization around $30.7 million as of October 2025. The customer segments are thus split between the traditional insurance brokerage clients in China and the high-growth, digitally-native consumers in Southeast Asia, supported by the newly acquired hospital network data.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Cost Structure

When you look at the cost side of Tian Ruixiang Holdings Ltd (TIRX)'s business model canvas, you see a mix of traditional operational expenses and major, transformative capital events. Honestly, for a company of this size, the M&A activity really stands out as a primary cost driver right now.

The most immediate, non-recurring cost you need to account for is the strategic pivot into AI health insurance. Tian Ruixiang Holdings completed the acquisition of Ucare Inc. in an all-stock transaction valued at a massive $150 million. That figure represents a significant, albeit stock-based, commitment to integrating new technology, which carries substantial integration and future R&D implications, even if the initial outlay isn't cash.

Looking at the core operations, you'll see efforts to streamline. For the fiscal year ended October 31, 2023, the company managed to bring its total operating expenses down by 33.6% to $4.3 million. That's a concrete example of cost control, reducing the spend from $6.4 million in the prior year. This reduction is key to narrowing the overall loss from operations.

Here's a breakdown of some of the key cost elements we can quantify from the latest full-year reports and major announcements:

Commissions are a variable cost tied directly to sales, and we saw a notable swing there. Specifically, for FY2023, there was a significant increase of about $612,000 in commissions generated from their liability insurance products. This tells you that while they are cutting overhead, the cost of acquiring certain types of revenue is rising.

Regarding technology and R&D expenses, the public filings for the fiscal years ending in 2023 and 2024 don't itemize a specific R&D line item for Tian Ruixiang Holdings Ltd, often showing zero or no data. However, the $150 million Ucare acquisition is the de facto technology cost, as Ucare operates China's only cloud-based AI-driven hospital and health insurance risk management platform. The future cost structure will definitely reflect the ongoing investment needed to integrate and advance this generative AI technology into their underwriting and claims processing workflows.

You should watch the Sales, General and Admin line, which was $4,261 thousand in FY2023. That's the bulk of the operating spend you need to monitor for efficiency improvements post-acquisition. Finance: draft 13-week cash view by Friday.

Tian Ruixiang Holdings Ltd (TIRX) - Canvas Business Model: Revenue Streams

You're looking at how Tian Ruixiang Holdings Ltd generates its top-line income as of late 2025. The core business remains insurance brokerage, but the recent acquisition of Ucare Inc. signals a major shift toward technology-enabled service fees. Honestly, understanding the mix is key to valuing the company now.

The primary, traditional revenue source for Tian Ruixiang Holdings Ltd is the income derived from placing insurance policies. You see, Tian Ruixiang Holdings Ltd is compensated via commissions paid by the underwriting insurance companies. These commissions are calculated as a percentage of the premium the insured customer pays for the policy. The rate defintely changes based on the specific product and the insurer involved.

The company distributes a range of products, including property and casualty lines. Specifically, the distribution includes commercial property, automobile insurance, accidental insurance, and, as noted in your outline, liability insurance, which is a key product line. For context, Tian Ruixiang Holdings Ltd reported total revenue of $3.22 million in 2024. The preliminary snapshot for 2025, as of May 2025, touched $3.92 million.

Here's a quick look at the established and expected revenue components:

• Commissions from insurance premiums (liability is a top product)
• Service fees from AI-driven risk management platform
• Preliminary 2025 revenue touched $3.92 million (May 2025 snapshot)
• Future revenue from new-retail and brand operation services

The strategic pivot involves the service fees component, largely driven by the completion of the Ucare Inc. acquisition around July 2025. Ucare operates what the company describes as China's only cloud-based AI-driven hospital and health insurance risk management platform. This platform is designed to help providers, payers, and institutions reduce fraud, abuse, waste, and administrative costs. Ucare itself reported revenues of $5.4 million for the fiscal year ending October 31, 2024, which suggests a significant potential uplift to Tian Ruixiang Holdings Ltd's fee-based income stream moving forward.

The acquisition, valued at $150 million in an all-stock transaction, means Tian Ruixiang Holdings Ltd is now integrating this technology into its underwriting and claims processing. This integration is expected to generate service fees beyond the traditional commission structure. The table below breaks down the known revenue drivers and the context of the recent financing activity, which is intended to support general business needs and working capital.

To be fair, the integration of the AI platform is the near-term opportunity. If onboarding Ucare's relationships with over 4,000 hospitals takes longer than expected, the expected service fee ramp-up could slow. Still, the move is clearly aimed at diversifying away from pure commission dependency, which some industry observers see as creating inherent conflicts of interest.

The future revenue stream mentioned involves new-retail and brand operation services. While concrete numbers aren't available yet, this suggests an expansion into direct-to-consumer or brand management adjacent to their core insurance distribution. Finance: draft 13-week cash view by Friday.