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Insurance carriers and brokers in China pay MindForge Inc. to help reach prospective policy buyers, primarily in auto insurance. Through its Chinese operating entities, MindForge buys access to audiences from third-party online content, social-media and offline marketing platforms, then delivers clients’ promotions. Clients pay based on clicks, views or promotion time. This digital promotion business supplies most of its revenue. Customers include the People’s Insurance Company of China and Huatai Insurance Brokers.
A smaller business charges insurers for individualized vehicle-risk reports. Its Magic Mirror algorithm uses vehicle information to estimate accident or damage risks and potential claims. MindForge also sells digital benefit codes that insurers can give policyholders for services such as vehicle maintenance and car washing; these contribute little revenue.
The business depends on insurers’ marketing spending and whether promotions meet their expectations. One customer supplies a substantial share of revenue, while a limited group of suppliers provides the traffic needed to deliver promotions. Its internet-related operations are also subject to Chinese licensing, permit and foreign-ownership requirements; authorities can restrict or stop affected operations if required approvals are missing.
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MindForge’s results hinge on Chinese insurers’ promotion and service budgets—including those of its named customer People’s Insurance Company of China—not the broader AI software market.
EverQuote and MindForge both depend on insurers paying to attract policyholders: EverQuote connects insurance shoppers with providers, while MindForge delivers promotion traffic rather than underwriting insurance. Insurers’ spending on EverQuote’s shopper referrals offers a comparison for the customer-acquisition budgets behind MindForge’s promotion orders.
ZW Data Action Technologies Inc. and MindForge both earn most of their revenue from clients buying internet advertising in China, so marketing budgets and the traffic they purchase matter to both. ZW Data Action’s internet advertising and related services revenue fell from US$14.7 million in 2024 to US$3.7 million in 2025, a useful comparison for MindForge’s promotion revenue rather than its AI capabilities.
Baidu gives Chinese institutional marketers an alternative to MindForge’s click-based promotion: advertisers pay Baidu for clicks on sponsored links, while insurers pay MindForge to deliver promotion traffic. Baidu’s search and feed advertising business is the relevant comparison for MindForge’s customer-acquisition offering, rather than Baidu’s broader AI investments.
EverQuote, Inc. earningsEVER
EverQuote’s report will show how much insurers are spending to attract policyholders, a comparison for the acquisition budgets behind MindForge’s digital-promotion orders.
Look at demand for EverQuote’s insurance-shopper referrals alongside what insurers pay for them. Stronger demand and spending suggest insurers are still funding customer acquisition, supporting the budgets behind MindForge’s promotion orders; weakness in both points to pressure on those budgets. EverQuote sells shopper referrals, while MindForge delivers promotion traffic, so this is a comparison of customer spending, not the same service.
Baidu, Inc. earningsBIDU
Baidu’s report will show whether advertisers are still paying for search and feed clicks, a comparison for MindForge’s click-based promotion sold to insurers.
Look at Baidu’s search and feed advertising, especially whether advertisers continue paying for clicks. Stronger demand and spending suggest click advertising is still attracting budgets, a favorable comparison for MindForge’s click-based promotion to insurers; weakness points to a tougher budget backdrop for that service. Baidu serves advertisers broadly, while MindForge mainly serves insurance institutions, so this cannot replace MindForge’s own orders and revenue.
