QDMIOTCInsurance Agents, Brokers & ServiceUS GAAP · USD

QDM International Inc.

QDM International Inc. is a Florida holding company whose operating business is conducted primarily through its indirectly wholly owned subsidiary, YeeTah, in Hong Kong. YeeTah operates as an insurance brokerage and intermediary, selling life, medical, and general insurance products and providing MPF-related intermediary services to customers in Hong Kong and from mainland China.

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Revenue21.5m USD
+156.2 %y/y
Operating profit (EBIT)9.1m USD
+54.9 %y/y
EBIT margin42.6%
−27.9 ppy/y
Net income7.5m USD
+56.2 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-50510152025m USD2021: 0.12 m USD2021: EBIT -0.33 m USD20212022: 0.07 m USD2022: EBIT -0.38 m USD20222023: 1.1 m USD2023: EBIT 0.04 m USD20232024: 6.4 m USD2024: EBIT 1.8 m USD20242025: 8.4 m USD2025: EBIT 5.9 m USD20252026: 21 m USD2026: EBIT 9.1 m USD2026219.1
RevenueOperating profit (EBIT)

Business

Share of revenue
Life and medical insurance brokerage55 %

Intermediation of individual life and medical insurance policies underwritten by Hong Kong insurers.

General insurance brokerage30 %

Placement of automobile, property, liability, and homeowner insurance products.

MPF and retirement scheme intermediary services10 %

Assistance with MPF account opening, information collection, and fund transfers in Hong Kong.

Referral and partner commissions5 %

Commission income from referring clients to a Hong Kong trust company for investment products.

Products

Reported · share of revenue
92.7%FY2026100 %
  • Insurance Brokerage Services92.7 %
  • Referral Business7.3 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

QDM serves individual insurance buyers in Hong Kong and mainland China visitors who purchase policies underwritten in Hong Kong. It also serves customers seeking retirement-scheme assistance through MPF-related services, and clients referred through business partners such as wealth management firms, trust companies, and immigration agencies.

Hong Kong individual insurance buyers

Buy life, medical, and general insurance through YeeTah for personal protection and household coverage.

Mainland China visitors and cross-border clients

Purchase Hong Kong-issued insurance products through Hong Kong intermediaries for access to product breadth and service.

MPF and retirement-scheme users

Use YeeTah for MPF information collection, account setup, and transfer support.

Referred investment-product clients

Insurance customers referred to a Hong Kong trust company, generating referral commissions for QDM.

Strategy

The company’s strategy is to expand its Hong Kong insurance distribution network by adding partners, recruiting sales talent, and deepening relationships with insurers. It also seeks to broaden revenue through referral arrangements and by serving more high-net-worth and cross-border customers connected to Hong Kong and mainland China.

Expand partner-led distributionShort term

More referral and business-partner channels can increase policy volume and customer reach without relying only on direct selling.

Recruit and retain sales talentShort term

The brokerage model depends on licensed technical representatives to source and close policies.

Broaden product and partner mixMedium term

A wider insurer panel and more product options can improve customer coverage and reduce dependence on any one carrier.

Diversify into referral-based incomeMedium term

Referral commissions add a non-insurance revenue stream and leverage the existing customer base.

Geography

QDM is incorporated in Florida, but substantially all operating activity is in Hong Kong through YeeTah. The customer base is concentrated in Hong Kong and mainland China-linked demand, while the company’s revenue exposure is tied to Hong Kong’s insurance intermediary market and its regulatory environment.

Risks

QDM’s business is exposed to concentration risk because a large share of commissions can come from a limited number of insurance partners. It also depends on licensed technical representatives, Hong Kong regulation, and cross-border demand tied to Hong Kong and mainland China, making the business sensitive to partner turnover, compliance failures, and regional policy changes.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Insurance partner concentration1Dependence on technical representatives2Hong Kong regulatory and licensing risk3Hong Kong and PRC policy exposure4Competitive pressure in insurance intermediation5Quarterly seasonality and renewal timing6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Insurance partner concentrationImpact: HighLikelihood: Medium

    A significant portion of commissions comes from a limited number of insurers, so partner loss or repricing can reduce revenue quickly.

    Exposure: One insurer accounted for 68.1% of commissions in FY2025 and 96.5% in FY2024.

  2. Dependence on technical representativesImpact: HighLikelihood: Medium

    Sales and customer servicing are conducted through licensed representatives, so turnover or misconduct can disrupt revenue generation and compliance.

    Exposure: Hong Kong brokerage operations

  3. Hong Kong regulatory and licensing riskImpact: HighLikelihood: Medium

    Insurance brokerage and MPF intermediary activities require licenses and ongoing compliance with local rules.

    Exposure: Hong Kong operating subsidiary

  4. Hong Kong and PRC policy exposureImpact: HighLikelihood: Medium

    Demand and operating conditions can be affected by political and economic changes in Hong Kong and by PRC policy shifts.

    Exposure: Cross-border customer base and Hong Kong operations

  5. Competitive pressure in insurance intermediationImpact: MediumLikelihood: Medium

    The market is crowded, which can pressure commissions, customer acquisition, and partner access.

    Exposure: Hong Kong insurance intermediary market

  6. Quarterly seasonality and renewal timingImpact: MediumLikelihood: Low

    Commission revenue varies with policy renewals and the mix of new versus renewal business.

    Exposure: Commission-based revenue model

Accounting

Judgemental items
Commission revenue recognition

Revenue is earned from insurance commissions, often after the policy cooling-off period, so timing can shift between periods.

Impact: Affects reported revenue and quarter-to-quarter comparability

Renewal versus first-year commission mix

Renewal commissions are lower than first-year commissions, changing revenue quality even when policy counts rise.

Impact: Can affect revenue growth and margin interpretation

Referral-fee revenue

Trust-company referral commissions are a newer revenue source and may be less recurring than core brokerage income.

Impact: Adds diversification but may increase volatility

Foreign currency translation

Operations are in Hong Kong dollars while reporting is in U.S. dollars, creating translation effects.

Impact: Can move reported revenue, expenses, and equity balances

Related-party and shareholder funding

The holding company has relied on equity financings and advances from its principal shareholder.

Impact: Relevant for liquidity and balance-sheet analysis

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Last updated: 24/09/2026