Since divesting its telemedicine assets in 2020 and shedding its CRM SaaS venture in 2023, QDM International has refocused as a Hong Kong-based insurance broker via its subsidiary YeeTah. The company reported a robust revenue increase of 32% and a more than doubling of net income in fiscal 2025, underpinned by commission revenue from diversified insurance products and MPF intermediary services. Despite customer and sub-broker concentration risks, QDM has leveraged regulatory licensing barriers to build a narrow moat, while maintaining strong operating cash flow and a clean balance sheet. Absent formal guidance, ongoing monitoring of geopolitical risks and client diversification efforts remain key for future growth sustainability.