Group 1 - The Hang Seng Index Company announced the inclusion of Easy Health (02661) in the Hang Seng Composite Index, effective from March 9, 2026, following a quarterly review [1] - Easy Health is likely to be included in the Stock Connect program due to meeting various criteria such as market capitalization, liquidity, and listing duration [1] - The company has successfully transformed from a "crowdfunding platform" to an "AI + health services + insurance protection" ecosystem, significantly increasing the proportion of health service revenue [1] Group 2 - Easy Health has established a unique brand moat in the highly fragmented digital healthcare market by focusing on public health education, differentiating itself from serious medical platforms like Yimaitong [2] - The company has become a starting point in the patient decision-making chain, leveraging its strong brand trust built from its previous crowdfunding platform [2] - The long-term value of the company is expected to further release at current stock price levels, with stock performance primarily dependent on the management's ability to deliver on transformation results [2]

Core Viewpoint - The company has successfully transformed from a "crowdfunding platform" to an "AI + health services + insurance protection" closed-loop ecosystem, significantly increasing the proportion of health service revenue [1] Group 1: Business Transformation - The company has enhanced operational efficiency and scale effects through deep AI integration in content production, precise conversion, and risk control systems, leading to optimized revenue structure and released profitability [1] - The company is expected to have long-term business resilience and anti-cyclical capabilities supported by a multi-payer structure [1] Group 2: Competitive Positioning - In a highly fragmented digital healthcare market, the company has achieved differentiated competition by focusing on public health education, contrasting with serious medical platforms like Yimaitong [1] - The company leverages the strong brand trust accumulated from its previous crowdfunding platform, positioning itself as the starting point in the patient decision-making chain, especially among younger patients who prefer video consultations [1] Group 3: Market Potential - The company's consumer-oriented health content, such as topics on hair loss, sleep, and chronic disease management, has a broader audience and creates a strong psychological positioning at both the scene and patient ends [1] - The company is believed to have further value release potential at the current stock price level, with stock performance primarily dependent on the management's ability to continuously deliver on transformation results [1]

Core Viewpoint - The report from China Merchants Securities indicates that Easy Health (02661) has successfully transformed from a "crowdfunding platform" to a closed-loop ecosystem of "AI + health services + insurance protection," significantly increasing the proportion of health service revenue [1] Group 1: Business Transformation - The company has enhanced its operational efficiency and scale effects through deep AI integration in content production, precise conversion, and risk control systems, leading to optimized revenue structure and released profitability [1] - The firm is rated "Buy" with a target price of HKD 109.4, reflecting confidence in its long-term commercial resilience and counter-cyclical capabilities supported by a multi-payer structure [1] Group 2: Competitive Positioning - In a highly fragmented digital healthcare market, the company has achieved differentiated competition by focusing on public health education, contrasting with serious medical platforms like Yimaitong [1] - Leveraging the strong brand trust built from its origins in crowdfunding, the company has positioned itself as the starting point in the patient decision-making chain, particularly appealing to younger patients who prefer video consultations [1] Group 3: Market Opportunities - The company's consumer-oriented health content, addressing issues like hair loss, sleep, and chronic disease management, has a broader audience and creates a strong psychological presence at both the scene and patient ends [1] - The firm is expected to have further value release potential at current stock price levels, with stock performance primarily dependent on the management's ability to deliver on transformation results [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年1月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 輕松健康集團 | | | | | | 呈交日期: | 2026年2月4日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02661 | 說明 | | | | FF301 第 1 頁 共 10 頁 v 1.2.0 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 500,000,000 USD 0.0001 USD 50,000 增加 / 減少 (-) 0 USD 0 本月底結存 500,000,000 USD 0.0001 USD 50,000 本月底法定/註冊股本總額： USD 50,000 FF301 II. 已發行股份及/或庫存股份變動 ...

QingSong Health Corporation 轻松健康集团 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock Code 股份代號: 2661) If you want to receive the Corporate Communications in printed form, please complete and return the reply form on the reverse side of this letter (the "Reply Form") to the Company's Hong Kong share registrar (the "Share Registrar"), Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong or send an email t ...

(Incorporated in the Cayman Islands with limited liability) (Stock Code: 2661) QingSong Health Corporation 轻松健康集团 4 February 2026 Dear Registered Shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into effect on 31 December 2023, QingSong Health Cor ...

Core Insights - The core issue facing the company is a significant decline in active users, with over 20 million users lost in two years, despite revenue growth [1][20] - The company's financial data reveals a drastic drop in gross profit margin and a shift in revenue sources, indicating structural challenges in its business model [5][24] Business Transformation and Growth Challenges - The company made a critical decision to spin off its core traffic business, "Qing Song Chou," from the listing entity ahead of its IPO [2][21] - This spin-off was driven by compliance needs and controversies surrounding "Qing Song Chou," which had previously attracted a large user base through charitable fundraising [3][22] Profitability Quality and Structural Challenges - Revenue increased from 394 million to 643 million yuan from 2022 to the first three quarters of 2024, but adjusted net profit fell from 149 million to 77.66 million yuan, indicating a "growth without profit" scenario [5][24] - The gross profit margin plummeted from 82.6% in 2022 to 43.4% in the first three quarters of 2024, closely linked to fundamental changes in the company's business structure [6][25] User Base and Trust Crisis - The company faces a significant challenge with a continuous decline in its user base, with active users dropping from 70.5 million to 50 million as of September 30, 2024 [8][27] - The cost of acquiring users has increased, with sales and marketing expenses reaching 113.6 million yuan in the first three quarters of 2024, a 60% year-on-year increase, yet user engagement continues to decline [10][28] Regulatory and Compliance Risks - Regulatory compliance issues have become a notable obstacle for the company, including a fine of 1 million yuan for illegal insurance sales practices [11][30] - Reports of user complaints regarding unauthorized charges and misleading practices have surfaced, leading to investigations by regulatory authorities [12][31] AI Technology Narrative and Reality Gap - The company attempts to reshape its image with an "AI + Health Services" narrative, but financial data shows a declining proportion of R&D spending, contradicting its claims of being technology-driven [13][32] - Despite a significant increase in R&D investment, the anticipated AI technology stack has yet to demonstrate a profitable scenario [13][32] Market Competition and Capital Pressure - The company faces intense competition in the market, with rivals like Waterdrop and Ping An Good Doctor also targeting the online healthcare and insurance sectors [14][33] - There is mounting pressure from investors for a return on investment, as the company has raised approximately 1.26 billion yuan from notable investors between 2015 and 2021 [15][34] Key Financial and Operational Metrics Changes - Key financial metrics show a revenue increase from 394 million yuan in 2022 to 643 million yuan in the first three quarters of 2024, while adjusted net profit decreased from 149 million to 77.66 million yuan [16][35] - The gross profit margin has significantly decreased, and the proportion of insurance-related revenue has dropped from 81.5% in 2022 to 37.1% in the first half of 2025 [16][35]

Core Viewpoint - The global offering's stabilization period for Easy Health (02661) ended on January 17, 2026, with no over-allotment exercised by the underwriters [1] Group 1 - The stabilization period concluded 30 days after the submission deadline for the Hong Kong public offering application [1] - There was no over-allotment in the international offering, and the underwriters did not exercise the over-allotment option [1] - The over-allotment option has expired as of January 17, 2026, meaning no shares will be issued under this option [1]

Core Viewpoint - The announcement from Easy Health (02661) indicates the end of the stabilization period for its global offering on January 17, 2026, with no over-allotment exercised and no stabilization actions taken during this period [1] Group 1 - The stabilization period for the global offering ended on January 17, 2026, which is 30 days after the deadline for submitting the Hong Kong public offering application [1] - There was no over-allotment in the international offering, and the underwriters did not exercise the over-allotment option [1] - The over-allotment option has expired as of January 17, 2026, meaning no shares have been or will be issued under this option [1]

Core Viewpoint - The announcement from Easy Health (02661.HK) indicates that the stabilization period for the global offering ended on January 17, 2026, which is 30 days after the deadline for submitting the Hong Kong public offering application [1] Group 1 - The overallotment option has expired as of January 17, 2026, meaning no shares have been or will be issued under this option [1]