(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]

除本公告另有界定者外，本公告所用詞彙與輕松健康集團（「本公司」）刊發的日期為2025年12月15日的招股章程 （「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。 本公告僅供參考，並不構成任何人士收購、購買或認購本公司證券的要約或誘使作出要約的邀請。本公告並非招 股章程。有意投資者應先行閱讀招股章程有關下文所述本公司及全球發售的詳細資料，方決定是否投資於發售股 份。 本公告不會直接或間接於美國或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區）發佈、刊發或派發。本 公告並非且不擬構成或組成在美國或任何其他司法管轄區的任何要約出售或招攬購買或認購任何證券的一部分。 發售股份並無亦不會根據1933年美國證券法（經不時修訂）（「美國證券法」）或美國任何州或其他司法管轄區的證券 法登記，且不得於美國境內提呈發售、出售、質押或以其他方式轉讓，惟根據美國證券法登記規定可獲得的豁免 或屬毋須遵守美國證券法登記規定的交易中進行且遵守任何適用的州證券法除外。發售股份僅根據美國證券法S 規例以及進行發售及出售的各司法管轄區適用法律於美國境外以離岸交易方式提呈發 ...

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

Core Insights - The 2026 Molecular Insurance Technology Festival was held in Xiamen, showcasing cutting-edge insurance technology and innovations, with a focus on the future development of insurance technology and service systems [1] - The leading health service platform, Lighter Health Group, was recognized for its excellence in insurance technology, being awarded the "Top 100 Insurance Technology and Services" for six consecutive years, highlighting its dual breakthroughs in technological strength and ecological collaboration [1] Group 1 - Lighter Health Group announced a strategic partnership with the Greater Bay Area Medical Group to launch the "Bay Area Smart Health: AI Empowered Value Medical Universal Health Protection Plan," aimed at creating an AI-enabled healthcare ecosystem [3] - The collaboration will address the challenges posed by an aging population and diverse health needs by providing accessible and affordable lifetime health services [3] Group 2 - AI is transitioning from concept validation to large-scale implementation, becoming a core force in reshaping the insurance value chain, with Lighter Health Group's self-developed AIcare technology stack creating a unique "AI + Health + Insurance" empowerment loop [7] - This model enhances the precision of insurance product pricing and service efficiency while offering new solutions for insurance institutions to reduce long-term risk costs and improve user engagement [7] Group 3 - Lighter Health Group has established a collaborative path of "health scenarios + AI risk control + insurance products," enhancing user risk awareness and management through real health scenarios [9] - The use of AI for structured analysis of health data aids underwriting, claims, and service decision-making, leading to more personalized and intelligent insurance services [9] Group 4 - The strategic partnership with the Greater Bay Area Medical Group is a crucial part of Lighter Health Group's effort to build an "insurance + technology + healthcare" ecological loop, moving towards an open and collaborative health service ecosystem [9] - The ongoing development of the "Bay Area Smart Health" plan and continuous R&D in AI technology is driving a shift from passive response to proactive management in health services [10]

Core Viewpoint - The stock of Easy Health (02661) has surged over 9%, reaching a new high of 99.5 HKD, representing an increase of nearly 340% from its IPO price of 22.68 HKD [1] Group 1: Company Developments - Easy Health Group announced a strategic partnership with the Greater Bay Area Medical Group during the 2026 Molecular Insurance Technology Festival on January 14 [1] - The collaboration aims to launch the "Bay Area Smart Health: AI Empowered Value Medical Universal Health Protection Plan" [1] - The partnership will leverage the Greater Bay Area Medical Group's expertise in value-based healthcare models and family doctor service systems, combined with Easy Health's strengths in AI technology, big data analysis, and internet health management [1] Group 2: Project Goals - The initiative will focus on creating an intelligent health management solution that covers the entire process of prevention, diagnosis, and rehabilitation [1] - Both parties will promote the deep application of AI technology in areas such as disease early screening, risk assessment, and personalized health management [1] - The goal is to achieve efficient allocation of medical resources and integrated services, thereby enhancing residents' health management experience and quality of life [1]

Core Viewpoint - The stock of Easy Health (02661) has surged over 9%, reaching a new high of 99.5 HKD, representing an increase of nearly 340% from its IPO price of 22.68 HKD [1] Group 1: Strategic Partnership - Easy Health Group announced a strategic partnership with Greater Bay Area Medical Group during the 2026 Molecular Insurance Technology Festival [1] - The collaboration aims to launch the "Bay Area Smart Health: AI Empowered Value Medical Universal Health Protection Plan" [1] - The partnership will leverage Greater Bay Area Medical Group's expertise in value-based healthcare and family doctor service systems alongside Easy Health's strengths in AI technology, big data analysis, and internet health management [1] Group 2: Health Management Solutions - The initiative will focus on creating an intelligent health management solution that covers the entire process of prevention, diagnosis, and rehabilitation [1] - Both parties will promote the deep application of AI technology in areas such as disease early screening, risk assessment, and personalized health management [1] - The goal is to achieve efficient allocation of medical resources and integrated services, enhancing residents' health management experience and quality of life [1]