雷达财经鸿途出品 文|江北 编|深海 7月25日，距离轻松健康向港交所递交招股书之日即将满6个月，但公司尚未敲开港交所大门。 此前在今年1月28日，轻松健康向港交所递交招股书，计划于港交所主板挂牌上市，中金公司和招商证券国际为联席保荐人。 与水滴公司一样，轻松健康集团最早发家依托于大病筹款平台——轻松筹。其成立于2014年，比2016年成立的水滴筹早了近两年。 尽管商业模式上二者近似，然而发展速度上，轻松筹却远远不及水滴筹。依托强悍的"互联网打法"和更强大的资本支持，水滴筹很快在平台活跃用户数、 总筹集资金额度、签约保险公司数等多个维度上超过了轻松筹，并早在2021年就完成了赴美上市的目标。 "起了个大早，赶了个晚集。"对轻松健康来说，落后不仅意味着市占率被挤占，也意味着经过数年发酵，原本隐藏在"公益生意"这种商业模式背后的经营 弊端正在显现。 当下，轻松健康面临的最核心问题是，随着"公益业务"带来的流量衰退，轻松筹的活跃用户数已经开始逐年下滑。2022年、2023年以及2024年前三季度， 轻松健康集团的活跃用户数量分别约为7050万、6910万以及5000万名。 活跃用户数下滑带来的问题，直观反映在公司收 ...

Core Insights - Waterdrop Inc. has been recognized by Harvard Business School for its innovative application of AI in the insurance and healthcare sectors, showcasing a replicable model for global insurtech development [1][4][13] Company Overview - Waterdrop operates a diversified health protection ecosystem that includes Waterdrop Medical Crowdfunding, Waterdrop Insurance Marketplace, E-Find Patient Recruitment, Waterdrop Financial, and Lugo Visa, integrating insurance coverage and health services [4][5] - The company has invested nearly 300 million yuan (approximately US$42 million) annually in R&D, resulting in over 100 technology patents [4] Social Impact - Waterdrop Medical Crowdfunding has facilitated support for over 3.47 million patients, with a new fundraising campaign initiated every 53 seconds, earning recognition from the Ministry of Civil Affairs in China [5] - The Waterdrop Insurance Marketplace offers over 1,000 insurance products tailored for specific demographics, achieving a customer satisfaction rate exceeding 95% [6] Technological Advancements - The use of AI has led to a 120% increase in net profit attributable to shareholders in 2024, with plans to further integrate AI across all business lines in 2025 [8] - Waterdrop's proprietary AI, Waterdrop Guardian AI Insurance Expert, enhances sales support and process optimization, outperforming entry-level human agents in service efficiency [9][10] Operational Efficiency - E-Find Patient Recruitment has improved patient enrollment efficiency by 45% and established partnerships with 80% of the world's top 10 pharmaceutical companies [7] - The AI-powered virtual assistant Baoxiaohui is expected to reduce case escalation rates by 50% annually while improving service efficiency by 50% [11] Quality Control - Waterdrop's AI-driven quality inspection solution ensures comprehensive coverage across communication channels, reducing manual review costs by over 50% [12]

Core Insights - Waterdrop's business innovation case has been recognized by Harvard Business School, highlighting its AI-driven approach in the insurance and healthcare sectors [1][5] - The company has implemented a comprehensive "All in AI" strategy, significantly enhancing its operational efficiency and service delivery [2][4] Group 1: Recognition and Impact - Waterdrop's case study is included in Harvard Business School's case library, which represents the highest standard of international teaching cases [1] - The case explores how Waterdrop leverages AI technology for systematic innovation and strategic upgrades, contributing to a diversified health protection ecosystem [1][5] Group 2: Business Model and Technology Investment - Waterdrop invests nearly 300 million yuan annually in technology research and development, resulting in over 100 technology patents and a comprehensive application system covering all insurance scenarios [2] - The company operates multiple business lines, including Waterdrop Fundraising, Waterdrop Insurance, Yifan Medicine, Waterdrop Finance, and Luhong Wuyou, creating a multi-faceted service ecosystem [2] Group 3: AI Integration and Performance - In 2024, Waterdrop's net profit attributable to shareholders increased by nearly 120% due to the empowerment of AI large models [4] - The self-developed model "Waterdrop AI Insurance Expert" is applied across the entire insurance health service process, enhancing sales assistance and operational efficiency [4] Group 4: Customer Service Innovations - Waterdrop has launched "AI Customer Service" named "Bao Xiaohui," which can accurately identify user emotions and respond promptly, potentially reducing issue transfer rates by 50% [4] - The AI quality inspection solution has been implemented, covering various communication channels and significantly reducing the costs associated with manual quality checks [4]

作为民政部指定个人求助网络服务平台，水滴筹一直致力于利用数字技术为大病患者搭建更加便捷高效的筹款平台。近期，水滴筹与广州民政联合启动"水 滴共助" 救助服务项目。相关困难群众可以通过"穗好办"平台"一键"申请救助，"水滴共助"救助服务团队也会根据实际情况将救助服务递送到家。此类个人 求助与政府救助深度衔接的"多元共助"新模式，让让大病救助更精准。水滴筹相关负责人表示："未来，水滴筹将通过不断探索大病筹款服务的边界，通过 大数据、人工智能等技术手段，优化筹款流程、加强信息审核，确保精准服务需要帮助的大病患者。"至今，水滴筹平台已经帮助347万经济困难的大病患者 筹款了688亿元，得到了超过4.75亿爱心人士的帮助。 此前，在民政部的指导下，以水滴筹为代表的个人求助网络服务平台签署《个人大病求助互联网服务平台自律公约》，并表态加强平台自律管理、提升风险 防范水平、健全社会监督机制，营造良好的社会诚信氛围。近年来，水滴筹不断提升服务能力，搭建"技术+人工"的多重审核机制，充分发挥了公众举报机 制，邀请社会各界共同监督，让真正需要帮助的人得到救助。在资金安全方面，与平安银行签署资金托管协议，成立"大病求助平台资金专户 ...

Investment Rating - The industry investment rating is "Leading the Market" which indicates a projected outperformance of over 10% relative to the benchmark index in the next 6-12 months [2][8]. Core Insights - The report highlights the gradual integration of the C-end AI medical applications industry ecosystem, driven by technological advancements and policy guidance [5]. - The AI+medical market in China is expected to grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate (CAGR) of 43.1% over the next decade [5]. - The report emphasizes the increasing number of AI applications in the medical field, with 101 models and algorithms registered by the end of 2024, covering various areas such as consultation dialogues (48%), health assessments (24%), and diagnostic assistance (5%) [5]. - Major domestic and international tech companies are actively entering the medical sector, with notable developments from companies like JD Health, ByteDance, Tencent, Google, and Microsoft [5]. Summary by Sections Industry Performance - The report provides a performance overview indicating relative returns of 5.83% over 1 month, 6.73% over 3 months, and 38.04% over 12 months, alongside absolute returns of 8.32%, 7.98%, and 51.74% respectively [4]. Related Reports - The report references several related analyses on the media sector, including developments in AI smart glasses and the impact of domestic video generation models on industry growth [5]. Investment Recommendations - The report suggests focusing on companies such as Alibaba-W, Tencent Holdings, JD Health, Meituan-W, and Waterdrop, as they leverage technological and data advantages to drive industry growth [5].

Core Viewpoint - The "Second Hong Kong Excellent Teacher Morality and Style Award Selection" aims to recognize outstanding teachers and promote moral education in Hong Kong's education sector, encouraging the cultivation of a patriotic and dedicated new generation [3][13]. Group 1: Event Overview - The award ceremony took place on June 26 at Peiqiao Middle School, organized by the Ta Kung Pao and supported by various educational institutions and the Hong Kong Education Bureau [1][3]. - The event received participation from over 100 schools, including primary, secondary, and kindergarten levels, resulting in the selection of 28 award-winning teachers and 57 commendation award teachers [3][4]. Group 2: Support and Contributions - Waterdrop Company, represented by its CEO Shen Peng, provided financial support for the event, contributing to the cultivation of more excellent educators [6][9]. - The event organizers expressed gratitude to Waterdrop Company and Peiqiao Middle School for their support, highlighting the importance of community involvement in education [6][9]. Group 3: Educational Standards - The selection criteria for the awards were based on President Xi Jinping's "Four Good Teachers" standard, emphasizing the importance of moral education and exemplary teaching practices [3][13]. - The event aims to inspire teachers to share their educational beliefs and stories, fostering a community of educators committed to enhancing the moral standards in education [1][3].

Group 1 - Waterdrop Inc. reported strong financial performance in Q1 2025, with net profit of 108 million yuan, a year-on-year increase of 34.2% [1] - Insurance-related revenue reached 658 million yuan, up 8.4% year-on-year, driven primarily by growth in insurance brokerage income [1] - Guotai Junan International raised the target price for Waterdrop Inc. to $1.8 and maintained a "Buy" rating, reflecting improved profitability due to enhanced operational efficiency [1] Group 2 - Waterdrop Inc. has invested nearly 300 million yuan annually in R&D, applying for 51 patents related to large AI models, establishing a comprehensive application system for insurance scenarios [2] - The company utilizes its self-developed insurance AI model to achieve intelligent upgrades in customer acquisition, sales assistance, customer operations, and risk control [2] - The "AI Quality Inspection Assistant" improved quality management efficiency, increasing inspection personnel effectiveness by 83% [2] - The "Waterdrop AI Insurance Expert" significantly enhanced efficiency, contributing over 2 million yuan in premiums in a single month through telephone service [2] - The "AI Customer Service" covers various insurance service scenarios, providing 24/7 responses to user inquiries with an average problem resolution rate of 52% [2]

凭借在大病救助、保险科技及健康服务行业的贡献，沈鹏获得了社会的广泛认可，曾获评"北京市就业创业工作先进个人"、 "北京榜样·支援合作先锋"、 "民 建参与脱贫攻坚先进个人" 、"首都民族团结进步先进个人"等荣誉称号，入选《福布斯》"30位30岁以下亚洲精英榜"、《财富》"中国40位40岁以下商界精英 榜"、 世界经济论坛"全球青年领袖"、粤港澳大湾区杰出青年企业家等，并担任中华全国工商联青年企业家委员会委员、全国青联第十三届委员会委员、北 京市工商业联合会执委常委等社会职务。 面对新一轮的科技浪潮，沈鹏表示："抓住AI产业化的时代机遇，利用科技优势，优化产品与服务，满足用户多元化的需求。"水滴公司积极推进"All in AI"战略，从内到外全面拥抱AI，鼓励员工积极探索AI应用场景，共同挖掘其在业务提效上的巨大潜力，拓展全球化布局，让科技真正惠及亿万家庭。（一 言） 此次创新争先活动由北京市科协主办，旨在团结引导广大科技工作者凝心聚力、奋勇争先，更好地服务北京国际科技创新中心和高水平人才高地建设。作为 保险科技与医疗健康领域的创新者和引领者，沈鹏带领水滴公司坚持技术创新赋能行业发展，持续推动人工智能、大数据等 ...

此次入选，标志着翼帆医药在医药健康领域的专业能力与社会价值获得政府与行业的广泛认可。未来， 依托专委会平台，翼帆医药将携手政府、医疗机构、科研院所及行业伙伴，在政策研究、技术创新、产 业协同、健康服务等方面发挥积极作用，探索医药健康产业的高质量发展路径，降低患者医疗负担， 为"健康北京"建设贡献力量。 图：市政协副主席、市工商联主席燕瑛讲话 翼帆医药依托水滴服务的庞大患者群体以及智能匹配系统，积极开展受试者招募等业务，有力地助力了 国内外知名药企提升研发效率。目前，公司已与160余家全球及中国领先的药企、CRO 机构建立合作 (top20药企直接合作率达80%），其打造的招募平台也已发展成为国内领先的第三方患者招募平台，在 肿瘤领域遥遥领先。 图：会议现场 安立佳指出，希望专委会聚焦主责主业，在推动科技创新和产业创新深度融合上积极作为。希望北京市 工商联积极开展实践探索，在推动民营经济高质量发展上创造更多首都经验。希望积极构建协同联动体 系，助力北京加快打造战新产业和未来产业发展高地。全联要促进各直属商会、行业委员会与北京市工 商联合作，支持专委会参与全联的各项品牌活动，更好支持北京民营经济高质量发展。 燕瑛 ...

Core Viewpoint - Waterdrop (NYSE: WDH) has largely recovered from the stock market turmoil that led to a sell-off in March and April, indicating resilience in its business model and market position [1]. Company Summary - Waterdrop operates a platform that provides insurance and healthcare services in China, positioning itself in a growing market with significant potential for expansion [1]. Market Context - The stock market volatility experienced in early 2023 had a notable impact on Waterdrop's stock performance, but the company has shown signs of recovery since then [1].