甩掉轻松筹，轻松健康集团IPO胜算几何？活跃用户连年流失，保险业务“套路深”

Core Viewpoint - Easy Health Group submitted a listing application to the Hong Kong Stock Exchange on August 31, 2023, after its previous application became invalid on August 20, 2023 [1]. Company Overview - Easy Health Group was established in 2014 and focuses on providing digital integrated health services and health insurance solutions [4]. - In June 2024, the group plans to spin off its online disease fundraising service and transfer all equity in this service and its hospital to Zhonglang Group [4]. Financial Performance - The group reported revenues of approximately 394 million RMB, 490 million RMB, 945 million RMB, and 656 million RMB for the years 2022 to 2024 and the first half of 2025, respectively [4]. - The profits (losses) from continuing operations during the same periods were -9.098 million RMB, 9.7169 million RMB, 0.899 million RMB, and 8.6045 million RMB [5]. - The gross profit margin has been declining, recorded at 82.6%, 79.9%, 38.3%, and 32.5% over the reporting periods [6]. User Engagement - Active user numbers have decreased significantly, from 70.5 million to 22.7 million over the reporting periods [6]. - The group acknowledges that its success relies on maintaining and expanding its user base [8]. Marketing and Compliance Issues - The group has incurred high sales and marketing expenses, which were approximately 65.8 million RMB, 124 million RMB, 159 million RMB, 72.4 million RMB, and 103 million RMB, representing 16.7%, 25.3%, 16.8%, 20.4%, and 15.7% of revenue, respectively [8]. - Easy Health Group's subsidiary, Guangdong Easy Insurance Brokerage Co., was fined 1 million RMB in 2022 for misleading marketing practices [8]. - Recent complaints against Easy Insurance have surfaced, alleging issues such as unauthorized charges and aggressive marketing tactics [9].