星瞰IPO | 健康科普生意难，“断臂”上市的轻松健康净利仅剩7.8%

Core Viewpoint - The company, Lighter Health Group, has re-submitted its IPO application after its initial attempt failed, indicating a strategic shift and restructuring of its business model to focus on digital health and insurance services while divesting from its crowdfunding platform, Lighter Chou [1][3][5]. Group 1: Company Background and Business Model - Lighter Health Group was established in 2014, originally focusing on comprehensive health solutions including early screening, health management, and health insurance [3]. - The company transitioned from its initial crowdfunding platform, Lighter Chou, which gained significant traction, reaching over 600 million users by 2019, to a broader health service provider [3][4]. - The company plans to fully divest its crowdfunding business by June 2024, retaining only its digital health and insurance operations [3][5]. Group 2: Financial Performance - Revenue figures for Lighter Health from 2022 to the first half of 2025 show a growth trend with revenues of 394 million, 490 million, 945 million, and 656 million respectively, but net profits have declined from 149 million to 51.2 million during the same period [5][6]. - The gross margin has decreased significantly from 82.6% in 2022 to 32.5% in the first half of 2025, while net profit margin has shrunk from 37.9% to 7.8% [5][6]. Group 3: Business Strategy and Market Challenges - The company is shifting its primary revenue source to digital marketing services, which have grown from contributing 0.23 million to 4.44 million in revenue from 2023 to the first half of 2025, now accounting for 67.7% of total revenue [7]. - However, the gross margin for digital marketing services is lower and more volatile, impacting overall profitability [7]. - The company faces regulatory challenges as the government increases scrutiny on internet platforms, particularly in the health sector, which could pose risks to its new business model [8][9][10]. Group 4: User Engagement and Market Position - Following the divestment of Lighter Chou, the company has experienced a significant drop in active users, from 70.5 million in 2022 to 22.7 million, a decline of 68% [10]. - Comparisons with similar companies, such as Waterdrop, indicate that the loss of a crowdfunding model can lead to increased customer acquisition costs and declining valuations in the capital market [10][12]. - The historical reliance on Lighter Chou has created both growth opportunities and regulatory burdens, which may hinder the company's IPO prospects and overall market valuation [12].