轻松健康集团“蝶变”：通过港交所聆讯，深耕“AI+大健康”生态长期价值

Core Viewpoint - The successful listing of Qingsong Health Group on the Hong Kong Stock Exchange marks a significant step in the internationalization of this leading digital health management platform in China, reflecting the growth potential of the digital health industry driven by technology and AI [1][11]. Group 1: Company Overview - Qingsong Health Group, established in 2014, has evolved into a technology-driven digital health platform integrating health management, insurance technology, and medical services [1]. - The company has positioned itself as a one-stop platform focusing on providing comprehensive digital health services and health insurance solutions [2]. Group 2: Financial Performance - Qingsong Health Group's revenue is projected to grow by 140% to 945 million RMB in 2024 compared to 2022, with a strong growth momentum evidenced by a 84.7% increase in revenue to approximately 656 million RMB in the first half of 2025 [2]. - The adjusted net profit for the same periods shows a steady trend, with figures of approximately 149 million RMB, 146 million RMB, 84.4 million RMB, and 51.18 million RMB [2]. Group 3: Revenue Structure and Strategic Transformation - The revenue structure has shifted significantly, with the share of traditional "digital insurance services" declining from 81.5% in 2022 to 34% by the end of 2024, while "digital health services" surged from 15.2% to 65.3% [3]. - The health services revenue has grown from approximately 59.78 million RMB in 2022 to about 617 million RMB in 2024, reflecting a compound annual growth rate of approximately 221.26% [3]. Group 4: User Base and Market Position - Qingsong Health Group has nearly 170 million registered users, with about 60.4% aged between 20 and 45, providing a solid foundation for future value extraction [4]. - The company collaborates with numerous pharmaceutical partners and offers a total of 294 insurance products from 58 insurance companies, enhancing its market position [4]. Group 5: Technological Advancements - As of mid-2025, Qingsong Health Group has registered 58 invention patents and 39 software copyrights, with a total R&D expenditure of approximately 186 million RMB over the past three years, indicating a strong commitment to technology development [8]. - The company's AI technology is deeply integrated into health management and insurance services, creating a seamless connection between insurance and health services [10]. Group 6: Industry Context and Future Outlook - The digital health industry in China is poised for rapid growth due to factors such as an aging population, increased health awareness, and supportive policies, with the "14th Five-Year Plan for National Health" emphasizing the acceleration of digital health construction [6]. - Qingsong Health Group's model of "AI + full-chain services" positions it as a potential leader in the digital health sector, with the upcoming IPO expected to provide additional funding and resources for further expansion [11].