用户量大降约4800万，腾讯加持的轻松健康还“轻松”吗？

Core Viewpoint - After the spin-off of "Qing Song Chou," Qing Song Health Group has experienced a significant user loss of nearly 48 million, with declines in gross margin and insurance revenue proportion, raising questions about the success of its transformation relying on "AI healthcare" [2][5][8]. User Metrics - The active user count of Qing Song Health Group has drastically decreased from over 70 million to 22.7 million, representing a decline of approximately 67% [6][7]. - The drop in active users is attributed to the dispersion of user traffic across multiple platforms, particularly WeChat, which has become the primary channel for user interaction [7][8]. Client Dependency - The revenue from the top five clients accounts for 65% to 75% of the total income, indicating a high reliance on a few major clients, which poses a risk [3][15]. Market Outlook - The development prospects for "AI healthcare" are viewed positively, but the market is characterized by low concentration, necessitating early market share capture [4]. Financial Performance - Despite an increase in overall revenue, net profit has shown significant volatility, and gross margin has been consistently declining [10]. - Revenue figures from 2022 to the first half of 2025 are reported as 394 million, 490 million, 945 million, and 656 million RMB, while net profits were -9.1 million, 97.2 million, 9 million, and 86 million RMB respectively [10]. - Gross margins have decreased from 82.6% in 2022 to 32.5% in the first half of 2025, with specific declines in comprehensive health service packages and screening-related services [11]. Business Transition - Following the spin-off of "Qing Song Chou," the proportion of insurance business revenue has decreased from over 80% to 22.9% by the first half of 2025, reflecting a strategic shift towards health services [14][16]. - The company plans to seek strategic alliances and investments to promote overseas expansion, particularly targeting the Greater Bay Area and Southeast Asia [16][17]. R&D and Technology - Qing Song Health Group has invested in AI technology, launching self-developed models like "Qing Song Ask Doctor Dr.GPT," but the alignment between R&D investment and actual output remains under scrutiny [9]. - R&D expenditures from 2022 to 2024 were approximately 52.8 million, 61.4 million, and 72.0 million RMB, with a declining percentage of total revenue [9].