一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 量化派 港股｜挂牌上市 据IPO早知道消息，量化派控股有限公司（以下简称"量化派"）于2025年11月27日正式以"2685"为 股票代码在港交所主板挂牌上市。 作为一家专注于中国消费领域的线上市场运营商，量化派持续深耕电商、汽车零售 O2O 等高频消费 场景，逐步构建起"用户—商品/服务—消费场景"的高效整合体系，为业务伙伴带来持续增长与协同 效应。 依托在消费领域的多年深耕，量化派沉淀了深厚的行业认知，并持续扩大用户与业务伙伴的覆盖范 围。截至 2025 年 5 月 31 日，量化派已连接超6,030万注册终端客户及2,646家业务伙伴，平台规 模稳步增长。 在业务规模不断扩大的同时，量化派的技术体系也持续深化——量化派自主研发的 "量星球" AI 技术 平台将运营、算法、营销等五大系统深度整合，为业务伙伴提供模块化、全链路的数字化解决方案， 助力提升获客效率、转化效果及整体运营能力。 在智能技术方面，量化派已构建起成熟的用户画像与分析体系，累计取得 9 项专利及 58 项软件著 作权，技术团 ...

Core Viewpoint - The company, Qingsong Health Group, has developed a proprietary AI technology stack, AIcare, which serves as the core support for its platform and is preparing for an IPO on the Hong Kong Stock Exchange [3][4]. Group 1: Business Overview - Founded in 2014, Qingsong Health Group operates as a one-stop digital health and insurance service platform, with two main business pillars: "Digital Comprehensive Health Services" and "Digital Comprehensive Insurance Services" [3]. - According to a report by Sullivan, Qingsong Health Group ranks 10th in China's digital comprehensive health services and health insurance market based on projected 2024 revenue, and 7th in the digital health services market [3]. - As of June 30, 2025, the platform has 168 million registered users and approximately 59.7 million followers across WeChat, mini-programs, and corporate WeChat accounts [3]. Group 2: User Demographics and Growth Potential - As of June 30, 2025, about 60.4% of users are aged between 20 and 45 years, indicating a younger user base that is likely to increase health solution spending as they experience life events such as marriage and childbirth [4]. - This demographic trend provides significant upselling and cross-selling opportunities for Qingsong Health Group to maximize customer lifetime value [4]. - The younger users also invite family members to purchase health and insurance services, further enhancing growth potential [4]. Group 3: Technological Advancements - AI technology is a crucial growth engine for Qingsong Health Group, with 43.3% of its employees dedicated to IT research and development [4]. - The company has registered 58 invention patents and 39 software copyrights related to its technological capabilities as of June 30, 2025 [4]. - The Galaxy AI marketing platform has generated nearly 12.9 million business leads through personalized marketing activities [5]. Group 4: Financial Performance - Qingsong Health Group's revenue from 2022 to 2024 is projected to be 394 million, 490 million, and 945 million yuan, respectively, with a compound annual growth rate of 54.9% [5]. - In the first half of this year, the company's revenue increased by 84.7% year-on-year to 656 million yuan, while the adjusted net profit for the same period was 51.18 million yuan, reflecting an 11.3% year-on-year growth [5]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will primarily be used to enhance brand awareness, increase user engagement, strengthen partnerships, conduct medical and real-world research, improve AI and big data capabilities, expand into more regions and overseas markets, and for general corporate purposes [6].

Core Viewpoint - Shandong Province is actively advancing the construction of a healthy Shandong during the "14th Five-Year Plan" period, focusing on building a digital health service system and enhancing data sharing and application in healthcare [1][3][4] Group 1: Digital Health Service System - Shandong is constructing a digital health service system, including the establishment of the National Health Medical Big Data Center (Northern) and the "Internet + Health Care" demonstration province [1] - The province has achieved significant breakthroughs in the interconnectivity and sharing of medical institution information, enhancing the effectiveness of health information for the public [1][3] Group 2: Public Health Services - A comprehensive health service area has been created within the "Love Shandong" government app, providing one-stop services such as birth medical certificate processing, child-rearing subsidies, vaccination, and appointment registration [3] - The "Luyun Emergency Rescue" system has reduced the average treatment time for acute myocardial infarction patients by nearly 20 minutes [3] Group 3: Data Sharing and Digital Government Services - The provincial integrated big data platform has released 216 data resource directories and 97 sharing interfaces, sharing a total of 21.246 billion data entries [3] - The "Love Shandong" app has implemented 12 electronic certificates, aggregating 192.5 million electronic certificates for public use [3] Group 4: Data Element Reform and Digital Economy - Shandong has introduced the "Shandong Province Health Medical Big Data Management Measures" to enhance the data infrastructure and high-quality data set construction [4] - The province has initiated a pilot for the comprehensive management of health medical data assets, establishing a provincial health medical data asset management system [4] - A health medical industry data circulation and trading platform has been launched, promoting 10 "Five Benefits" application scenarios and 17 data products for open operation [4]

三是技术驱动的数字化与智能化。智能手环、健康APP等数字工具，将健康监测与管理无缝嵌入日常生 活。它们不仅是数据记录工具，而且通过与AI结合，进化为早期健康风险的"监测哨"和个性化生活建议 的生成器，构成了"数字健康"新赛道。 一系列变化为品牌发展指明了新方向。对企业而言，应深刻理解"真诚是最好的商业模式"，摒弃炒作概 念、制造焦虑的短期行为，沉下心来投入研发，凭借扎实的科技支撑和可靠的产品体验，真正满足甚至 超越年轻一代消费者对健康生活的期待，才能在这片蓝海中建立持久的竞争力。 一是产品形态的轻量化与场景化。传统滋补品一改厚重形象，以"即食燕窝""冻干灵芝精华"等形态融入 消费者的生活，催生了"功能零食""便携滋补品"等新品类，以及与之配套的"办公室健康轻食""居家轻 健身装备"等细分市场。 二是服务模式的个性化与订阅化。健康消费不再局限于实物产品，更延伸至个性化的服务。从按月定制 的健康餐食到一对一的在线健身指导，其核心是为用户提供持续优化的健康解决方案。 购买护肝片、定制健康餐食、参加健身课……当下，越来越多年轻人正以极大的热情投入健康管理。他 们虽然常以"脆皮"自嘲，却也用实实在在的消费，构建起一套全 ...

Core Insights - The health industry is undergoing rapid transformation, with Beijing emerging as a key hub for innovation and exchange in this sector. The upcoming 2026 Beijing Health Expo is positioned as a significant event for industry stakeholders and the public to understand future trends in health [1] Group 1: Technology Integration - The integration of technology and health is deepening, with digital health becoming mainstream. Innovations such as wearable devices, telemedicine, and personalized health management are enhancing disease prevention and health maintenance efficiency. The expo will showcase how these technologies are transforming traditional healthcare models [3] - Beijing's rich technological resources and supportive policies provide a conducive environment for digital health enterprises, making the expo a platform for showcasing technology and fostering collaboration across the industry [3] Group 2: Consumer Demand - Upgrading consumer preferences are driving demand for high-end health services. As income levels rise and health awareness increases, there is a growing market for quality health products and services, including health management and psychological services. The expo will feature brands offering a range of services from basic care to high-end customization [4] - The demographic and consumption patterns in Beijing are pushing the industry towards specialization and diversification, shifting from single product sales to comprehensive service models [4] Group 3: Green Health Trends - The concept of green health is gaining traction, with natural and organic products becoming mainstream. Consumers are increasingly concerned about product safety, environmental production processes, and sustainability. The expo will highlight innovations in organic foods, natural skincare, and eco-friendly health devices [6] - As a pioneer in "green development," Beijing will see exhibitors launching products aligned with green health principles, promoting industry transformation towards sustainability [6] Group 4: Aging Population and Rehabilitation - The aging population in China is driving a surge in demand for elderly care and rehabilitation services. Smart elderly care devices, multifunctional rehabilitation robots, and remote rehabilitation services are emerging as growth points in the industry. The expo will gather leading companies in smart elderly care to demonstrate how technology can enhance the quality of life for seniors [7] - Beijing's strong foundation in the elderly care industry, coupled with substantial policy support, creates a favorable environment for related enterprises [7] Group 5: Regulatory Framework - As the health industry expands, the regulatory and policy framework is becoming more robust. This ensures market fairness and encourages companies to enhance service standards and innovation capabilities. The expo will feature forums to discuss the latest policy developments, helping businesses navigate industry regulations [9] Group 6: International Collaboration - International exchange and cooperation are increasing, promoting the globalization of the health industry. Beijing, as an international metropolis, attracts numerous foreign health enterprises and experts. The expo will serve as a bridge for international collaboration, focusing on cross-border health projects and technology transfer [10] - This environment creates opportunities for local companies to expand into overseas markets and adopt advanced technologies, allowing attendees to experience health innovations from diverse cultural backgrounds [10]

Core Viewpoint - The article emphasizes that the AI-driven industrial transformation has entered an explosive phase, transitioning from understanding trends to practical implementation, particularly highlighted by the upcoming CES 2026 and innovations from Silicon Valley [3][4]. Group 1: CES 2026 Highlights - CES 2026 will showcase a convergence of multiple technologies, indicating an ecological innovation pattern rather than mere technological displays [6]. - Three core trends will emerge at CES 2026: - Environmental AI is reshaping human-machine collaboration, moving from "executing commands" to "proactive service" [7]. - AI-driven digital health is set to explode, enabling home monitoring of vital signs while ensuring privacy [8]. - Embodied intelligence is overcoming implementation barriers, with humanoid robots transitioning from industrial applications to everyday life [8]. Group 2: Silicon Valley Insights - Silicon Valley serves as a breeding ground for innovation, housing tech giants and forming a closed-loop of top universities, leading companies, and venture capital [10]. - The visit to Google will provide insights into how the release of Gemini 3 integrates into their ecosystem, transforming product experiences and creating new value for enterprise clients [11]. - Engagements with experts will reveal that Silicon Valley companies thrive not just on singular technological advancements but on a system capability that combines technological breakthroughs, scenario validation, and ecosystem building [13]. Group 3: Educational Opportunities - The program aims to enhance entrepreneurs' understanding of the triad of "technology trends - business implementation - strategic transformation" [14]. - Participants will gain dual benefits of "cognition + resources," which are essential for navigating economic cycles [16]. - The presence of top-tier mentors will facilitate efficient learning, helping entrepreneurs discern genuine trends from superficial demands [18].

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $5 million, down from $5.4 million in Q2 2025 and $7.4 million in Q3 2024, reflecting a shift from one-time revenue streams to long-term annual recurring revenue [23][24] - GAAP gross margin improved to 60%, up from 55% in Q2 2025 and 52% in Q3 2024, while non-GAAP gross margin remained above 80% since early 2024 [24] - Operating expenses decreased by $17.2 million, or 31%, in the first nine months of 2025, and by $3.4 million, or 21%, in Q3 compared to the prior year [24] Business Line Data and Key Metrics Changes - The company serves over 125 clients, with 45 new accounts signed year-to-date in 2025, surpassing the goal of 40 new accounts [8][12] - More than 50% of new clients have chosen the multi-condition solution, indicating a strong market preference for integrated offerings [11][12] - The average employer account size has nearly doubled compared to last year, contributing to revenue momentum [12] Market Data and Key Metrics Changes - The 2026 pipeline has grown to $69 million, with a target of $12.4 million in new business for implementation in 2026 [11][12] - The company has established partnerships with major health plans and channel partners, reaching over 116 million covered lives [13][14] Company Strategy and Development Direction - DarioHealth aims to transition to a high-margin recurring revenue model, focusing on integrated multi-condition platforms that deliver measurable outcomes [10][27] - The company is expanding its capabilities through strategic collaborations, such as partnerships with OneStep and GreenKey Health, to enhance its service offerings [18][19] - The company is also targeting opportunities in the public sector, driven by policy tailwinds favoring digital health solutions [16][49] Management's Comments on Operating Environment and Future Outlook - Management expects to reach cash flow breakeven by late 2026 to early 2027, supported by a healthy pipeline and operational efficiencies [25][27] - The company is experiencing stronger demand than ever, particularly from blue-chip employers and national insurers [11][12] - Management highlighted the importance of their technology platform as a strategic asset that supports high-margin recurring revenues [27] Other Important Information - The company completed a $17.5 million private placement, enhancing its financial position and signaling investor confidence [22] - DarioHealth is in the process of simplifying its capital structure and enhancing financial resilience through amendments to its credit agreement [22] Q&A Session Summary Question: What is the expected contribution from UnitedHealth's national rollout in 2026? - Management indicated that the rollout is innovative and will be implemented in chunks, but specific revenue contributions from this client were not disclosed [30][31] Question: What is driving the sequential declines in B2B2C revenue? - The decline is primarily attributed to the non-renewal of a large contract with a national health plan and the transition of the pharma business to a recurring revenue model [36][37] Question: Can you provide an update on the pharma services pipeline? - The company is focusing on a recurring revenue model in pharma services and expects to sign two to four accounts that will contribute to revenue next year [39][41] Question: How has the product-market fit and pricing model changed? - The company has adjusted its offerings based on claims-based analytics and engaged new partners to enhance its product solutions, which has improved market fit [44][45]

Core Insights - The article emphasizes the importance of the Chinese market for international companies aiming to become industry leaders, highlighting Danone's commitment to leveraging China's innovation for global markets [2] Investment and Expansion - Danone is increasing its investment in China, enhancing its research and production capabilities, with the recent completion of the expansion project for Danone Nutricia's factory in Wuxi, which will feature multiple fully automated sterilization production lines [2] - The new facility is set to become one of Danone's most advanced production bases globally, improving supply chain resilience and enabling efficient delivery of high-quality products to global markets [2] Market Strategy - Products manufactured at the Wuxi facility are currently exported to nearly 30 countries and regions, demonstrating the mission of "rooting in China and benefiting the world" [2] - The expansion project is seen as a testament to China's improved business environment, with efficient support from government departments facilitating project progress [2] Innovation and Collaboration - Danone's ongoing presence at the China International Import Expo (CIIE) for eight consecutive years has allowed the introduction of nearly a hundred new products to the Chinese market, showcasing the company's commitment to innovation based on local market needs [2] - The establishment of the OneBiome laboratory in Paris signifies Danone's focus on innovation and gut health research, with ongoing collaborations with Chinese universities in digital health and gut microbiome fields [2] Future Outlook - Danone plans to deepen its presence in China, transforming innovations and practices developed in the Chinese market into products and services that benefit global consumers [2]

Group 1: Leadership Changes - Chairman Zhou Wei of Weining Health has resigned from his positions due to personal reasons, including his role as the legal representative of the company [1][3] - Liu Ning, one of the company's main founders, has been elected as the new chairman of the board, effective immediately [1][3] Group 2: Financial Performance - Weining Health reported a third-quarter revenue of 457 million yuan, a year-on-year decrease of 33.78% [4][5] - The net profit for the same period was a loss of 123 million yuan, reflecting a significant decline of 199.16% compared to the previous year [4][5] - Year-to-date revenue reached approximately 1.296 billion yuan, down 32.27% from the previous year [5] Group 3: Shareholding Information - Liu Ning directly holds 104 million shares, representing 4.68% of the total share capital, while his spouse holds an additional 37.01 million shares, totaling 6.35% combined [3] - Liu Ning also holds 333,500 convertible bonds, accounting for 3.44% of the total convertible bond quantity [3]

Core Insights - The launch of the "Pharmaceutical Insurance Ecological Alliance" by Ping An Good Doctor and Roche Pharmaceuticals China aims to enhance health management services covering the entire cycle from prevention to rehabilitation, improving patient access to innovative drugs and payment flexibility [1][5]. Industry Overview - The financial and healthcare sectors are projected to be the largest and fastest-growing industries in China, driven by increasing household wealth and a growing willingness to pay for health management [2]. - Despite the growth, China's per capita healthcare spending remains significantly lower than that of developed countries, highlighting a potential for expansion in healthcare services [2]. - The aging population in China is leading to a surge in demand for elderly care services, further emphasizing the need for enhanced healthcare solutions [2]. Company Developments - Ping An Good Doctor is leveraging technology to shift from passive treatment to proactive health management, providing comprehensive health services throughout the disease cycle [2][3]. - The company is enhancing its online and offline service capabilities while accelerating the integration of AI technology across its healthcare and elderly care services [3]. - The accuracy of complex disease treatment plans has improved to nearly 90% due to advancements in AI and data integration, significantly enhancing patient experience [3]. Strategic Partnerships - The collaboration between Ping An Good Doctor and Roche Pharmaceuticals China in areas such as innovative flu treatments and oncology drugs is set to deepen, focusing on developing comprehensive digital health management solutions [5]. - This partnership is not only a business collaboration but also aligns with the "Healthy China 2030" strategy, aiming to implement health initiatives on a broader scale [5].