本报讯 （记者苏向杲）1月20日，记者从"北京普惠健康保"项目组获悉，2026年度"北京普惠健康保"健康服务已生效，参 保通道仍在开放中，将于本月底正式截止。 项目组表示，参保2026年度"北京普惠健康保"后，参保人全年可免费使用5次健康服务；自项目运营以来，该类服务已累 计为参保人提供超6万人次的服务支持。 （编辑 张明富） 项目组提到，除了就医陪护服务，"北京普惠健康保"的健康服务还覆盖就医、康复、护理、生活照料等多元场景，精准匹 配不同参保人的需求。具体而言，就医陪护服务由专人全程陪同，协助完成挂号、取药及整理医嘱等，解决独自就医的不便； 上门护理服务可提供打针采血、换药拆线、留置胃尿管等专科护理服务，不用跑医院，在家就能享受专业的护理服务；居家康 复服务会为术后或慢病患者定制专属康复方案，全程指导康复训练；上门检测服务涵盖幽门螺杆菌C13呼气检测、宫颈癌 HPV27分型检测等项目，在家即可轻松完成筛查；针对60岁（含）以上重度失能老人，还专门提供指（趾）护理、沐浴及理发 等生活照料服务；线下康复服务则可在指定专业机构内，通过专业手法和器械助力身体恢复。 项目组也提醒参保市民注意，参保人在领取相关服务时 ...

Group 1 - The company plans to conduct a global offering of 26.54 million shares from December 15 to December 18, 2025, with 10% allocated for Hong Kong and 90% for international sales, at a price of HKD 22.68 per share [1] - The shares are expected to start trading on the Hong Kong Stock Exchange on December 23, 2025 [1] - According to a report by Frost & Sullivan, the company ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue [1] Group 2 - The net proceeds from the global offering, assuming the over-allotment option is not exercised, are estimated to be approximately HKD 513.4 million [2] - The company intends to allocate approximately 40% of the proceeds to enhance brand awareness, increase user engagement, and strengthen partnerships [2] - About 20% of the proceeds will be used for medical research and real-world studies, another 20% for improving capabilities in AI and big data, 10% for expansion into more regions and overseas markets, and 10% for working capital and other general corporate purposes [2]

Core Viewpoint - QingSong Health Corporation is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of integrated health services and health insurance solutions in China [1][2]. Company Overview - QingSong Health Corporation is ranked 10th in China's digital integrated health services and health insurance market based on revenue for 2024, and 7th in the digital health services market [1][8]. - The company offers a variety of health-related services, including digital marketing, digital medical research support, comprehensive health service packages, and early disease screening promotion and consulting services [1][3]. Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was approximately RMB 9.45 billion, with a net profit of about RMB 0.1 billion [1][5]. - The revenue for the first half of 2025 was RMB 6.56 billion, with a net profit of RMB 0.86 billion [1][5]. - The company has shown a compound annual growth rate (CAGR) of 54.95% in revenue from 2022 to 2025 [5]. User and Insurance Metrics - As of June 30, 2025, the company had 168.4 million registered users, with annualized premium income from sold insurance products totaling RMB 4.93 billion [2]. - The annualized premium income from sold insurance products has decreased from RMB 13 billion in 2022 to RMB 4.93 billion in 2025 [2]. Market Context - The market for digital integrated health services and health insurance in China is projected to grow from RMB 727 billion in 2020 to RMB 2,365 billion in 2024, with a CAGR of 34.3% [7]. - The market is expected to reach RMB 7,485 billion by 2029, with a projected CAGR of 25.9% from 2024 to 2029 [7]. Competitive Landscape - Comparable companies in the industry include Ping An Good Doctor, Health 160, and Health Road, with varying market capitalizations and financial metrics [11]. - QingSong Health Corporation's recent fiscal year revenue of RMB 9.45 billion positions it competitively within this landscape [11]. Management Structure - The board of directors consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors [12]. Shareholder Structure - Major shareholders include Yang through various entities controlling 38.94% of voting rights, IDG China with 12.89%, and Sunshine Insurance with 10.56% [14]. Financing History - The company has undergone seven financing rounds, with the most recent raising approximately $75 million in December 2019 [15].

Core Viewpoint - The article discusses the upcoming IPO of Qingsong Health Group, which has paved the way for its listing in Hong Kong after receiving approval from the China Securities Regulatory Commission. The company, previously known for its crowdfunding platform Qingsongchou, has shifted its focus towards comprehensive health services and insurance solutions [2][3][8]. Company Overview - Qingsong Health Group, founded by Yang Yin, initially gained recognition through its crowdfunding platform Qingsongchou, which helped families raise funds for medical expenses. The company has evolved from its original business model to focus on digital health services and insurance [3][8]. - Yang Yin, the founder and CEO, transitioned from a career in investment to entrepreneurship in 2014, leveraging the rise of mobile internet to create a platform that connects individuals in need of financial assistance with potential donors [7][8]. Business Model and Financial Performance - The company has positioned itself as a one-stop platform for digital health services and health insurance solutions, offering services such as screening, medical appointment services, and health products [11]. - Revenue figures for Qingsong Health Group show a growth trajectory, with revenues of RMB 393.6 million in 2022, RMB 489.96 million in 2023, and projected revenues of RMB 945 million for 2024. The adjusted net profits for the same periods were RMB 149 million, RMB 146 million, and RMB 8.44 million respectively [11][12]. - The insurance services, launched in December 2016, have contributed significantly to the company's revenue, accounting for 81.5% of total revenue in 2022, while health services have seen an increase in revenue contribution from 15.2% in 2022 to 65.3% in 2024 [12]. Market Position and User Base - Qingsong Health Group has established a substantial user base, with 170 million registered users and partnerships with 86 pharmaceutical companies, offering a total of 294 insurance products from 58 insurance partners [13]. - The company has completed eight rounds of financing, raising approximately $126 million, with notable investors including IDG Capital, Sunshine Insurance, and Tencent [13]. Industry Context - The crowdfunding model for medical expenses has faced increasing competition and regulatory scrutiny, leading companies like Qingsong Health and Waterdrop to pivot towards insurance and health management services to ensure sustainability and profitability [17]. - The regulatory environment has evolved, with new guidelines requiring platforms to ensure the authenticity of fundraising requests and manage funds through dedicated accounts, reflecting a shift towards greater accountability in the industry [17].