轻松健康2025年12月15日至12月18日招股，拟全球发售2654万股，其中香港发售占10%，国际发售占 90%，另有15%超额配股权，每股发售价22.68港元。预期股份将于2025年12月23日在联交所开始买卖。 公司提供健康相关及保险相关解决方案。根据沙利文报告，按2024年收入计，公司在中国数字综合健康 服务及健康保险服务市场排名第10位。公司为用户提供早期疾病筛查推广及咨询、健康检查及咨询、医 疗预约服务以及保健品销售等健康相关服务，同时通过互联网保险平台为用户提供健康保险产品机会。 集团与广东横琴粤澳深度合作区澳琴合鸣投资合伙企业(有限合伙)订立基石投资协议，澳琴合鸣按发售 价认购或促使其指定实体认购合共约人民币1亿元可购入的有关数目的发售股份。 假设超额配股权未获行使，全球发售所得款项净额将约为5.134亿港元。集团拟将全球发售所得款项净 额用于以下用途：约40.0%用于提升集团的品牌知名度、提高用户参与度及加强与业务合作伙伴的合 作；约20.0%用于医学研究和真实世界研究；约20.0%用于提升集团在AI及大数据领域的技术能力，以 便更广泛应用于集团的产品及服务；约10.0%用于拓展至更多地区及 ...

Core Viewpoint - The company "轻松健康集团" (Easy Health Group) has received approval from the China Securities Regulatory Commission for its IPO, paving the way for its listing in Hong Kong. The company, previously known for its crowdfunding platform "轻松筹" (Easy Fundraising), has shifted its focus towards providing comprehensive digital health services and health insurance solutions [1][5]. Company Overview - Founded by Yang Yin, who previously worked at IDG Inc., the company initially focused on crowdfunding for medical expenses, leveraging social media to connect those in need with potential donors [2][3]. - The company has rebranded itself as "轻松健康集团" and has expanded its services beyond crowdfunding to include health insurance and comprehensive health services [3][5]. Financial Performance - The revenue figures for the company are as follows: - 2022: 394 million RMB - 2023: 490 million RMB - 2024: 945 million RMB - 2025 (first half): 656 million RMB - Adjusted net profits for the same periods were: - 2022: 149 million RMB - 2023: 146 million RMB - 2024: 84.4 million RMB - 2025 (first half): 51.2 million RMB [5][6]. Business Model and Services - The company positions itself as a one-stop platform for digital health services, offering screening, medical appointment services, and health insurance products. The insurance services have contributed significantly to the company's revenue, accounting for 81.5% in 2022 and decreasing to 22.9% by 2025, while health services have increased from 15.2% to 65.3% during the same period [5][6][7]. Market Position and User Base - As of now, the company has 170 million registered users and collaborates with 86 pharmaceutical partners, offering a total of 294 insurance products from 58 insurance companies [7]. - The company has completed eight rounds of financing, raising approximately 126 million USD, with notable investors including IDG Capital and Tencent [7]. Industry Context - The crowdfunding model has evolved significantly since its inception, with increased competition and regulatory scrutiny. The company has adapted by shifting its focus from post-event fundraising to preventive health management [9][10].

Core Viewpoint - The recent news highlights the upcoming IPO of Qingsong Health Group, which has paved the way for its listing in Hong Kong, following the company's strategic shift from its previous focus on crowdfunding for medical expenses to a comprehensive digital health service platform [3][7]. Company Overview - Qingsong Health Group, founded by Yang Yin, initially gained recognition through its crowdfunding platform, Qingsongchou, which helped families raise funds for medical emergencies [3][6]. - The company has undergone significant changes, including the divestment of its crowdfunding service and hospital business, to focus on providing integrated digital health services and health insurance solutions [7][8]. Financial Performance - The revenue figures for Qingsong Health Group are as follows: - 2022: 394 million RMB - 2023: 490 million RMB - 2024: 945 million RMB - 2025 (first half): 656 million RMB - Adjusted net profits for the same periods were: - 2022: 149 million RMB - 2023: 146 million RMB - 2024: 84.4 million RMB - 2025 (first half): 51.2 million RMB [8][9]. Business Model and Services - Qingsong Health Group positions itself as a one-stop platform offering digital health services, including screening, medical appointment services, and health insurance products [8][10]. - The company has a registered user base of 170 million and collaborates with 86 pharmaceutical partners, providing a total of 294 insurance products from 58 insurance companies [10]. Investment and Ownership - The company has completed eight rounds of financing, raising approximately 126 million USD, with notable investors including IDG Capital, Sunshine Insurance, and Tencent [10]. - Yang Yin, the founder, holds a 23.93% stake in the company, making her the largest single shareholder ahead of the IPO [10].

Core Viewpoint - Recently, Easy Health Group has received approval from the China Securities Regulatory Commission for its IPO, paving the way for its listing in Hong Kong. The company, previously known for its crowdfunding platform "Qing Song Chou," has evolved its business model and is now focused on providing comprehensive health services and insurance solutions [1][5]. Company Overview - Easy Health Group was founded by Yang Yin, who transitioned from a career at IDG Inc. to entrepreneurship in 2014, capitalizing on the mobile internet trend. The company initially focused on crowdfunding for medical expenses, which gained traction through social media [2][4]. - The company has rebranded from "Qing Song Chou" to "Easy Health Group" and has expanded its services beyond crowdfunding to include health insurance and comprehensive health services [5][8]. Financial Performance - The revenue figures for Easy Health Group are as follows: - 2022: 394 million RMB - 2023: 490 million RMB - 2024: 945 million RMB - 2025 (first half): 656 million RMB - Adjusted net profits for the same periods were: - 2022: 149 million RMB - 2023: 146 million RMB - 2024: 84.4 million RMB - 2025 (first half): 51.2 million RMB [6][7]. Business Model and Services - Easy Health Group positions itself as a one-stop platform for digital health services and health insurance solutions. Its health services include screening, medical appointment services, and health products, while its insurance services offer various health insurance products from partner companies [6][8]. - The insurance service has been a significant revenue contributor, 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 [8]. User Base and Partnerships - The company boasts a user base of 170 million registered users and collaborates with 86 pharmaceutical partners, offering a total of 294 insurance products from 58 insurance companies [9]. Investment and Ownership - Prior to the IPO, Yang Yin holds a 23.93% stake in the company through a holding company, making her the largest single shareholder [10]. The company has completed eight rounds of financing, raising approximately $126 million, with notable investors including IDG Capital and Tencent [9].

Core Viewpoint - Easy Health Group submitted a listing application to the Hong Kong Stock Exchange on August 31, with CICC and China Merchants Securities International as joint sponsors, after its previous application became invalid on August 20 [1]. Group 1: Company Overview - Easy Health Group was established in 2014 and focuses on providing digital integrated health services and health insurance solutions [2]. - The company plans to spin off its online disease fundraising service and transfer all equity of this service and the Duol Hospital to Zhonglang Group, which is seen as a compliance necessity and a way to alleviate potential listing burdens [3]. Group 2: Financial Performance - For the reporting periods from 2022 to 2024, Easy Health Group reported revenues of approximately 394 million RMB, 490 million RMB, 945 million RMB, and 656 million RMB, with profits (losses) of -9.098 million RMB, 9.7169 million RMB, 0.899 million RMB, and 8.6045 million RMB respectively [3][4]. - The revenue contribution from digital integrated insurance services has decreased over the years, accounting for 81.5%, 66.7%, 34%, 41.6%, and 22.9% of total revenue during the reporting periods [4]. Group 3: User Engagement and Marketing - The gross profit margin of Easy Health Group has been declining, recorded at 82.6%, 79.9%, 38.3%, and 32.5% across the reporting periods, while active user numbers have also decreased from 70.5 million to 22.7 million [5]. - The company has incurred high sales and marketing expenses, which were approximately 65.8 million RMB, 124 million RMB, 159 million RMB, 72.4 million RMB, and 103 million RMB, representing 16.7%, 25.3%, 16.8%, 20.4%, and 15.7% of revenue respectively [7]. Group 4: Regulatory Issues - In 2022, Easy Health Group's subsidiary, Guangdong Easy Insurance Brokerage Co., was fined 1 million RMB for misleading advertising practices related to insurance products [7]. - Recent complaints against Easy Insurance have surfaced on the Black Cat Complaint platform, alleging issues such as unauthorized charges and aggressive marketing tactics [8].

Core Insights - Qingsong Health Group has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, marking a renewed application after a previous submission lapsed in January 2025 [1] - The company, established in 2014, focuses on providing a one-stop platform for digital integrated health services and health insurance solutions [1] Financial Performance - Qingsong Health's revenue primarily comes from digital integrated health services and digital insurance services, with total revenues for 2022, 2023, 2024, and the first half of 2025 reported as RMB 394 million, RMB 490 million, RMB 945 million, and RMB 656 million respectively [2] - The gross profit for the same periods was approximately RMB 325 million, RMB 391 million, RMB 362 million, and RMB 213 million, with net profits of RMB -9 million, RMB 97 million, RMB 9 million, and RMB 86 million [2] - The company has a revenue compound annual growth rate (CAGR) of 54.95% and a gross margin CAGR of 5.46% [2] Market Position - According to a report by Frost & Sullivan, Qingsong Health ranks tenth in China's digital integrated health services and health insurance market by revenue as of 2024, and seventh in the digital health services market [4][8] - The digital health services market in China is expected to grow significantly, with a projected market size of RMB 859.8 billion by 2028, reflecting a CAGR of over 30% [8] Technology and Innovation - Qingsong Health has developed a proprietary AI technology stack named AIcare, which enhances customer acquisition, fraud prevention, personalized marketing, and operational efficiency [5] - As of June 30, 2025, approximately 43.3% of the company's employees are involved in IT research and development, with 58 registered patents and 39 software copyrights related to its technology capabilities [5] Customer Base and Partnerships - The company has established partnerships with 144 entities, including 58 insurance companies and 86 pharmaceutical partners, with the top five customers accounting for over 65% of revenue [6][7] - As of June 30, 2025, Qingsong Health has 1.7 million registered users and has launched 294 insurance products in collaboration with its partners [6][7] Funding and Ownership - Qingsong Health has raised approximately $126 million across eight funding rounds, with notable investors including IDG Capital, Tencent, and Sunshine Insurance Group [9] - The founder, Yang Yin, transitioned from being an investor to an entrepreneur, holding a 23.93% stake in the company prior to the IPO [9]

Core Viewpoint - Easy Health Group submitted a listing application to the Hong Kong Stock Exchange on August 31, 2023, after its previous application became invalid on August 20, 2023 [1]. Company Overview - Easy Health Group was established in 2014 and focuses on providing digital integrated health services and health insurance solutions [4]. - In June 2024, the group plans to spin off its online disease fundraising service and transfer all equity in this service and its hospital to Zhonglang Group [4]. Financial Performance - The group reported revenues of approximately 394 million RMB, 490 million RMB, 945 million RMB, and 656 million RMB for the years 2022 to 2024 and the first half of 2025, respectively [4]. - The profits (losses) from continuing operations during the same periods were -9.098 million RMB, 9.7169 million RMB, 0.899 million RMB, and 8.6045 million RMB [5]. - The gross profit margin has been declining, recorded at 82.6%, 79.9%, 38.3%, and 32.5% over the reporting periods [6]. User Engagement - Active user numbers have decreased significantly, from 70.5 million to 22.7 million over the reporting periods [6]. - The group acknowledges that its success relies on maintaining and expanding its user base [8]. Marketing and Compliance Issues - The group has incurred high sales and marketing expenses, which were approximately 65.8 million RMB, 124 million RMB, 159 million RMB, 72.4 million RMB, and 103 million RMB, representing 16.7%, 25.3%, 16.8%, 20.4%, and 15.7% of revenue, respectively [8]. - Easy Health Group's subsidiary, Guangdong Easy Insurance Brokerage Co., was fined 1 million RMB in 2022 for misleading marketing practices [8]. - Recent complaints against Easy Insurance have surfaced, alleging issues such as unauthorized charges and aggressive marketing tactics [9].

Core Viewpoint - The company, Easy Health Group, is preparing for its IPO on the Hong Kong Stock Exchange, with CICC and China Merchants Securities International acting as joint sponsors [1]. Company Overview - Easy Health Group is a one-stop platform in China focused on providing digital integrated health services and health insurance solutions. It ranks 10th in the digital integrated health services and health insurance market in China based on projected 2024 revenue [4]. - The company aims to offer accessible, precise, and affordable health solutions to individuals in need, including screening promotion, health checks, medical appointment services, and health product sales [4]. Service Offerings - The company provides a variety of personalized health services targeting users seeking comprehensive health solutions, including screening promotion and consultation services, integrated health service packages, digital marketing (popular science services), and digital medical research support [4][5][6][7][8][9]. Digital Marketing (Popular Science Services) - Launched in 2023, the digital marketing service offers tailored, cost-effective solutions to enhance health literacy and treatment awareness for pharmaceutical companies and charitable foundations. The company created over 1,076,700 pieces of popular science content from 2023 to mid-2025 [5]. Digital Medical Research Support - The company supports the pharmaceutical industry's research needs by providing comprehensive solutions throughout the project lifecycle, including real-world research project design and clinical trial data analysis. It has engaged with multiple clients for digital medical research support since 2024 [6]. Integrated Health Service Packages - Easy Health Group offers integrated health service packages and third-party management services for insurance companies, catering to corporate clients with customized health service bundles. The company has served 13 corporate clients in 2024 and mid-2025 [7]. Screening Promotion and Consultation Services - The company collaborates with various health partners to provide free early disease screening activities, significantly expanding its user base. It organized over 4,800 screening events in 2024, covering more than 423,000 consultations [8]. Financial Performance - The company reported revenues of approximately RMB 490 million in 2023, RMB 945 million in 2024, and projected RMB 656 million for the first half of 2025. The net profit for the same periods was RMB 73.62 million, RMB 10.40 million, and RMB 86.05 million, respectively [9][10].