Core Viewpoint - The company, Qingsong Health Group, has submitted a listing application to the Hong Kong Stock Exchange after a previous application expired, indicating a renewed effort to go public and raise capital for growth initiatives [1]. Group 1: Financial Performance - The company's projected revenues for 2022, 2023, 2024, and the first half of 2025 are approximately CNY 394 million, CNY 490 million, CNY 945 million, and CNY 656 million respectively, showing significant growth potential [1]. - Net profits are expected to fluctuate, with estimates of approximately CNY -9.1 million, CNY 97.2 million, CNY 8.99 million, and CNY 86.1 million for the same periods, indicating volatility in profitability [1]. Group 2: User Base and Services - Qingsong Health focuses on providing digital comprehensive health services and health insurance solutions, catering to users seeking holistic health solutions, including screening, health checks, medical appointments, and health product sales [2]. - The registered user numbers are projected to be around 155 million, 164 million, 168 million, and 168 million for the years 2022 to 2025, while active users are expected to decline from 71 million to 23 million over the same period [2]. Group 3: Revenue Dependence - The company relies heavily on its top five clients, with their revenue contributions being 75.4%, 71.7%, 65.6%, and 65.9% of total revenue from 2022 to the first half of 2025, and the largest client contributing 35.1%, 25.3%, 22.9%, and 25.0% respectively [3]. - The procurement from the top five suppliers accounts for 42.0%, 36.1%, 70.1%, and 77.4% of total procurement during the same periods, indicating a significant reliance on a limited number of suppliers [3]. Group 4: Fundraising Purpose - The funds raised from the IPO will primarily be used to enhance brand awareness, increase user engagement, strengthen partnerships, invest in medical and real-world research, improve AI and big data capabilities, and expand into new regions and overseas markets [2].