Core Viewpoint - The company, Easy Health Group, is pursuing an IPO in Hong Kong, revealing significant revenue growth but a substantial decline in net profit margin, warranting further investigation into the underlying causes [1] Business Model - Easy Health Group operates as a one-stop health service platform, focusing on digital comprehensive health services and health insurance solutions, ranking 10th in the domestic market for digital comprehensive health services and 7th in the digital health service market by 2024 [2] - The business model is built on two main pillars: digital comprehensive health services and digital insurance services, with a strong emphasis on digital marketing and medical research support for pharmaceutical companies [2] Financial Data Analysis - Revenue has shown significant growth, with figures of RMB 394 million in 2022, RMB 490 million in 2023 (up 24.5% year-on-year), and projected RMB 945 million in 2024 (up 92.9% year-on-year), indicating a robust growth trend [3][4] - The first half of 2025 has already surpassed the total revenue of 2023, reaching RMB 656 million, demonstrating continued positive momentum [3] Profitability Metrics - Adjusted net profit has declined from RMB 1.49 billion in 2022 to RMB 1.47 billion in 2023, and further down to RMB 840 million in 2024, representing a 43.4% decrease from 2022 [4][5] - The net profit margin has fluctuated, with a significant drop from 19.8% in 2023 to 1.0% in 2024, reflecting instability in profitability [6] Revenue Composition - The revenue composition has diversified, with digital comprehensive health services increasing from 15.2% in 2022 to 65.3% in 2024, while digital marketing services have seen rapid growth, from RMB 23 million in 2023 to RMB 468 million in 2024 [7][8] Financial Challenges - The company faces financial challenges with net liabilities of RMB 12.41 billion in 2022, slightly decreasing to RMB 11.31 billion by mid-2025, indicating a need for improved capital structure [9] Competitive Landscape - Easy Health Group ranks 10th in the domestic digital comprehensive health services and health insurance market, with the market being highly fragmented and competitive, as the top 15 platforms hold less than 10% of the total market share [10] Customer and Supplier Concentration - The company has a high customer concentration, with the top five clients contributing 75.4% of total revenue in 2022, which poses a risk of revenue volatility [11] - Supplier concentration is also notable, with the top five suppliers accounting for 42.0% of total procurement in 2022, indicating potential risks if relationships with key suppliers deteriorate [11] Management and Ownership Structure - The founder and CEO, Ms. Yang, controls over 30% of the voting rights through a wholly-owned company, supported by a management team with extensive experience in health services and insurance [12]

Group 1: New Oriental (EDU) - New Oriental's FY25Q4 net revenue increased by 9.4% year-on-year to $1.24 billion, exceeding previous guidance of $1.009 to $1.037 billion[5] - The company expects FY26Q1 net revenue to be between $1.46 billion and $1.51 billion, representing a year-on-year growth of 2% to 5%[6] - Non-GAAP net profit for FY25Q4 was $98.08 million, a 59.4% increase year-on-year[5] Group 2: Apple Inc. (AAPL) - Apple's total revenue for the quarter was $94.04 billion, a 9.6% year-on-year increase, surpassing Bloomberg's consensus estimate of $89.3 billion[16] - iPhone revenue grew by 8.2% year-on-year, while services revenue increased by 13.3%[16] - The company expects overall revenue growth for FY25Q4 to be in the mid to high single digits[16] Group 3: Hong Kong Stock Exchange (388) - The average daily trading volume for the Hong Kong Stock Exchange reached HKD 2.402 trillion in H1 2025, a 118% year-on-year increase[22] - The total market capitalization of the Hong Kong market grew to HKD 42.7 trillion, a 33% increase year-on-year[25] - The target price for Hong Kong Stock Exchange is set at HKD 500, representing a potential upside of 15.8% from the previous closing price[26] Group 4: HIMS & HERS HEALTH (HIMS) - HIMS reported Q2 revenue of $545 million, a 73% year-on-year increase, but a 7% decrease quarter-on-quarter[32] - The company expects Q3 revenue to be between $570 million and $590 million, with adjusted EBITDA projected at $60 million to $70 million[32] - The target price for HIMS is set at $62.1, indicating a 22% upside potential from the current price[34]