Core Insights - The health technology sector is entering a phase of ecological integration, driven by the upgrade of consumer health demands and deep penetration of AI technology, accelerating the industry's transition from fragmented services to an integrated ecosystem [1] Group 1: Market Dynamics - On December 23, 2023, Easy Health Group successfully listed on the Hong Kong Stock Exchange with an offer price of HKD 22.68 per share, receiving a subscription rate of 1421.47 times for public offerings and 2.9 times for international placements [2] - The company's stock opened at a 120.46% increase on its first trading day, closing at HKD 55.25, representing a 143.61% rise and a market capitalization of HKD 11.402 billion [2][3] Group 2: Business Model and Growth - Easy Health Group has a solid foundation with 168.4 million registered users and leverages AI technology to create a fusion ecosystem of health services and insurance technology, achieving nearly doubled revenue growth [5] - The company provides comprehensive health solutions, addressing user needs from prevention to intervention, and has organized 1,448 early disease screening activities in 2024 [7] - The revenue from full-cycle health management services surged from 15.2% in 2022 to 76.7% in the first half of 2025, with digital marketing becoming a major growth driver [12] Group 3: User Engagement and Retention - The user base is primarily composed of individuals aged 20 to 45, with 60.4% belonging to this core demographic, which is crucial for driving health consumption upgrades [15] - The company has achieved a 92.2% retention rate for policyholders after 13 months, significantly higher than the industry average, indicating effective user engagement strategies [16] Group 4: Technological Innovation - AI technology is a core engine for growth, with Easy Health Group developing a comprehensive AIcare technology stack that enhances service efficiency and user engagement [20][21] - The company has filed for 58 patents and 39 software copyrights, strengthening its technological barriers [22] Group 5: Market Potential - The digital health market in China is projected to grow significantly, with the penetration rate expected to rise from 2.8% in 2024 to 7.1% by 2029, and the market size for digital comprehensive health services and health insurance projected to increase from CNY 236.5 billion to CNY 748.5 billion [25][27] - Easy Health Group's extensive user health data provides ample resources for AI model training, optimizing technology to enhance service efficiency and user stickiness, thereby attracting more partners and users [27] Group 6: Conclusion - The listing of Easy Health Group on the Hong Kong Stock Exchange marks a significant milestone in its development and signals the capital market's recognition of the health technology integration model [29]

Core Viewpoint - AI technology has become a significant growth engine for the company, which is positioned as a leading digital health and insurance service platform in China [4][5]. Group 1: IPO Details - The company officially listed on the Hong Kong Stock Exchange on December 23, 2025, under the stock code "2661" [2]. - A total of 26,540,000 shares were issued, with the Hong Kong public offering being oversubscribed by 1,421.47 times and the international offering by 2.9 times [2]. - The cornerstone investor, Guangdong Hengqin Guangdong-Macao Deep Cooperation Zone Aoqin Harmony Investment Partnership, subscribed for 100 million RMB [2]. Group 2: Financial Performance - As of 11:00 AM, the stock price reached HKD 53.40, representing an increase of over 135% from the issue price, with a market capitalization exceeding HKD 11 billion [3]. - Revenue figures for the company from 2022 to 2024 are projected to be 394 million RMB, 490 million RMB, and 945 million RMB, respectively, reflecting a compound annual growth rate (CAGR) of 54.9% [4]. - In the first half of this year, revenue grew by 84.7% year-on-year to 656 million RMB, with health service revenue accounting for 76.7% of total revenue [5]. Group 3: Market Position and User Base - The company ranks 10th in China's digital comprehensive health and health insurance market based on projected 2024 revenue, and 7th in the digital health service market [4]. - The total registered user base has reached 168.4 million, with 60.4% of users aged between 20 and 45, and a high user retention rate of 92.2% after 13 months [4]. Group 4: Strategic Focus - The funds raised from the IPO will primarily be used for AI technology upgrades, expansion of health service scenarios, and integration of the industry chain [5]. - The company aims to deepen the "testing-medical-pharmaceutical-health-insurance" ecosystem, leveraging the vast market potential of the digital health industry [5].

Group 1 - The company, Easy Health (02661), plans to conduct an initial public offering (IPO) from December 15 to December 18, 2025, offering a total of 26.54 million shares at a price of HKD 22.68 per share, with 10% allocated for Hong Kong and 90% for international sales [1] - According to a report by Sullivan, the company ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue [1] - The company provides a comprehensive range of health-related services, including early disease screening, health check-ups, medical appointment services, and the sale of health products, aiming to offer affordable health solutions [1] Group 2 - The company has entered into a cornerstone investment agreement with 澳琴合鸣, which will subscribe for approximately 4.8018 million shares, totaling around RMB 100 million at the IPO price [2] - The net proceeds from the global offering are estimated to be approximately HKD 513.4 million, with 40% allocated to enhancing brand awareness and user engagement, 20% for medical and real-world research, 20% for improving AI and big data capabilities, 10% for expanding into more regions and overseas markets, and 10% for working capital and general corporate purposes [2]

Group 1 - The company, Easy Health (02661.HK), plans to globally offer 26.54 million shares, with 2.654 million shares available in Hong Kong and 23.886 million shares for international offering, subject to reallocation and the exercise of the over-allotment option [1] - The offering price is set at HKD 22.68 per share, with trading expected to commence on December 23, 2025 [1] - The company ranks 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] Group 2 - The net proceeds from the global offering are estimated to be approximately HKD 513.4 million, assuming no exercise of the over-allotment option [2] - The intended use of the net proceeds includes approximately 40% for enhancing brand awareness and user engagement, 20% for medical and real-world research, 20% for improving AI and big data capabilities, 10% for expansion into more regions and overseas markets, and 10% for working capital and other general corporate purposes [2] - The company has entered into a cornerstone investment agreement with Guangdong Hengqin Yuemao Deep Cooperation Zone Aoqin Harmony Investment Partnership, agreeing to subscribe for approximately RMB 100 million worth of shares at the offering price, totaling 4.8018 million shares [1][2]

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]