来源｜凤凰网财经《公司研究院》 你用过 "惠民保"吗？这款保费低廉、投保门槛宽松的普惠型商业医疗保险，已覆盖全国超百座城市。而作为其背后中国最大的综合服务提供商，估值 曾突破百亿的镁信健康，在2025年夏天正式向港交所递交了招股书， 开启 IPO冲刺计划 。 这已是镁信健康第二次 试图冲击资 本市场。早在 2021年，它就曾筹划上市，最终因财务合规等问题折戟。此次卷土重来，由高盛(亚洲)、中金公 司、汇丰银行三大顶级投行保驾护航，阵容不可谓不豪华。 然而，光鲜的资本故事背后，是 镁信健康 三年累计超过 8亿元的亏损 、 "药转保" 模式屡遭 监管 点名的尴尬 。 在 盈利困境与合规重压的夹缝中 ， 镁信健康的 IPO之路， 也将面临更多审视与质询 。 01 三年累计亏损超8亿元 在 2021年那场估值轻松突破百亿的资本盛宴之后，镁信健康第二次 筹备 港股 IPO，更像是一场在现实与理想夹缝中的求生之旅。这一次，它需要 向投资者讲述的故事，远比四年前要复杂 得多 。 图片来源于网络 | | | | 截至12月31日正年度 | | | | | --- | --- | --- | --- | --- | --- | ...

Core Viewpoint - Guoxin Health is actively collaborating with insurance brokerage firms, health management service providers, and medical service institutions to explore a data-driven full-chain service model for health insurance, covering product design, marketing, underwriting, claims, and risk control [2] Group 1: Collaboration and Innovation - The company has established deep cooperative relationships with several domestic insurance companies to promote the implementation of innovative health insurance service models [2] - Guoxin Health is involved in projects such as the operation of public data authorization in Hangzhou and the personal medical insurance data authorization query in Pingxiang, Jiangxi, to enhance data compliance and operational practices [2] Group 2: Data Integration and Development - Guoxin Health has jointly established a company with Hubei Data Group to operate health medical big data in Central China, aiming to integrate and utilize health medical data resources within Hubei Province [2] - The newly formed company serves as a pilot for public data authorization operations in the "Three Medical" fields, facilitating the development and utilization of health medical data resources [2]