从收入构成来看， AI医疗服务已成为 微医控股 核心增长引擎 —— 2022年至2024年 ，微医控股 AI医疗服务收入分别为6.28亿元、10.24亿元 和 48.06亿元 ； 今年上半年，微医控股 AI医疗服务 收入 从 2024年同期的 14.4亿元 增加 97.3% 至 28.41亿元 。而 在营收占比上， 今年上半年 AI 医疗服务占总营收 的比例已从 2024年同期的 79.2%进一步攀升至92.2% 。 今年上半年，微医控股AI医疗服务的收入占比进一步攀升至92.2%。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 微医控股有限公司 （以下简称 " 微医控股 "）于2025年9月29日更新招股 书，继续推进港交所主板上市进程，招银国际和华泰国际担任联席保荐人。 成立于 2004年的 微医控股 旗下现拥有 AI医疗服务 和 线上线下医疗服务 两大业务板块。 根据弗 若斯特沙利文的资料，按 2024年收入 计算 ，微医控股在中国数字健康服务市场（不包括药品销 售）及 AI医疗健康解决方案市场均排名第一。 根据最新版本的招股书披露，微 ...

9月29日，微医控股最新业绩显示，2025年上半年公司营收30.8亿元，同比增长69.4%；其中AI医疗服务 收入达28.41亿元，同比大幅增长97.3%，占整体收入比重超过九成。 据弗若斯特沙利文报告，按2024年收入统计，微医控股在中国数字健康服务市场及AI医疗健康解决方 案市场中均位列第一。 根据当日微医控股向港交所递交的招股书披露，2022年、2023年及2024年，微医控股持续经营业务收入 分别为13.68亿元、18.63亿元和54.96亿元，年均复合增长率超过100%。 ...

8月31日，轻松健康集团(简称"轻松健康")向港交所递交上市申请。轻松健康曾于1月28日第一次递交招 股书，但上市申请于8月20日失效。 招股书显示，2022年、2023年、2024年及2025年上半年，公司收入分别约为3.94亿元、4.9亿元、9.45亿 元及6.56亿元；净利润分别约为-909.8万元、9716.9万元、899万元和8604.5万元，业绩存在较大的波动 性。 提供数字综合健康服务 招股书显示，截至2022年、2023年、2024年及2025年上半年，公司的注册用户数量分别约为1.55亿名、 1.64亿名、1.68亿名及1.68亿名；活跃用户数量分别约为0.71亿名、0.69亿名、0.65亿名及0.23亿名；公 司所销售的保险产品年化保费总额分别为13亿元、12亿元、10亿元及4.93亿元。公司的保险业务高度依 赖用户基础和平台流量。 此次募集资金主要将用于：提升公司的品牌知名度、提高用户参与度及加强与业务合作伙伴的合作；医 学研究和真实世界研究；提升公司在AI及大数据领域的技术能力，以便更广泛应用于公司的产品及服 务；拓展更多地区及海外市场等。 收入高度依赖前五大客户 轻松健康的客户主要包 ...

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].

Group 1: Recent IPOs on Hong Kong Stock Exchange - Two companies listed on the Hong Kong Stock Exchange from August 25 to August 31 [2] - Shuangdeng Group Co., Ltd. (6960.HK) listed on August 26, focusing on energy storage batteries, with a first-day increase of 31.29% and a market cap of approximately HKD 73 billion [3] - Jiaxin International Resources Investment Co., Ltd. (3858.HK) listed on August 28, specializing in tungsten mining, with a first-day increase of 177.84% and a market cap of approximately HKD 148 billion [3] Group 2: New Stock Offerings - One company completed its new stock offering during the week of August 25 to August 31 [4] - Aux Electric, a global provider of high-quality air conditioning solutions, went through the listing hearing [5] Group 3: Companies Submitting Listing Applications - A total of 22 companies submitted main board listing applications and one company submitted a GEM listing application from August 25 to August 31 [7] - Notable companies include: - Nazhen Technology, a global provider of optical communication solutions, submitted its application on August 25 [8] - Chengdu Guoxing Aerospace Technology Co., Ltd., a participant in China's commercial aerospace industry, submitted its application on August 25 [9] - InxMed Limited-B, a biotech company focused on cancer treatment, submitted its application on August 25 [9] Group 4: Financial Performance and Projections - Nazhen Technology projected revenues of CNY 5.043 billion, CNY 4.239 billion, and CNY 5.087 billion from 2022 to 2024, with profits of CNY 429 million, CNY 216 million, and CNY 89 million respectively [18] - Guoxing Aerospace projected revenues of CNY 177 million, CNY 508 million, and CNY 553 million from 2022 to 2024, with losses of CNY 91 million, CNY 139 million, and CNY 177 million respectively [20] - InxMed Limited-B reported no commercial sales revenue for 2023 and 2024, with losses of CNY 209 million and CNY 185 million respectively [23] Group 5: Industry Insights - The energy storage battery market is growing, with Shuangdeng Group focusing on applications in communication base stations and data centers [3] - The tungsten mining sector is highlighted by Jiaxin International, which is developing the Bakuta tungsten mine in Kazakhstan [3] - The optical communication sector is represented by Nazhen Technology, which ranks fifth globally in optical module revenue [18]

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 updating its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1]. Company Overview - Easy Health Group is a one-stop platform in China focusing 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 (health education), and digital medical research support [4][5][6][7][8]. - Digital marketing services were launched in 2023, offering tailored digital marketing solutions to pharmaceutical companies and charitable foundations, with a significant increase in the number of clients and health education content produced over the years [5]. - The company supports the pharmaceutical industry by providing comprehensive solutions for medical research, including real-world study design and clinical trial data analysis, with a growing number of clients [6]. 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 profits for the same periods were RMB 73.62 million, RMB 10.39 million, and RMB 86.05 million respectively [9][10]. - The revenue cost and gross profit margins have shown fluctuations, with gross profit margins of 82.6% in 2022, decreasing to 32.5% by 2025 [10].

智通财经APP获悉，据港交所8月31日披露，轻松健康集团向港交所更新招股书，中金公司、招商证券国际 为其联席保荐人。 数字营销(科普服务)。该公司的数字营销(科普服务)于2023年推出，提供便捷、经济且高效的一站式整合数 字营销解决方案，并针对客户的需求量身定制。该公司支持医药公司及慈善基金会提升健康素养，增强治 疗认知度，并履行社会责任。在整个价值链中，该公司作为值得信赖的合作伙伴，通过科普文章及视频， 将客户(主要是医药公司)与其目标用户群体建立联系。于2023年、2024年及截至2025年6月30日止六个月， 该公司分别向五名、21名及25名客户提供了数字营销(科普服务)。此外，该公司分别于2023年及2024年以及 截至2025年6月30日止六个月创作了逾208,100条、576,600条及292,000条科普内容。 数字医学研究辅助。该公司作为CRO透过提供涵盖整个项目生命周期的综合解决方案，包括医学研究、医 生科普、患者科普、临床研究、市场营销和上市后研究，积极支持医药行业的医学研究需求。与流行病 学、临床医学及统计学等各领域的众多专家团队合作。该公司主要从事真实世界研究(RWS)项目设计、临床 ...

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]