Core Insights - The core viewpoint of the article highlights the successful IPO of Qingsong Health Group, which saw its stock price rise by 158.82% on its first day, achieving a market capitalization of HKD 12.1 billion, making it one of the few profitable digital health companies listed in the market [1] Group 1: Company Overview - Qingsong Health Group went public on December 23, raising HKD 513 million through the global offering of 26.54 million shares at a price of HKD 22.68 per share [1] - The company aims to enhance brand awareness, user engagement, and partnerships, invest in medical and real-world research, improve AI and big data capabilities, and expand into new regions and overseas markets [1][2] Group 2: Services and User Base - The company provides health-related and insurance-related solutions, including digital marketing, digital medical research support, comprehensive health service packages, and early disease screening services [2] - Qingsong Health's registered user numbers have shown a steady increase from 155 million in 2022 to 168 million in 2024, although active user numbers have declined from approximately 71 million to 23 million during the same period [2] Group 3: Financial Performance - The company has demonstrated a shift from a "scale-first, profit-later" approach, with revenues increasing from approximately HKD 394 million in 2022 to HKD 945 million in 2024, and further to HKD 656 million in the first half of 2025 [3][4] - Adjusted net profits have remained positive, with figures of approximately HKD 149 million in 2022, HKD 147 million in 2023, HKD 84 million in 2024, and HKD 51 million in the first half of 2025, indicating a stable profitability trend [4] Group 4: Market Outlook - The overall digital health service market is projected to grow from RMB 221.5 billion in 2024 to RMB 706.8 billion by 2029, with a compound annual growth rate (CAGR) of 26.1%, while the digital insurance market is expected to grow from RMB 15 billion to RMB 41.7 billion during the same period, with a CAGR of 22.7% [5] - Qingsong Health is well-positioned to capitalize on these growth opportunities due to its strong technological foundation and established relationships within the industry value chain [5] Group 5: Technological Edge - The company has developed a proprietary AI technology stack called AIcare, which enhances user engagement and supports operations, including smart claims processing and dynamic risk assessment [5] - As of June 30, 2025, Qingsong Health has registered 58 invention patents and 39 software copyrights related to its technological capabilities [5]

Core Viewpoint - The successful IPO of Qingsong Health Group, a leading digital health service platform in China, reflects strong investor interest and confidence in its business model and growth prospects, with an oversubscription rate of 1421 times for the public offering [1] Company Overview - Qingsong Health Group, established in 2014, integrates health management, insurance technology, and medical services, ranking 10th in the domestic digital comprehensive health service market and 7th in the digital health service market as of 2024 [1][2] Competitive Advantages - The company boasts a large and engaged user base, with 168.4 million registered users, 60.4% of whom are aged 20-45, indicating a strong core consumer demographic [2] - AI technology is deeply integrated across the business chain, with the self-developed AIcare technology stack applied in marketing, underwriting, and health management, contributing over 21% of the lead value [2] - The revenue structure is continuously optimized, with digital comprehensive health service revenue accounting for 76.7% of total revenue, achieving a compound annual growth rate of 221.26% over the past three years [2] Fund Utilization - The funds raised from the IPO will focus on AI technology upgrades, extending health service scenarios, and integrating industry chain resources, aiming to strengthen the full-chain ecosystem of "examination-medication-health-insurance" [2] Industry Outlook - The Chinese digital health industry is experiencing a triple benefit from policy support, demand release, and technological iteration, with the market for comprehensive health services and health insurance expected to reach 11.8 trillion yuan by 2029, growing at a compound annual growth rate of 7.7% from 2024 to 2029 [2] Market Positioning - Qingsong Health Group's unique full-chain service model, AI technology advantages, and high user engagement position it well for industry consolidation, setting a solid foundation for its post-IPO performance in the capital market [3]

Investment Rating - The report suggests a cautious subscription for the company [1] Core Insights - The company ranks 10th in China's digital integrated health services and health insurance market based on revenue for 2024, according to a report by Sullivan [2] - The integrated health services and health insurance market in China is projected to grow from RMB 6,226.1 billion in 2020 to RMB 8,149.4 billion in 2024, with a compound annual growth rate (CAGR) of 7.0%, and is expected to reach RMB 11,804.0 billion by 2029, with a CAGR of 7.7% from 2024 to 2029 [2] - The company provides a comprehensive platform for health services and insurance funding resources, catering to users' overall health needs [2] Financial Performance - The company's revenue from continuing operations for the past years is as follows: RMB 394 million in 2023, RMB 490 million in 2024, RMB 945 million in the first nine months of 2025, and RMB 656 million in the same period [3] - The corresponding net profits were RMB -9.098 million, RMB 97.169 million, RMB 8.99 million, and RMB 86.045 million [3] - The estimated market capitalization post-IPO is approximately HKD 4.7 billion, with the IPO price corresponding to a price-to-earnings (PE) ratio of about 40.0X for 2025, indicating a high valuation [3]

转型为以保险业务为核心。 微信公众号｜ipozaozhidao 据IPO早知道消息，轻松健康集团于2025年1月28日正式向港交所递交招股说明书，拟主板挂牌上 市，中金公司和招商证券国际担任联席保荐人。 值得注意的是， 轻松 健康集团 已于2 024 年6月将线上疾病筹款业务（即"轻松筹"）和 朵尔医院 完成剔除，即不属于本次上市主体。 成立于2014年的轻松健康集团现专注于提供综合健康服务及健康保险解决方案，致力于通过一套易 用、精准且可负担的健康解决方案，利用自身为促进中国健康服务和相关资金资源的有效配置而构建 的全方位的生态系统，为有需要的人提供保障和支持。 具体来讲：轻松健康集团的健康服务涵盖早筛、健康检查和咨询、医疗预约服务以及保健品销售。同 时，轻松健康集团还通过自己的互联网保险平台「轻松保险」，为用户提供方便地获取各种健康保险 产品的机会。截至2024年9月30日，轻松保险已提供来自36家保险公司合作伙伴的合共252款保险 产品。 截至2024年9月30日，轻松健康集团的注册用户数量为1.68亿名。2022年、2023年以及2024年 前三季度，轻松健康集团的活跃用户数量分别约为7050万名、6 ...