保险家论道 保险与医疗健康领域的"支付+服务"融合趋势日益凸显，"医险协同"正成为健康险公司突破同质化竞争、打造品牌优势的核心赛道。面对政策 引导、需求升级与行业转型的多重机遇，健康险公司应如何超越"支付方"的传统角色，全面融入"医险协同"的价值链条？ 本期《清华金融评论》保险家论道专栏特邀平安健康保险、北大医疗集团董事长朱友刚 ，从专业健康险公司的视角，解析"医险协同"转型逻 辑与实践路径，为行业发展提供参考。 01 医险协同 专业健康险公司的必然转型方向 近年来，在政策引导、需求升级与行业转型的多重推动下，保险与医疗健康领域的融合不断深化。尤其对于专业健康险公司而言，单纯作为"支付 方"的角色已难以适应市场发展与客户期待。医险协同，即保险与医疗服务的深度结合，正成为健康险公司突破同质化竞争、构建核心竞争力的战略 路径。这一转型不仅是行业趋势，更是企业可持续发展的内在要求。 从外部环境看，我国医疗健康体系长期存在 "重治疗、轻预防与康复"的结构性短板，导致医疗资源分布不均、医疗费用持续攀升。与此同时，伴随 人口老龄化加速、慢性病发病率上升以及居民健康管理意识增强，公众对健康服务的需求已从"病后治疗"延伸至" ...

Core Viewpoint - The successful listing of Easy Health Group on the Hong Kong Stock Exchange marks a significant milestone, enhancing its governance and credibility while providing diversified capital support for long-term investments in the healthcare and insurance technology sectors [6] Group 1: Company Overview - Easy Health Group, registered in the Cayman Islands with core operations in Beijing's Dongcheng District, operates under the innovative model of "AI + Health + Insurance" to foster emerging productivity and strengthen the health technology industry [1] - Since its establishment in 2014, the company has developed two main business segments: "Easy Health" and "Easy Insurance," focusing on medical auxiliary research, health education, early screening services, comprehensive health service packages, and insurance technology services [1] Group 2: Service Capabilities - The company has built a full-chain service capability in the health service sector, providing comprehensive medical auxiliary research services from project initiation to data delivery for the pharmaceutical industry [2] - It offers a one-stop digital marketing solution to enhance public health literacy and has launched nearly 8,200 "early screening public welfare events" focusing on cancer risk screening and bone density testing [2] - In the insurance technology field, the company has established an efficient sales platform and collaborates with 58 insurance companies to offer nearly 300 health insurance products, catering to various consumer needs [2] Group 3: Financial Performance - Financial data indicates that the company's revenue reached 945 million yuan in 2024, with an adjusted net profit of 84.4 million yuan; in the first half of 2025, revenue was 656 million yuan with an adjusted net profit of 51.2 million yuan, demonstrating steady growth [4] - As of June 2025, the company had 168.4 million registered users, with 60.4% belonging to the core consumer group aged 20 to 45, and a retention rate of 92.2% for policyholders in the 13th month [4] Group 4: Future Plans - The company plans to increase investments in management, research and development, and data capabilities in Dongcheng District, leveraging local medical resources to promote the implementation of digital health scenarios [6] - It aims to deepen cooperation with state-owned enterprises in the region and explore replicable health service models to contribute to the cultivation of new productivity in Dongcheng [6] Group 5: Competitive Advantage - Easy Health's core competitiveness lies in its "health service front-end + insurance closed-loop" model and its ability to integrate platform resources [7] - The company actively incorporates AI technology to enhance health assessments, risk identification, and service matching, improving service precision and risk control [7]

格隆汇12月29日｜上海市商务委员会等16部门印发《关于进一步扩大上海服务消费的若干措施》。其中 指出，提升健康消费国际化水平。鼓励体检机构向专病专检和检前检后延伸。应用细胞治疗、脑机接口 等先进治疗手段，推进创新技术、创新药械临床使用。鼓励符合条件的医疗机构开展特色化国际医疗项 目。引导健康产业多元发展，补足康复、护理等紧缺资源。支持社会办医疗机构提供国际医疗服务。鼓 励医疗机构与商业保险机构合作开展商业健康保险直接结算。鼓励商业保险机构开发与特色医疗服务对 接的健康保险产品以及跨境医疗保险产品。 关键词阅读：商业保险 健康险 创新药 责任编辑：山上 ...

Core Insights - The conference "Sailing into 2025 Financial Annual Meeting" was held in Beijing, focusing on the theme of "New Starting Point, New Momentum, New Journey" with over 100 guests and more than 500 financial institutions and listed companies in attendance [1] Group 1: Insurance Industry Development - The insurance industry should effectively meet the financial needs of the public, particularly in areas such as pension and health insurance, and expand coverage for small and micro enterprises, private sectors, and agriculture [3] - There is a need for the insurance sector to develop pension and health insurance products that align with the national strategy for an aging population, and to actively participate in enterprise annuity management and personal pension business [3] - The integration of commercial insurance with medical insurance should be deepened to enhance health services from prevention to rehabilitation, and to promote the development of long-term care insurance [3] Group 2: Addressing Vulnerable Groups - The insurance industry must leverage digital technology to improve service quality and develop online, intelligent insurance products for small and micro enterprises and agriculture, thereby enhancing coverage and credit systems in rural areas [4] - There is a significant need for insurance services to support low-income groups, farmers, and other vulnerable populations, as their financial reserves and risk resistance capabilities are low [4] Group 3: Disaster Risk Management - The insurance industry's participation in natural disaster management is currently below global standards, with a reliance on government and social donations for disaster relief [4] - The industry should engage in the design of a multi-tiered disaster risk-sharing system, developing specialized insurance products for disasters such as earthquakes, typhoons, and floods [4] - Innovations in insurance products related to public safety, such as liability insurance for safety production and public spaces, are essential for enhancing risk prevention and emergency response mechanisms [4] Group 4: Quality of Insurance Services - The insurance industry must address both the availability and quality of services, ensuring that it can provide essential support in times of need [5]

● 本报记者 薛瑾 党的二十届四中全会擘画了中国未来五年的发展蓝图，是乘势而上、接续推进中国式现代化的又一次总 动员、总部署。"十五五"时期，加快建设金融强国成为新的时代命题。风起扬帆正当时，在"十四五"即 将收官，"十五五"即将开启的节点，于服务民生需求和支持实体经济中发挥着"压舱石"和"稳定器"作用 的国有寿险公司，为"十五五"时期的高质量发展锚定了怎样的航向？ 中汇人寿保险股份有限公司党委书记、董事长任小兵近日在接受中国证券报记者专访时表示，党的二十 届四中全会对"十五五"时期加快建设金融强国提出明确要求、作出战略部署，为扎实做好"十五五"时期 金融工作提供了根本遵循。中汇人寿把全会精神与公司改革发展实际紧密结合，在奋力开创中国式现代 化建设新局面过程中彰显国企担当，以党的全面领导筑牢企业发展"压舱石"，以人民至上理念彰显国企 担当"暖心色"，以全面深化改革激活高质量发展"新引擎"。 党的二十届四中全会将"坚持人民至上"确立为"十五五"时期经济社会发展必须遵循的重要原则，以"满 足人民日益增长的美好生活需要"为根本目的，把"人民生活品质不断提高"列为主要目标，旨在在高质 量发展中推进共同富裕、保障民生福 ...

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]

Group 1 - The company, Easy Health (02661), plans to conduct a global offering of 26.54 million shares from December 15 to December 18, 2025, with a share price of HKD 22.68, and expects trading to commence on December 23, 2025 [1] - Easy Health ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue, according to a report by Sullivan [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 [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 at the offering price, totaling around RMB 100 million [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 other general corporate purposes [2]

Group 1 - The company plans to conduct a global offering of 26.54 million shares from December 15 to December 18, 2025, with 10% allocated for Hong Kong and 90% for international sales, at a price of HKD 22.68 per share [1] - The shares are expected to start trading on the Hong Kong Stock Exchange on December 23, 2025 [1] - According to a report by Frost & Sullivan, the company ranks 10th in China's digital integrated health services and health insurance market based on 2024 revenue [1] Group 2 - The net proceeds from the global offering, assuming the over-allotment option is not exercised, are estimated to be approximately HKD 513.4 million [2] - The company intends to allocate approximately 40% of the proceeds to enhance brand awareness, increase user engagement, and strengthen partnerships [2] - About 20% of the proceeds will be used for medical research and real-world studies, another 20% for improving capabilities in AI and big data, 10% for expansion into more regions and overseas markets, and 10% for working capital and other general corporate purposes [2]

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]

Core Viewpoint - The successful completion of the listing hearing on the Hong Kong Stock Exchange indicates that Easy Health Group is set to officially enter the capital market, showcasing its growth and business model in health services and insurance [1] Financial Performance - Easy Health Group's revenue for 2022, 2023, and 2024 is projected to be 394 million, 490 million, and 945 million respectively, with gross profits of 325 million, 391 million, and 362 million, leading to gross margins of 82.6%, 79.9%, and 38.3% [1] - For the first half of 2025, the company reported revenue of 656 million, representing a year-on-year growth of 84.7%, and an adjusted net profit of 51.18 million, reflecting an 11.3% increase [1] Revenue Breakdown - In the first half of this year, revenue from insurance brokerage services amounted to 50.73 million, accounting for 7.7% of total revenue, while revenue from insurance technology services reached 99.37 million, making up 15.2% of total revenue [1] Business Model - Easy Health Group operates on a dual-driven model of "health services + insurance protection," creating a comprehensive closed-loop ecosystem that integrates health management with financial security [1] - As of June 2025, the company has partnered with 58 insurance companies to jointly launch nearly 300 health insurance products, establishing a multi-tiered health protection system covering both C-end and B-end clients [1]