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]

轻松健康(02661)于2025年12月15日至12月18日招股，该公司拟全球发售2654万股，其中香港发售占 10%，国际发售占90%，另有15%超额配股权，每股发售价22.68港元。每手200股，预期股份将于2025 年12月23日在联交所开始买卖。 公司提供健康相关及保险相关解决方案。根据沙利文报告的资料，按2024年的收入计，公司于中国数字 综合健康服务及健康保险服务市场排名第10位。公司致力于通过一套易用、精准且可负担的健康解决方 案，为有需要的人提供保障和支持。 公司为寻求全面健康解决方案的用户提供健康相关服务，包括早期疾病筛查相关推广及咨询、健康检查 及咨询、医疗预约服务以及保健品销售。作为公司服务的重要组成部分，公司亦赋能行业参与者以数字 营销的形式策划优质科普内容，并推广健康相关公共举措。为了资助用户的健康支出，并满足其保障需 求，公司亦通过公司的互联网保险平台保险相关服务，为用户提供方便地获取各种健康保险产品的机 会。公司的综合平台提供健康服务和保险资金资源，能够满足用户的整体健康需求。 集团与广东横琴粤澳深度合作区澳琴合鸣投资合伙企业(有限合伙)("澳琴合鸣")订立基石投资协议，据 此， ...

轻松健康2025年12月15日至12月18日招股，拟全球发售2654万股，其中香港发售占10%，国际发售占 90%，另有15%超额配股权，每股发售价22.68港元。预期股份将于2025年12月23日在联交所开始买卖。 公司提供健康相关及保险相关解决方案。根据沙利文报告，按2024年收入计，公司在中国数字综合健康 服务及健康保险服务市场排名第10位。公司为用户提供早期疾病筛查推广及咨询、健康检查及咨询、医 疗预约服务以及保健品销售等健康相关服务，同时通过互联网保险平台为用户提供健康保险产品机会。 集团与广东横琴粤澳深度合作区澳琴合鸣投资合伙企业(有限合伙)订立基石投资协议，澳琴合鸣按发售 价认购或促使其指定实体认购合共约人民币1亿元可购入的有关数目的发售股份。 假设超额配股权未获行使，全球发售所得款项净额将约为5.134亿港元。集团拟将全球发售所得款项净 额用于以下用途：约40.0%用于提升集团的品牌知名度、提高用户参与度及加强与业务合作伙伴的合 作；约20.0%用于医学研究和真实世界研究；约20.0%用于提升集团在AI及大数据领域的技术能力，以 便更广泛应用于集团的产品及服务；约10.0%用于拓展至更多地区及 ...

公司为寻求全面健康解决方案的用户提供健康相关服务，包括早期疾病筛查相关推广及咨询、健康检查 及咨询、医疗预约服务以及保健品销售。作为公司服务的重要组成部分，公司亦赋能行业参与者以数字 营销的形式策划优质科普内容，并推广健康相关公共举措。为了资助用户的健康支出，并满足其保障需 求，公司亦通过公司的互联网保险平台保险相关服务，为用户提供方便地获取各种健康保险产品的机 会。公司的综合平台提供健康服务和保险资金资源，能够满足用户的整体健康需求。 按发售价为每股发售股份22.68港元计算(假设超额配股权未获行使)，全球发售所得款项净额将约为 5.134亿港元。集团拟将全球发售所得款项净额用于以下用途：约40.0%将用于提升集团的品牌知名度、 提高用户参与度及加强与业务合作伙伴的合作;约20.0%将用于医学研究和真实世界研究;约20.0%将用于 提升集团在AI及大数据领域的技术能力，以便更广泛应用于集团的产品及服务;约10.0%将用于拓展至更 多地区及海外市场;及约10.0%用作营运资金及其他一般公司用途。 智通财经APP讯，轻松健康(02661)于2025年12月15日至12月18日招股，该公司拟全球发售2654万股， ...

2025年前6个月，轻松健康集团营收为6.56亿元，同比增长84.7%；经调整净利润为5118万元，同比增长 11.3%。 同时，轻松健康集团今年上半年来自保险经纪服务收入为5073万元，占营收的比例为7.7%；来自保险 技术服务的收入为9937万元，占营收的比例为15.2%。 据悉，轻松健康集团围绕"健康服务+保险保障"双轮驱动，形成完整的闭环生态。从健康科普、体检服 务到保险经纪与智能理赔，轻松健康集团实现了健康管理与金融保障的深度融合。截至2025年6月，其 已与58家保险公司合作，联合推出近300款健康保险产品，已构建覆盖C端与B端的多层次健康保障体 系。 （编辑：李晖 审核：何莎莎 校对：颜京宁） 中经记者 陈晶晶 北京报道 日前，香港联合交易所官网披露显示，轻松健康集团已通过港股主板上市聆讯。这意味着，其将在资本 市场正式亮相。 招股书显示，轻松健康集团2022年、2023年、2024年营收分别为3.94亿元、4.9亿元、9.45亿元；毛利分 别为3.25亿元、3.91亿元、3.62亿元；毛利率分别为82.6%、79.9%、38.3%。 ...

Core Viewpoint - The recent news highlights the upcoming IPO of Qingsong Health Group, which has paved the way for its listing in Hong Kong, following the company's strategic shift from its previous focus on crowdfunding for medical expenses to a comprehensive digital health service platform [3][7]. Company Overview - Qingsong Health Group, founded by Yang Yin, initially gained recognition through its crowdfunding platform, Qingsongchou, which helped families raise funds for medical emergencies [3][6]. - The company has undergone significant changes, including the divestment of its crowdfunding service and hospital business, to focus on providing integrated digital health services and health insurance solutions [7][8]. Financial Performance - The revenue figures for Qingsong Health Group are as follows: - 2022: 394 million RMB - 2023: 490 million RMB - 2024: 945 million RMB - 2025 (first half): 656 million RMB - Adjusted net profits for the same periods were: - 2022: 149 million RMB - 2023: 146 million RMB - 2024: 84.4 million RMB - 2025 (first half): 51.2 million RMB [8][9]. Business Model and Services - Qingsong Health Group positions itself as a one-stop platform offering digital health services, including screening, medical appointment services, and health insurance products [8][10]. - The company has a registered user base of 170 million and collaborates with 86 pharmaceutical partners, providing a total of 294 insurance products from 58 insurance companies [10]. Investment and Ownership - The company has completed eight rounds of financing, raising approximately 126 million USD, with notable investors including IDG Capital, Sunshine Insurance, and Tencent [10]. - Yang Yin, the founder, holds a 23.93% stake in the company, making her the largest single shareholder ahead of the IPO [10].

Core Insights - The insurance industry plays a crucial role in economic development and improving social welfare, with total assets exceeding 40 trillion yuan and cumulative payouts reaching 9 trillion yuan, marking a 61.7% increase compared to the "13th Five-Year Plan" period [1] - During the "14th Five-Year Plan" period, the insurance sector has focused on high-quality development, enhancing its comprehensive strength and achieving new breakthroughs in serving the real economy and social welfare [1][3] Group 1: Economic Impact - The insurance industry has provided risk protection across various sectors, contributing to national strategies and addressing weak links in the economy [1] - Cumulative risk protection provided by the insurance industry during the "14th Five-Year Plan" period has exceeded 10 trillion yuan, supporting over 3,600 innovation application projects [2] Group 2: Technological Innovation - China Life Insurance has developed over 200 technology insurance products, providing risk protection exceeding 4 trillion yuan since the establishment of the integrated circuit co-insurance system [2] - The insurance sector has supported significant projects such as the Long March 8 remote sensing satellite and the domestically produced C919 large passenger aircraft, with over 300 billion yuan in coverage [2] Group 3: Social Welfare - The insurance industry has expanded its capacity to improve and guarantee social welfare, with major projects covering over 12.2 billion urban and rural residents for critical illness insurance and 1.8 billion people for long-term care insurance [3] - Commercial health insurance has provided economic compensation of 1.8 trillion yuan to those affected by illnesses over the past five years [3] Group 4: Disaster Risk Management - The insurance industry has established a national disaster risk map and a digital risk warning network, with cumulative payouts exceeding 150 billion yuan for disasters such as floods and earthquakes during the "14th Five-Year Plan" period [4] - From 2024, catastrophe insurance will cover common natural disasters in China, with a minimum coverage amount doubled, providing 22.36 trillion yuan in catastrophe risk protection for 64.39 million households [4] Group 5: Comprehensive Insurance Services - The insurance sector has formed a comprehensive insurance service system focusing on risks related to aging, illness, disasters, and poverty, optimizing the allocation of risk resources across society [5]

Group 1 - The core viewpoint of the news is that Fosun United Health Insurance has successfully completed a significant capital increase, enhancing its financial strength and shareholder structure through the introduction of strategic investors [1][2] - The total capital increase amounts to 810 million RMB, raising the registered capital from 694.44 million RMB to 1.01085 billion RMB [1] - This capital injection marks a milestone for the company, following its first capital infusion in May 2024, and signifies a comprehensive upgrade in capital strength, shareholder structure, and solvency [1] Group 2 - The introduction of international financial institutions such as IFC and ADB, along with Shanghai Fosun Pharmaceutical, reflects strong recognition of the long-term value of Fosun United Health Insurance in the international capital market [2] - IFC, as a core member of the World Bank Group, brings extensive experience in global finance and market operations, while ADB offers substantial project experience in health and social security [2] - The continued investment from Fosun Pharmaceutical highlights the importance of Fosun United Health Insurance within the Fosun Group, leveraging its extensive resources in the healthcare industry to enhance service professionalism and precision [2] Group 3 - Following the capital increase, the company plans to enhance customer experience by investing more resources in both product and service dimensions [3] - The company aims to expand its coverage and optimize product offerings, focusing on critical illness, chronic disease management, and long-term care to meet diverse health insurance needs [3] - By utilizing the technical expertise of international shareholders and the medical resources of Fosun Pharmaceutical, the company intends to upgrade its service experience, providing comprehensive health support from prevention to rehabilitation [3] Group 4 - The strategic capital increase not only represents a significant development for Fosun United Health Insurance but also offers a replicable cooperation model for the health insurance industry [4] - By integrating international capital and industry resources, the company will drive exploration in international cooperation and the integration of property and casualty insurance, injecting new vitality into industry innovation [4] - The company aims to actively respond to the "Healthy China 2030" strategy, contributing to the promotion of inclusive health insurance and enhancing health security coverage for the public [4]

Core Viewpoint - China Life Insurance aims to become a global leader in the life insurance industry by enhancing its core capabilities and maintaining a strong focus on innovation and customer service [1][3][5]. Financial Performance - In 2024, China Life's total premium reached 671.46 billion yuan, with first-year premiums hitting a record high of 119.08 billion yuan [1]. - The company's embedded value exceeded 1.4 trillion yuan, and the new business value for the year was 33.71 billion yuan, leading the industry [1]. - Total investment income amounted to 308.25 billion yuan, reflecting a significant year-on-year increase of 150%, with net profit attributable to shareholders rising by 108.9% to 106.93 billion yuan [1]. Strategic Goals - The company plans to strengthen five key capabilities: risk protection, asset-liability linkage, value creation, risk control, and global asset allocation [3][4]. - China Life aims to enhance its service offerings and product diversity, focusing on customer needs across different life stages [5][6]. Product Development - As of the end of 2024, the personal pension business reached nearly 3 billion yuan, with over 270,000 policies serviced, making it the industry leader [5]. - The company has launched over 500 health insurance products since 1999, with 220 currently available, and aims to expand its health insurance offerings further [6]. Investment Strategy - China Life's investment strategy emphasizes long-termism, focusing on stable asset-liability matching and value investing [7]. - The company has a total investment scale exceeding 4.8 trillion yuan, with a total investment return rate of 5.50% [6]. Shareholder Returns - In 2024, China Life implemented its first interim dividend, with total dividends reaching 18.37 billion yuan, a 51% increase from 2023 [10][11]. - The company plans to maintain a high dividend payout while balancing shareholder interests and sustainable development [11].

Core Insights - China Life Insurance is focusing on enhancing its pension and health insurance products to meet the diverse needs of customers at different life stages [1][2] - The company aims to expand its personal pension business, targeting a cumulative scale of nearly 3 billion yuan by the end of 2024, with over 270,000 policies in force [1] - In health insurance, China Life has launched over 500 products since 1999, with more than 220 currently available, and plans to increase the insurance amount for commercial health insurance by over 80 trillion yuan in 2024 [1][2] Group 1: Pension Business - The company plans to diversify its product offerings, including personal pensions, to better cater to the retirement needs of its clients [1] - By the end of 2024, the personal pension business is expected to reach a scale of nearly 3 billion yuan, with over 270,000 policies [1] - In 2024, the business scale is projected to be 2 billion yuan, with more than 150,000 policies, maintaining the industry leadership [1] Group 2: Health Insurance - China Life emphasizes the importance of health insurance and will continue to upgrade its health insurance offerings, focusing on various forms such as medical, nursing, disability, and disease insurance [2] - The company aims to serve a broader population, particularly targeting the elderly and those with chronic diseases, by incorporating high-quality medical technologies and equipment into its coverage [2] - The strategy includes transitioning from single risk coverage to a comprehensive health protection plan that encompasses prevention, treatment, and rehabilitation [2]