Core Insights - Qingsong Health Group has submitted a prospectus to the Hong Kong Stock Exchange for a main board listing, marking a renewed application after a previous submission lapsed in January 2025 [1] - The company, established in 2014, focuses on providing a one-stop platform for digital integrated health services and health insurance solutions [1] Financial Performance - Qingsong Health's revenue primarily comes from digital integrated health services and digital insurance services, with total revenues for 2022, 2023, 2024, and the first half of 2025 reported as RMB 394 million, RMB 490 million, RMB 945 million, and RMB 656 million respectively [2] - The gross profit for the same periods was approximately RMB 325 million, RMB 391 million, RMB 362 million, and RMB 213 million, with net profits of RMB -9 million, RMB 97 million, RMB 9 million, and RMB 86 million [2] - The company has a revenue compound annual growth rate (CAGR) of 54.95% and a gross margin CAGR of 5.46% [2] Market Position - According to a report by Frost & Sullivan, Qingsong Health ranks tenth in China's digital integrated health services and health insurance market by revenue as of 2024, and seventh in the digital health services market [4][8] - The digital health services market in China is expected to grow significantly, with a projected market size of RMB 859.8 billion by 2028, reflecting a CAGR of over 30% [8] Technology and Innovation - Qingsong Health has developed a proprietary AI technology stack named AIcare, which enhances customer acquisition, fraud prevention, personalized marketing, and operational efficiency [5] - As of June 30, 2025, approximately 43.3% of the company's employees are involved in IT research and development, with 58 registered patents and 39 software copyrights related to its technology capabilities [5] Customer Base and Partnerships - The company has established partnerships with 144 entities, including 58 insurance companies and 86 pharmaceutical partners, with the top five customers accounting for over 65% of revenue [6][7] - As of June 30, 2025, Qingsong Health has 1.7 million registered users and has launched 294 insurance products in collaboration with its partners [6][7] Funding and Ownership - Qingsong Health has raised approximately $126 million across eight funding rounds, with notable investors including IDG Capital, Tencent, and Sunshine Insurance Group [9] - The founder, Yang Yin, transitioned from being an investor to an entrepreneur, holding a 23.93% stake in the company prior to the IPO [9]

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]