图源：轻松健康集团IPO资料 导语：剥离"轻松筹"后的轻松健康集团用户流失近 4800 万，毛利率、保险营收占比都出现下滑，依 靠"AI医疗"转型能否成功？ 摘要： 1、用户大减：轻松健康集团用户量大幅减少，公司正处于新旧业务过渡期，未来成长性有待观 察。 2、单一大客户依赖：公司前五大客户收入占比在六成到七成，单一客户风险较高。 3、市场前景："AI医疗"发展前景被看好，但市场集中度较低，抢占市场份额需趁早。 由 腾讯 、 IDG中国、阳光保险 、德同资本等投资人一并 支持 的轻松健康集团，近日在港交所 二次递交申请书，继续 IPO之旅。 但更新的资料显示，公司在剥离传统优势业务 "轻松筹"后，用户流失数量进一步加大，保险业务 权重随之下降。 与此同时， 轻松健康集团 欲靠 A I与保险业务"撑起"上市故事的做法正遭市场审视 ，尤其是持 续下降的毛利率， AI技术带来的盈利能力还不够明朗。 参考 轻松健康 集团 的同业竞争对手来看，如水滴公司（旗下水滴筹，美股上市）、平安健康 （港股上市）的资本化路径显示，互联网健康平台因业务合规性、外资结构等因素，更倾向境外 上市。 剥离轻松筹 后 ， 用户从 7000万 ...

Core Viewpoint - The article highlights the trust crisis faced by the company, Lighter Health Group, due to consumer complaints regarding its insurance product, Lighter Insurance Selection, and its crowdfunding platform, Lighter Fundraising. The company is also preparing for an IPO on the Hong Kong Stock Exchange amidst declining profits and user loss. Group 1: Consumer Complaints and Trust Issues - Many consumers, like Ms. Xiong, are unaware of their insurance policies and have been subjected to automatic renewals without proper notification, leading to significant financial outlays over time [1][4][6] - The "1 yuan insurance" marketing strategy has been criticized for misleading consumers, as it often leads to higher subsequent payments without clear communication of terms [5][10] - The company has received over 1585 complaints on the Black Cat Complaint platform, with issues ranging from inducement to sign contracts, automatic renewals without notice, and difficulties in obtaining refunds [8][9] Group 2: Financial Performance and User Metrics - Lighter Health Group's revenue from ongoing operations for 2022, 2023, and the first nine months of 2024 was RMB 394 million, RMB 490 million, and RMB 643 million, respectively, indicating a trend of increasing revenue but declining net profit [18] - The adjusted net profit for the same periods was RMB 149 million, RMB 147 million, and RMB 76.6 million, showing a significant drop in profitability [18] - The active user base has decreased from 70.5 million in 2022 to 50 million in the first three quarters of 2024, representing a loss of over 20 million users, or nearly 30% [19] Group 3: Business Adjustments and Future Strategies - The company is focusing on its core health services and insurance business, having excluded its crowdfunding operations from its IPO plans due to regulatory restrictions [19][20] - Lighter Health Group aims to leverage AI technology in its services, with plans to invest in AI foundational technology and medical research platforms as part of its IPO strategy [20] - Despite efforts to improve user experience through technology upgrades and customer service optimization, the company continues to face high complaint volumes and a damaged brand image [20]