Core Viewpoint - The Hong Kong IPO market remains vibrant as the digital health service platform, Easy Health Group, successfully debuted, reflecting strong market confidence and potential for long-term investment value [1][2]. Group 1: IPO Performance - Easy Health Group officially listed on the Hong Kong main board on December 23, with its stock price surging over 163% at one point, closing with a gain of 158.82%, resulting in a market capitalization exceeding HKD 12.1 billion [2]. - The company’s IPO was highly anticipated, with a global subscription oversubscription rate of 1421 times, indicating strong investor interest and confidence in its future growth [2][3]. - The company plans to issue approximately 26.54 million shares, with a public offering price set at HKD 22.68 per share, reflecting a robust market response [2]. Group 2: Business Transformation and Financial Performance - Easy Health Group has successfully transitioned to a comprehensive health service model, with a reported revenue of HKD 945 million in 2024, representing a year-on-year growth of 92.9% [4]. - For the first half of 2025, revenue further increased to HKD 656 million, marking an 84.7% year-on-year growth, significantly outpacing industry averages [4]. - The company ranks 10th in the domestic digital health service and health insurance market, and 7th in the digital health service sector, indicating a solid industry position [4]. Group 3: Business Model and Ecosystem - The dual-driven model of "health services + insurance technology" has established a comprehensive ecosystem, allowing users to access a full range of services from health monitoring to insurance claims [6]. - The health service segment has become the core growth engine, with a compound annual growth rate of 221.26% over the past three years, and its revenue share reaching 76.7% in the first half of 2025 [5]. - The company collaborates with 58 insurance companies, offering 294 insurance products, leveraging AI for improved marketing and risk control efficiency [5][6]. Group 4: Technological Advancements - Easy Health Group has registered 58 invention patents and 39 software copyrights, with significant investments in R&D, totaling approximately HKD 186 million over the past three years [7]. - The AI Care 4.0 service system empowers various health management and insurance service scenarios, enhancing operational efficiency and user experience [7][8]. - The Galaxy AI marketing platform has generated 12.9 million business leads, with the value contribution of AI models increasing from 1.5% in 2022 to 23.3% in 2024, demonstrating the effectiveness of AI in driving business growth [8]. Group 5: Market Potential and User Engagement - The platform has registered 168.4 million users, with 60.4% belonging to the core health consumer demographic aged 20-45, indicating a strong market base for health services [10]. - The company boasts a high user retention rate of 92.2% after 13 months, reflecting the platform's strong appeal and service quality [10]. - The ongoing growth in user conversion rates and insurance uptake highlights the effectiveness of the company's AI-driven marketing and product matching capabilities [11]. Group 6: Future Outlook - The digital health market in China is still in a growth phase, with increasing demand for comprehensive health management services, providing ample opportunities for expansion [11]. - Continuous advancements in AI technology and the deepening of the ecosystem will further differentiate the company from competitors and enhance its service offerings [11]. - Easy Health Group's successful business transformation and technological foundation position it well to capitalize on industry trends and drive future growth [11].