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 Insights - The 2025 Future Medical and Pharmaceutical Top 100 Conference was held in Suzhou, focusing on the entire medical and pharmaceutical industry chain, gathering over 300 experts and thousands of industry professionals to promote high-quality development in China's medical and pharmaceutical sectors [1] - The conference awarded the "Annual Excellence Enterprise" award to leading companies like LKS Health Group and Tencent Health for their contributions in technology implementation and ecosystem building [1] - LKS Health Group showcased its innovations in the "AI + Health" field, emphasizing a comprehensive health service model that enhances risk control, early screening, and health education through AI technology [1][4] Industry Trends - The Chinese medical AI market is projected to grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% [2] - The application of AI in healthcare is evolving from isolated breakthroughs to widespread implementation across various scenarios, driven by technological maturity and data availability [2] Company Developments - LKS Health Group is integrating its AIcare technology stack into core business services, creating a digital health ecosystem that enhances user health needs through personalized services and products [4][6] - The company has established a comprehensive health ecosystem that includes insurance, early screening, health education, and online health services, effectively connecting user health demands with industry partners [6] - LKS Health Group has conducted nearly 6,000 early screening events nationwide, helping users identify health risks and providing financial and resource support through a special fund [6] Future Directions - The company aims to deepen the integration of AI technology with healthcare scenarios, transitioning from a disease-centered approach to a health-centered ecosystem [7] - LKS Health Group is collaborating with Tianyao Darentang to promote grassroots health education through a combination of technology and traditional Chinese medicine culture [7]

Financial Reports - JD Health reported Q1 2025 revenue of 16.645 billion yuan, a year-on-year increase of 25.5% [7] - Alibaba Health achieved a revenue of 30.598 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 13.2% [8] - New Oxygen Group's Q1 revenue was 297 million yuan, a year-on-year decline of 6.6% [9] E-commerce in Healthcare - JD Health signed a strategic cooperation agreement with China National Pharmaceutical Group to launch two new drugs, marking a new phase of collaboration in the pharmaceutical industry [10] - Yonghe Medical and Meituan Health announced a deepened cooperation focusing on online product upgrades and consumer rights protection [11] - Lei Yun Shang and Meituan Health upgraded their digital cooperation, integrating online and offline medical services [12] Internet Healthcare - Light Health Group's AIcare technology stack received industry recognition at the Future Medical and Pharmaceutical 100 Strong Conference [15] - Alibaba's Damo Academy and Meinian Health signed a strategic cooperation to promote multi-cancer screening using AI technology [16] - Ping An Health and Leksin Medical reached a cooperation agreement to explore innovative paths in smart healthcare [17] Official Releases - The first digital therapy payment policy in China was released by Hainan Province, effective June 1 [20] - The "Quality Management Specification for Online Sales of Medical Devices" was published, set to take effect on October 1 [21] - The Ministry of Industry and Information Technology and six other departments issued the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)" [22] User Rights Protection - A report identified 52 apps, including Yipoo and Health World, that violated user rights, as part of a national initiative to protect personal information [19]