Impressive debut performance on the market, insight into the easy and healthy growth value advancement of (02661)

Standing at the tail end of 2025, the Hong Kong stock market for new listings remains hot. The "Digital Comprehensive Health Service Platform" company Easy Health Group (02661), which has received enthusiastic responses since its IPO, concluded its market debut with a significant increase in market value, securing the crucial milestone of a successful listing. With Easy Health's listing on the capital market, both the capital market and investors are expected to provide positive feedback in the subsequent development, based on a deep understanding of the company's core value and long-term investment potential. Top investors appeared in the shareholder group for Easy Health's debut, showing excellent performance On December 23rd, Easy Health officially listed on the main board of the Hong Kong Stock Exchange, with a high opening price on the first day followed by a significant increase in share price, reaching a peak increase of 163% at one point and closing with a 158.82% increase on the same day. As of the closing on December 23rd, Easy Health's stock price was 58.7 Hong Kong dollars, and based on the current stock price, the company's total market value has exceeded 12.1 billion Hong Kong dollars. In fact, as a high-growth target with scarce quality at the end of the year, Easy Health has maintained high popularity since its subscription. According to the distribution results, Easy Health planned to issue approximately 26.54 million shares this time, with 10% being publicly sold in Hong Kong at a price of 22.68 Hong Kong dollars per share, with 200 shares per lot and an entrance fee of 4,581.8 Hong Kong dollars. It is noteworthy that by the end of the subscription, Easy Health's global subscription multiple was as high as 1421 times, reaching an extremely high level in the market. At the same time, the pricing not only shows the company's confidence in future development but also indicates that the capital market continues to be optimistic about its future prospects. Moreover, the company has left sufficient room for investors to participate in the secondary market. In the grey market trading on December 22nd, the continuous enthusiasm of investors for subscriptions, and Easy Health's closing price increase of over 127%, showed that the momentum of fund speculation continued, laying a strong foundation for a robust performance on the first day of listing. Taking into account the current market sentiment and Easy Health's excellent quality, it had already attracted top investment institutions both domestically and internationally such as Tencent, SUNSHINE INS, IDG Capital before listing. Furthermore, the IPO company had also introduced Aon Kin Ming as a cornerstone investor, ensuring that both its post-listing performance and long-term investment value will closely monitored by investors. Furthermore, in the context of the continuous expansion of the healthcare sector in the Hong Kong stock market, Easy Health Group's successful listing on the Hong Kong Stock Exchange has become another landmark event in the digital health sector. Unlike traditional healthcare companies' business logic, this technology company with "AI + Big Health" as its core has attracted market focus at the outset of its listing due to its unique business ecosystem, impressive growth data, and leading technology. Its development path is providing new references for the digital health industry, from business transformation effectiveness to deep technology empowerment, user scale advantages to industry race track potential. Diversifying business transformation to build a healthy service ecosystem The listing is a milestone for company development and a "touchstone" for business layout. Now, Easy Health Group has successfully transformed into a comprehensive health service, and the effectiveness of its diversified strategy has been fully demonstrated at the financial and business levels. From the financial data perspective, the growth trajectory of Easy Health Group is particularly impressive. The group's revenue reached 945 million yuan in 2024, with a year-on-year growth rate of up to 92.9%; in the first half of 2025, revenue further increased to 656 million yuan, with a year-on-year increase of 84.7%. In the context of the overall industry growth rate, which is slowing down, the growth achieved by Easy Health Group far exceeds the industry average. According to the Frost & Sullivan report, based on the 2024 revenue statistics, the company ranked 10th in the domestic digital comprehensive health service and health insurance market and 7th in the digital health service market, indicating its stable industry position. While the company's overall scale has steadily increased, the optimization of its revenue structure is of even greater long-term value: a significant increase in the proportion of health service business revenue implies a shift from "traffic-driven" to "service-driven" business model, enhancing its risk resistance and long-term profitability significantly. Furthermore, the market's previous understanding of Easy Health was mainly focused on the insurance field, but today, its business landscape has linked users, pharmaceuticals, insurance, and other aspects deeply. On one hand, the company's health service business has grown into a core growth engine, with the health service business revenue achieving a compound annual growth rate of 221.26% in the past three years, and the revenue proportion in the first half of 2025 reaching 76.7%, confirming the success of its transformation into the health service field. On the other hand, the company's insurance technology business continues to develop and cooperate with 58 insurance companies by the end of June 2025, providing 294 insurance products. Through the AI-driven intelligent marketing and risk control system, the company has improved product matching efficiency and operational efficiency, creating a synergistic effect with the health service business. The dual-drive mode of "health service + insurance technology" has established a closed-loop ecosystem from health management, medical consultation to risk protection, and claims service. Users can access full process services from daily health monitoring to disease consultation, insurance underwriting, and claims on the platform, while pharmaceutical and insurance companies achieve precise customer acquisition and service efficiency through the platform. The deep integration of multiple values has laid a solid foundation for its long-term growth and valuation enhancement. After landing on the Hong Kong stock market, the company plans to continue investing in medical research and real-world studies, with the core goal of solidifying the "Check-Med-Pharma-Health-Insurance" full-chain layout. Specifically, Easy Health will convert the profound data dimensions such as early screening and intervention precipitated by health service scenarios into the underlying support for differentiated pricing and dynamic risk management of insurance products, thereby building a business closed loop of "health management reducing the incidence of risks, risk data feedback insurance model optimization". This move is not only a key step for the company to build a differentiated competitive barrier but also a forward-looking exploration of the industry's value distribution model. Deeply cultivating AI for the future, building a technological moat At the current point in time, the vast space of the Chinese digital health market has provided fertile ground for the development of Easy Health Group. As residents' health awareness increases and medical digitization accelerates, platform-type enterprises with combined service and technology attributes are experiencing a development dividend, and Easy Health Group's core competitiveness stems from its deep application of AI technology. In terms of technological reserves, as of the end of June 2025, Easy Health Group had registered 58 invention patents, 39 software copyrights, and filed 6 algorithms with the Cyberspace Administration of China, indicating its recognized technological strength. Moreover, the company's total research and development expenditure in the past three years has been approximately 186 million yuan, with an annual increase in research and development spending, rising from 52.8 million yuan in 2022 to 72 million yuan in 2024, showing the company's continued emphasis on technological research and development. According to the listing documents, Easy Health's intelligent service system AI Care 4.0, representing its technology achievements, has empowered core scenarios like health management and insurance services comprehensively. Its built AI care technology stack covers key areas such as content creation, intelligent underwriting, risk forecasting, claims review, and health management, achieving technology penetration across the entire business chain; while its AI health service intelligent body further completes the landing in five major categories of scenes like smart consultation, chronic disease monitoring, and medical decision support, allowing technology to transition from "backend support" to "front-end service", establishing a differentiated advantage in ecological scene service. The performance of the Galaxy AI marketing platform has become a typical example of its technological commercialization. Data shows that the platform has generated a cumulative 12.9 million business leads, and the value contribution of AI models in terms of leads has increased from 1.5% in 2022 to 23.3% in 2024 in terms of annualized premium. By the first half of 2025, it remained at a high level of 21.3%. This rise in value confirms the core value of the company's AI technology in reducing costs, increasing efficiency, and accurate customer acquisition, solidifying its technological moat. On the insurance service end, Easy Health Group's AI algorithms analyze user health data deeply to achieve more precise product pricing and risk control, while improving underwriting efficiency and reducing user waiting time. This deep integration of "AI+ scenarios" not only enhances business efficiency but also builds a unique service barrier, achieving further synergy with the health service business. Therefore, AI technology is not just underlying technological support for Easy Health Group's ecosystem but a core lever for soaring commercial value. The paths for value creation are clear: firstly, AI technology replaces standardized human services like basic consultation and data organization, reducing operating costs precisely, widening profit margins directly; secondly, AI technology drives user value realization from "single service touchpoint" to "long-term health management consumption", extending value-added service categories such as medical examinations and health insurance through deep user health data exploration, ultimately forming an ecosystem network of "health management-medical services-insurance protection". Anchoring in the digital health blue ocean, tapping into user lifecycle value The potential for development of the platform-type enterprise ultimately needs data to substantiate it. Looking at the core operating data disclosed by Easy Health Group, it has achieved rapid adaptation of user scale, user stickiness, and ecological scenarios, demonstrating strong development resilience and growth potential. As of now, the company has accumulated 168.4 million registered users on its platform, with the core health consumption group of 20-45 years old accounting for 60.4%. This group not only has a strong willingness to consume health services but also a higher ability to pay for insurance, providing a high-quality user base for business monetization. In terms of user retention, its 13th-month retention rate is as high as 92.2%, reflecting the platform's strong appeal to users; from the perspective of insurance business conversion, user protection needs exhibit a diverse profile, with about 46% of insured users having multiple coverages, with an average of 2 policies per insured person, highlighting the value of deep user exploration. Easy Health's performance in user conversion efficiency is also impressive. In 2024 and the first half of 2025, the number of insured users from active user conversions continued to grow, and the purchase conversion rate continued to improve, indirectly verifying its optimized AI marketing and product matching capabilities. At the current point in time, the future growth logic of Easy Health Group is clear. On one hand, the Chinese digital health market is still in a period of increasing penetration, with residents' demand for full-cycle health management continuing to increase, providing a broad space for its business expansion; on the other hand, the continuous iteration of its AI technology and the deep polishing of its ecological closed loop will further widen the gap with its peers. In the future, with the deepening application of AI technology in scenarios like chronic disease management and medical decision-making, the professionalism and accuracy of its services will continue to improve; and the synergistic effect between health services and insurance technology will further tap into the full life cycle value of users. This platform has a clear development trajectory towards the direction of "technology empowerment, ecological synergy, and service closed-loop". It can be foreseen that starting from its listing, Easy Health Group has not only experienced a significant leap in its own growth but will also provide a new sample for business model innovation in the digital health industry, accelerating the industry towards the direction of "technology empowerment, ecological synergy, and service closed-loop".