Outstanding performance at the listing debut, looking into the path of easy and healthy (02661) growth value advancement

At the end of 2025, Hong Kong stocks are still booming to tap into new markets. Easy Health Group (02661), a “digital comprehensive health service platform” that has had a strong response since the stock offering, ended with a sharp rise in market capitalization and achieved the critical key point of “listing debut”.

With an easy and healthy entry into the capital market, based on a deep understanding of the company's core values and recognition of its long-term investment value, the capital market and investors are expected to give the most positive feedback in subsequent development.

Top capital appeared in the shareholders' group and made an excellent debut in a relaxed and healthy manner

The Zhitong Finance App learned that on December 23, Easy Health was officially listed on the Hong Kong Stock Main Board. The stock price rose after opening high on the first day. At one point, it rose more than 163% during the intraday period, and the closing price of the day was as high as 158.82%. As of the close of the market on December 23, Easy Health's stock price was HK$58.7. Based on current stock prices, the company's total market value has exceeded HK$12.1 billion.

In fact, as a high-growth standard for scarce and excellent quality racetracks at the end of the year, Easy Health has remained popular since it was purchased. According to the allotment results, Easy Health plans to issue approximately 26.54 million shares, of which 10% will be publicly sold in Hong Kong. The sale price is HK$22.68 per share, 200 shares per lot, and the first-hand entry fee is HK$4581.8.

It is worth noting that by the end of the offering, Easy Health Global's oversubscription ratio had reached 1,421 times, reaching a very high level in the market. At the same time, on the one hand, its pricing shows that the company is confident about its future development, and on the other hand, it also shows that the capital market continues to be optimistic about its future development. At the same time, the company still leaves plenty of room for growth for investors' participation in the secondary market.

In the dark market transaction on December 22, capital continued to be enthusiastic about offering shares, closed easily and healthily, with an increase of more than 127%. Capital game sentiment continued to unleash, laying the foundation for strong performance on the first day of listing.

Combined with the current market sentiment and its own excellent quality of ease and health, it has already attracted top domestic and international investment institutions such as Tencent, Sunshine Insurance, and IDG Capital even before its listing. This time, the IPO company also introduced Aoqin Heming as a cornerstone investor, and its post-listing performance and long-term investment value will all be closely watched by investors.

More valuable, in the context of the continuous expansion of the healthcare sector of Hong Kong stocks, Easy Health Group successfully landed on the Hong Kong Stock Exchange, becoming another landmark event in the field of digital health. Unlike the business logic of traditional medical companies, this technology company with “AI+ Big Health” as the core was able to gain market focus with its unique business ecology, impressive growth data, and leading technology at the beginning of its listing. From business transformation results to the depth of technological empowerment, from user scale advantages to industry circuit potential, its development path is providing a new reference for the digital health industry.

Diversified business transformation and implementation, building a closed loop of health service ecology

The listing is a milestone in enterprise development and a “litmus test” for business layout. Today, Easy Health Group has achieved a key transformation to comprehensive health services, and the results of its diversified strategy have been fully demonstrated at the financial and business levels.

Looking at financial data, the growth trend of Easy Health Group is particularly impressive. In 2024, the Group's revenue reached 945 million yuan, a year-on-year increase of 92.9%; in the first half of 2025, revenue further increased to 656 million yuan, an increase of 84.7% year-on-year. Against the backdrop of slowing down the overall growth rate of the industry, growth far exceeded the industry average. Frost & Sullivan pointed out that according to 2024 revenue statistics, the company ranked 10th in the domestic digital comprehensive health service and health insurance service market, ranked 7th in the digital health service market, and had a stable position in the industry.

While the overall scale of the company is steady and progressive, the optimization of its revenue structure is also more valuable in the long term: the sharp increase in the share of revenue in the health service business means that its business model is shifting from “flow-driven” to “service-driven”, and its resilience to risk and long-term profitability have been significantly enhanced.

Looking further, the market's previous perception of easy health was mostly focused on the insurance sector. Today, its business layout has completed in-depth links to users, pharmaceuticals, insurance, etc. On the one hand, the company's health service business has grown into a core growth engine. The compound annual growth rate of the health service business revenue in the past three years has reached 221.26%, and the revenue share in the first half of 2025 has increased to 76.7%, confirming the success of the company's transformation into the health service sector.

Meanwhile, the company's insurtech business continues to develop. By the end of June 2025, Easy Health had cooperated with 58 insurance companies to provide 294 insurance products. It relies on an AI-driven intelligent marketing and risk control system to improve both product matching efficiency and operational efficiency, forming a synergy effect with the health service business.

This “health service+insurance technology” two-wheel drive model has established an ecological closed loop from health management and medical consultation to risk protection and claims services. Users can complete the entire process of services from daily health monitoring to disease consultation, to insurance application and claims processing, while pharmaceutical companies and insurance companies have achieved accurate customer acquisition and service efficiency optimization through the platform, and the deep binding of multiple values has established a solid foundation for their long-term growth and valuation improvement.

After entering the Hong Kong stock market, the company plans to continue to step up medical research and real-world research. The core goal is to consolidate the full-link layout of “testing, medicine, medicine, health and insurance”. Specifically, Easy Health will systematically transform in-depth data from dimensions such as early screening and intervention accumulated in health service scenarios into differentiated pricing of insurance products and underlying support for dynamic risk management, thus establishing a closed business loop of “health management reduces risk incidence rate and risk data backfeed insurance model optimization”. This move is not only the key for the company to build differentiated competitive barriers, but also a forward-looking exploration of the industry's value distribution model.

Deeply cultivate AI for a long time and face the future, and firmly build a scientific and technological moat

At this point, the vast space of China's digital health market has provided fertile ground for the development of Easy Health Group. As residents' health awareness increases and the digitization process of medical care accelerates, platform-based enterprises with both service attributes and technological attributes are experiencing development dividends, and Easy Health Group's core competitiveness stems from its deep application of AI technology.

Judging from technical reserves, as of the end of June 2025, Easy Health Group has registered 58 invention patents and 39 software copyrights, completed the filing of 6 algorithms in the Internet Information Office, and its technical strength has been recognized by authorities. Furthermore, the company has invested a total of about 186 million yuan in R&D in the past three years, and R&D investment has increased significantly every year, from 52.8 million yuan in 2022 to 72 million yuan in 2024, all showing the company's continued emphasis on technology research and development.

The listing documents show that AI Care 4.0, an easy and healthy intelligent service system, represents a technological achievement that has fully empowered core scenarios such as health management and insurance services. The AI care technology stack it has built covers many key aspects such as content creation, intelligent underwriting, risk prediction, claims review and health management, and has achieved technological penetration throughout the business chain; AI health service intelligence has further completed implementation in five major scenarios, including intelligent consulting, chronic disease monitoring, and medical decision support, moving the technology from “back-office support” to “front-end service”, forming a differentiated service advantage in ecological scenarios.

Among them, the performance of Galaxy's AI marketing platform has become a typical example of the commercialization of its technology. According to the data, the platform has generated a total of 12.9 million business leads. In terms of annualized premiums, the value of leads contributed by the AI model jumped from 1.5% in 2022 to 23.3% in 2024, and remained high at 21.3% in the first half of 2025. This jump in data confirms the core value of the company's AI technology at the level of cost reduction and efficiency, accurate customer acquisition, and has also built a scientific and technological moat for it.

On the insurance service side, Easy Health Group's AI algorithm achieves more accurate product pricing and risk control through in-depth analysis of user health data, while improving underwriting efficiency and reducing user waiting time. This deep integration of “AI+ scenarios” has not only improved business efficiency, but also built unique service barriers and achieved further collaboration with the health service business.

Seen from this perspective, AI technology is by no means only the underlying technical support for Easy Health Group's ecological layout, but also the core of leveraging the rise in commercial value. The path of value creation is clearly identifiable: First, AI technology has replaced standardized manual services such as basic consulting and data collation, achieving accurate pressure reduction in operating costs and directly broadening profit margins; second, AI technology drives user value to achieve a model change from “single service access” to “long-term health management consumption”, and at the same time extends value-added service categories such as medical examinations and health insurance, which ultimately weaves an ecological network of “health management - medical services - insurance protection”.

Anchor the blue ocean of digital health and dig deeper into the life cycle value of users

Ultimately, the development potential of platform-based enterprises requires data to support it. Judging from the core operating data disclosed by Easy Health Group, it has achieved rapid adaptation of user size, user stickiness and ecological scenarios, showing strong development resilience and growth potential.

Up to now, the total number of registered users of the company's platform has reached 168.4 million, of which the core health consumer group aged 20-45 accounts for 60.4%. This group not only has a strong desire to consume health, but also has a higher ability to pay for insurance, providing a high-quality user base for business monetization. At the user retention level, its 13th month retention rate reached 92.2%, reflecting the strong appeal of the platform service to users; judging from the transformation of insurance business, users' insurance needs showed diverse characteristics. About 46% of insured users had multiple guarantees. Each insured person held an average of 2 insurance policies, which highlighted the value of users digging deeper.

In terms of user conversion efficiency, the easy and healthy performance is also remarkable. In 2024 and the first half of 2025, the number of insurers converted from active users continued to grow, and the purchase conversion rate continued to increase, which confirmed the optimization of its AI marketing and product matching capabilities.

At this point, the future growth logic of Easy Health Group is clearly audible. On the one hand, China's digital health market is still in the dividend period of increased penetration, and residents' demand for full-cycle health management continues to be released, providing a broad space for business expansion; on the other hand, the continuous iteration of its AI technology and the deep refinement of its closed ecological loop will further widen the gap with peers.

In the future, with the deepening application of AI technology in chronic disease management and medical decision-making scenarios, the professionalism and accuracy of its services will continue to improve; and the synergy between health services and insurance technology will further explore the full life cycle value of users. As far as the capital market is concerned, the long-term value of this digital health platform, which has completed business transformation and established strong technological barriers, may be further verified and highlighted as industry dividends are released and its own ecosystem is improved.

Predictably, with the launch of the market, Easy Health Group has not only ushered in a leap forward in its own growth, but will also provide a new sample for business model innovation in the digital health industry, and accelerate the industry's progress in the direction of “technological empowerment, ecological collaboration, and closed loop of service”.