We provide healthcare-related and insurance-related solutions in China. We ranked 10th in China’s digital integrated healthcare and health insurance services market in terms of revenue in 2024, according to the F&S Report. Specifically, we ranked seventh in China’s digital healthcare services market in terms of revenue in 2024, according to the same source. We strive to build protection and support for people in need with a suite of accessible, targetable and affordable healthcare solutions.
We offer corporate and individual customers, as applicable, various healthcare-related services, ranging from digital marketing through healthcare-related educational articles and videos, digital medical research assistance, integrated health service packages with various self-operated and outsourced services, and promotion and consultancy to support early disease screening. Specifically, as an integrated component of our two-pillar solutions, our Healthcare-related Services consist of the following aspects.
‧ Digital Marketing (Market Education Services). Our digital marketing (market education services), launched in 2023, offer a convenient and affordable solution for digital marketing, tailored to meet our customers’ needs. We support pharmaceutical companies and charity foundations in promoting health literacy, enhancing therapy recognition and fulfilling their social responsibility. Throughout the value chain, we act as a trusted partner to connect our customers, primarily pharmaceutical companies, with their targeted user groups through educational articles and videos. In 2023, 2024 and the six months ended June 30, 2025, we served five, 21 and 25 customers for our digital marketing (market education services), respectively. Among them, the number of charity foundation customers was nil, one and one in the same periods, respectively. Additionally, we created more than 208,100, 576,600, and 292,000 market education contents in 2023, 2024 and the six months ended June 30, 2025, respectively. We began to offer digital marketing (market education services) in October 2023 and, as a result of surging customer demand driven by the shift of the marketing expenditures by pharmaceutical companies to online channels, our digital marketing (market education services) grew quickly to generate a revenue of RMB443.8 million in the six months ended June 30, 2025, accounting for 67.7% of our total revenue in the same period.
‧ Digital Medical Research Assistance. We operate as a CRO to actively support the pharmaceutical industry’s medical research needs by offering solutions that encompass the entire project lifecycle, including study protocol design, doctor education, patient education, clinical studies, marketing and post-market studies. We primarily engage in real-world study (“RWS”) program design, clinical trial data mining and analysis, and the customization of scientifically rigorous research programs tailored to different research needs. We entered into one agreement with our customer in 2023 and commenced our digital medical research assistance service in 2024. We served five and nine customers in 2024 and the six months ended June 30, 2025. During the Track Record Period and as of June 30, 2025, we had initiated 41 digital medical research assistance projects.
‧ Integrated Health Service Packages. We deliver integrated health service packages and provide third- party administrator services for insurance companies, including our self-operated health mall coupons and health questionnaire services, as well as some outsourced services, including online appointment booking services. We also provide health products and services to individual customers on online health mall. Additionally, we provide health management services for non-insurance company corporate customers and began bundling high-quality health services into customized health service packages based on customer needs. We integrate both self-operated and outsourced services and deliver them as a unified solution. We provide customized combinations of products and services for our non-insurance company customers, such as physical check-up, online consultation, medication discounts, and online appointment booking, which are outsourced, and smart health management services, which is self-operated. Leveraging our wealth of healthcare service resources and one-stop service capabilities, we can meet various health services needs from our customers. Our value-add lies in our extensive healthcare service network, strong resource integration capabilities, and superior bargaining power. We served six, eight, 13 and 13 corporate customers for integrated health service packages in 2022, 2023, 2024 and the six months ended June 30, 2025, respectively.
‧ Early Disease Screening Related Promotion and Consultancy Services. Leveraging accumulated extensive resources and experience in community health services, we provide early disease screening related promotion and consultancy services in collaboration with healthcare partners, such as various pharmaceutical, health-related and insurance companies, non-profit organizations and charity foundations. We derive revenue by providing promotion and consultancy services to healthcare partners, who pay us a service fee for the promotions during the screening sessions. Meanwhile, we help these healthcare partners organize early disease screening activities for individual participants free of charge, which also enables us to expand our user base. In 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, we served three, seven, 13, seven and five customers with our early disease screening related promotion and consultancy services, respectively. We helped our customers organize 362, 1,171, 1,448, 509 and 618 early disease screening sessions in 2022, 2023, 2024 and the six months ended June 30, 2024 and 2025, respectively. The number of sessions increased over the Track Record Period as we continued to scale the services. During the Track Record Period, we also organized free early disease screening sessions as part of our charitable initiatives, from which we did not derive revenue or provide any additional services as part of such free sessions. Our revenue from early disease screening related promotion and consultancy services declined by 30.2% from RMB65.7 million in 2023 to RMB45.9 million in 2024, as we recorded a lower service fee per session as compared to that in 2023.
To finance our users’ healthcare spending and address their protection needs, we also provide users with convenient access to a wide array of health insurance products through insurance brokerage services under Insurance-related Services, our online insurance marketplace, the other component of our two-pillar solutions. In addition to facilitating sales of our insurer partners’ insurance products, we also provide insurance technical services, enabling them with improved operating efficiency and risk management capabilities.
‧ Insurance Brokerage Services. We facilitate sales of our insurer partners’ products primarily through our online insurance marketplace. The diversity of the insurance products on our platform caters to a variety of protection needs from the insurance policyholders and the insured at different stages of their lives. The insurance products we offer on our platform are underwritten by our insurer partners, and therefore, we do not bear any underwriting risk. In 2022, 2023, 2024 and the six months ended June 30, 2025, we served 19, 19, 16 and 28 insurer partners for our insurance brokerage services, respectively.
In 2022, 2023, 2024 and the six months ended June 30, 2025, we had more than 1,272,000, 870,400, 645,700 and 334,000 insurance policyholders, respectively, and delivered more than 2,040,800, 1,526,200, 1,208,400 and 563,000 insurance policies, respectively.
‧ Insurance Technical Services. Leveraging our technology capabilities, we empower our insurer partners with a suite of technical services. We have developed an intelligent operation platform under our i-Phoenix system, which is a management platform for insurance product operations. In 2022, 2023, 2024 and the six months ended June 30, 2025, we served 24, 21, 25 and 21 customers for our insurance technical services, respectively.
As of June 30, 2025, a total of 294 insurance products from 58 insurer partners had been offered on Insurance-related Services, representing an increase of 28 products and 17 partners compared to December 31, 2024. We have jointly developed most of these products with our insurer partners, leveraging our insights. Our close connection with insurer partners enables us to provide insurance purchasers with a worry-free experience, from insurance purchase to maintenance services, from after-sales care to claims processing. The ensemble of the healthcare services and insurance funding resources offered through our integrated platform takes care of our users’ holistic well-being needs.
Source: QingSong Health (02661) Prospectus (IPO Date : 2025/12/15) |