Qingsong Health (02661) rose more than 9%, reaching a high of HK$74.8, representing a gain of nearly 230% compared to its IPO price of HK$22.68. As of writing, the stock was up 8.83% to HK$74.6, with a turnover of HK$25.98 million. A research report from Guotou Securities International noted that Qingsong Health's primary businesses are health-related and insurance-related solutions. The company began its foray into insurance-related services in 2016, and as of June 30, 2025, these services cover 58 insurance company partners, reaching 26.2 million policyholders and generating cumulative premium income of RMB 5.4 billion. In 2023, the company launched digital marketing (science popularization services), primarily serving pharmaceutical companies by helping them connect with target user groups. The business is gradually transforming, continuously enriching its offerings with services such as digital medical research support and comprehensive health service packages. The report highlighted that the company possesses a certain ecosystem effect; approximately 30% of policyholders in 2024 were already clients of health-related services before purchasing insurance, demonstrating validated synergy between its health and insurance services. The customer retention rate for the insurance service-related business is relatively high, reaching 53% in the first half of 2025, while revenue from health services is showing rapid growth.