CMSC has released a research report stating that Qingsong Health has successfully transitioned from a "crowdfunding platform" to a closed-loop ecosystem integrating "AI + health services + insurance protection," with a notable increase in the proportion of revenue from health services. The firm is optimistic about the company's long-term business resilience and anti-cyclical capabilities, supported by its multi-payer structure. AI deeply enhances content production, precise conversion, and risk control systems, significantly improving operational efficiency and continuously amplifying economies of scale, thereby driving the optimization of the revenue structure and the realization of profitability. The coverage is initiated with an "Overweight" rating and a target price of HK$109.4. In the highly fragmented competitive landscape of digital healthcare, the company has achieved differentiated competition against serious medical platforms by focusing on public health education. Unlike academic promotion models targeting medical professionals, the company leverages the strong brand trust accumulated from its predecessor, Qingsong Chou. As younger generations increasingly seek health information online before medical consultations, the company has become the starting point in the patient decision-making chain. Its consumer-oriented health content has a broader audience and creates strong mental positioning among users, giving it a unique brand moat in the crowded digital health sector. It is believed that, at the current stock price level, the company's medium- to long-term value has further room for realization, with future stock performance largely dependent on management's ability to consistently deliver on its transformation results.