CITIC Securities first gives QINGSONG HEALTH a "Buy" rating with a target price of 109.4 yuan, highlighting its unique brand moat

China Merchants Securities published a research report stating that QINGSONG HEALTH (02661.HK) has successfully completed its transformation from a "crowdfunding platform" to a closed-loop ecosystem of "AI + health services + insurance protection," with a significant increase in the proportion of health service revenue. The firm is optimistic about the company's long-term business resilience and counter-cyclical capabilities supported by a multi-payer structure. AI deeply empowers content production, precise conversion, and risk control systems, significantly enhancing operational efficiency and continuously amplifying scale effects, driving revenue structure optimization and profitability release. The initial coverage gives a "Buy" rating with a target price of 109.4 yuan.

In the highly fragmented competitive landscape of digital healthcare, the company has achieved differentiated competition with serious medical platforms like Yimaitong through deepening "public science popularization." Unlike the academic promotion model targeting physician groups, the company leverages the strong brand trust accumulated from its predecessor "QINGSONG CHOU." Under the youthful medical habit of "watching videos before seeing a doctor," the company has become the starting point of the patient decision-making chain. This consumer-oriented health content (such as hair loss, sleep, and chronic disease management) has a broader audience and creates a strong psychological positioning at both the scenario and patient ends, allowing the company to showcase a unique brand moat in the crowded digital health industry.

The firm believes that at the current stock price level, the company's medium to long-term value still has further release potential, and stock price performance will mainly depend on the management's ability to continuously deliver on transformation results