Qingsong Health Group (02661) unveiled its 2026 interim results on August 24, reporting total revenue of RMB 358 million and a gross profit of RMB 179 million. The gross margin expanded to 50.1%, a significant 17.6 percentage point improvement from 32.5% in the same period last year. The sustained growth across its comprehensive health services, digital medical research support, and insurance brokerage segments has further diversified the company's revenue streams, with a rising contribution from higher-margin insurance-related services driving the favorable shift in overall profitability.
The financial report indicates that Qingsong Health is building a multi-faceted business structure encompassing comprehensive health services, medical research support, and medical AI. Notably, revenue from comprehensive health service packages climbed 273.5% year-on-year, while investment in medical AI research and development expanded by 50.0%, marking two of the most prominent data points in this interim report.
Optimized revenue mix lifts gross margin
Looking at the revenue composition, digital marketing, insurance technology, comprehensive health service packages, and insurance brokerage accounted for 25.9%, 26.1%, 20.8%, and 17.7% of total revenue, respectively, reflecting a more balanced distribution across major business segments. While a pullback in digital marketing revenue impacted the overall revenue scale, it also clarified the direction of the company's structural adjustment. During the period, the share of comprehensive health service package revenue jumped from 3.0% to 20.8%, digital medical research support maintained its upward trajectory, and insurance-related services continued to provide payment and protection support for the health service ecosystem. Qingsong Health is cultivating a diversified structure covering corporate health management, medical research, and professional medical services.
This shift in business mix has directly contributed to the overall gross margin enhancement. In the first half of 2026, the gross margin reached 50.1%, up 17.6 percentage points from the prior year. Although revenue declined 45.4% year-on-year, gross profit only fell 15.8%, signaling a growing contribution from higher-margin businesses. The margin improvement is more than a mere financial metric; it reflects Qingsong Health's efforts to elevate the role of health services and technology services that offer recurring delivery characteristics within its overall operations.
Comprehensive health services emerge as a new growth engine
Comprehensive health service packages stood out as one of the fastest-growing segments in the first half of 2026. According to the financial report, this business generated revenue of RMB 74.55 million, a 273.5% increase from RMB 19.96 million in the same period last year, serving 11 corporate clients during the period. Through its "platform plus services" model, Qingsong Health integrates third-party services such as physical examinations, consultations, and disease management, combining them with its proprietary intelligent health management capabilities to deliver personalized health solutions for both enterprises and individuals. The growth of this segment demonstrates the company's ability to transform its long-accumulated user base, health service supply chain, and technological expertise into standardized offerings for corporate clients. Comprehensive health services emphasize continuous care, resource integration, and delivery capability, while also providing a practical application channel for AI technology in health needs analysis, service matching, and health management.
In the digital medical research support domain, the company achieved revenue of RMB 4.62 million in the first half, up 72.0% year-on-year. As of June 30, 2026, Qingsong Health had initiated 47 digital medical research support projects, with services spanning study design, physician and patient education, clinical research, and post-marketing studies. In the early screening arena, the company has conducted a cumulative total of 10,697 early disease screening activities, serving over 1.2 million participants. The user engagement capabilities built through early screening and health education, when combined with comprehensive health services and medical research support, form Qingsong Health's full-chain service system of "examination, treatment, medication, rehabilitation, and insurance."
R&D spending up 50%, Zheng Yuanfang accelerates real-world validation
Beyond structural adjustments, Qingsong Health has continued to ramp up its investment in medical AI. In the first half of 2026, the company's R&D expenditures reached RMB 53.07 million, a 50.0% increase from RMB 35.37 million in the prior year. This growth was primarily driven by increased procurement of digital medical knowledge resources, including medical textbooks, clinical practice guidelines, and medical literature databases, used for the artificial intelligence training and development of the evidence-based medicine agent "Zheng Yuanfang." Dr.GPT, which encompasses data from over 170 million health users, serves as the core model foundation of Qingsong Health's AIcare technology system. These capabilities are now applied across health content production, user health management, medical knowledge Q&A, evidence-based decision support, and medical research assistance.
As of the end of June 2026, Qingsong Health had produced over 1.3 million pieces of health education content, including more than 1 million articles and nearly 280,000 videos. In March 2026, the company launched the evidence-based medicine agent "Zheng Yuanfang." Designed around evidence-based medicine methodologies, this product offers physician users services such as evidence retrieval, multi-guideline comparison, case discussion, and research support, advancing medical AI from simple knowledge Q&A into evidence-based decision support. Concurrently, the company introduced "Zheng Yuanfang MedClaw Collaboration," which combines Zheng Yuanfang with a multi-agent collaboration framework, covering processes like task decomposition, evidence retrieval, guideline comparison, conclusion generation, and process archiving. By June 30, 2026, Zheng Yuanfang had registered over 100,000 users, including more than 80,000 certified medical professionals.
Building on Zheng Yuanfang's evidence-based capabilities, Qingsong Health has recently developed additional intelligent access points such as Zhengjing and Zhengyin, aiming to integrate first-person perspective capture, voice recording, and structured information processing into ward rounds, consultations, and medical research workflows. From Dr.GPT and AIcare to Zheng Yuanfang, and further to software and hardware access points, Qingsong Health is establishing a medical AI product pathway of "model foundation, professional agents, and real-world application scenarios." The next phase of focus will be converting professional users and scenario applications into corporate clients and quantifiable revenue.
Cash reserves provide room for continued investment
As of the end of June 2026, Qingsong Health held cash and cash equivalents of RMB 739 million, net assets of RMB 914 million, total liabilities of RMB 158 million, a current ratio of 6.89 times, and no outstanding borrowings. This robust cash position and relatively low debt level afford the company the financial flexibility to sustain its investment in medical AI R&D and expand its corporate health service scale.
According to the plans disclosed in the interim report, Qingsong Health will continue to advance its "Health + AI" dual-engine strategy in the next phase, accelerating the commercialization of Zheng Yuanfang's software and hardware solutions, scaling up corporate digital health services, and strengthening real-world research and clinical trial data services.
Overall, the 2026 interim report from Qingsong Health signals three key developments: first, revenue sources are becoming more diversified, driving gross margin improvements; second, comprehensive health services are beginning to generate meaningful scale revenue; and third, medical AI is moving beyond model and content capabilities toward validation in real-world scenarios. As comprehensive health services continue to expand corporate clientele, and as Zheng Yuanfang and related products penetrate more professional settings, Qingsong Health's "AI + Health" strategy is transitioning from a capacity-building phase to one of business implementation and value realization.