Core Insights - The article highlights Ark Health's impressive mid-year performance for 2025, showcasing strong revenue growth and profitability, while aligning with the trends in AI and chronic disease management [1][2]. Financial Performance - Ark Health reported revenue of approximately 1.494 billion RMB, a year-on-year increase of 12.9%, indicating robust business expansion despite a slowing growth rate in the internet healthcare sector [2]. - The company achieved a net profit of around 12.5 million RMB, marking a turnaround from losses, with adjusted net profit rising 16.8% year-on-year to approximately 17.6 million RMB, setting a historical high [2]. - Registered users reached 52.8 million, a 15.8% increase, while monthly active users surged to 11.9 million, reflecting a significant 34.4% growth [2]. User Engagement and Ecosystem - The company boasts a high repurchase rate of 85.4% among paying users, with prescription drug transactions accounting for 81.7%, reinforcing its focus on chronic disease management [3]. - Ark Health has established partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies, expanding its drug SKU to 216,000, with approximately 62% being prescription drugs [3]. AI Integration and Competitive Advantage - The integration of AI technologies has enhanced Ark Health's service offerings, including the development of AI-driven solutions for patient management and medical record keeping [5][6]. - The "familiar doctor-patient" model differentiates Ark Health from competitors, fostering long-term relationships that enhance user loyalty and engagement [4][6]. Market Trends and Growth Potential - The AI and healthcare sector is experiencing significant growth, driven by policy support and increasing demand for efficient chronic disease management services [7][8]. - The digital chronic disease management market in China is projected to grow from 113.7 billion RMB in 2019 to 464.5 billion RMB in 2023, with a compound annual growth rate of 42.2% [8]. Future Outlook - Ark Health's AI-driven chronic disease management solutions are expected to expand further, capitalizing on the ongoing digital transformation in primary healthcare [10]. - The company's current market valuation does not reflect its growth potential, with a significant upside projected based on its performance and market trends [11].

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has risen by 2.99%, with notable increases in constituent stocks such as Chunli Medical (01858) up 10.49%, MicroPort Medical (00853) up 7.02%, and Crystal Technology Holdings (02228) up 6.89% [1] - The Hong Kong Medical ETF (159366) has also seen an increase of 2.44% [1] - The China Securities All Index Medical Device Index (H30217) has increased by 1.46%, with significant gains from Ji Min Health (603222) up 9.98%, Hualan Biological Engineering (301093) up 7.81%, and Huatai Medical (688617) up 6.93% [2][3] Group 2 - The FDA has accepted Vibration-Controlled Transient Elastography (VCTE) as an alternative endpoint for assessing liver fibrosis in patients with Metabolic Associated Steatotic Liver Disease (MASH), marking a significant breakthrough in non-invasive diagnostic technology [4] - This advancement is expected to enhance drug development efficiency for MASH and provide growth opportunities for domestic companies in the non-invasive companion diagnostics field [4] - The pharmaceutical and biotechnology sector showed marginal improvement in Q2 2025, with the innovative drug and CXO sectors performing particularly well, as the CXO industry rebounded with a 14% year-on-year revenue increase and a 54% increase in net profit [4] Group 3 - The domestic medical device industry is gradually recovering from an adjustment period, with market demand showing signs of recovery [5] - In Q2 2025, the medical equipment sector experienced a 5.26% year-on-year revenue growth, and the medical consumables sector maintained stable growth [5] - The Hong Kong Medical ETF (159366) focuses on rare medical segment leaders and has a high CXO content, while the Medical Device ETF (159883) is the largest in A-shares, covering various sub-sectors of the medical device industry [5]

Core Viewpoint - Ark Health's valuation is considered underestimated, especially after it reported its first profit in the first half of 2025, with a revenue of 1.494 billion yuan and a net profit of 12.48 million yuan, marking a significant turnaround [1][2]. Financial Performance - Ark Health achieved a revenue of 1.494 billion yuan, a year-on-year increase of 12.9% [1]. - The company reported a net profit of 12.48 million yuan, marking its first profitable period [1]. - Adjusted net profit reached 17.58 million yuan, up 16.8% year-on-year [1]. - Online retail pharmacy revenue was 864 million yuan, growing by 28.2% [1]. Market Trends - The Chinese pharmaceutical retail market is projected to reach 501.9 billion yuan in 2024, with e-commerce channels becoming the main growth driver [1]. - E-commerce in the pharmaceutical sector is expected to grow to 64.5 billion yuan, with a growth rate of 4.6% [1]. - Ark Health's product offerings are primarily focused on chronic disease patients, with 62% of its 216,000 SKUs being prescription drugs [1]. User Engagement - The user base of Ark Health reached 52.8 million, a year-on-year increase of 15.8% [2]. - Monthly active users increased by 34.4%, reaching 11.9 million [2]. - The repurchase rate among paying users is 85.4% [2]. Industry Outlook - The chronic disease management market in China is expected to grow from 45.5 billion yuan in 2023 to 600 billion yuan by 2030, with a compound annual growth rate of 44.5% [2]. - The government is promoting the use of new technologies in healthcare, as outlined in the recent policy document encouraging AI applications in health management [2]. Technological Advancements - Ark Health is developing AI tools to enhance chronic disease management, including AI electronic medical records and AI-assisted diagnosis tools [3]. - The target price set by Citigroup for Ark Health is 8.5 HKD, indicating a potential doubling from its recent trading price of around 4 HKD [3].

Core Viewpoint - Ark Health has shown significant growth in its financial performance for the first half of 2025, driven by its focus on chronic disease management and the introduction of AI capabilities to enhance operational efficiency [1][3][7]. Financial Performance - In the first half of 2025, Ark Health reported total revenue of 1.494 billion, representing a year-on-year increase of 12.9% [3]. - The company achieved a net profit of approximately 12.5 million, marking a turnaround from losses, while adjusted net profit reached a record high of 17.58 million, up 16.8% year-on-year [3]. User Growth and Engagement - The number of registered users on the H2H service platform reached 52.8 million, a 15.8% increase year-on-year, with registered doctors totaling 229,000, of which 58.9% are affiliated with top-tier hospitals [3]. - Monthly active users grew to 11.9 million, reflecting a substantial year-on-year increase of 34.4%, and the repurchase rate among paying users stood at 85.4% [3]. Market Position and Strategy - Ark Health's online pharmacy app ranked first in monthly active users among key medical apps in June 2025, and it topped the App Store's free medical app chart in China [5]. - Prescription drug transactions accounted for 81.7% of total sales, with prescription SKUs making up 62% [5]. - The company has established strategic partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies, including leading firms like Novo Nordisk and Otsuka Pharmaceutical [5]. Industry Growth Potential - The chronic disease management market in China is rapidly expanding, with the number of chronic disease patients reaching 500 million in 2023, and the market size growing from 2.4 trillion in 2015 to 7.7 trillion in 2023, maintaining a compound annual growth rate of 15.6% [6]. - Projections indicate that the chronic disease management market could reach 15 trillion by 2030, presenting significant growth opportunities for companies like Ark Health [6]. AI Integration and Innovation - The introduction of AI capabilities, including the AI electronic medical record assistant and AI pre-consultation assistant, aims to enhance operational efficiency and patient interaction [7][8]. - The company has partnered with Tencent Cloud to deepen technological collaboration, integrating advanced AI models into its H2H service platform [7]. - Ark Health is committed to leveraging AI to improve chronic disease management and enhance the overall healthcare experience for patients [8].

Core Viewpoint - The internet healthcare company Fangzhou Jianke has entered a performance realization phase, achieving significant revenue growth and profitability, indicating a shift towards value-driven development in the chronic disease management sector [1][2]. Financial Performance - In the first half of 2025, Fangzhou Jianke reported revenue of 1.494 billion yuan, with a 28.2% year-on-year increase in online retail pharmacy services revenue [1]. - The company turned a profit with a net profit of 12.5 million yuan, and adjusted net profit reached a record high of 17.6 million yuan, up 16.8% year-on-year [1]. User Engagement and Loyalty - Fangzhou Jianke has cultivated a loyal user base, with a high repurchase rate of 85.4% among paying users, and a registered user count of 52.8 million, with 11.9 million monthly active users [4][5]. - The company’s "familiar doctor-patient" model has led to a strong user loyalty and willingness to pay, which is above industry averages [5]. Market Position and Valuation - Despite its strong performance, Fangzhou Jianke is significantly undervalued compared to competitors like JD Health and Alibaba Health, which have market capitalizations of 200 billion HKD and over 80 billion HKD, respectively, while Fangzhou Jianke's market cap is around 5 billion HKD [1][7]. - Analysts suggest that the potential market value of Fangzhou Jianke could range from 35.7 billion to 47.6 billion HKD based on user engagement metrics, indicating a substantial undervaluation [7]. Competitive Landscape - The company’s business model is likened to Xiaomi's "Mi Fan" model, emphasizing the importance of loyal users and high-frequency interactions as key drivers of growth [5][6]. - Fangzhou Jianke's focus on chronic disease management and its innovative AI-driven healthcare platform positions it well within the competitive landscape of internet healthcare [1][8]. Intangible Assets and Future Potential - The company possesses significant intangible assets, particularly in its medical service capabilities and human capital, which are not yet accurately quantified in market valuations [8]. - The lack of consensus on how to measure the value of healthcare service assets contributes to the current undervaluation of Fangzhou Jianke [7][8].

Core Viewpoint - Fangzhou Inc. reported a profitable first half of 2025, driven by an expanding user base, improved operating efficiency, and accelerated AI deployment in healthcare services and internal operations [1] Financial Performance - Revenue for the first half of 2025 reached RMB 1.494 billion, marking a 12.9% increase year-on-year [2] - Net profit was RMB 12.5 million, a significant turnaround from a loss of RMB 818.7 million in the same period last year [2] - Adjusted net profit increased by 16.8% to RMB 17.6 million, achieving a new high [2] User Growth - Registered users on the platform grew by 15.8% year-on-year to 52.8 million [3] - Monthly active users surged by 34.4% to 11.9 million [3] - The number of registered doctors increased to 229,000, with a paid user repurchase rate of 85.4%, indicating strong user retention [3] Revenue Breakdown - Revenue from online retail pharmacy services rose by 28.2% to RMB 864 million [4] - Revenue from medical services increased by 11.4% to RMB 357 million [4] - The drug catalog expanded to 215,000 SKUs, with prescription medicines making up approximately 62% [4] Product Innovation - The company launched several innovative drugs through its platform from leading pharmaceutical companies, including Novo Nordisk and Novartis AG [5] AI Integration - Fangzhou accelerated the implementation of AI across various functions, enhancing user services, procurement, marketing, and content production [6] - The upgraded "AI+H2H" platform supports immediate health consultations and long-term disease management, with AI tools assisting doctors and patients [7] - Internally, AI tools were deployed for procurement and content creation, improving operational efficiency [8] Strategic Expansion - The company is enhancing integration with China's national medical insurance system, improving service capabilities for insured patients [9] - Future plans include a "technology innovation + digital integration" strategy, focusing on deeper AI integration and collaboration with drugmakers and health institutions [10] Company Overview - Fangzhou Inc. is a leading online chronic disease management platform in China, serving 52.8 million registered users and 229,000 physicians as of June 30, 2025 [11]

Group 1 - The company reported a total revenue of 1.494 billion, representing a year-on-year growth of 12.9% for the first half of 2025 [1] - The company achieved a net profit of 12.5 million, marking a turnaround from losses, while adjusted net profit reached a record high of 17.6 million, up 16.8% year-on-year [1] - Online retail pharmacy service revenue significantly increased to 864 million, a growth of 28.2% year-on-year, while comprehensive medical service revenue reached 357 million, growing by 11.4% [1] Group 2 - The company enhanced its technology foundation by upgrading the "H2H (Hospital to Home) smart medical ecosystem service platform," improving doctor efficiency and user service quality [1] - As of June 30, 2025, the platform had 52.8 million registered users, a steady growth of 15.8% year-on-year, and the number of registered doctors increased to 229,000 [1] - Monthly active users surged by 34.4% year-on-year to 11.9 million, with a high user retention rate, as the repurchase rate for paying users improved to 85.4% [1] Group 3 - The company expanded its drug SKU to 216,000, with approximately 62% being prescription drugs, and established partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies [2] - The company integrated advanced AI capabilities into its operations, completing the "AI+H2H" technology upgrade to create a comprehensive AI application matrix covering user services, supply chain, and content production [2] - The integration of innovative tools with internet healthcare scenarios effectively meets both immediate health consultation and long-term health management needs, enhancing user stickiness and accelerating long-term growth value [2]

Core Insights - The company reported a total revenue of 1.494 billion, representing a year-on-year growth of 12.9% for the first half of 2025 [1] - The company achieved a net profit of 12.5 million, marking a turnaround from losses, while adjusted net profit reached a record high of 17.6 million, up 16.8% year-on-year [1] Business Performance - Online retail pharmacy service revenue reached 864 million, showing a significant increase of 28.2% year-on-year [1] - Comprehensive medical service revenue amounted to 357 million, reflecting a growth of 11.4% year-on-year [1] User Growth and Engagement - As of June 30, 2025, the platform had 52.8 million registered users, achieving a steady growth of 15.8% year-on-year [1] - The number of registered doctors on the platform increased to 229,000, supported by the expansion of the service network [1] - Monthly active users surged by 34.4% year-on-year, reaching 11.9 million, with a high user retention rate as the paid user repurchase rate rose to 85.4% [1] Technological Advancements - The company expanded its drug SKU to 216,000, with approximately 62% being prescription drugs, and established partnerships with over 1,650 suppliers and 980 pharmaceutical companies [2] - The company integrated advanced AI capabilities into its "AI+H2H" technology upgrade, creating a comprehensive AI application matrix that addresses both immediate health consultations and long-term health management needs [2]

Group 1 - The company reported a total revenue of 1.494 billion, representing a year-on-year growth of 12.9% for the first half of 2025 [1] - The net profit turned positive, reaching 12.5 million, while the adjusted net profit hit a new high of 17.6 million, up 16.8% year-on-year [1] - Online retail pharmacy service revenue significantly increased to 864 million, a growth of 28.2% year-on-year, while comprehensive medical service revenue reached 357 million, growing by 11.4% [1] Group 2 - As of June 30, 2025, the platform had 52.8 million registered users, reflecting a steady growth of 15.8% year-on-year, and the number of registered doctors increased to 229,000 [1] - Monthly active users surged by 34.4% year-on-year to 11.9 million, with a high user retention rate, as the repurchase rate for paying users rose to 85.4% [1] - The company expanded its drug SKU to 216,000, with approximately 62% being prescription drugs, and established partnerships with over 1,650 suppliers and 980 pharmaceutical companies [2] Group 3 - The company integrated advanced AI capabilities into its services, completing the "AI+H2H" technology upgrade, which enhances user service, supply chain, and content production [2] - The integration of innovative tools with internet healthcare scenarios allows for precise and efficient responses to both immediate health consultations and long-term health management needs [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Fangzhou Inc. 方舟云康控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6086） 截 至2025年6月30日止六個月的 中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審核簡明 綜合中期業績，連同2024年同期的比較數字如下。該等中期業績已由 審核委員會及本公司核數師畢馬威會計師事務所審閱。 於本公告中，「我們」指本公司，倘文義另有所指，則指本集團。本公告 所載若干金額及百分比數字已經約整，或約整至小數點後一位或兩位 數。任何表格、圖表或其他地方所列總額與當中所列各數字總和之間 的差異乃因約整所致。 – 1 – 此job內 文size和heading size 已加大2pt，leading不 變 此job內 文size和heading size 已加大2pt，leading不 變 財務及業務亮點 我們在2025年上半年的強勁財務業績，反映出我們戰略規劃的堅 ...