Group 1 - The core viewpoint of the report is that Ark Health (6086.HK) is positioned as China's largest online chronic disease management platform, with a significant user base and high repurchase rates [1] - As of the first half of 2025, the company has over 11.9 million monthly active users and a repurchase rate of 85.4%, with registered doctors increasing to 229,000, 58.9% of whom are from top-tier hospitals [1] - The platform offers over 216,000 drug SKUs, with 62% being prescription drugs, ensuring a robust supply of quality medical resources for chronic disease patients [1] Group 2 - The chronic disease management market in China is projected to grow from RMB 45.5 billion in 2023 to RMB 600 billion by 2030, with a compound annual growth rate (CAGR) of 44.5% [2] - The demand in specialized fields such as weight loss and metabolism is particularly strong, driven by the proliferation of innovative drugs, which are key growth engines for the industry [2] - The company leverages its "AI+H2H" model to capitalize on this market opportunity, with projected revenues of HKD 3.5 billion in 2025 and HKD 4.8 billion in 2026, corresponding to price-to-sales ratios of 0.8x and 0.6x, respectively, compared to industry averages of 4.9x and 4.1x [2]
格隆汇发布方舟健客首次覆盖报告：深度价值重估之路——“AI+”生态蓝图正在加速展开，领跑下一个十年