Investment Rating - The report assigns a "Buy" rating for Ark Health (6086.HK) based on its performance and growth potential [1]. Core Insights - The company reported a revenue of approximately 1.494 billion yuan for the first half of 2025, representing a year-on-year increase of 12.91%. The adjusted net profit was around 18 million yuan, up 16.8% year-on-year, while the net profit attributable to the parent company was approximately 12 million yuan, marking a turnaround from losses [1][2]. - The online retail pharmacy segment showed a remarkable growth rate of 28.2%, contributing 864 million yuan to the revenue. The company has expanded its user base and improved operational and supply chain capabilities [2]. - The company is recognized as a leading online chronic disease management platform in China, with over 11 million monthly active users and a repurchase rate of 85%. The platform registered 52.8 million users, with an average of 11.9 million monthly active users over the past twelve months [2][3]. - The company has a robust product matrix and supply chain, with over 1,650 suppliers and 980 pharmaceutical companies, including major multinational and domestic firms. The platform offers over 216,000 drug SKUs, with 62% being prescription drugs [2][3]. - The company has made significant strides in AI integration within chronic disease management, launching various AI tools to enhance efficiency in medical consultations and patient management [2][3]. Financial Summary - The company is projected to achieve revenues of approximately 3.334 billion yuan, 4.038 billion yuan, and 4.901 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 21%, and 21% [5]. - The net profit attributable to the parent company is expected to be 16 million yuan, 36 million yuan, and 62 million yuan for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 102%, 119%, and 73% [5]. - Key financial metrics indicate a projected gross margin of 18.19% in 2025, with a return on equity (ROE) of 11.02% [4][5].
方舟健客（06086）：25H1归母净利润扭亏为盈，期待25H2业绩及AI布局双突破