ANDON HEALTH(SZ:002432) 市值风云·2026-01-30 10:09Core Viewpoint - The performance of asset management is impressive, while the core business is experiencing losses [1][19]. Financial Performance - Jiuan Medical (002432.SZ) forecasts a net profit attributable to shareholders of 2.02 billion to 2.35 billion yuan for 2025, representing a year-on-year growth of 21.05% to 40.83% [4][5]. - For the first three quarters of 2025, Jiuan Medical reported revenue of 1.069 billion yuan, but net profit reached 1.589 billion yuan, indicating that total operating costs of 1.276 billion yuan exceeded revenue [7][13]. - Investment income for the first three quarters was 562 million yuan, with fair value changes contributing 1.251 billion yuan, totaling over 1.8 billion yuan in investment-related income [7]. Asset Management - As of the end of Q3 2025, Jiuan Medical held trading financial assets worth 10.362 billion yuan, primarily in wealth management products, and other investments totaling 13.877 billion yuan, leading to a total asset management portfolio of 24.122 billion yuan [8][10]. - The contribution of asset management to Jiuan Medical's profits is increasing, allowing the company to achieve significant profitability despite a decline in core business revenue [13]. Core Business Challenges - The iHealth product line, which includes smart medical devices, has seen a significant revenue decline, with a 50% drop in revenue to 601 million yuan in the first half of 2025, and a 49% decline in total revenue for the first three quarters [15][16]. - The overall revenue from the iHealth series has decreased from 1.859 billion yuan in 2021 to 601 million yuan in 2025 [17]. Market Reaction - Following the earnings forecast, Jiuan Medical's stock price remained relatively stable, with a price-to-book ratio of 0.89, indicating it is trading below its book value [18].