AI 深度赋能慢病服务，方舟健客全面盈利，兑现增长确定性

Core Viewpoint - The article emphasizes that the profitability turning point for Fangzhou Jianke is not merely a financial improvement but a significant signal of redefining its business model, growth logic, and valuation system in the context of the internet healthcare industry's deep adjustment phase [1][4]. Financial Performance - In 2025, Fangzhou Jianke achieved a revenue of 3.53 billion yuan, representing a year-on-year growth of 30.2%, and reached comprehensive profitability under international financial reporting standards [1][4]. - The adjusted net profit for 2025 was approximately 12 million yuan, following adjusted profitability in 2024, with a year-on-year growth of 19% in adjusted net profit [4][5]. Business Model and Market Position - Fangzhou Jianke's dual-driven model of "familiar doctor-patient relationships + AI empowerment" has successfully navigated the current industry trend of focusing on traffic, establishing a unique trust barrier [2][5]. - The company focuses on chronic disease management, which is experiencing explosive growth, with the online chronic disease management market 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% [1][4]. User Engagement and Trust - By the end of 2025, the platform had accumulated 56.4 million registered users, with an average of 13.7 million monthly active users, reflecting a year-on-year growth of 35%, and a repurchase rate exceeding 85% among paying users [5][6]. - The platform has gathered 25,100 registered doctors, primarily from top-tier hospitals, enhancing the trust foundation through quality medical resources [5]. AI Integration and Service Efficiency - In 2025, Fangzhou Jianke upgraded its "AI + H2H service platform," embedding AI technology throughout the chronic disease management process, significantly improving service efficiency and quality [6][7]. - The AI-driven services address industry pain points such as low consultation efficiency and fragmented services, leading to a comprehensive enhancement in service quality [7]. Valuation and Market Recognition - The current market undervalues Fangzhou Jianke, as it is still assessed through traditional e-commerce logic, overlooking its core service barriers and long-term value [8][10]. - The company is transitioning from a traditional pharmaceutical e-commerce platform to an AI-driven digital chronic disease service leader, with its revenue model focusing on long-term services for high-retention chronic disease users [8][9]. Growth Potential and Future Outlook - The profitability turning point is seen as a foundational aspect of Fangzhou Jianke's long-term growth, with the company expanding its business boundaries by entering new markets such as GLP-1 weight management [9][10]. - The successful completion of a share placement in January 2026 attracted long-term institutional investors, indicating confidence in the sustainability of Fangzhou Jianke's business model [10].