又一家明星公司，被卖了。 12月5日，香港上市公司国锐生活（00108.HK）正式宣布，以总计2.69亿元人民币收购春雨医生78.29%的股权，成为其控股股东。 春雨医生2.69亿元的收购价，若按整体估值计算约为3.4亿元，相较于其巅峰时期9.2亿美元的估值，缩水近95%。 移动医疗的先驱、"轻问诊"的鼻祖，以"低价出售"收场，叹息者有之，扼腕者有之，但大部分声音，却是"并不意外"。 - 01 - 春雨医生曾被看作互联网医疗的"探路者"。 2011年7月，曾任《京华时报》新闻中心主任、网易副总编辑的"老媒体人"张锐创办北京春雨天下软件有限公司，同年11月春雨医生APP1.0版本上线，率 先推出"7×24小时在线问诊"服务。 由于医疗资源很不平衡，去知名三甲医院看病需要排队抢号、从黄牛手里买号，春雨医生让医疗咨询装进智能手机：小病不用排队看医生，打开APP就能 问。 当时，中国移动互联网浪潮刚刚起势，除了春雨医生，一大批在线问诊平台也在崛起，如好大夫在线、丁香医生、微医等。 资本很看好这种模式。2012年，春雨医生完成300万美元A轮融资，投资方为蓝驰创投。2013年9月，获得来自贝塔斯曼亚洲投资基金数百万美元 ...

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market showed mixed results, with the Dow Jones down 0.38% and the Nasdaq up 0.13% [2] Investment Opportunities - The report emphasizes the attractiveness of undervalued high-dividend sectors in the Hong Kong market, suggesting that these areas remain a key focus for capital allocation [3] - The technology sector, particularly in areas like artificial intelligence, semiconductors, and industrial software, is highlighted as a core investment theme for the future [3] - Companies benefiting from the anticipated interest rate cuts by the Federal Reserve and those with strong mid-term performance in the upstream non-ferrous metals sector are recommended for attention [3] Company Highlights - SenseTime (商汤-W) has achieved double-digit growth in its domestic chip computing power and plans to launch a new AI model in spring next year, indicating strong potential in the AI sector [9] - JD Health (京东健康) has signed a cooperation agreement with Wuhan University People's Hospital to explore new models of integrated development in healthcare, enhancing service accessibility [9] - China Railway (中国中铁) reported a revenue of 773.814 billion CNY for the first three quarters of 2025, with a notable performance in its mineral resources segment, suggesting a strong outlook for the company [10]

Core Viewpoint - The acquisition of 78.3% of Beijing Chunyu Tianxia Software Co., the operator of the mobile medical service platform Chunyu Doctor, by Guorui Life for 269 million RMB (approximately 294.8 million HKD) marks a significant strategic shift for the company, aiming to diversify its revenue sources amid declining performance in its property management sector [1][5][20]. Group 1: Acquisition Details - Guorui Life will acquire 78.3% of Chunyu Doctor for approximately 2.69 billion RMB, valuing Chunyu Doctor at around 344 million RMB, a significant drop from its peak valuation of over 1 billion USD [1][4]. - The acquisition will be structured through a Variable Interest Entity (VIE) agreement, allowing Guorui Life to navigate foreign investment restrictions in the internet medical sector [4][19]. - The payment structure includes 20% in cash and the remainder through the issuance of shares, with a total of 1.47 billion shares to be issued at a price of 1.6 HKD per share [4][5]. Group 2: Company Background - Guorui Life, formerly known as Guorui Real Estate, has been involved in property development and management, with operations in multiple countries [2]. - The company has previously invested in health technology firms, indicating a growing interest in the healthcare sector [2]. Group 3: Financial Performance - Guorui Life has faced declining revenues, with projected property management service income decreasing by approximately 17% in 2024, and a net loss of about 934.8 million HKD in investment properties [5][7]. - Chunyu Doctor has also struggled financially, with revenues declining from 101 million RMB in 2023 to 66.2 million RMB in 2024, and a net loss of 957.2 million RMB in 2023 [7][19]. Group 4: Strategic Rationale - The acquisition is seen as a necessary move for Guorui Life to develop new, stable revenue streams and reduce reliance on the cyclical property market [5][20]. - The integration of Chunyu Doctor's user base and data with Guorui Life's resources is expected to create synergies and enhance growth opportunities in the healthcare sector [17][19]. Group 5: Market Context - The internet healthcare market in China is expanding, with a projected market size of 479.9 billion RMB by 2025, highlighting the potential for growth in this sector [16]. - Chunyu Doctor has accumulated a significant user base, with 1.8 billion users and over 680,000 practicing physicians on its platform, which could be leveraged for monetization post-acquisition [16][19].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者 | 孙梦圆 估值暴跌95%。 近日，港股市场传来一则重磅消息，在物业管理服务领域深耕的上市公司国锐生活（108.HK），正式 对外宣布了一项重大收购计划——将以2.69亿元的价格，收购北京春雨天下软件有限公司78.3%的股 份。 要知道，北京春雨天下软件有限公司是知名移动医疗服务平台春雨医生的运营主体。按此次作价估算， 春雨医生的整体估值约3.44亿元，与巅峰时期超10亿美元的估值相比，缩水比例超95%。虽然被"贱 卖"，但此次跨界收购，无疑为近年来萎靡不振的春雨医生带来了一场及时雨。 截至12月9日收盘，国锐生活报收3.74港元/股，总市值120.4亿港元。 抱团取暖 国锐生活原名国锐地产有限公司，2023年才更名为国锐生活。主营物业开发与管理，业务范围涵盖多国 物业发展及投资，并在北京、河北提供物业管理服务。 值得一提的是，此次并非国锐生活首次涉足医疗健康领域。天眼查数据显示，国锐生活此前已投资天津 雨锐健康科技有限公司和深圳雨锐健康科技有限公司这两家卫生和社会工作行业企业。 | 当前公司 | 国锐生活有限 ...

12月5日，以"人工智能与医疗健康深度融合"为主题的"AI+医疗沙龙"创新论坛在上海模速空间举办。恰逢乌镇互联网医院成立十周年，该论坛聚焦医疗健康 产业与人工智能技术深度融合的行业发展方向，医疗与人工智能领域专家围绕相关议题展开深入研讨。微医医疗人工智能首席战略官、乌镇互联网医院创始 院长张群华教授出席活动并发表主旨演讲，分享了微医十年来从打造互联网医院到升级人工智能医院的实践历程。 当前，我国医疗资源分布不均、慢性病负担加重、人口老龄化趋势明显，传统医疗服务模式面临诸多挑战。在此背景下，借助人工智能技术提升医疗服务质 量和效率，成为医疗健康行业发展的重要方向。张群华在演讲中表示，互联网医疗解决了医疗服务可及性的问题，人工智能则为医疗系统赋予了"智慧大 脑"，二者的融合并非简单的技术叠加，更是对医疗资源配置方式、诊疗流程以及健康管理范式的重构。 回顾微医的发展历程，其成长轨迹也是中国"互联网+医疗健康"行业发展的一个缩影。2015年，微医创建的乌镇互联网医院正式成立，这是我国首家互联网 医院，标志着互联网与医疗领域的融合进入新阶段。该医院率先推出在线处方、在线复诊、远程会诊等创新服务模式，相关案例被写入《中国 ...

Core Insights - The article discusses the transformation of Chunyu Doctor under new management, highlighting its evolution from a struggling startup to a more stable entity within a public company framework. The focus is on merging the essence of healthcare with the efficiency of the internet [1][16]. Group 1: Challenges Faced - Upon taking over, Chunyu Doctor was revealed to be in a precarious financial situation, with cash flow issues leading to significant monthly losses [3]. - The company had spread itself too thin across various business lines, resulting in a lack of focus and a failure to generate sustainable revenue [3][4]. - There was a misalignment in understanding internet healthcare, with the team overly focused on online traffic rather than addressing core healthcare needs [4][5]. Group 2: Strategic Solutions - A comprehensive strategy was implemented, focusing on streamlining operations, enhancing core business areas, and controlling costs [8]. - The management shifted from a "traffic-driven" approach to a "healthcare-driven" mindset, emphasizing the importance of integrating online and offline services [8][12]. - The company adopted a strict cost control policy, including layoffs and reducing office space, to maintain cash flow during challenging times [12][10]. Group 3: Achievements - Chunyu Doctor successfully reversed its financial losses, achieving a break-even point in core business cash flow and establishing a sustainable revenue model [14]. - The brand image transformed from a "light consultation" service to a "professional and trustworthy medical service platform," enhancing customer trust and loyalty [15]. - The strategic investment from China Resources Group provided significant financial backing and resources, facilitating the integration of online and offline healthcare services [16].

记者从首儿所获悉，为优化患者服务体验，该院互联网医院近期开通了"外院复诊""自助预开单""线上 线下（300959）号源双向预约"三项全新功能。 首儿所门诊部主任闫雪介绍，为降低医疗风险，一般情况下，各互联网医院的群体圈定在"本院复诊患 者"范围内。不过，该院外地患儿很多，来一趟北京殊为不易，这几年，很多家长提出希望外院的就诊 史也能被首儿所接受，这样可以在家先进行线上复诊，或直接开到首儿所的医院制剂。 针对需要复诊开具药品的需求，互联网医院也可完成。闫雪告知，除了镇静药等风险药品外，该院大部 分常见病慢性病的药品都可以线上购买，包括肤乐霜、复合钙等"明星小药"，由医生根据患儿病情开具 处方，之后快递送药到家。对于北京本地患儿，线上就诊和购药已经可以医保支付。 近日，首儿所"线上跨院复诊"功能得以实现。患儿在其他正规医疗机构有过半年内明确的处方、检查检 验报告等材料的，可凭材料申请首儿所相应科室的线上复诊，经审核材料有效、症状匹配，即可挂线上 号。这意味着，即便患儿身处偏远省份，也可以通过网络在家中得到北京专家的诊疗服务。 该功能上线4天，挂号量达到393人次。有北京婴儿由于甲状腺功能异常在协和医院就诊，被推 ...

出品 | 搜狐健康 作者 | 首都儿童医学中心门诊部（互联网医疗办公室），首都儿童医学中心宣传中心郝洁 编辑 | 周亦川 操作流程简便易懂：家长关注"首都儿童医学中心"微信公众号，通过"就诊服务-互联网医院-自助预开单"模块，根据患儿复查需求勾选项目并提交申请， 经医生审核通过后，在线缴费即可自动生成检查预约。同时支持线上实时查询预约时间、灵活修改预约信息，全程无需线下奔波。 线上线下双衔接，就医流程更顺畅 为持续优化患者服务体验，打通线上线下一体化就医闭环，首都医科大学附属首都儿童医学中心互联网医院开通了"外院复诊""自助预开单""线上线下号 源双向预约"三项全新功能。此次升级精准聚焦复诊患者的核心需求，依托线上服务场景的深度拓展，进一步简化就医流程、减少往返奔波，让整个诊疗 过程更顺畅高效，为患者带来更便捷、更省心的就医新体验。 外院确诊患者不用跑，线上复诊咨询更省心 针对外院已明确诊断、希望在首都儿童医学中心进行线上复诊或开具院内制剂的患者诉求，互联网医院新增外院确诊患者线上复诊通道。这一举措打破了 就医地域与场景限制，让更多患者无需线下跑腿即可享受优质医疗服务，是医院以患者为中心优化服务的具体实践。 ...

Core Insights - The stock price of Haisco fell by 2.02% on November 25, trading at 57.81 CNY per share with a market capitalization of 64.742 billion CNY [1] - Haisco's stock has increased by 75.29% year-to-date, with a 5-day increase of 5.70% and a 20-day increase of 11.77% [1] - The company reported a revenue of 3.3 billion CNY for the first nine months of 2025, a year-on-year increase of 19.95%, while net profit decreased by 22.66% to 295 million CNY [2] Financial Performance - Haisco's main business revenue composition includes: anesthetic products (39.81%), cooperative product-related income (23.59%), and other therapeutic areas [1] - Cumulative cash dividends since A-share listing amount to 3.673 billion CNY, with 687 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Haisco had 12,900 shareholders, an increase of 12.87% from the previous period [2] - The top ten circulating shareholders include various funds, with notable increases in holdings from several institutional investors [3]

Core Insights - JD Health achieved a revenue of 17.12 billion yuan in Q3 2025, a year-on-year increase of 28.7% from 13.3 billion yuan, with growth accelerating from 23.7% in Q2 2025 [1][2] - The company's operating profit reached 1.243 billion yuan, a significant year-on-year increase of 125.3%, while Non-IFRS operating profit was 1.378 billion yuan, up 59.9% [1][2] - Non-IFRS net profit was 1.902 billion yuan, reflecting a year-on-year growth of 42.4%, with net profit margin improving from 10.1% in the first half of the year to 11.1% [2] Operational Data - JD Health expanded its online medical insurance payment services to nearly 200 million people, a substantial increase from over 100 million a year ago [2] - The number of platform merchants exceeded 150,000, growing by over 50,000 since the end of 2024 [2] - The "AI Jingyi" intelligent service user base surpassed 50 million, and offline service expansion included the opening of new medical beauty and health check-up centers [2] Strategic Collaborations - In Q3 2025, JD Health signed strategic cooperation agreements with major pharmaceutical companies such as Eli Lilly, Innovent Biologics, and Bayer China, reinforcing its position in the high-end drug supply chain [3] - The company is developing a leading smart outpatient service platform in collaboration with Huazhong University of Science and Technology, aiming to enhance patient experience through AI-assisted services [3] Investment Outlook - JD Health's leading position in the pharmaceutical e-commerce sector is expected to be bolstered by ongoing online medical insurance payment policies and the scaling of AI services [4] - Revenue forecasts for 2025-2027 are projected at 71 billion, 82.9 billion, and 95.5 billion yuan, with adjusted net profits of 6.3 billion, 7.4 billion, and 8.5 billion yuan respectively [4]