申万宏源积极调动境内外资源，发挥综合金融服务优势，助力客户圆满完成香港上市。充分体现了申万宏源在港股IPO及医疗健康领域的实力与资源整合 能力，也印证了以客户为中心的服务理念及申万宏源"投资+投行+研究"三位一体协同优势。 注：相关服务由申万宏源香港的全资持牌子公司申万宏源融资 (香港) 有限公司及申万宏源证券 (香港) 有限公司提供。 2025年9月17日，健康160国际有限公司（以下简称"健康160"）成功于香港联交所主板上市， 股份代号为2656.HK，最终定价为每股11.89港元，融资规模为4亿港币。 申万宏源香港担任本次发行的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人 及联席牵头经办人。 健康160专注数字医疗健康综合服务，致力于构筑中国领先的线上线下一体化医疗健康服务入口，成为每个人最贴心的健康守护者。健康160是数字医疗领 域首批通过备案的VIE架构企业之一。 本项目市场反应火热，香港公开发售认购倍数达751.8倍，是港股IPO定价及分配新规生效后数字医疗领域"第一股"。 来源：申万宏源香港 ...

Core Viewpoint - The article highlights the significant market interest in digital healthcare platforms, exemplified by the successful IPO of Health 160, which saw a stock price increase of 137.34% on its first day, reflecting a market reevaluation of digital healthcare models [1] Company Profile - Health 160 has evolved from a simple appointment booking app to a comprehensive O2O platform that connects patients, healthcare institutions, and doctors, integrating SaaS solutions for hospitals [3][5] - The platform connects over 14,400 hospitals, 9,060 private medical institutions, and 29,000 grassroots medical facilities across China, facilitating various healthcare services [3] - Health 160's approach emphasizes deep hospital connections, a long service chain, and sustainable doctor management, distinguishing it from purely content-driven health platforms [5] Business Performance - Health 160's revenue has shown steady growth, with figures of approximately 526 million yuan in 2022, 629 million yuan in 2023, and 621 million yuan projected for 2024, alongside a first-quarter revenue of about 100 million yuan in 2025 [7] - Despite revenue growth, the company has faced consistent net losses of around 100 million yuan annually, although losses narrowed to approximately 17 million yuan in the first quarter of 2025 [7] - The primary revenue sources are pharmaceutical sales and digital healthcare solutions, with the latter having a gross margin exceeding 70%, making it the main profit driver [7] Industry Landscape and Regulation - The Chinese internet healthcare policy encourages compliant online services while emphasizing quality and payment security, aiming to enhance the efficiency of the healthcare system rather than replace traditional services [8] - The DRG/DIP reform is pushing hospitals towards cost control through improved process efficiency, aligning with Health 160's SaaS and operational services that support hospitals in this transition [8] Competitive Landscape - Health 160 differentiates itself from major competitors like Alibaba Health and JD Health by focusing on hospital connections and digitizing the patient journey, rather than primarily relying on drug retail and e-commerce [10][11] - The platform's strategy is to create a vertical service model that emphasizes deep integration with hospitals and doctors, which is crucial for building barriers to entry in the market [11][12] Future Outlook - The ability to deepen connections with hospitals and enhance service quality will be critical for Health 160's long-term success, as the competition shifts from user acquisition to the quality of connections and supply [13][15]

来源：市场资讯 （来源：申万宏源融成） 2025年9月17日，健康160国际有限公司（以下简称"健康160"或"公司"）成功于香港联交所主板上市， 股份代号为2656.HK，最终定价为每股11.89港元，融资规模为4亿港币。 申万宏源香港担任本次发行的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头 经办人。 公司亮点 本项目的圆满发行，不仅充分体现了申万宏源在港股IPO及医疗健康领域的实力与资源整合能力，也再 次印证了我们以客户为中心的服务理念及依托申万宏源"投资+投行+研究"三位一体协同优势。 未来，申万宏源香港将继续发挥境内外联动优势，推进国际化及境内外一体化战略，借助境内外市场互 联互通带来的机遇，打造"双循环"的大投行生态圈，全力服务新质生产力发展，服务国家高水平对外开 放战略。 项目亮点 公司专注数字医疗健康综合服务，致力于构筑中国领先的线上线下一体化医疗健康服务入口，成 为每个人最贴心的健康守护者。 自成立以来，公司已累计连接超过44,600家医疗健康机构，其中包括超过14,400家医院 (包括3,430 家三级医院) 及超过30,200家基层医疗卫生机构。 自成立以来，公司已累 ...

Core Insights - The 2025 China International Service Trade Fair, themed "Digital Intelligence Leading the Way, Service Trade Renewed," focuses on health and wellness services, showcasing innovations in the medical and healthcare sectors [1][2] Group 1: Health and Wellness Innovations - The health service exhibition features advancements in artificial intelligence, digital healthcare applications, and medical service solutions, allowing attendees to experience the impact of technology on health management [3] - Notable innovations include a home medical-grade ECG monitoring device developed by a team from Fuwai Hospital and a groundbreaking electromagnetic-driven intramedullary nail created in collaboration with Tsinghua University [3][4] - The "Liver and Gallbladder Super Doctor Intelligent System" from Tsinghua Chang Gung Hospital provides specialized knowledge support for liver disease diagnosis and treatment, enhancing the capabilities of primary care physicians [4] Group 2: Integration of Traditional Chinese Medicine (TCM) and Technology - TCM institutions showcased the integration of traditional practices with modern technology, such as the "Guangyi·Qizhi Model 2.0" that enhances TCM diagnostic processes through AI [5] - Beijing Tongrentang presented a variety of health service experiences, including a smart medication service that offers tailored health solutions for different demographics [6][7] - The introduction of herbal toothpaste "Yin Yang Su" reflects TCM's adaptation to modern health needs, emphasizing natural ingredients for oral health [7] Group 3: Elderly Care Solutions - The aging population's needs are addressed through diverse and personalized elderly care solutions, such as the "Five-in-One" service system by Shoushan Fuhai, which integrates care, medical services, nutrition, housing, and support [8] - Xinyue Health introduced the "Home Elderly Care Kit" and "Ten Thousand Doctors" health service model, focusing on professional and precise home care solutions [8]

每天上午，东台市临塔村村医姚循都会在卫生室门前接收一架精准悬停的无人机，从货舱内取出当天村 民需要的药品，同时将采集的村民血液标本放进去，8分钟后，无人机抵达市人民医院检验科，当天下 午，检验结果即可精准反馈。 从"人等药"到"药等人"，从送检奔波到"朝采夕达"，一条由无人机织就的"空中生命通道"，成为东台县 域医共体的又一创新应用，折射出东台市医共体改革带来的深刻变化。 这场改革源于严峻的现实挑战。东台市卫生健康委党委书记、主任崔海坦言，由于历史原因，东台人口 严重老龄化，2024年底60岁及以上人口占比39.83%，导致医保基金长期收不抵支。东台与上海、南京 等医疗中心联系紧密，出行十分方便，病人异地就医占比高达35%左右。基层能力越来越弱，基层医疗 机构面临崩盘风险。由此带来连锁反应，医务人员收入下降，优秀医疗骨干留不住。 群众要身体健康、医生要合理收入、医院要生存发展、医保要资金高效、政府要民生保障，这五方主体 如何才能做到真正同向发力、利益兼顾？东台医共体改革，首要目标便是建立协同共赢机制。 所谓医共体，即医疗共同体。全市2所牵头医院、24个镇卫生院、341个村卫生室归成一个"共同体"，作 为"龙头 ...

Core Insights - The release of the "Blue Book" marks a significant step in promoting the digital transformation of healthcare, serving as a comprehensive guide and roadmap for the industry [1][3] - The "Blue Book" provides an in-depth analysis of global and Chinese digital healthcare trends, emphasizing the integration of digital health into national strategic development plans [1][2] Group 1: Digital Healthcare Development - The digital healthcare ecosystem in China is undergoing profound changes, driven by the rapid integration of new scientific technologies [2] - Despite rapid advancements, the digital healthcare system in China faces multiple challenges that require a systematic support framework encompassing standard formulation, regulatory innovation, clinical validation, and ecosystem collaboration [2] Group 2: Clinical Applications and Case Studies - The "Blue Book" focuses on specific fields such as gastroenterology, liver disease, and hospital pharmacy, analyzing their respective demands, scenarios, classic cases, and core challenges in digital healthcare [2] - It also summarizes representative successful models and benchmark cases from both domestic and international contexts, extracting replicable and scalable development patterns for China's digital technology innovation [2] Group 3: Impact on Healthcare Services - The rapid development of digital healthcare has expanded the boundaries of medical services through internet hospitals, telemedicine, and wearable devices, enhancing medical efficiency and optimizing patient experiences [3] - The "Blue Book" is recognized for filling the gap in China's overall framework and standard guidelines for digital healthcare, providing authoritative, forward-looking, and practical guidance for the sector [3]

Core Insights - The 2025 Service Trade Fair showcased advanced medical technologies and solutions, highlighting the digital and intelligent transformation in the healthcare industry, enhancing service experiences for consumers [1] - Major global companies such as GE Healthcare, Siemens Healthineers, and Eli Lilly participated, demonstrating their innovations in various medical fields, including cardiovascular health and Alzheimer's disease [1][2] - The aging population in China is projected to reach 310 million by the end of 2024, representing 22% of the total population, indicating a significant market opportunity in the healthcare and elderly care sectors [3] Company Highlights - Eli Lilly has signed a strategic cooperation memorandum with Capital Medical University Xuanwu Hospital, expanding their collaboration from neuroscience to cardiovascular, autoimmune, and oncology fields [2] - Tianjin Pengruili Hospital, the first foreign-funded comprehensive hospital in China, showcased its one-stop service solutions, integrating hospital services, elderly care, and commercial facilities [2] - The hospital plans to expand its medical tourism business, targeting patients from Russia, Mongolia, and Southeast Asia, and aims to enhance international cooperation in specialized medical services [3]

Group 1 - The core viewpoint of the article highlights that Health 160, a Chinese pharmaceutical and health product wholesaler, has successfully completed its IPO subscription with a total subscription amount of at least HKD 25.24 billion, resulting in an oversubscription of 503.8 times [1] - Health 160 plans to issue a total of 33.6455 million shares, with approximately 10% allocated for public offering and 90% for international offering, at a price of HKD 14.86 per share, aiming to raise around HKD 500 million [1] - The company does not have a mandatory replenishment mechanism for the public offering, allowing the overall coordinator to increase the number of shares available for public offering to 5.04675 million shares, which is 15% of the initial offering [1] Group 2 - Health 160 is described as an experienced wholesaler of pharmaceutical and health products and a leading provider of digital healthcare services, offering a variety of health products and comprehensive digital healthcare solutions [2] - As of March 31, 2025, Health 160's platform has connected over 44,600 healthcare institutions, including more than 14,400 hospitals and over 30,200 grassroots healthcare institutions [2] - Financially, the company's revenues for the years ending March 31 for 2022, 2023, 2024, and 2025 were approximately CNY 526 million, CNY 629 million, CNY 621 million, and CNY 100 million, respectively, with corresponding losses of approximately CNY 120 million, CNY 106 million, CNY 108 million, and CNY 17.128 million [2]

Core Viewpoint - Health 160 International Limited is launching an IPO in Hong Kong, aiming to raise approximately HKD 363.6 million for expanding medical resources, enhancing R&D, and strategic acquisitions [3][4]. Company Overview - Health 160 is a leading pharmaceutical wholesaler and digital healthcare service provider in China, focusing on "pharmaceutical sales" and "digital healthcare solutions" [3][4]. - The company connects over 44,600 healthcare institutions, including 14,400 hospitals, and has over 902,300 healthcare professionals registered on its platform [4]. Main Business - The company operates a diversified business matrix consisting of pharmaceutical sales and digital services, with the wholesale model being the primary revenue driver [5][7]. - In Q1 2025, the wholesale model accounted for 64.3% of revenue, while the retail model contributed 2.6% [5][7]. Financial Analysis - The company has shown stable revenue growth, with total revenues of RMB 525.6 million in 2022, RMB 628.6 million in 2023, and RMB 620.7 million in 2024 [6][8]. - The net loss narrowed from RMB 120.1 million in 2022 to RMB 17.1 million in Q1 2025, indicating improved cost control and profitability [6][8]. Competitive Advantages - Health 160's competitive edge lies in its extensive medical resource network and collaborative platform ecosystem, which includes partnerships with over 14,400 hospitals [9][10]. - The company has a user repurchase rate of 84.6% in Q1 2025, reflecting strong customer retention [9]. Industry Outlook - The Chinese healthcare market is projected to reach RMB 120.2 billion in 2024, with a CAGR of 7.9% from 2019 to 2024, while the digital healthcare sector is expected to grow at a CAGR of 32.1% [11][12]. - The aging population and supportive policies are key drivers of industry growth [11]. Valuation Analysis - The estimated market capitalization post-IPO is between HKD 40-50 billion, with a price-to-sales ratio of approximately 5.84-7.30 times, which is higher than comparable companies [13]. - Long-term valuation potential exists if the company can increase its digital business revenue and optimize its wholesale margins [13].

Core Viewpoint - Apple is set to hold its product launch event on September 10, 2025, at 1 AM Beijing time, with a focus on significant advancements in thermal performance and ultra-thin design across over 10 new products, marking a shift towards "millimeter-level innovation" [1] Group 1: iPhone 17 Series - The iPhone 17 series will feature four models, including the standard iPhone 17 with ProMotion technology supporting a 120Hz refresh rate [2] - The revolutionary iPhone 17 Air will have a thickness of only 5.5 mm, making it the thinnest iPhone ever, enhancing both grip and aesthetics [2] - The iPhone 17 Pro will include a 48-megapixel camera system, while the iPhone 17 Pro Max will offer 12GB of RAM and a heat dissipation system [2] - All models will be powered by the 3nm+ A19 chip, with a 300% increase in AI computing power and the global rollout of eSIM technology [2] Group 2: AirPods Pro 3 - AirPods Pro 3 is expected to debut with the new H3 chip, offering a 40% performance boost over the previous H2 chip [4] - The design will be more compact, improving fit and comfort for prolonged use, with a lighter charging case featuring a hidden LED indicator [4] - Active noise cancellation will improve by approximately 30%, and the headphones will support high-resolution audio transmission [6] - Health monitoring features will include in-ear heart rate tracking and innovative ear canal temperature monitoring, laying the groundwork for future health sensor technologies [6] Group 3: Apple Watch Ultra 3 - The new Apple Watch Ultra 3 will integrate satellite communication and 5G dual-mode connectivity, along with the S11 chip for localized AI processing [7] - It will introduce medical-grade blood pressure fluctuation alerts, transitioning from a smartphone accessory to an independent health device [7] - The upcoming "Project Mulberry" health service platform will provide personalized health insights by integrating data from the Apple Watch and iPhone [9] Group 4: Other New Accessories - The second-generation HomePod mini is anticipated, retaining its iconic spherical design while upgrading to a T8310 architecture chip, enhancing performance by 30% [10] - It will feature Wi-Fi 6E and Bluetooth 5.3 for improved multi-device connectivity [10]