[Table_Page] 跟踪研究|软件与服务 证券研究报告 [Table_Title] 【广发医药&海外】平安好医生（01833.HK） 前瞻：预计收入稳健增长，利润率继续提升 [Table_Summary] 核心观点： | [Table_Invest] 公司评级 | 买入 | | --- | --- | | 当前价格 | 13.34 港元 | | 合理价值 | 19.65 港元 | | 前次评级 | 买入 | | 报告日期 | 2026-02-25 | [Table_PicQuote] 相对市场表现 -10% 46% 103% 159% 216% 272% 02/25 04/25 06/25 08/25 10/25 12/25 02/26 平安好医生 恒生指数 | [分析师： Table_Author]杨琳琳 | | | --- | --- | | | SAC 执证号：S0260514050004 | | SFC CE No. BNC117 | | | 0755-23480370 | | | yll@gf.com.cn | | | 分析师： | 罗佳荣 | | | SAC 执证号：S02605160900 ...

近日，山东大学齐鲁第二医院在健康传播领域捷报频传，连获两项重要荣誉，充分彰显了医院在新媒体 健康科普与创新传播工作方面的扎实成效与引领作用。 在抖音联合健康中国政务新媒体平台、健康报社共同举办的"2025年健康科普创作者年度之约"活动中， 医院获评"科普创作-宣传先锋机构"，健康报社党委书记许培海、中国工程院院士詹启敏等领导出席活 动并为获奖者颁奖；在健康报社主办、小荷健康承办的2026健康报科技科普传播思享会上，医院再 获"创新传播团队"称号，乳腺疾病诊疗中心郭明明荣获"创新传播个人"奖项，健康报社总编辑孙伟、小 荷健康互联网医院院长李浩等领导出席活动并为获奖者颁奖。 作为山东省首家抖音"号院联合"合作项目试点示范单位，齐鲁二院始终立足全民健康需求，持续探 索"健康科普传播+互联网医疗服务"融合模式，积极构建医院"官方号+科室号+个人号"联动发力的健康 传播矩阵。通过常态化开展"与平台面对面""品牌医生说""实操训练营"等活动，医院成功培育了一批兼 具社会影响力和专业认可度的医疗科普创作者。2025年，医院新媒体矩阵粉丝总量增长超200万，60余 位医生个人账号粉丝数过万。在持续输出高质量科普内容的同时，医 ...

（来源：千龙网） 千龙网讯（记者 刘美君）1月26日，北京市十六届人大四次会议举行首场新闻发布会，专题解读《北京市国民经济和社会发展第十五个五年规划纲要》卫生 健康领域内容。市卫健委副主任王建辉介绍，"十四五"期间北京市居民人均预期寿命提高至83.93岁，多项健康指标已达高收入国家水平。面对人口老龄化 趋势，北京将在"十五五"时期构建"防、筛、管、救、治、康"六位一体慢性病综合防控体系，系统提升全人群健康保障能力。 1月26日，北京市十六届人大四次会议举行首场新闻发布会，解读北京市"十五五"规划纲要（草案）。千龙网记者李慧英摄 健康指标实现新提升 三是深化医药卫生体制改革，建设医疗领域国家人工智能应用中试基地，发展互联网医疗服务； 四是健全人口发展支持体系，加强"一老一小"健康服务，建设医养联合体。 慢性病防治采取全链条措施 针对人口老龄化带来的慢性病防治需求，王建辉表示将采取"防筛管救治康"六位一体综合防控措施。包括在社区建设家庭医生健康管理中心，利用人工智能 设备开展慢病管理，加强胸痛中心、卒中中心建设，完善康复医疗服务网络等。通过多部门协同，为居民提供全生命周期健康服务。 王建辉强调，"十五五"时期北京 ...

Core Insights - The "Home Healthcare" platform of Handan Mingren Hospital provided emergency medical assistance to an elderly patient, showcasing the effectiveness and warmth of their service [2][3] Group 1: Emergency Response - The nursing department quickly assessed the situation after receiving a call for help regarding an elderly patient with a urinary catheter issue, confirming stable vital signs [2] - Nurses Guo Weihua and Zhang Lu voluntarily abandoned their rest to respond to the emergency, demonstrating commitment to patient care [2] - Upon arrival, the nurses conducted a thorough examination and successfully reinserted the urinary catheter while minimizing discomfort for the patient [2] Group 2: Service Overview - The "Home Healthcare" service aims to extend quality nursing resources and professional medical services to patients at home, addressing the challenges faced by the elderly, disabled, and bedridden individuals [3] - The service enhances accessibility to medical care through precise demand matching, rapid response, and standardized professional handling, earning trust from patients and their families [3] - Future plans for the "Home Healthcare" service include providing comprehensive medical support, including daily care, specialized treatment, and health guidance for more individuals with mobility challenges [3]

Group 1 - The recent flu monitoring data from the Chinese Center for Disease Control and Prevention indicates an upward trend in flu cases, with H3N2 subtype accounting for over 95% of positive samples detected in both southern and northern provinces [1] - The symptoms of flu are typically more severe compared to other respiratory diseases, often presenting with high fever above 38.5°C and muscle aches, making it crucial to quickly identify the cause of infection when symptoms arise [1] - There has been a significant increase in demand for home testing services for respiratory infections, with a 63% week-on-week growth in testing orders from October 28 to November 3, and a positive detection rate rising to 59.3% [1] Group 2 - The online consultation services have alleviated pressure on offline hospitals during flu season, reducing the risk of cross-infection due to crowding [3] - JD Internet Hospital has launched a special fever clinic with 24-hour online access to top-tier doctors, resulting in a 47% week-on-week increase in flu consultation volume in the past two weeks [4] - There is a growing trend in the demand for antiviral medications, with JD's data showing a 315% increase in orders for Sufuda and a 380% increase for Kewai from October 20 to November 2 [4]

Core Viewpoint - The recent drop in temperatures across the country has increased the risk of cardiovascular diseases and respiratory infections, prompting JD Internet Hospital to enhance its online medical services for public health protection during winter [1][2]. Group 1: Health Risks - Sudden temperature drops stimulate the sympathetic nervous system, leading to vasoconstriction, increased blood pressure, and higher blood viscosity, which can trigger severe cardiovascular events such as angina, myocardial infarction, and stroke [1]. - The autumn and winter seasons are already high-risk periods for infectious diseases like influenza and pneumonia, and cold weather exacerbates the risk of virus transmission due to reduced outdoor activities and increased indoor gatherings [1]. Group 2: Service Enhancements - JD Internet Hospital has optimized its service processes to handle the winter patient surge, allowing users to connect with professional doctors via the JD APP for timely consultations, medication guidance, and health management advice [2]. - The "home quick test" service enables doctors to issue test orders online, with nurses or couriers collecting samples at home, providing results within 3 hours for key tests, thus minimizing cross-infection risks [2]. - The remote medical center established in collaboration with Wuhan Union Hospital has served over 10,000 patients across 29 provinces since its launch in May, particularly benefiting communities in areas with relatively weak medical resources [2]. Group 3: Future Plans - JD Internet Hospital plans to expand its expert team and optimize its service system in response to ongoing cold weather, while also promoting health knowledge through educational columns to strengthen public health defenses during winter [2].

Group 1 - The core event "Doctors Have Light - 2025 China Physician Day Special Event" was recently held in Beijing, organized by JD Health, honoring 40 outstanding doctors from across the country [1] - As of June 30, JD Health reported that the average daily online consultation volume of JD Internet Hospital has exceeded 500,000 [1]

Core Insights - JD Health reported a total revenue of RMB 35.3 billion for the first half of 2025, representing a year-on-year growth of 24.5% [1] - The Non-IFRS net profit reached RMB 3.57 billion, showing a year-on-year increase of 35% [1] - The annual active user count surpassed 200 million, marking a record high and indicating increased brand recognition and trust [1] User Growth and Marketing Strategies - The robust growth in annual active users is attributed to continuous improvements in user experience and a series of marketing strategies [1] - Collaborations with leading pharmaceutical companies and health product suppliers have expanded product offerings [1] - The company has further enhanced its service ecosystem, covering "medical, testing, diagnosis, and medication" to meet diverse and personalized health needs [1] - Key marketing campaigns such as "Happy Weight Loss" and "618 Free Order" have effectively increased user engagement on the platform [1]

Core Viewpoint - The interview with Xin Lijun, former CEO of JD Health, reveals his transition from a corporate role to a personal investment and advisory position in the healthcare sector, emphasizing a more holistic and personal perspective on industry trends and opportunities [1][2][3]. Group 1: Transition and Current Role - Xin Lijun has stepped down from his role as CEO of JD Retail Group and is now a consultant for JD Group, receiving a monthly salary while not engaging in day-to-day operations [2][4]. - He enjoys a more relaxed lifestyle, spending time with family and engaging in hobbies like golf, while also advising startups and investing in the healthcare sector [5][6]. Group 2: Industry Insights - Xin Lijun has conducted in-depth research on over 200 healthcare companies, leading to a shift in his views on industry trends, particularly regarding the profitability of internet healthcare services [2][3]. - He now believes that internet healthcare services can be profitable due to changes in healthcare funding and the emergence of third-party platforms for non-standardized services [13][14]. Group 3: AI in Healthcare - Xin Lijun expresses skepticism about the commercialization of AI in serious medical applications, citing regulatory constraints and the limited role of AI as a decision-making tool in clinical settings [15][16]. - He acknowledges the potential for AI in health management but warns against overestimating its commercial viability in the healthcare sector, particularly for consumer-facing applications [19][20].

Core Insights - The rising COVID-19 positivity rate across multiple regions in China highlights the importance of early detection and intervention for respiratory diseases [1] - JD Health's "medical, testing, diagnosis, and medication" one-stop service is transforming how users manage their health, allowing them to receive comprehensive care without leaving home [3] Group 1: Service Adoption and Growth - The volume of consultations related to fever on JD Internet Hospital increased by 20% week-over-week from May 14 to May 20 [4] - Orders for respiratory pathogen testing through JD's fast testing service doubled during the same period [4] - Orders for flu-related medications on JD's online pharmacy surged by over 80%, with sales of specific COVID-19 treatment drugs increasing by 3.5 times [4] Group 2: User Experience and Future Plans - JD Health's closed-loop service model allows users to consult doctors online, conduct tests at home, receive medications at home, and access nursing services, making it a preferred choice for health issues [6] - Users can seamlessly connect to the entire process of consultation, testing, diagnosis, and medication through the JD app, ensuring quick identification of health issues and precise medication [6] - JD Health plans to continuously optimize its service processes to provide more efficient and diverse healthcare services to the public [6]