证券研究报告 公司研究 [Table_ReportType] 公司点评报告 上次评级 点评： [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 核25H1 归母净利润扭亏为盈，期待 25H2 业绩及 AI 布局双突破 [Table_ReportDate] 2025 年 09 月 03 日 [Table_S 事件：公司发布 ummary] 2025 年中期业绩公告。2025H1 公司收入约为 14.94 亿元 （同比+12.91%），经调整净利润约 0.18 亿元（同比+16.8%），归母净利润 约 0.12 亿元（同比扭亏为盈）。 [T ...

近日，中国最大的线上慢病管理平台方舟健客披露2025年中期业绩，取得营收14.94亿元，同比增长12.9%。盈利端实 现关键突破，不仅成功扭亏为盈斩获1250万元净利润，经调整净利润更同比增长16.8%至1760万元，交出一份兼具规 模增长与质量提升的成绩单。 | 收入 | 1,493,571 1,322,821 | | | --- | --- | --- | | 銷售成本 | (1,225,239) (1,057,272) | | | 毛利 | 268,332 | 265.549 | | 除税前溢利/(虧損) | 12,516 | (818.707) | | 期內溢利／(虧損)及全面收益總額 | 12,482 | (818,725) | | 非香港財務報告準則計量 | | | | 經調整利潤淨額(非香港財務報告準則計量)¹ | 17,584 | 15.055 | | 歸屬於: | | | | 本公司權益股東 | 12,482 | (818,725) | （数据来源：中期财报） 在AI与医疗深度融合的黄金窗口期，医疗服务的竞争本质实际上是数据飞轮的马拉松。 方舟健客这份业绩背后，正是5280万注册用户的持续信 ...

Core Viewpoint - The article highlights Ark Health's impressive mid-year performance for 2025, showcasing its strong growth in revenue and profitability, while positioning itself as a leader in AI-driven chronic disease management [1][12]. Financial Performance - Ark Health reported a revenue of approximately 1.494 billion RMB for the first half of 2025, reflecting a year-on-year growth of 12.9% [2]. - The company achieved a net profit of about 12.5 million RMB, marking a turnaround from losses, with adjusted net profit increasing by 16.8% year-on-year to approximately 17.6 million RMB, setting a historical high [2]. User Growth and Engagement - As of mid-2025, Ark Health's registered user base reached 52.8 million, a 15.8% increase year-on-year, with monthly active users rising to 11.9 million, a significant growth of 34.4% [3]. - The company boasts a high repurchase rate of 85.4% among paying users, indicating strong user retention and engagement [3]. Supply Chain and Ecosystem - Ark Health has established partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies, expanding its drug SKU to 216,000, with prescription drugs accounting for approximately 62% [4]. - The company's strong supply chain supports its long-term medication needs, enhancing user retention and overall performance [4]. AI Integration and Competitive Advantage - The company has integrated advanced AI technologies into its operations, launching several AI solutions to enhance efficiency in chronic disease management [5][6]. - Ark Health's "familiar doctor-patient" model fosters long-term relationships, leading to higher user loyalty and engagement compared to traditional one-time consultation models [5][7]. Industry Trends and Market Potential - The AI and healthcare sector is experiencing significant growth, driven by policy support and increasing demand for efficient chronic disease management services [8][9]. - The digital chronic disease management market in China is projected to grow from 113.7 billion RMB in 2019 to 464.5 billion RMB in 2023, with a compound annual growth rate of 42.2% [9]. Future Outlook - Ark Health's AI-driven chronic disease management solutions are expected to expand further, capitalizing on the growing demand and ongoing digitalization of healthcare services [12]. - The company's current market valuation does not reflect its growth potential, suggesting significant upside potential for investors [13].