证券研究报告 | 公司动态点评 2025 年 08 月 25 日 药师帮（09885.HK） 25H1 业绩优异，技术驱动+生态协同持续深化 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16972 | 17904 | 20579 | 23875 | 27947 | | 增长率 yoy（%） | 18.9 | 5.5 | 14.9 | 16.0 | 17.1 | | 归母净利润（百万元） | -3189.2 | 30.0 | 152.9 | 380.8 | 689.0 | | 增长率 yoy（%） | -114.2 | 100.9 | 409.6 | 149.0 | 80.9 | | ROE（%） | -166.1 | 1.3 | 6.2 | 13.3 | 19.5 | | EPS 最新摊薄（元） | -4.69 | 0.04 | 0.22 | 0.56 | 1.01 | | P/E（倍） | -2.0 | 213.8 | 42.0 | 16.8 | 9. ...

2025年8月19日，11岁的平安好医生再次惊艳亮相。 亮相的方式，是它截至2025年6月30的中报。在报告期内，它录得营收25亿元，归母净利润1.34亿元，分别同比增长19.5%和136.8%。 在2024年，它就曾以48.08亿元的年营收、8143万元的净利润，实现了首次盈利上岸，而新一季的中报，则更像是一张倾述给投资者的喜报——平 安好医生已经步入了持续向好的盈利通道。 但这份财报的价值，还远不止于此。作为整个平安系医疗养老业务的核心，平安"医疗养老+综合金融"战略的重要落子，它还展示了一串更重要的 指标： 报告期内，平安好医生的家庭医生权益用户数超过3500万，居家养老权益用户数同比增长83%，服务覆盖85个城市，累计落地5项团体标准。 对于普通大众而言，这些数字或许不明就里，最多意味着平安好医生"变得更大更好"，但对于整个平安而言，它的意义却格外不同： 在平安集团的整个版图上，平安好医生已经逐渐站在了舞台中央，扮演起不可或缺的入口角色。 01 如果用两个关键词来总结平安好医生的业务，那么一定是"家庭医生"与"居家养老"。 在过去十多年里，"病有所医"、"老有所养"这两大社会公众的普遍需求，催生了两股 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health [6][18]. Core Insights - JD Health achieved a revenue of 35.3 billion yuan in H1 2025, representing a year-on-year increase of 25%. The growth was driven by an increase in active user numbers and the online penetration of health products [10][18]. - The company reported a non-IFRS net profit margin increase from 9.3% to 10.1% year-on-year, with operating profit margin rising from 3.6% to 6.2% [2][11]. - Active users surpassed 200 million, with a 10% year-on-year growth, and daily consultation volume exceeded 500,000 [3][12]. Revenue Summary - In H1 2025, product revenue reached 29.3 billion yuan, up 23% year-on-year, while service revenue was 6 billion yuan, reflecting a 34% increase [10][18]. - The number of merchants increased to over 150,000, up more than 50,000 from the end of the previous year [10][18]. Profitability Summary - The gross profit margin for H1 2025 was 25.2%, an increase of 1.6 percentage points year-on-year, attributed to growth in advertising revenue and improved supply chain capabilities [2][11]. - Fulfillment expenses rose from 2.9 billion yuan to 3.6 billion yuan, but the fulfillment cost rate decreased from 10.4% to 10.1% due to cost dilution from increased order volume [2][11]. Operational Data Summary - The company is actively promoting instant retail services, connecting over 200,000 pharmacies, and expanding online medical insurance payment services to nearly 200 million people [3][12]. - JD Health has launched AI medical products, with over 50 million users served by AI medical assistants by the end of June [3][12]. Financial Forecast - Revenue projections for 2025-2027 are 70.1 billion, 80.8 billion, and 90.9 billion yuan, with adjustments of +7%, +10%, and +11% respectively [18]. - Adjusted net profit forecasts for the same period are 5.5 billion, 6.2 billion, and 6.9 billion yuan, with adjustments of +25%, +27%, and +28% respectively [18].

新浪科技讯 8月22日下午消息，蚂蚁集团与北京大学第三医院（下简称"北医三院"）达成战略合作，正式成立AI医疗联合创新实验室，顶级医院携手领先技 术平台，将整合双方临床诊疗与专业大模型方面的优势，在多个科室内，开展医疗多模态大模型、人工智能辅助临床诊疗等技术研发与应用研究，推动AI 医疗应用落地更专业、更可信、更实用。 值得关注的是，双方还启动了北医三院智能体项目开发。预计未来在AI健康管家AQ上线，向北医三院就诊患者提供全流程的AI陪诊服务，相当于为每一位 患者配备专属 AI 就医助理。这一创新举措不仅将优化患者就医体验，提升医疗服务效率，更将为智慧医院建设提供可复制、可推广的路径。 蚂蚁集团AI医疗总经理刘军伟表示，"让老百姓看病就医更简单，也是蚂蚁的重要愿景之一，蚂蚁将发挥其医疗大模型技术及AQ平台等生态优势，坚持长期 主义，更好地服务患者、医生和医院。"（罗宁） 据了解，该联合实验室首期将聚焦结直肠癌、内分泌及辅助生殖等重大疾病领域，全力攻克AI辅助诊疗决策、患者服务的系统开发，助力医生实现疑难杂 症的精准治疗，进而提升患者治愈率和诊后管理可及性。 "我们希望借助联合实验室的工作，加速AI技术在医疗行 ...

里昂发布研报称，平安好医生(01833)今年上半年业绩令人瞩目，收入同比增长19.5%至25亿元人民币， 调整后净利润同比大幅增长136.8%至1.34亿元人民币。里昂认为，平安好医生股价的强劲表现可归因于 其在医疗AI方面的进展和改善的盈利前景，预期AI医疗赋能和商业健康保险发展的蓬勃发展，将推动 其进一步增长，因此将基于现金流折现率，对其目标价从10港元上调至20港元，重申"跑赢大市"评级。 里昂继续认为，平安好医生是中国AI医疗和商业健康保险发展的主要受益者，这两个大趋势在中国医 疗行业中正获得越来越多的关注。鉴于上半年积极的业绩，里昂将公司2025年至2027年收入预测上调 1.9%至5.6%，并基于更乐观的利润率假设大幅上调净利润预测。里昂又预期，市场对医疗AI公司的热 情将保持不变，因为从技术投资到潜在AI驱动应用的循环继续获得动力。 ...

【导读】上证指数逼近3800点，芯片股集体"霸屏"，寒武纪续创新高；中石油系指数大涨；具身智能再现利 好消息 今天是8月21日星期四，基金君继续和你一起关注上午的市场行情和最新资讯！ 8月21日上午，A股市场呈现高开震荡格局，上证指数逼近3800点，三大股指集体收涨，但市场分化明显，跨 境支付、存储芯片、多元金融等板块表现活跃，而覆铜板、PEEK材料等板块回调。 上午市场交投活跃度持续提升，沪深两市交易额突破1.5万亿元，较昨日放量近600亿元。 上证指数逼近3800点 三大股指集体收涨 | 序号 | 名称 | 现价 | 涨跌幅 ▼ | 总市值 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 7 | 盛科通信-U | 122.50 | 10.36% | 502亿 | 45.83% | | 2 | 德明利 | 100.71 | 10.01% | 229亿 | 62.08% | | 3 | 兆易创新 | 139.71 | 10.00% | 928亿 | 31.18% | | ব | 翱捷科技-U | 111.99 | 9.58% | 468亿 | 107.04% ...

【导读】上证指数逼近 3800 点，芯片股集体 " 霸屏 " ，寒武纪续创新高；中石油系指数大 涨；具身智能再现利好消息 中国基金报记者 张舟 今天是 8 月 21 日星期四，基金君继续和你一起关注上午的市场行情和最新资讯！ 8 月 21 日上午， A 股市场呈现高开震荡格局，上证指数逼近 3800 点，三大股指集体收 涨，但市场分化明显，跨境支付、存储芯片、多元金融等板块表现活跃，而覆铜板、 PEEK 材料等板块回调。 上午市场交投活跃度持续提升，沪深两市交易额突破 1.5 万亿元，较昨日放量近 600 亿元。 上证指数逼近 3800 点 三大股指集体收涨 截至午间收盘，上证指数报 3779.52 点，涨 0.35% ，深证成指涨 0.45% ，创业板指涨 0.21%， 沪深两市半日成交额突破 1.5 万亿元，达 15674 亿元，较上个交易日增加 591 亿元。 个股涨跌互现，市场共 2525 只个股上涨， 54 只个股涨停， 2693 只个股下跌。 芯片爆发！寒武纪续创新高 半导体板块大涨，存储芯片概念板块持续走高，兆易创新、德明利双双涨停。 | 序号 | 名称 | 现价 | 涨跌幅 ▼ | 总市值 | ...

消息面上，互联网医疗行业方面，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药 产业发展情况时强调：要注重运用人工智能全面赋能产业发展，提高药物研发、临床试验、诊断治疗、 生产流通等环节智能化水平。 格隆汇8月21日｜平安好医生(1833.HK)盘中拉升，一度涨超15%，报18.2港元，股价创2021年10月以来 新高，截至目前成交额放大至7.2亿港元。 业绩公布后，里昂发布业绩点评称，平安好医生上半年业绩令人瞩目，股价的强劲表现可归因于其在医 疗AI方面的进展和改善的盈利前景，预期AI医疗赋能和商业健康保险发展的蓬勃发展，将推动其进一 步增长，对其目标价从10港元上调至20港元，重申"跑赢大市"评级。里昂继续认为，平安好医生是中国 AI医疗和商业健康保险发展的主要受益者，这两个大趋势在中国医疗行业中正获得越来越多的关注。 鉴于上半年积极的业绩，里昂将公司2025年至2027年收入预测上调1.9%至5.6%，并基于更乐观的利润 率假设大幅上调净利润预测。里昂又预期，市场对医疗AI公司的热情将保持不变，因为从技术投资到 潜在AI驱动应用的循环继续获得动力。 公司层面，平安好医生19日晚公布业绩显示 ...

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Core Viewpoint - The company reported a significant increase in revenue and gross profit for the first half of 2025, driven by advancements in AI healthcare technology and supportive national policies [1]. Financial Performance - The company achieved an operating income of 299 million yuan, representing a year-on-year growth of 30.26% [1]. - The gross profit reached 154 million yuan, with a year-on-year increase of 26.96% [1]. Industry Context - The company is positioned to benefit from the "Digital China" and "Healthy China" strategies, with national policies promoting the integration of AI in healthcare [1]. - The company leverages its leading position in core medical model technology and extensive product coverage across the country to capitalize on the accelerating growth of the AI healthcare industry [1]. Future Strategy - The company plans to continue focusing on its development strategy, utilizing policy advantages to drive technological breakthroughs and deepen application scenarios in medical models [1]. - The company aims to provide higher quality medical services to residents and more efficient diagnostic tools for doctors [1]. Technological Advancements - Since the launch of the Xunfei Spark Medical Model in 2023, the company has expanded its technological advantages and achieved breakthroughs in multiple fields [1]. - In July 2025, the Xunfei Spark Medical Model underwent further upgrades, enhancing its capabilities and maintaining industry leadership in key medical task scenarios [1].