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 ...

1. 京东健康全年业绩预期怎么样？ 截至2025年12月10日，根据朝阳永续季度业绩前瞻数据： 预测公司全年一致预期营业收入708.23~714.98亿元，同比增长21.8%~22.9%； 预测公司全年一致预期净利润44.16~52.61亿元，同比增长6.1%~26.4%； 预测公司全年一致预期经调整净利润56.65~63.42亿元，同比增长18.2%~32.3%。 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 货币单位:亿元人民币 | | | | | | | 关注朝阳永续公众号 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构间称 | | 营业收入 | 同比 | 净利润 | 同比 | 经调整净利润 | 同比 | | 实万预测区间 | | 708.23~714.98 | 21.8%~22.9% | 44.16~52.61 | 6.1%~26.4% | 56.65~63.42 | 18.2%~32.3% | | 平均数 | - | 710.39 | 22.1% | 47.92 | 15.1% | 61. ...

Core Insights - The first Health Technology and Science Popularization Conference was held in Haikou, focusing on the theme "AI Leading a New Era of Health Science Popularization" [1] - JD Health's exploration of AI in health science popularization was highlighted, showcasing the latest developments in its "AI Jingyi" model product system [1] Group 1: AI and Health Science Popularization - JD Health's "Jingyi Qianxun" medical model integrates authoritative clinical guidelines, real-time medical literature, and vast real-world data to create a dynamic evidence database [3] - The AI doctor "Daiwei" has achieved a satisfaction rate of 98%, serving as a crucial link between users and professional medical services [3] - "Daiwei" has optimized its capabilities in traditional Chinese medicine, providing personalized health guidance based on user characteristics and symptoms [3] Group 2: AI Jingyi Product System - The "AI Jingyi" product system, launched in early 2025, is the first AI health service matrix combining AI doctors and expert doctor agents [4] - JD Health's initiatives in health science popularization include live broadcasts, short videos, and interactive Q&A, with over 1.5 billion views and more than 300 million Q&A interactions since 2025 [4] - The transition from standardized output to personalized customization in health science popularization is facilitated by the "Jingyi Qianxun" medical model [4] Group 3: Recognition and Awards - The "Heart Maze Art Exhibition," created by JD Health in collaboration with various institutions, won the "Best Creative Work" award at the conference for its innovative approach to health education [5] - The conference served as a high-level exchange platform for the integration of health technology and science popularization, providing a model for AI-enabled health education [7]

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].

医疗行业跨界洞察 本文来自微信公众号： 健闻咨询 ，作者：毛晓琼、李琳，原文标题：《问诊单量下降40%，基层医 生排不上班，线上问诊会是第一个被AI干掉的医疗赛道吗？》，题图来自：AI生成 做了近10年的线上问诊，舒浩没有想到，变化会来得如此之快。 舒浩是国内某头部三甲医院的一名内科高年资主治，从2016年开始接触线上问诊，几家主流的在线 问诊平台他都注册了个遍。从单量上来看，他在几个核心平台都算是靠前的，一个月平均能接500单 左右。 今年10月下旬，他所服务的某个主力平台发布了一款AI健康管家类产品。当时，这个偏行业侧的消 息并没有引起他的重视。直到11月过半，他发现自己在该平台上的线上问诊量缩水了40%左右。 以下文章来源于健闻咨询 ，作者健闻咨询 健闻咨询 . "其它平台的问诊量之前也有一些下降，大概在20%左右。"舒浩说。 在某互联网医疗公司任职的苏玉更早捕捉到了这种趋势，她所在的公司很早就围绕线上问诊做了独立 的业务布局，医生黏性强，在用户端的口碑也很好。 但从2024年下半年开始，她发现问诊平台的单量开始平稳下滑，"当时我们都不知道原因，后来接触 AI多了，大家才意识到，很多浅层的，和医疗健康相 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in Ping An Good Doctor (01833.HK), indicating strong investor interest and confidence in the company's growth potential [1] Group 1: Southbound Fund Activity - On December 9, southbound funds increased their holdings by 81,800 shares of Ping An Good Doctor [1] - Over the past five trading days, there have been four days of net increases, totaling 1.767 million shares [1] - In the last 20 trading days, there were 16 days of net increases, amounting to 40.7681 million shares [1] - Currently, southbound funds hold 498 million shares of Ping An Good Doctor, representing 23.03% of the company's total issued ordinary shares [1] Group 2: Company Overview - Ping An Good Doctor is engaged in providing medical and health services through mobile platforms and offline resources [1] - The company operates through two segments: the medical services segment, which includes online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and related sales of drugs and medical devices [1] - The health services segment offers standardized health service packages that integrate various medical health institution services to meet users' health-related needs, covering categories such as physical examinations, elderly care, dental services, anti-aging, and general health [1]

每经记者｜甄素静 每经编辑｜廖丹 日前，港股上市公司国锐生活（HK00108，股价3.75港元，市值120.70亿港元）公告披露重磅跨界交 易，拟通过旗下经营实体长沙雨锐健康科技有限公司，以约2.69亿元收购北京春雨天下软件有限公司 （运营春雨医生平台，以下称春雨医生）78.3%股权。此次交易采用20%现金与80%股份的支付结构， 因数字医疗业务属外商投资限制类，国锐生活将通过VIE（可变利益实体协议）合约架构实现对目标公 司的实际控制。 对于此次收购事宜，克而瑞物管分析认为，国锐生活收购春雨医生，并非计划脱离原有核心业务进行完 全转型，而是旨在构建"物业+医疗"的双轮驱动发展模式，综合本次收购的各项细节来看，其通过较低 成本获取互联网医疗的核心资源（数据、牌照），是一次典型的"防守型扩张"战略布局。 不过，《每日经济新闻》记者注意到，国锐生活此次交易背后仍隐藏着多重风险挑战。财务层面，近 年，春雨医生业绩表现并不理想，营收呈现持续下滑态势，盈利能力仍待验证，而国锐生活此次跨界收 购，能否破解双方增长困局仍有待观察。 记者注意到，国锐生活此次交易实施的核心难点在于突破外资持股限制，由于春雨医生核心业务涉及增 ...

Core Insights - JD Health and JD Jinbang released the 2025 annual rankings for three major categories: genuine medicines, nutritional supplements, and medical devices, along with the top ten health consumption trends [1][2] Group 1: Rankings and Trends - The rankings are based on consumer data from January to November 2025, utilizing JD Health's user consumption data and JD Jinbang's unique algorithm to ensure objectivity and authority [1] - The top ten health consumption trends reflect a shift from passive response to proactive management in health consumption, covering various life stages and scenarios [2] - Featured products highlight a common upgrade direction in health consumption, emphasizing precision in nutritional formulations and the integration of technology in health management [2] Group 2: Market Insights - JD Health positions itself as the primary online entry point for health consumption, continuously monitoring market health demands [3] - The increasing health awareness among the public is leading to a trend where health consumption is integrated into daily life, focusing on both physical and mental well-being [3] - The annual health product list aims to provide consumers with high-quality, well-reviewed health products while offering industry insights for rational consumption [3]

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 ...

但从2024年下半年开始，她发现问诊平台的单量开始平稳下滑，"当时我们都不知道原因，后来接触AI 多了，大家才意识到，很多浅层的，和医疗健康相关的咨询已经开始被AI替代了。" "所有常规标准化的问诊，都会逐步被AI取代。"长期从事互联网医疗相关工作的资深人士徐晓向《健闻 咨询》表示，在他看来，这部分可被替代的问诊需求，在所有线上问诊场景里的占比接近80%。 做了近10年的线上问诊，舒浩没有想到，变化会来得如此之快。 舒浩是国内某头部三甲医院的一名内科高年资主治，从2016年开始接触线上问诊，几家主流的在线问诊 平台他都注册了个遍。从单量上来看，他在几个核心平台都算是靠前的，一个月平均能接500单左右。 今年10月下旬，他所服务的某个主力平台发布了一款AI健康管家类产品。当时，这个偏行业侧的消息 并没有引起他的重视。直到11月过半，他发现自己在该平台上的线上问诊量缩水了40%左右。 "其它平台的问诊量之前也有一些下降，大概在20%左右。"舒浩说。 在某互联网医疗公司任职的苏玉更早捕捉到了这种趋势，她所在的公司很早就围绕线上问诊做了独立的 业务布局，医生黏性强，在用户端的口碑也很好。 巧合的是，最近互联网医疗行业 ...