Core Viewpoint - The company, Ark Health (06086.HK), successfully raised HKD 150 million through a share placement to enhance its AI-driven chronic disease management platform [1][2]. Group 1: Fundraising and Allocation - The share placement was priced at HKD 3.32 per share, representing approximately 3.26% of the company's expanded issued share capital [1]. - Approximately 90% (around HKD 135 million) of the raised funds will be allocated to accelerate the development of the "AI + Chronic Disease Management" platform, including model development, infrastructure expansion, talent recruitment, data collection, and knowledge base construction [2]. Group 2: Strategic Importance of AI - The explosion of AI technology has revolutionized chronic disease management, significantly altering traditional health service models [2]. - Ark Health has completed a key upgrade to its "AI + H2H (Hospital to Home)" ecosystem, empowering the entire service chain of chronic disease management [2]. Group 3: Market Response and Financial Outlook - The share placement received enthusiastic market response with oversubscription, reflecting investor confidence in the company's "familiar doctor-patient" model and its high user retention and repurchase logic [4]. - The company anticipates revenue of approximately HKD 3.5 billion in 2025, representing a year-on-year growth of about 30%, and expects to achieve net profit of HKD 7-10 million, marking a transition to full profitability [4]. Group 4: Long-term Value Proposition - The "familiar doctor-patient" model creates a high-trust service environment, establishing high switching costs for patients and generating stable revenue streams from long-term medication and health management [5]. - With the chronic disease management market in China projected to exceed HKD 600 billion by 2030, the company's reliable full-service management model, combined with the potential for AI-driven upgrades, highlights its long-term value [5].

◎记者 赵明超 2025年春，创新药板块"忽如一夜春风来"，各家药企BD交易"千树万树梨花开"，一场轰轰烈烈的创新 药行情随之展开，在三季度上演"秋收"行情，但随后又迎来震荡调整，处于"冬藏"状态。 走过2025年的"秋收冬藏"行情之后，2026年的创新药行情如何演绎？整个医药板块有哪些投资机会？上 海证券报记者邀请平安医药精选股票基金经理周思聪、长城医药产业基金经理梁福睿、融通健康产业基 金经理万民远，就上述问题分享看法。 未来向好 创新药重估进行时 上海证券报：站在当前时点，如何看创新药行业2026年的投资机会？ 周思聪：2025年，创新药全球BD交易爆发式增长，验证了中国国内研发的质量，市场对创新药企业进 行重估，创新药板块强劲反弹，但目前基本还没有演绎创新药行业的业绩主线。 2026年，市场叙事将从广泛的估值重估转向基本面落地，市场将更加严苛地审视公司的每一个临床数 据、每一份销售财报和每一次BD交易的质量。能否持续产出有价值的创新成果，以及能否将这些成果 高效地转化为商业收入，是决定未来公司价值的核心。未来的赢家将是那些能够将其科学创新成功地转 化为商业成果的公司。 梁福睿：2025年二、三季度创新 ...

Core Viewpoint - Citigroup maintains a positive outlook on Ark Health (06086), rating it as "Buy" with a target price of HKD 8.5 [1] Financial Performance - Ark Health forecasts revenue for the previous year to be between RMB 3.5 billion and RMB 3.55 billion, representing a year-on-year growth of 30% [1] - The company expects to turn a profit, with estimated earnings between RMB 7 million and RMB 10 million [1] - Citigroup believes the performance is generally in line with expectations, having previously predicted a 28% revenue growth for 2025 and a net profit of RMB 6 million [1] Growth Drivers - Management attributes the rapid revenue growth to an increase in the number of patients and doctors on the platform [1] - The return to profitability is mainly due to revenue expansion and a reduction in share-based compensation expenses [1] Market Reaction - Ark Health's stock opened significantly higher by 10.25%, reaching a peak of HKD 4.19 [1] - The stock closed at HKD 4.01, reflecting a 41.7% increase, with a trading volume of 118 million shares and a total transaction value of HKD 452 million [1]

Group 1 - The core viewpoint of the article is that Citigroup maintains a positive outlook on Ark Health (06086), rating it as "Buy" with a target price of HKD 8.5 [1] - Ark Health has released a positive earnings forecast, expecting revenue between RMB 3.5 billion and RMB 3.55 billion for the previous year, representing a year-on-year growth of 30% [1] - The company anticipates turning a profit, with expected earnings between RMB 7 million and RMB 10 million [1] Group 2 - Citigroup believes that Ark Health's performance is generally in line with expectations, having previously predicted a 28% revenue growth for 2025 and a net profit of RMB 6 million [1] - Management attributes the rapid revenue growth to an increase in the number of patients and doctors on the platform, while the return to profitability is mainly due to revenue expansion and a reduction in share-based expenses [1] - On the morning of the 26th, Ark Health opened significantly higher by 10.25%, reaching a peak of HKD 4.19, and closed at HKD 4.01, marking a 41.7% increase with a trading volume of 118 million shares, amounting to HKD 452 million [1]

近年来，中国医疗健康产业正经历一场深刻的范式转变，从粗放式的规模扩张逐渐迈向精细化的价值深 耕。在这一转型的关键节点，方舟健客（06086.HK）以其扎实的财务表现，率先验证了以"熟人医 患"信任关系为核心的慢病服务模式，向市场释放出强大确定性与增长潜力。 事实上，在方舟健客的业绩突破获得市场关注前，已有投资机构提前捕捉到其价值信号。 回顾2025年年中，花旗研究（CitiResearch）在首次覆盖方舟健客时给予了其"买入"评级，目标价看高 至8.5港元，较当前股价有明显的上升空间。彼时，花旗的看好逻辑主要基于其慢病管理渗透率的提升 及营运效率的优化。 不仅如此，格隆汇研究院在2026年1月份的深度研报中预计，公司收入将在2025年达到35亿港元，2026 年达到48亿港元，并指出，方舟健客正步入价值重估的黄金通道。 如今，这份展现强劲增长的业绩预告，本质上是方舟健客积累的内生实力的释放，也向市场揭示了，这 种稳健且深厚的可持续经营实力，恰恰是花旗、格隆汇等专业机构在此前便坚定给予其高度评级与看好 的根本原因。 日前，方舟健客发布了2025年正面盈利预告，数据显示，公司预计全年营收达35亿元-35.5亿元， ...

1月26日，方舟健客(6086.HK)盘中拉升涨超44%报4.09港元，截至目前成交额放大至3.1亿港元。 消息面上，公司昨晚发盈喜，预期截至2025年12月底止年度录得净利润约700万元-1000万元，较截至2024年12月底止年度的 除税前净亏损8.55亿元大幅转亏为盈。此外，收入2025年度料将介乎约35亿元至35.5亿元，较2024年度的收入27.07亿元增长 约30%。集团表示，预期收入增长主要乃由于公司面向消费者的业务分部持续增长。转亏为盈主要乃由于收入增长，以及以 权益结算以股份为基础的交易减少。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

公告指出，此次预期收入增长主要得益于公司"熟人医患关系"模式、AI技术带来的升级，吸引了更多医 生与患者的进驻，进而带动面向消费者的业务持续增长。扭亏为盈主要是由于收入增长，以及以权益结 算以股份为基础的交易减少，推动公司实现从亏损到盈利的质变。 方舟健客（06086）早盘涨超36%，截至发稿，股价上涨36.39%，现报3.86港元，成交额1.70亿港元。 1月25日，方舟健客发布2025年正面盈利预告。正面盈利预告显示，公司预计营收实现35-35.5亿元，同 比增长约30%；在利润端，继2024年实现经调整层面盈利后，公司2025年预计实现净利润700-1000万 元，正式达成全面盈利。 ...

公告指出，此次预期收入增长主要得益于公司"熟人医患关系"模式、AI技术带来的升级，吸引了更多医 生与患者的进驻，进而带动面向消费者的业务持续增长。扭亏为盈主要是由于收入增长，以及以权益结 算以股份为基础的交易减少，推动公司实现从亏损到盈利的质变。 方舟健客(06086)涨超35%，截至发稿，涨35.84%，报3.83港元，成交额1.34亿港元。 消息面上，1月25日，方舟健客发布2025年正面盈利预告。正面盈利预告显示，公司预计营收实现35- 35.5亿元，同比增长约30%；在利润端，继2024年实现经调整层面盈利后，公司2025年预计实现净利润 700-1000万元，正式达成全面盈利。 ...

公告指出，此次预期收入增长主要得益于公司"熟人医患关系"模式、AI技术带来的升级，吸引了更多医 生与患者的进驻，进而带动面向消费者的业务持续增长。扭亏为盈主要是由于收入增长，以及以权益结 算以股份为基础的交易减少，推动公司实现从亏损到盈利的质变。 消息面上，1月25日，方舟健客发布2025年正面盈利预告。正面盈利预告显示，公司预计营收实现35- 35.5亿元，同比增长约30%；在利润端，继2024年实现经调整层面盈利后，公司2025年预计实现净利润 700-1000万元，正式达成全面盈利。 智通财经APP获悉，方舟健客(06086)涨超35%，截至发稿，涨35.84%，报3.83港元，成交额1.34亿港 元。 ...

Core Viewpoint - The Chinese healthcare industry is undergoing a significant paradigm shift from extensive scale expansion to refined value cultivation, with Ark Health (06086) leading the way by validating its chronic disease service model based on "familiar doctor-patient" trust relationships, showcasing strong certainty and growth potential in the market [1][2] Financial Performance - Ark Health has released a positive profit forecast for 2025, expecting annual revenue to reach 3.5-3.55 billion yuan, representing a year-on-year growth of approximately 30%, surpassing previous institutional predictions of 3.5 billion HKD (about 3.13 billion yuan) [1] - The company anticipates achieving a net profit of 7-10 million yuan in 2025, marking its transition to comprehensive profitability after achieving adjusted profitability in 2024 [1][2] - The financial data indicates a robust business model with a sustainable growth potential, as evidenced by a 30% revenue growth rate in a highly competitive internet healthcare sector [2] Market Recognition and Valuation - Despite strong financial performance, Ark Health's valuation remains undervalued, with a projected P/S ratio of approximately 0.8 for 2025 revenue and 0.6 for 2026 revenue, compared to industry averages of 4.9 and 4.1, respectively [3] - The market's underestimation of the "familiar doctor-patient" model's service value and user stickiness contributes to this significant valuation discount, presenting a high safety margin for long-term investors [4] Business Model Insights - The company's business logic is rooted in the "familiar doctor-patient" model, which emphasizes long-term relationships and trust, ensuring continuity and adherence to chronic disease services [5][6] - High user retention is evidenced by an 85% repurchase rate among paying users and over 80% of prescription drug transaction volume, indicating a stable business model driven by deep patient reliance [6] AI Integration and Future Growth - Ark Health is strategically integrating AI technology to enhance its existing advantages and explore new growth dimensions, aligning with national policies promoting AI in healthcare [7][8] - The company's early positioning in the "AI + chronic disease service" sector is expected to drive user lifetime value and service efficiency, reinforcing the trust chain within its business model [7] Conclusion - The rapid growth in 2025 is not an isolated financial event but a culmination of strategic consistency and model development, highlighting a trajectory from "validation logic" to "value release" [9] - The current disparity between financial performance and market recognition creates significant investment tension, with the potential for value re-evaluation as the market begins to recognize the intrinsic value of Ark Health's business model [9]