9月10日，方舟健客第十届 H2H 医疗服务生态大会在上海举办。会上，方舟健客(06086.HK)重磅发布 了公司自主研发的"慢病管理数智之芯"——杏石医疗大模型。这一重磅发布，不仅是方舟健客对国 家"人工智能+"行动的积极响应，更是为破解"传统慢病管理效率低"、"服务精准度不足"、"医生碎片化 时间难利用"等行业核心难题提供了突破性的技术解决方案，有望成为驱动"AI+慢病管理"领域全面升级 的核心技术底座。 方舟健客重磅发布杏石医疗大模型 作为公司的"超级数字大脑"和"强大智慧中枢"，杏石医疗大模型首先构建了图像语音识别、自然语言理 解、海量医药知识存储及推理思考的底层能力体系。其次，凭借其达到SOTA(State-of-the-Art)水平的医 疗领域大模型性能，它还将知识、导诊、预问诊、医生、电子病历五大智能体聚合成方舟健客的"数智 服务团队"，实现了慢病管理服务全链条闭环覆盖。 作为深耕慢病管理领域的互联网医疗企业，技术创新始终是方舟健客发展的重要基石。从提出业内创新 的"H2H(Hospital To Home)智慧医疗生态"到实现"AI+H2H"重要升级，公司的数智化路径坚定且清晰 ——2022年 ...

9月10日，在方舟健客第十届H2H医疗服务生态大会上，国内领先的AI+慢病管理企业方舟健客 (06086.HK)与信达生物制药集团(以下简称"信达生物")正式签署战略合作协议。方舟健客创始人、董事 长兼首席执行官谢方敏，信达生物全渠道事业部零售副总裁谭再强共同出席签约仪式。 本次战略合作旨在整合方舟健客在AI+慢病管理领域的数智服务能力与信达生物在代谢疾病领域的创新 药物研发优势，携手构建"AI技术+创新产品+精细服务"的数智化合作新模式，为"健康中国2030"战略目 标的实现贡献创新力量。 方舟健客与信达生物此番强强联手，恰值中国减重市场加速发展的关键节点。据摩根大通预计，中国减 肥药物市场规模有望于2030年达到149亿美元(约合人民币1062亿元)。政策层面，2024年6月，国家卫生 健康委等16部门制定并发布了《"体重管理年"活动实施方案》；2025年4月，全国爱卫会发布通知，将 健康体重管理行动等纳入健康中国行动。可见，体重管理已经从个体健康行为上升到国家公共卫生治理 的重要议题。 面对千亿规模的市场机遇，各大药企积极布局、抢占先机。在这一蓝海市场中，如何构建差异化优势、 探索新的解决方案与发展模式 ...

Market Overview - The internet healthcare sector experienced a decline of 0.25% on September 10, with Enhua Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the internet healthcare sector included: - Digital Certification (300579) with a closing price of 37.64, up 5.11% and a trading volume of 135,100 shares, totaling 504 million yuan [1] - Yikang Life (300143) closed at 13.01, up 4.75% with a trading volume of 415,300 shares, totaling 525 million yuan [1] - Saily Medical (603716) closed at 28.70, up 3.99% with a trading volume of 250,500 shares, totaling 719 million yuan [1] - Other notable performers included Haixia Innovation (300300), Guizhou Bailin (002424), and Zhejiang University Network New (600797) with respective gains [1] Fund Flow Analysis - The internet healthcare sector saw a net outflow of 378 million yuan from institutional investors, while retail investors contributed a net inflow of 256 million yuan [2] - The following stocks had significant fund flows: - Zhejiang University Network New (600797) had a net inflow of 77.04 million yuan from institutional investors [3] - Saily Medical (603716) saw a net inflow of 53.44 million yuan from institutional investors [3] - Digital Certification (300579) had a net inflow of 47.54 million yuan from institutional investors [3]

9月10日，方舟健客第十届 H2H 医疗服务生态大会在上海举办。会上，方舟健客（06086）重磅发布了 公司自主研发的"慢病管理数智之芯"——杏石医疗大模型。这一重磅发布，不仅是方舟健客对国家"人 工智能+"行动的积极响应，更是为破解"传统慢病管理效率低"、"服务精准度不足"、"医生碎片化时间 难利用"等行业核心难题提供了突破性的技术解决方案，有望成为驱动"AI+慢病管理"领域全面升级的核 心技术底座。 在现场演示环节中，使用者只需通过语音输入需求口令，如 "解读 2024 年修订版高血压指南，核心对 比与 2018年修订版高血压指南的区别"，杏石 AI 学术助手就能搜索匹配相关信息，高效生成对比报告 并完成实时语音播报。有一线专家在了解后评价道："分析能力、推理能力、理解能力都让人惊喜，杏 石AI学术助手或能成为临床医生的'声纹级医学大脑'。" 作为公司的"超级数字大脑"和"强大智慧中枢"，杏石医疗大模型首先构建了图像语音识别、自然语言理 解、海量医药知识存储及推理思考的底层能力体系。其次，凭借其达到SOTA（State-of-the-Art）水平的 医疗领域大模型性能，它还将知识、导诊、预问诊、医生、电子 ...

Core Insights - The strategic partnership between Fangzhou Jianke and Innovent Biologics aims to integrate AI-driven chronic disease management with innovative drug development in the metabolic disease sector, contributing to the "Healthy China 2030" initiative [1][3]. Group 1: Market Context - The Chinese weight loss drug market is projected to reach $14.9 billion (approximately 106.2 billion RMB) by 2030, highlighting significant growth potential [3]. - The Chinese government is prioritizing weight management as a public health issue, with initiatives like the "Weight Management Year" and the inclusion of health weight management actions in national health strategies [3]. Group 2: Company Capabilities - Fangzhou Jianke leverages its AI technology and smart healthcare ecosystem to enhance the full-cycle management of chronic disease patients, offering a personalized and integrated health management experience [4]. - The company has developed five AI products, including AI Medication Finder and AI Health Manager, to support patient care and health management [4]. Group 3: Innovent Biologics' Strengths - Innovent Biologics has established itself as a leading biopharmaceutical company with 16 commercialized products and over 30 product pipelines, covering more than 300 cities [4]. - The company's innovative weight loss drug, Ma Shidu Te, has shown significant efficacy in weight reduction and improving various health indicators, and is recognized as one of the top ten anticipated drugs globally by 2025 [4]. Group 4: Future Collaboration - The partnership will focus on merging innovative treatment solutions with AI-driven health management, creating a new service paradigm in the "AI + weight loss" sector [5]. - AI tools will provide 24/7 support for obesity patients, enhancing accessibility and reducing decision-making costs, ultimately improving health literacy and self-management capabilities [6].

Core Viewpoint - The strategic partnership between Ark Health and Innovent Biologics aims to integrate AI-driven chronic disease management with innovative drug development to contribute to the "Healthy China 2030" initiative [1][2]. Group 1: Strategic Cooperation - Ark Health and Innovent Biologics signed a strategic cooperation agreement to leverage Ark Health's AI capabilities in chronic disease management and Innovent's strengths in metabolic disease drug development [1][2]. - This collaboration is timely as China's weight management market is projected to reach $14.9 billion (approximately 106.2 billion RMB) by 2030, highlighting the growing importance of weight management in public health [2]. Group 2: Market Opportunities - The partnership will focus on addressing metabolic diseases such as diabetes and obesity, aiming to enhance the overall value in the weight management sector [2]. - The Chinese government has elevated weight management to a public health priority, with initiatives set to be implemented in the coming years [2]. Group 3: Technological Integration - Ark Health plans to utilize its AI technology and experience in smart healthcare to reshape the management process for chronic disease patients, offering a personalized and integrated health management experience [3]. - The company has developed five AI products, including AI Medication Finder and AI Health Manager, to support patient care [3]. Group 4: Future Prospects - The collaboration is expected to create a new service paradigm in the "AI + weight management" field, providing 24/7 online consultation and personalized medication guidance for obesity patients [4][6]. - Both companies aim to enhance the service level and accessibility of chronic disease management in China, ultimately improving patient experiences [6].

Core Insights - Ark Health's release of the "Xing Shi Medical Model" represents a significant advancement in chronic disease management, addressing key industry challenges such as low efficiency and insufficient service precision [1][4][6] - The model integrates various AI capabilities, including image and voice recognition, natural language understanding, and extensive medical knowledge, forming a comprehensive service team for chronic disease management [4][5] Company Developments - The "Xing Shi Medical Model" serves as the company's "super digital brain," enabling a closed-loop service for chronic disease management through five AI core products: AI Medication Finder, AI Health Manager, AI Doctor's Assistant, AI Academic Assistant, and AI-Powered Search [4][5] - The launch of the "OpenEvidence" AI Academic Assistant, which utilizes the Xing Shi model, enhances clinical decision-making with real-time voice interaction and expert-level answers [5] Industry Context - The release aligns with the Chinese government's "Artificial Intelligence +" initiative, positioning the healthcare sector as a critical area for practical application of AI technologies [6] - The company aims to leverage the Xing Shi Medical Model to further develop AI applications in chronic disease management, contributing to the high-quality development of the internet healthcare industry [6]

Group 1 - The World Intelligent Industry Expo held in Chongqing on September 5, 2025, focused on artificial intelligence and gathered top experts and industry leaders, resulting in the signing of major projects with a total contract amount exceeding 200 billion yuan, with over 120 billion yuan signed on-site [1] - Yujunfang, a representative enterprise in internet smart healthcare, reached a strategic cooperation agreement with the government of Nanan District and the Chongqing Economic and Technological Development Zone for the "Internet Medical Service Platform Project," indicating government recognition of its expertise and development model in the "Internet + Healthcare" field [3][4] - The Internet Medical Service Platform Project will focus on developing core platforms such as internet consultation systems, remote service centers, prescription systems, pharmacy systems, and logistics systems, integrating traditional Chinese medicine wisdom with modern internet technology to create a new model of integrated online and offline medical services [4][6] Group 2 - Yujunfang has established a diversified health industry layout, including pharmaceutical wholesale, e-commerce retail, internet healthcare, health management, and traditional Chinese medicine education, aiming to build a service ecosystem that integrates medicine, pharmacy, health, management, and education [6][8] - The company has served over ten million users globally, utilizing AI and smart healthcare innovations to integrate resources from quality doctors, pharmacists, nutritionists, and health managers, creating a new family health management model [8] - The agreement includes a commitment from Yujunfang to achieve significant economic and social benefits within five years, creating numerous job opportunities, with full support from the local government to foster a favorable business environment [8]

Core Insights - The company primarily engages in the "Internet + Healthcare" ecosystem, providing pharmaceutical and health products, internet medical services, health management, and smart healthcare solutions, mainly in the domestic market [6] Financial Performance - The company's revenue and net profit growth rates have shown fluctuations over the years, with significant changes noted in 2023 and projections for 2024 and 2025 [9][10] - In the first half of 2025, the company reported a revenue composition of 293.3 billion from pharmaceutical and health product sales, with additional service income from platforms and advertising [10] - The average return on equity for the first half of 2025 was 4.62%, an increase of 0.62 percentage points compared to the same period last year [16] Cash Flow and Assets - The net cash flow from operating activities for the first half of 2025 was 62.45 billion, while financing and investment activities showed negative cash flows [19] - Significant changes in assets include a 58.12% decrease in trading financial assets and a 27.6% increase in inventory, affecting the overall asset composition [27] Liabilities and Ratios - The company experienced a 30.43% increase in accounts payable and a 26.62% rise in other payables, impacting the total asset ratio [30] - As of the first half of 2025, the current ratio was 2.92 and the quick ratio was 2.55, indicating strong liquidity [33]

Core Viewpoint - The integration of technology into various sectors is driving new consumption patterns and opportunities in China, particularly in healthcare, elderly care, smart home, and cultural tourism, contributing to a significant increase in retail sales despite external uncertainties [1]. Group 1: Internet Healthcare - The "Zijing AI Doctor" system, launched by Tsinghua University, features 42 AI doctors covering over 300 diseases, achieving a diagnostic accuracy of 93.06% for respiratory diseases [2]. - By the end of 2024, the number of internet healthcare users in China is expected to reach 418 million, accounting for 37.7% of internet users [2]. - The internet hospital market is projected to exceed 1.2 trillion yuan by 2030, with AI doctors participating in 80% of initial diagnoses [3]. Group 2: Smart Elderly Care - The aging population in China, with over 300 million people aged 60 and above, is driving the growth of the silver economy, leading to innovations in smart elderly care [4]. - Sales of elderly care services increased by 65.5% in the first quarter of this year, while health monitoring devices saw a 41.6% rise in sales [5]. - Technologies such as AI and IoT are making elderly care more proactive, shifting consumer behavior from "passive care" to "active enjoyment of life" [5]. Group 3: Smart Home - Haier's innovations in smart home appliances, such as the automatic range hood, are enhancing user experience and driving sales growth across various product categories [6][7]. - The export of home appliances from China increased by 6.1% in the first five months of 2025, indicating a strong global demand for digital smart home products [8]. - The trend towards full-home digitalization is expected to cover over 90% of new residential buildings in the next decade [8]. Group 4: Cultural Tourism - The use of advanced technologies like VR and AR in cultural tourism is creating immersive experiences, significantly enhancing consumer engagement [10][11]. - The digital tourism industry is projected to generate 58.9 billion yuan in revenue in 2024, reflecting a 9.8% growth from the previous year [11]. - Future developments in cultural tourism will focus on highly customized immersive experiences, aligning with consumer preferences and behaviors [11].