机构：中金公司 研究员：冯喜鹏/赵丽萍/张琎/肖楷 盈利预测与估值 我们预计公司25~26 年non-IFRS EBIT 分别为1.83 亿元、2.32 亿元，CAGR为34%。考虑到公司利润稳 定产出，且在手现金亦有望贡献业务角度价值，我们综合行业水平给予2025 年40x 的EV/EBIT 估值， 并单独考虑现金价值，得到目标价17.5 港币（14%上行空间），给予跑赢行业评级。 风险 投资亮点 药企对线上医疗营销投入意愿可能波动；竞争加剧致订单降价风险；医师用户流失风险；新业务发展不 及预期风险；流动性风险；行业政策波动风险；与 M3 合作不畅及利益冲突风险。 首次覆盖医脉通（02192）给予跑赢行业评级，目标价17.50 港元，基于相对估值法，对应估值倍数40x 的2025 年EV/EBIT，公司是第三方数字医师平台行业翘楚。理由如下： 医疗产业营销端迎来升级，第三方医师平台有望脱颖而出。传统医药营销活动多以线下方式为主，疫情 扰动、医疗行业集中整顿等因素令药企对线上医疗营销业态关注度提升。根据弗若斯特沙利文数据及我 们测算，2023 年泛数字医疗营销投入占药企营销投入比重约9%（vs 2018年不足 ...

Core Insights - The Chinese healthcare investment market has experienced significant fluctuations over the past decade, peaking at over 380 billion yuan in 2021 before entering a period of stagnation [6][7] - Many healthcare unicorns emerged during the investment boom, but high valuations and slow conversion rates have led to persistent losses and challenges in achieving IPOs [6][10] - The industry is undergoing a transformation from a focus on high valuations and rapid growth to a more sustainable approach centered on survival and cash flow [12][17] Investment Trends - Since 2021, several companies, including Yuanxin Technology and Yingsi Intelligent, have struggled to enter the secondary market despite multiple IPO attempts [7] - The withdrawal of dollar funds and the cautious approach of domestic RMB funds have changed the funding landscape, leading to difficulties in financing and exits for many startups [7][10] - In the first half of this year, nearly 40 healthcare companies submitted IPO applications in Hong Kong, indicating a potential recovery in the market [7][9] Mergers and Acquisitions - Major acquisitions have gained attention, with companies like CR Sanjiu and Ant Group making significant purchases, suggesting a shift from IPO aspirations to M&A strategies for some unicorns [9][11] - The Hong Kong healthcare sector is showing signs of recovery, with several unicorns reapplying for IPOs after a period of dormancy [9][10] - Many companies are opting for mergers as a means to exit, although this often results in losses for investors due to previously inflated valuations [20][21] Market Dynamics - The healthcare industry is experiencing a profound reshaping, with a collective recalibration of expectations among entrepreneurs and investors [10][12] - The focus has shifted from visionary narratives to practical cash flow and profitability, with investors now prioritizing immediate financial returns over long-term potential [16][17] - Companies are adopting survival strategies, including layoffs and product line reductions, to maintain cash flow and navigate the current market challenges [11][12] Future Outlook - While IPOs remain a preferred exit strategy, not all companies are equipped to pursue this path, leading to a reliance on mergers as an alternative [19][20] - The market is expected to reward companies that can demonstrate sustainable business models and adaptability to policy changes, rather than those that merely tell compelling stories [21] - The healthcare sector is characterized by a slow evolution, requiring patience and resilience from companies as they adapt to the new market realities [21]

Meeting Overview - The first extraordinary general meeting of Jiangsu Kangzhong Digital Medical Technology Co., Ltd. was held on August 1, 2025, at the company's conference room in Suzhou Industrial Park [2][4] - All 9 current directors and 3 supervisors attended the meeting, along with the board secretary and other senior executives [4] Voting and Resolutions - The meeting adopted a combination of on-site and online voting methods, and was presided over by Chairman Jianqiang Liu [4] - All proposed resolutions were passed, including the cancellation of the supervisory board and amendments to the company's articles of association, shareholder meeting rules, board meeting rules, independent director work system, and cumulative voting implementation details [5][6] Legal Compliance - The meeting's procedures, attendance, and voting methods were confirmed to comply with the Company Law, Securities Law, and the company's own regulations by the witnessing lawyers from Zhonglun Law Firm [6]

Group 1 - The U.S. IPO market is experiencing a significant resurgence, highlighted by Figma's successful debut on the New York Stock Exchange, with its opening price at $83, more than double the $33 issue price, and a closing price of $115.5, marking a 250% increase on its first day [1][3][4] - Figma's strong performance is seen as a pivotal moment for the tech IPO market, potentially encouraging more AI-related tech companies to restart their listing plans, which could lead to a transformative recovery in the U.S. IPO market by 2025 [1][4][5] Group 2 - Figma, a platform for collaborative design tools, has notable clients including Netflix, Airbnb, and Duolingo, and its early investors include prominent venture capital firms like Sequoia Capital and Kleiner Perkins [3][4] - The company raised $1.2 billion by selling 36.9 million shares at an adjusted issue price of $33, which was above the previously set range of $30-$32 [3][4] - The successful IPO of Figma is viewed as a symbol of the recovery of the tech IPO market, with analysts noting that the demand for rapidly growing software companies has been absent for years [4][5] Group 3 - Figma's IPO coincides with a strong rebound in the U.S. tech sector, driven by robust earnings reports from major companies like Microsoft and Meta, alongside a surge in investment interest in generative AI [3][4] - The overall IPO market in the U.S. is showing signs of substantial recovery, with 59 IPOs completed in Q2 2025, raising a total of $15.02 billion, surpassing the 45 IPOs and $11.23 billion raised in Q1 2025 [4][5] Group 4 - Figma is accelerating its AI capabilities to maintain its competitive edge in the design software industry, having launched several AI features aimed at enhancing design efficiency and lowering barriers to use [7][8] - The competitive landscape is intensifying, with other design platforms like Canva and Adobe rapidly integrating AI functionalities to capture market share [7][8] - Figma's improved AI capabilities are seen as a key factor in its valuation reassessment, especially after the failed acquisition attempt by Adobe at a $20 billion valuation [8]

Group 1 - The article highlights the approval of ZEGFROVY® (Shuwotini Tablets) by the FDA, marking it as the first independently developed innovative drug from China approved in the U.S. for treating advanced non-small cell lung cancer with EGFR exon20 insertion mutations [3][4] - The drug received priority review and represents a significant breakthrough in targeting difficult-to-treat mutations, showcasing China's capabilities in drug innovation [3] - The article also discusses the approval of a combination drug by Lipin Pharmaceutical for treating moderate to severe Alzheimer's disease, which is the first to successfully challenge original patents under the Paragraph IV process in the U.S. [4][5] Group 2 - A study on the domestic robotic telesurgery system, Jingfeng®, was published in a prestigious international journal, demonstrating a 100% success rate in remote surgeries conducted between hospitals located 450 to 2200 kilometers apart [6][8] - The research indicates significant advancements in China's high-end medical equipment and smart healthcare, marking a milestone in the clinical application of remote surgery technology [8] Group 3 - The article mentions the inclusion of North Chip Medical's LotosPFA™ system in the Late-Breaking Clinical Trials at the ESC Congress 2025, highlighting its innovative approach to non-thermal ablation technology [11][12] - The system's design allows for safer procedures with minimal muscle contraction and reduced bubble formation during ablation, enhancing operational efficiency [11][12] Group 4 - The launch of multiple AI models in healthcare by Shenzhou Medical, including a pediatric rare disease AI model and a brain hemorrhage AI model, aims to address significant challenges in diagnosing and treating rare diseases [18][20] - The "Nezha·Lingtong" model focuses on connecting various stakeholders in pediatric healthcare, while the "Brain Ruikang" model utilizes extensive clinical data to provide personalized treatment pathways [20][22] Group 5 - Sequoia China has invested in over 200 healthcare companies with distinctive technological features and high growth potential, covering various sectors including innovative drugs and digital healthcare [24]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, focusing on trust investments and equity investments, and has provided detailed responses to the inquiries [1][2]. Trust Investment - The company established a trust with Chang'an Trust, with a maximum trust fund of 400 million yuan, and the financing scale is 150 million yuan with a financing term of 24 months and a repurchase premium rate of 5% [1][2]. - The first phase of the trust investment amounted to 150 million yuan, corresponding to accounts receivable rights valued at 332.3028 million yuan [2][7]. - The underlying assets of the trust investment are accounts receivable rights from financing leases, and the exit method involves the financing party repurchasing the accounts receivable rights after 24 months [6][8]. - The company conducted due diligence on the financing party, but the internal control audit report indicated that the due diligence was not comprehensive, leading to a self-inspection and rectification process [1][10]. Equity Investment - The company invested 219 million yuan in Jiangsu Gairui, acquiring an 8.69% stake, with the investment funds specifically allocated for overseas digital medical business operations [14][22]. - Jiangsu Gairui reported total assets of 926.389 million yuan and net assets of 557.466 million yuan in 2024, with a net profit of 114.4543 million yuan [16][24]. - The investment aims to enhance shareholder returns and improve the efficiency of fund utilization, especially in light of declining revenues in the traditional retail sector [22][23]. - The company has no other business dealings with Jiangsu Gairui, and the investment funds did not flow to the company's actual controller or related parties [22][24].

Group 1: Consumer Market Overview - The new consumption trend is thriving, with "artificial intelligence + consumption" gaining popularity. In the first half of 2023, the total retail sales of consumer goods reached 24.55 trillion yuan, a year-on-year increase of 5% [1] Group 2: AI in 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 after treating around 10,000 virtual patients [2] - Technologies like AI, surgical robots, and big data are enhancing the speed and precision of medical services, with significant implications for digital health consumption [2] Group 3: Smart Home Innovations - Haier's automatic range hood utilizes optical smoke sensing and AI technology, contributing to the rise of interconnected smart home systems [4] - In the first five months of 2025, China's home appliance exports reached 184.25 million units, a year-on-year increase of 6.1%, valued at approximately 41 billion USD [4] Group 4: Digital Cultural Tourism - The immersive experience in cultural tourism is enhanced through advanced technologies, with the digital tourism industry projected to achieve a total revenue of 58.9 billion yuan in 2024, reflecting a growth of 9.8% from the previous year [5] - The integration of virtual reality and augmented reality technologies is transforming cultural experiences, allowing consumers to engage more deeply with historical narratives [5]

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2025 on August 1, 2025, with specific procedures outlined for attendance and voting [1][4][5] - Shareholders must present identification and relevant documents to confirm their attendance and voting rights [2][3] - The meeting will include a series of agenda items, including the election of voting and monitoring members, and the discussion and voting on various proposals [8] Group 2 - Proposal one involves the cancellation of the supervisory board and the revision of the company's articles of association, transferring the supervisory functions to the audit committee of the board [6][7] - Proposal two focuses on revising the rules governing shareholder meetings to enhance operational efficiency and protect shareholder rights [9] - Proposal three aims to revise the rules governing board meetings to promote sustainable development and operational efficiency [10] - Proposal four seeks to enhance the efficiency and independence of independent directors through revisions to the independent director working system [12] - Proposal five is about revising the implementation details of the cumulative voting system to improve decision-making efficiency at shareholder meetings [12]

Meeting Information - The first extraordinary general meeting of shareholders for 2025 will be held on August 1, 2025, at 14:30 [1] - The meeting will take place at the company's conference room located at 501, B3 Building, Bio-Nano Park, 218 Xinghu Street, Suzhou Industrial Park [1] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [1] Voting Procedures - Shareholders can vote via the Shanghai Stock Exchange's online voting system on the day of the meeting from 9:15 to 15:00 [1][2] - Specific voting times for the trading system are from 9:15-9:25, 9:30-11:30, and 13:00-15:00 [1] - Shareholders must complete identity verification to vote on the internet platform [2] Agenda Items - The meeting will review a proposal to cancel the supervisory board and amend the company's articles of association [2] - The proposal has already been approved by the company's board and supervisory board in previous meetings [2] Attendance Requirements - Shareholders registered by the close of trading on July 25, 2025, are eligible to attend the meeting [4] - Shareholders can appoint a proxy to attend and vote on their behalf [4] - Specific documentation is required for both corporate and individual shareholders to register for the meeting [5] Additional Information - Shareholders wishing to attend must confirm their attendance by July 31, 2025, via email [5] - Contact details for inquiries include a phone number and email address for the company [6]

Core Points - The document outlines the major operational and investment decision-making management system of Jiangsu Kangzhong Digital Medical Technology Co., Ltd, aiming to ensure scientific, standardized, and transparent decision-making processes while safeguarding the interests of the company and its shareholders [1][2]. Decision Principles - The principles for major operational and investment decisions include legality, prudence, safety, and effectiveness, focusing on controlling investment risks and emphasizing investment returns [1]. Decision Scope - Major operational matters include significant financing, signing major purchase or sales contracts, and the acquisition or disposal of fixed assets [2]. - Investment matters encompass the purchase or sale of assets (excluding daily operational transactions) and external investments (excluding low-risk bank financial products) [2]. Approval Authority - The General Manager's office can decide on matters where the audited total assets do not exceed 10% of the latest audited total assets, or where the audited annual revenue does not exceed 10% or 10 million yuan [4]. - Matters requiring Board approval include those exceeding 10% but less than 50% of the latest audited total assets, or where the audited annual revenue exceeds 10% and is above 1 million yuan but below 5 million yuan [4][5]. Decision Procedures - The decision-making process for major contracts requires the General Manager to report to the Board for contracts exceeding their authority but not reaching shareholder approval thresholds [6]. - For fixed asset purchases, the approval process involves the General Manager, Board, and potentially the shareholders, depending on the amount [6]. Feasibility Studies - Before external investments, project initiators must prepare a feasibility study report, which requires approval from the General Manager and must comply with legal and regulatory requirements [8]. Execution and Supervision - The execution of major operational and investment decisions is the responsibility of the business departments and branches, which must create specific implementation plans [8]. - Financial managers must ensure proper funding allocation for the successful implementation of investment projects [8]. Legal Responsibilities - Directors involved in decision-making that leads to significant losses due to procedural violations may be held liable for damages [9]. - The General Manager's office can impose penalties on members for actions that contradict Board decisions resulting in economic losses [9][10].