互联网医疗：糖尿病"O+O"模式加速推广，服务规模与质量双提升 8月26日晚间，九安医疗(002432)发布2025年半年度报告。数据显示，上半年公司实现营业收入7.65亿 元；归母净利润9.20亿元，同比增长52.91%；扣非净利润8.81亿元，同比增长26.27%；基本每股收益 2.10元。 在iHealth试剂盒的广泛使用、iHealth品牌在美国家喻户晓的背景下，公司以发挥iHealth的知名度和用户 口碑，推动更多具有市场竞争力的技术和产品走向国际市场为核心战略之一，同时以糖尿病管理作为切 入点实施"互联网+医疗"战略，助力糖尿病全病程综合照护。 IVD及家用医疗健康电子产品：品牌优势稳固，产品矩阵持续丰富 在IVD（体外诊断）领域，全球市场规模稳步增长，2024年末已达810亿美元。体外诊断试剂是现代医 疗中不可或缺的一部分，报告期内，公司iHealth系列产品表现亮眼，实现营业收入约6.01亿元，其试剂 盒产品在亚马逊平台售价居同类产品前列，仍长期位列该品类Best Seller，有着良好品牌认可度与用户 口碑。 在家用医疗健康电子领域，公司打造了"九安"与"iHealth"两大品牌，伴随品牌优 ...

中国平安表示，公司打造旗舰互联网医疗平台、自营医疗机构，完善"到线、到店、到家、到企"服务。 平安好医生上半年实现营业收入25.02亿元，归母净利润1.34亿元。平安好医生推出全场景、全周期、全 生态的AI医疗产品矩阵，AI医生精准诊断覆盖疾病超1万种，诊疗准确率达93%。北大医疗集团上半年 营业收入超26.6亿元，其中北京大学国际医院营业收入近12.6亿元。合作网络方面，平安内外部医生团 队约5万人，实现国内百强医院和三甲医院100%合作覆盖。 北京商报讯（记者 李秀梅）8月26日，中国平安保险（集团）股份有限公司（以下简称"中国平安"）发 布2025年中报。 康养布局方面，中国平安表示，医疗养老战略深入推进。2025年上半年，享有医疗养老生态圈服务权益 的客户覆盖寿险新业务价值占比近七成；实现健康险保费收入近870亿元，其中医疗险保费收入超410亿 元，同比增长3.3%。截至2025年6月末，享有医疗养老生态圈服务权益客户的客均合同数约3.37个、客 均AUM约6.14万元，分别为不享有医疗养老生态圈服务权益的个人客户的1.5倍、4.1倍。 ...

打造旗舰互联网医疗平台、自营医疗机构，完善"到线、到店、到家、到企"服务。平安好医生上半年实 现营业收入25.02亿元，归母净利润1.34亿元。平安好医生推出全场景、全周期、全生态的AI医疗产品 矩阵，AI医生精准诊断覆盖疾病超1万种，诊疗准确率达93%。北大医疗集团上半年营业收入超26.6亿 元，其中北京大学国际医院营业收入近12.6亿元。合作网络方面，平安内外部医生团队约5万人，实现 国内百强医院和三甲医院100%合作覆盖。 8月26日，中国平安公布2025年上半年业绩，实现归属于母公司股东的营运利润777.32亿元，同比稳健 增长3.7%，归属于母公司股东的净利润680.47亿元。现金分红水平稳定增长，将向股东派发中期股息每 股现金人民币0.95元，同比增长2.2%。 医疗养老战略深入推进。2025年上半年，享有医疗养老生态圈服务权益的客户覆盖寿险新业务价值占比 近七成；实现健康险保费收入近870亿元，其中医疗险保费收入超410亿元，同比增长3.3%。截至2025 年6月末，享有医疗养老生态圈服务权益客户的客均合同数约3.37个、客均AUM约6.14万元，分别为不 享有医疗养老生态圈服务权益的个人客户的 ...

人民财讯8月26日电，企查查APP显示，近日，成都武侯范式领航互联网医院有限公司成立，法定代表 人为顾伟，经营范围包含：依托实体医院的互联网医院服务；医疗服务；药品互联网信息服务；第二类 增值电信业务；药品零售等。企查查股权穿透显示，该公司由第四范式间接全资持股。 ...

另一方面，互联网医疗股、餐饮股、锂电池股、体育用品股、半导体芯片股齐跌，其中，权重中芯国际 跌1.38%。(格隆汇) 盘面上，大型科技股集体走低，其中，阿里巴巴跌2%，网易、京东跌超1%，百度、腾讯、美团、网易 均有跌幅；机构指稀土冶炼资产或加速重估，稀土概念股继续上涨行情，昨日大涨超14%的金力永磁续 涨2.68%；亚洲早盘现货黄金涨0.6%，黄金股普遍上涨，内银股、食品饮料股、建材水泥股多数上涨。 此外，双登股份上市首日高开超55%。 隔夜美股三大指数收跌，热门中概股多数上涨。昨日强势上涨的港股三大指数低开，恒指跌0.45%，国 指跌0.39%，恒生科技指数跌0.76%。 ...

据证券之星公开数据整理，近期卫宁健康(300253)发布2025年中报。截至本报告期末，公司营业总收入 8.39亿元，同比下降31.43%，归母净利润-1.18亿元，同比下降491.04%。按单季度数据看，第二季度营 业总收入4.94亿元，同比下降32.24%，第二季度归母净利润-1.23亿元，同比下降1009.8%。本报告期卫 宁健康公司应收账款体量较大，当期应收账款占最新年报归母净利润比达1137.98%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率36.41%，同比减12.02%，净利 率-14.64%，同比减906.27%，销售费用、管理费用、财务费用总计2.31亿元，三费占营收比27.53%，同 比增14.81%，每股净资产2.6元，同比减0.74%，每股经营性现金流0.02元，同比增161.93%，每股收 益-0.05元，同比减482.14% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 12.24亿 | 266"8 | -31.43% | | 归母净利润（元） | 3016.84万 | ...

Core Insights - Ping An Good Doctor has shown significant growth, with revenue reaching 2.5 billion yuan and net profit of 134 million yuan for the first half of 2025, marking year-on-year increases of 19.5% and 136.8% respectively [1] - The company has established itself as a key player in the healthcare and elderly care sectors, focusing on a "medical care + comprehensive finance" strategy, which has positioned it centrally within the Ping An Group [1][3] Business Model and Strategy - The business model of Ping An Good Doctor revolves around two main services: family doctors and home elderly care, addressing the public's needs for medical access and elder care [3] - Unlike competitors that focus on pharmaceutical e-commerce or heavy investments in building elderly care facilities, Ping An Good Doctor has opted for a platform-based approach that integrates quality medical and care resources [5][6] Market Position and Competitive Advantage - The company has built a comprehensive medical ecosystem, establishing partnerships with over 5,000 hospitals and 106,000 health service providers, which enhances its service delivery capabilities [7] - By focusing on preventive care, diagnosis, and rehabilitation, Ping An Good Doctor has differentiated itself from other internet healthcare platforms that primarily rely on drug sales [4][5] Data and AI Integration - Ping An possesses extensive medical data, including 1.46 billion medical consultations and 12 million health check reports, which supports its AI-driven healthcare solutions [19][20] - The company has developed a multi-modal AI model, "Ping An Medical Assistant," which enhances service efficiency and accuracy in various healthcare scenarios [22][23] Financial Performance and Growth Potential - The integration of healthcare services has positively impacted Ping An's insurance business, with new business value in life and health insurance reaching 12.89 billion yuan, a growth rate of 34.9% [12][13] - The company's strategy of combining healthcare with financial services is expected to create a robust entry point for high-value business opportunities, similar to successful models in other industries [15][23]

2025年8月23日，思创医惠(300078.SZ)发布2025年半年度报告。截至2025年8月22日，共有7个机构投资 者披露持有思创医惠A股股份，合计持股量达1.58亿股，占思创医惠总股本的14.15%。其中，机构投资 者包括苍南县思加物联智能合伙企业(有限合伙)、云海链控股股份有限公司、BARCLAYS BANK PLC、杭州思创医惠集团有限公司、杭州博泰投资管理有限公司、J.P.Morgan Securities PLC-自有资金、 汇添富中证互联网医疗指数(LOF)A，机构投资者合计持股比例达14.15%。相较于上一季度，机构持股 比例合计上涨了0.02个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计1个，即汇添富中证互联网医疗指数(LOF)A。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即BARCLAYS BANK PLC，持股增加占比 达0.40%。本期较上一季度新披露的外资机构有 1 家 ，即J.P.Morgan Securities PLC-自有资金。本期较上 一季未再披露的外资机构包括高盛国际-自有资金、MERRILL LYNCH INTERNATIONAL。 ...

Core Viewpoint - JD Health has demonstrated strong growth in its financial performance for the first half of 2025, yet it continues to be labeled as an "internet pharmacy" due to its reliance on pharmaceutical sales [2][5][8]. Financial Performance - For the first half of 2025, JD Health reported revenue of 35.29 billion RMB, a year-on-year increase of 24.5% [3]. - The non-IFRS profit for the same period was 3.57 billion RMB, reflecting a growth of 35.0% [2][3]. - Gross profit reached 8.89 billion RMB, up 32.7% compared to the previous year [2][3]. Revenue Composition - The revenue from pharmaceutical and health product sales amounted to 29.33 billion RMB, representing a year-on-year growth of 22.7% [6]. - Revenue from online platforms, digital marketing, and other services contributed 6 billion RMB, with a growth rate of 34.4% [3][6]. - Over 83% of JD Health's revenue is derived from the sale of pharmaceuticals and health products, indicating a heavy reliance on this segment [5][6]. Marketing and User Engagement - Marketing expenditures for JD Health increased to 1.8 billion RMB, a rise of 28.8% year-on-year, primarily due to higher promotional and advertising costs [4]. - User growth has slowed, and the rising cost of customer acquisition poses challenges, especially with competitors like Alibaba Health and Ping An Good Doctor entering the market [7]. Challenges and Future Outlook - The heavy dependence on pharmaceutical sales may weaken JD Health's resilience to market fluctuations and regulatory changes [5][6]. - Recent marketing campaigns have faced criticism from users, highlighting issues with customer service and engagement [7]. - To ensure sustainable growth, JD Health must diversify its business model and move beyond the "internet pharmacy" label [8].

Market Overview - The Hang Seng Index fell by 61 points or 0.2%, closing at 25,104 points, with narrow fluctuations around 25,200 points for five consecutive trading days[1] - The Hang Seng Tech Index decreased by 0.8%, ending at 5,498 points, with total market turnover dropping to HKD 239.5 billion[1] - Net inflow from the Hong Kong Stock Connect was HKD 7.46 billion, indicating continued domestic capital support[1] Sector Performance - The biopharmaceutical sector rebounded, with leading companies like Innovent Biologics (1801 HK) and CanSino Biologics (9926 HK) rising by 4.9% and 3.3% respectively[1] - Ping An Good Doctor (1833 HK) reported a 136.8% increase in mid-term net profit, leading to an 11.4% surge in its stock price, reaching a three-year high[1] - The telecommunications, engineering machinery, and certain power generation stocks showed upward movement, while major tech stocks like Alibaba (9988 HK) and Meituan (3690 HK) declined[1] Automotive Sector Insights - Li Auto (9863 HK) saw a significant 16% increase over the past month, but dropped 4.7% after rumors of a potential acquisition by FAW Group were denied[2] - Great Wall Motors (2333 HK) rose by 20% in the past week, attributed to the production launch of its Brazilian factory and a positive market outlook for fuel vehicles[2] - NIO (9866 HK) experienced a 15% increase in stock price ahead of the launch of its new ES8 model[2] Healthcare Sector Developments - The Hang Seng Healthcare Index rebounded by 2.3%, with most major companies seeing stock price increases[3] - Rongchang Biologics (9995 HK) signed a deal with Santen Pharmaceutical (4536 JP) worth a total of HKD 1.395 billion, including a prepayment of HKD 250 million[3] - The demand for the RC28-E injection, targeting age-related macular degeneration and diabetic macular edema, is expected to be strong due to its effectiveness[3] Energy Sector Analysis - China Resources Power (836 HK) fell by 5.9% after reporting a 15.9% year-on-year decline in net profit to HKD 7.87 billion for the first half of FY25[4] - The renewable energy segment showed a slight increase in core earnings, while thermal power core earnings decreased by 2.7% to HKD 2.64 billion[4] Coal Industry Forecast - Yancoal Australia (3668 HK) reported a 61.2% drop in net profit for the first half of FY25, with revenues down 14.8% to AUD 268 million[5][6] - The average coal price fell by 15.3% to AUD 149 per ton, but a rebound is expected in the second half due to seasonal demand[6] - The company maintains its FY25 production guidance of 35-39 million tons of coal[7] Pharmaceutical Sector Performance - Hansoh Pharmaceutical (3692 HK) reported a 14.3% increase in revenue to RMB 7.43 billion for the first half of 2025, with net profit rising by 15.0% to RMB 3.14 billion[11] - The company’s innovative drugs are expected to drive rapid revenue growth, with significant clinical advancements reported[12][13] - Target price for Hansoh Pharmaceutical has been raised to HKD 42.75, maintaining an "overweight" rating[15]