Core Viewpoint - Ping An Good Doctor (01833) saw a stock increase of over 6%, currently trading at 13.22 HKD with a transaction volume of 143 million HKD, driven by the recognition of its AI medical products [1] Group 1: Product Recognition - In July, Ping An Good Doctor's two AI medical products, "Ping An Xin Yi" and "An Zhu Ren," received honors from the China Academy of Information and Communications Technology as typical cases of software innovation applications for the 2025 "Open Source Large Model+" [1] - "Ping An Xin Yi" leverages a top-tier network of doctors to assist in intelligent patient consultations, medical record organization, rehabilitation suggestions, and follow-up care, enhancing the capabilities of doctors [1] - "An Zhu Ren" completes the family doctor product offering, providing users with 24/7 integrated online and offline services [1] Group 2: Business Strategy and Growth - Zhongtai Securities noted that the company's AI medical products have significantly improved operational efficiency and user satisfaction [1] - The company is intensifying its efforts to expand B-end business, introducing new products that combine commercial insurance, health protection, and medical health services for corporate clients [1] - The company is enhancing business collaboration with the Ping An Group, utilizing its resources and advantages to promote the development of F-end and B-end businesses, accelerating the implementation of its new strategy [1] - Given the high growth potential of the internet healthcare industry, the company is expected to improve its profitability and optimize its business structure, leading to a "buy" rating from the securities firm [1]

筑牢技术防线，是治理线上处方药乱象的关键抓手。可建立生物识别体系，在问诊环节强制实施人 脸检测，确保医师与患者身份的真实性。此外，还要建立和完善处方存证平台，将诊断记录、用药方 案、患者反馈等数据上传备查，实现全流程可追溯。针对高风险药品，应设置AI二次审核系统，自动 比对患者历史用药记录与新处方，触发人工复核机制。这方面的技术已成熟，关键在于平台是否愿为公 共安全投入成本。 治本之策则在于纠正错误观念、重塑行业生态。医疗主管部门需建立医师线上诊疗能力认证体系， 将问诊响应时间、病历完整度等指标纳入考核与监督，对长期敷衍了事的线上医生及其所在平台实行淘 汰制。此外，不妨将用药安全和互联网诊疗的特性等内容，纳入公民健康素养教育体系，提升公众对处 方药和线上诊疗特殊性的认知。只有线上医生普遍更加珍视执业声誉，平台更加注重自身责任并强化内 部监管，患者自觉抵制"处方药随便开"等乱象，方能形成全社会共防共治的局面，为这一乱象釜底抽 薪。 互联网医疗还处于早期发展阶段，线上"秒开"处方药乱象也还处于初病时期。有病得早治，若等变 成顽疾再去治理，难度就会更大。也唯有尽早根治这一乱象，方能进一步守护好民众的生命与健康安 全 ...

二、服务特点与优势 1. 便捷性：互联网医院打破了时间和空间的限制，患者可以随时随地通过手机或电脑访问平台，进行 复诊、咨询等操作。这对于慢性病患者、复诊患者以及行动不便的患者来说，无疑是极大的便利。 2. 高效性：通过互联网技术，患者可以快速完成复诊、咨询、购药等流程，避免了传统就医过程中的 长时间等待和繁琐手续。同时，互联网医院还能实现医疗资源的优化配置，提高医疗服务的整体效 率。 3. 专业性：互联网医院依托实体医院的专业医疗团队和诊疗技术，确保线上服务的专业性和准确性。 医生通过图文、视频等方式与患者进行沟通，做出诊断和治疗建议，保证了医疗服务的质量。 4. 连续性管理：互联网医院不仅关注患者的单次诊疗需求，还注重患者的长期健康管理。通过随访、 慢病管理等功能，医生可以实时了解患者的病情变化，提供个性化的治疗方案和健康指导，实现医 疗服务的连续性和系统性。 三、应用场景与限制 互联网医院主要适用于常见病、慢性病的复诊和常规咨询，如糖尿病、高血压等需要长期用药和管理的疾 病。然而，需要注意的是，互联网医院目前尚不能接待首诊患者，且对于一些需要面对面检查或特殊设备 检查的疾病，也无法提供线上服务。 四、未 ...

Group 1 - The company emphasizes the importance of building a core R&D team to maintain technological leadership in the internet healthcare sector [1] - The company focuses on the strategic direction of medical artificial intelligence and continues to invest resources in R&D [1] - The company is adjusting and optimizing compensation and performance evaluation systems to stimulate team potential and ensure technological iteration and product innovation capabilities [1] Group 2 - The company commits to adhering to the essence of healthcare while continuously deepening technological R&D and business innovation [1] - Stakeholders are encouraged to follow the company's regular reports for specific progress updates [1]

Group 1 - The core viewpoint of the news is the performance of the CSI Internet Healthcare Theme Index, which has shown a monthly increase of 6.19%, a three-month increase of 6.77%, and a year-to-date increase of 18.05% [1] - The CSI Internet Healthcare Theme Index is designed to reflect the overall performance of representative companies providing hardware, software, or services for medical informationization and intelligence [1] - The index's top ten holdings include Lepu Medical (6.48%), Jiahe Meikang (6.01%), Jiuyuan Yinhai (5.63%), Yaoyigou (5.31%), Haier Biomedical (5.23%), Weining Health (5.14%), Sichuang Yihui (5.02%), Dashenlin (5.01%), Aier Eye Hospital (4.96%), and Rundar Medical (4.93%) [1] Group 2 - The market share of the CSI Internet Healthcare Theme Index holdings is 55.79% from the Shenzhen Stock Exchange and 44.21% from the Shanghai Stock Exchange [1] - In terms of industry distribution, the holdings are composed of 63.81% in pharmaceuticals and healthcare, 31.17% in information technology, and 5.02% in communication services [1] - The index samples are adjusted quarterly, with adjustments occurring in the second Friday of March, June, September, and December [2]

Group 1 - The integration of AI technology is driving the upgrade of the internet healthcare industry towards smarter and higher-end solutions, with significant potential in enhancing diagnostic efficiency and reconstructing medical models [1] - The "New Generation Artificial Intelligence Development Annual Report (2023-2024)" highlights the broad application of AI in fields like smart manufacturing and smart healthcare, which liberates human productivity and provides vast market space for the digital transformation of traditional industries [1] - Ark Health Holdings Limited (方舟云康) is actively exploring the integration of new technologies in internet healthcare, establishing a service ecosystem that includes internet hospitals, online pharmacies, chronic disease management centers, and health media centers [1] Group 2 - Ark Health has launched the "H2H (Hospital to Home) Smart Medical New Ecological Service Platform," aimed at improving patient experience and enhancing the accessibility of internet healthcare services, with plans for an "AI+H2H" upgrade in 2024 [2] - The company utilizes AI technology to enhance user experience, with AI doctor assistants saving time during online consultations and personalized health management promoting better lifestyle habits for users [2] - The number of registered users for Ark Health's chronic disease management services increased from 42.7 million at the end of 2023 to 49.2 million, with a monthly active user count rising by 20% year-on-year to 10.1 million [2] Group 3 - Ark Health continues to explore new models and paths for the deep integration of AI technology and internet healthcare, aiming to enhance service levels and contribute to the construction of a healthier China [3]

Core Viewpoint - The interview with Xin Lijun, former CEO of JD Health, reveals his transition from a corporate role to a personal investment and advisory position in the healthcare sector, emphasizing a more holistic and personal perspective on industry trends and opportunities [1][2][3]. Group 1: Transition and Current Role - Xin Lijun has stepped down from his role as CEO of JD Retail Group and is now a consultant for JD Group, receiving a monthly salary while not engaging in day-to-day operations [2][4]. - He enjoys a more relaxed lifestyle, spending time with family and engaging in hobbies like golf, while also advising startups and investing in the healthcare sector [5][6]. Group 2: Industry Insights - Xin Lijun has conducted in-depth research on over 200 healthcare companies, leading to a shift in his views on industry trends, particularly regarding the profitability of internet healthcare services [2][3]. - He now believes that internet healthcare services can be profitable due to changes in healthcare funding and the emergence of third-party platforms for non-standardized services [13][14]. Group 3: AI in Healthcare - Xin Lijun expresses skepticism about the commercialization of AI in serious medical applications, citing regulatory constraints and the limited role of AI as a decision-making tool in clinical settings [15][16]. - He acknowledges the potential for AI in health management but warns against overestimating its commercial viability in the healthcare sector, particularly for consumer-facing applications [19][20].

研究员：洪依真/林起贤/刘洋/张静含/周文远/任梦妮/陈晴华/黄俊儒 机构：申万宏源研究 风险提示：互联网医疗政策环境变化、线上渗透率不及预期、行业竞争加剧。 自营医药为核心，拓展至综合医疗健康服务。京东健康为京东集团在医疗健康领域的核心子公司，14 年2 月至今已从医药电商拓展为涵盖健康商品销售和营销、医疗健康服务、企业健康解决方案、智慧医 疗解决方案等的综合服务商。 竞争趋缓，供应链+服务+AI 协同破局。2021 年起互联网医疗的竞争激烈，以美团买药为代表的O2O、 以抖音快手平台为代表的短视频直播电商带来了大健康领域竞争格局的较大变化，至2025 年互联网医 疗电商的竞争或陆续趋于平缓。公司除供应链优势外，服务生态上已形成医检诊药闭环，AI 技术端发 布京医千询大模型并开源，构建用户、医生、医院端产品矩阵，多方协同下有望打开未来增长空间。 首次覆盖，给予买入评级。考虑到公司供应链优势、自营品牌优势、持续引入第三方商家和拓展O2O 下能推动业绩稳健增长， 我们预测2025-2027 年收入预计为636.5/696.5/765.5 亿，归母净利润分别为 45.2/50.4/57.9 亿。考虑到公司在供应链 ...

Core Insights - The article highlights that JD Health has been recognized for its leading AI capabilities and applications in the healthcare sector, being included in the "2025 Sustainable Innovation Case Recommendation List" at the World Artificial Intelligence Conference [1][3]. Group 1: Recognition and Achievements - JD Health was selected for its significant contributions to sustainable innovation in the healthcare industry, alongside over 30 other renowned companies [3]. - The company has developed a series of AI medical products, including the "JD Medical Inquiry" model, which is the first fully open-source vertical model in China's medical industry [3][4]. Group 2: AI Model Development - The "JD Medical Inquiry" model is continuously upgraded, focusing on a "three engines + four models" architecture to enhance its capabilities in complex disease areas [4][10]. - The upgraded version "JD Medical Inquiry 2.0" integrates multi-source clinical information to provide reliable decision support for doctors, particularly in specialized disease treatment [8][9]. Group 3: Application and Impact - JD Health's AI applications have rapidly expanded across various healthcare scenarios, serving over 30 million users within six months of launching the "Kangkang" health assistant [11]. - The AI-driven services have lowered the barriers for users to access online medical consultations, allowing them to receive scientific advice without needing to visit a doctor first [12][13]. Group 4: Future Directions - JD Health aims to further enhance its AI capabilities by developing deep reasoning and multi-modal models to provide personalized and precise medical consultations [10]. - The company plans to expand its AI doctor program, aiming to cover more specialized areas and enhance the integration of online and offline healthcare services [11][13].

为了响应国家关于发展人工智能的工作部署，充分应用人工智能技术，提升健康医疗服务水平，加快卫 生健康智能化数字化升级，各地积极推进建设人工智能应用场景，其中，地方发布"人工智能+医疗卫 生"应用场景案例，充分应用人工智能技术，提升互联网医疗服务效率和质量，加快互联网医疗智能化 数字化升级，助力行业高质量发展。 在第三届中国国际供应链促进博览会上，方舟健客（06086.HK）依托其AI应用服务场景、便捷药事服 务等资源，与全球领先的生物制药公司诺和诺德正式签署战略合作备忘录，携手诺和诺德围绕糖尿病和 肥胖症等严重慢性疾病的管理展开项目合作。 战略合作备忘录签署仪式上，谢方敏表示，希望能携手全球生物医药龙头企业诺和诺德，通过探索AI 技术的应用，突破传统健康管理模式中的痛点，为全球控糖管理、体重管理领域提供创新的数智化标杆 方案。 方舟健客创始人、董事长兼首席执行官谢方敏带领企业以科技创新为驱动力，加强与合作伙伴的交流合 作，共同探索行业创新发展新生态。 紧跟行业发展趋势，抓住技术创新机遇 对于人工智能等新技术带来的新发展机遇，方舟健客创始人、董事长兼首席执行官谢方敏指出，自成立 以来，方舟健客深深明白"科技赋能" ...