喽大家好，今天小无带大家聊聊咱们身边越来越便捷的购药新变化。 现在谁还大半夜顶着寒风跑药店？不管是突发感冒还是要续慢病药，手机点一点，最快半小时药就送上 门，还能顺便问药师用药注意事项。 全靠政策和需求双加持 这种堪比点外卖的购药体验，早就从大城市普及到小县城，但这个行业看着光鲜，实则藏着不少博弈和 隐忧。 搁以前，大家线上买药顶多是图个隐私，比如买脱敏药、保健品才会选线上。现在不一样了，线上购药 快成刚需，这事儿可不是平台突然良心发现，全是政策和市场需求拧成了一股劲。 2025年7月1日起有个硬规定，医保定点机构卖药必须扫药品追溯码，不然医保基金直接拒付。这相当于 给每盒药贴了"数字身份证"，不仅把骗保、串换药品的歪路堵死，还搭起了全流程监管网。 我觉得这政策不只是为了监管，更关键是给线上处方流转和医保在线支付清了障碍，让医药电商合规运 营有了底气。 中信证券研报就说了，头部平台的"主站禀赋"是核心优势，说白了就是京东健康、阿里健康背靠大厂， 有天然流量、品牌信任，还有成熟的仓储物流能降成本。 同时双通道政策也在发力，创新药、高值特药不用死磕进医院，线上药店也能卖，京东健康、阿里健康 这些平台就顺势接住了大 ...

中证报中证网讯(王珞)方舟云康控股有限公司(股票简称方舟健客，股票代码06086.HK)12月8日公告宣 布，谢方敏辞任本公司董事会主席、提名委员会主席及成员、首席执行官及授权代表的职位，自2025年 12月7日起生效。 董事会表示，尊重其决定，并对其在任期间对公司发展所作出的贡献表示感谢。谢方敏由执行董事重新 委任为非执行董事，将继续以其丰富的经验为公司发展提供指导。 董事会同时表示，已决议委任现任非执行董事David McKee HAND为主席，并自2025年12月7日起生 效。董事会已要求提名委员会开始正式搜寻新首席执行官人选，同时考虑内部及外部候选人，以找到最 合适的继任者带领公司向前发展。 根据公告，上述系列安排均在公司健全的治理机制下有序推进，现有战略和日常业务经营不受影响。董 事会及新任领导团队将继续致力于推动公司稳健发展。 作为创始人和领导者，自2015年公司成立以来，谢方敏始终聚焦公司的长期发展、深耕战略布局。在医 药行业转型升级的关键节点，谢方敏带领团队突破瓶颈，推动公司完成从医药电商到"AI+慢病管理"头 部企业的升级，并于2024年成功在香港联交所主板上市。转任非执行董事后，他将继续凭 ...

中国 证券研究 2025 年 12 月 2 日 0241.HK, 241 HK 目标价（2026 年 12 月）： 6.50 港元 证券研究报告 中国证券研究主管及亚洲 TMT 研究联 席主管 证券分析师: 姚橙 AC (86 21) 6106 6505 alex.yao@jpmorgan.com 登记编号: S1730523020001 证券分析师: 张致竑, CFA (86-21) 6106 6362 andre.ch.chang@jpmorgan.com 登记编号: S1730520080002 证券分析师: 刘雨禾 (86 21) 6106 6343 nancy.liu@jpmorgan.com 登记编号: S1730524090001 阿里健康 中性 原研药增长势头强劲，伴随闪购带来的初步协同效应 股价（2025 年 12 月 2 日）： 5.45 港元 阿里健康 26 财年上半年实现了 17%的强劲收入增长，主要受以下因素推 动：1）由于中国医药市场发生结构性变化，原研药增长势头强劲；2） 淘宝闪购带来协同效应。我们认为前者应将在可预见的未来继续驱动平 台销售，而闪购带来增量贡献的持久性与可持续性 ...

Group 1 - The report from CITIC Securities highlights the opportunity for the transformation of drug sales channels in China, shifting from hospital-based to external sales and from offline to online platforms [1] - The online sales rate of healthcare products is expected to significantly increase due to factors such as medical insurance cost control, the migration of original drug channels, and the rise of AI search and recommendation technologies [1] - Leading pharmaceutical e-commerce companies are expected to leverage their main site advantages, including traffic and fulfillment cost benefits, to capitalize on new opportunities in AI research and productization, as well as health management [1]

Core Viewpoint - The report from CITIC Securities highlights the opportunity for the transformation of drug sales channels in China, shifting from hospital-based to external and from offline to online sales, driven by factors such as medical insurance cost control, the migration of original drug channels, and the rise of AI search and recommendation technologies [1] Group 1 - The online sales rate of healthcare products is expected to see significant improvement due to the aforementioned trends [1] - Leading pharmaceutical e-commerce companies are likely to leverage their main site advantages, including traffic and fulfillment cost benefits, to capitalize on new opportunities in AI search and health management [1] - The integration of AI in research and product development is anticipated to enhance the capabilities of these companies in the evolving market landscape [1]

Core Insights - The demand for antiviral drugs and related testing kits has surged significantly as multiple regions in the country enter a high flu season [1] Sales Growth - Sales of the new antiviral drug "Sufuda" increased by 900% week-on-week - Sales of the classic drug "Oseltamivir" rose by 700% week-on-week - Sales of children's medication "Kewai Granules" saw a 115% increase week-on-week - Sales of "Renhe" flu testing kits skyrocketed by over 1000% week-on-week, indicating a heightened public awareness for early screening [1][1][1] Supply Chain and Logistics - The company has utilized an AI early warning system to increase the stock of core medications in advance - A cross-regional allocation mechanism has been initiated to ensure a continuous supply in key areas - The platform has advised users to purchase medications rationally to avoid stockpiling [1][1] Delivery Trends - Orders for medications delivered to schools increased by 155% week-on-week - Orders to shopping malls grew by 95%, highlighting that densely populated areas are currently hotspots for flu transmission [1][1] Health Advisory - The platform's online pharmacists recommend early testing for symptoms such as fever and muscle pain, and to use medications under the guidance of doctors or pharmacists - Users are advised to wear masks, wash hands frequently, and reduce gatherings to mitigate the spread of the flu [1][1]

Core Insights - Demand for flu-related medications and testing reagents on the platform has surged significantly recently [1] Group 1: Sales Performance - Sales of the new antiviral drug "Sufuda" increased by 900% month-over-month [1] - Sales of the classic antiviral "Oseltamivir" rose by 700% month-over-month [1] - Sales of the children's medication "Kewai Granules" saw a month-over-month increase of 115% [1] - Sales of the children's formulation "Sufuda Dry Suspension" increased by 76% month-over-month [1] Group 2: Supply Chain Management - The company replenishes stock in regular regions 2-3 times a week [1] - The company can initiate cross-regional real-time allocation to ensure timely access to medications if demand surges in specific areas [1] Group 3: Health Advisory - Online pharmacists from the company advise minimizing prolonged gatherings in crowded, poorly ventilated indoor spaces during winter [1] - Recommendations include wearing masks and practicing hand hygiene when going out [1]

Core Viewpoint - Goldman Sachs maintains a "Neutral" rating on Alibaba Health following the release of its mid-term results for the fiscal year ending September 2026, citing structural benefits in the industry such as the shift of original prescription drugs from hospital channels and accelerated online drug penetration [1][2] Financial Performance - Alibaba Health's revenue forecast for fiscal years 2026 to 2028 has been slightly adjusted to a growth rate of 2% to 4% [1] - The adjusted net profit forecast has also been increased by 2% to 4% [1] Valuation - Based on the projected price-to-earnings ratio of 28 times for its pharmacy and medical services business in 2027, Goldman Sachs raised the target price from HKD 4.7 to HKD 5.2 while maintaining the "Neutral" rating [1]

京东健康(06618)早盘涨近4%，截至发稿，涨3.19%，报63港元，成交额1.49亿港元。 另一方面，京东健康近期全网独家首发可威奥司他韦颗粒15mg×18袋疗程装，精准聚焦儿童流感治疗 中"剂量不匹配、药品易浪费"的痛点。该规格基于5天标准疗程设计，可覆盖1岁以上、体重低于15kg儿 童的全周期用药，实现"一次购药、覆盖全疗程"，极大简化了家长的备药与用药流程，有效避免药品浪 费。首发以来，该产品日均成交额增速超100%，成为众多家庭流感备药的首选。 消息面上，近日，据动脉网报道，随着各地流感高峰到来，呼吸道传染病检测需求攀升，京东健康数据 显示流感检测试剂盒销量大增，多联检试剂盒成新趋势。为应对需求，京东健康联合品牌商家启动专项 保障机制，确保稳定供应不涨价。其医疗器械部门上月联合多家品牌及企业成立IVD品牌联盟，提前预 测需求，科学备货。同时，京东健康升级履约时效，部分地区最快半小时送达。 ...

Group 1: Consumer Sector - The government has implemented substantial measures to boost consumption, focusing on smart products, green energy, and products for the elderly [1] - The fourth round of "trade-in" subsidies is accelerating, targeting home appliances, digital products, and home decoration, with a deadline for consumers to act by December 31 [1] Group 2: Alcohol and Pharmaceutical E-commerce - A company specializing in both liquor and pharmaceutical e-commerce has seen revenue growth of nearly 30%, with high gross margins due to increased demand during year-end banquets [1] - The pharmaceutical e-commerce segment benefits from stricter regulations, providing a competitive edge, while innovative drugs are in phase three clinical trials, indicating strong cash flow and a low price-to-earnings ratio compared to peers [1] Group 3: Prepared Dishes and New Retail - A company focused on prepared dishes and new retail is experiencing rapid market growth, with the market size exceeding 600 billion, although its actual revenue contribution is only over 10% [3] - The main business remains traditional retail with lower gross margins, and new production facilities for prepared dishes will not be operational until 2026, posing risks for large investments [3] Group 4: Healthcare Sector - Companies specializing in cold medicine are expected to see revenue spikes during the flu season, with over 40% of their revenue coming from this period, but they have low R&D investment, limiting long-term growth potential [3] Group 5: Elderly Care and AI Medical Services - A company focusing on elderly care and AI medical services has seen over 50% revenue growth in community care and rehabilitation, with AI diagnostic systems implemented in numerous grassroots hospitals [5] - The company has high R&D investment compared to industry averages, but its diverse business lines contribute limited short-term profits, making it suitable for long-term investment [5] Group 6: Private Hospitals and Smart Medical Services - A company operating in private hospitals, smart medical services, and coal has seen over 30% revenue growth in private hospitals, with stable cash flow from coal operations [6] - The company has a diversified risk profile but lacks a core growth engine, making it suitable for conservative investors [6] Group 7: High-end Manufacturing - The high-end manufacturing sector is receiving strong policy support, with a focus on industrial mother machines, which are expected to modernize by 2027 [6] - A company producing CNC machines has reported over 60% profit growth in the first three quarters, with a nearly 40% year-on-year increase in industrial mother machine revenue [6] Group 8: New Energy and Digital Economy - The new energy and digital economy sectors are experiencing explosive growth, with data trading becoming a national focus and data center capacity reaching 500 PB [8] - The company involved in data business has seen revenue double, with stable cash flow from cement operations and lower valuations compared to peers, indicating potential for increased profitability if the data business model is successful [8]