Core Viewpoint - Ping An Good Doctor (01833) saw a stock increase of over 6%, reaching HKD 13.22 with a trading volume of HKD 143 million, following the recognition of its AI medical products by the China Academy of Information and Communications Technology [1] Group 1: Product Recognition and Impact - In July, Ping An Good Doctor's two AI medical products, "Ping An Xinyi" and "An Director," received the "Open Source Large Model + Software Innovation Application Typical Case Honor" from the China Academy of Information and Communications Technology for 2025 [1] - "Ping An Xinyi" leverages a top-tier network of doctors to assist in intelligent patient consultations, medical record organization, rehabilitation suggestions, and post-discharge follow-ups, enhancing the capabilities of doctors [1] - "An Director" completes the family doctor product offering, providing users with 24/7 online and offline integrated services [1] Group 2: Business Strategy and Growth - Zhongtai Securities highlighted the successful outcomes of the company's AI medical products, which enhance operational efficiency and improve user satisfaction [1] - The company is intensifying its efforts in expanding B-end business, introducing new products that combine commercial insurance, health protection delegation, and medical health services to attract corporate clients [1] - The company is strengthening 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 analysts [1]

Core Viewpoint - Ping An Good Doctor (01833) has seen a stock price increase of over 6%, currently at HKD 13.22, with a trading volume of HKD 143 million, following the recognition of its AI medical products by the China Academy of Information and Communications Technology [1] Group 1 - The two AI medical products, "Ping An Xinyi" and "An Director," received the "Open Source Large Model + Software Innovation Application Typical Case Honor" from the China Academy of Information and Communications Technology in July [1] - "Ping An Xinyi" leverages a top-tier network of doctors to assist in intelligent patient consultations, medical record organization, rehabilitation suggestions, and post-discharge follow-ups, enhancing the capabilities of doctors [1] - "An Director" completes the family doctor product offering, providing users with 24/7 integrated online and offline services [1] Group 2 - Zhongtai Securities highlights the successful outcomes of the company's AI medical products, which improve operational efficiency and user satisfaction [1] - The company is intensifying its efforts in expanding B-end business, introducing new products that combine commercial insurance, health protection, and medical health services for corporate clients [1] - The company is strengthening 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]

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 ...

Core Viewpoint - Internet hospitals are transforming healthcare delivery by leveraging internet technology to provide convenient medical services, building on the resources of traditional hospitals [1] Group 1: Definition and Core Functions - Internet hospitals extend the boundaries of medical services through online platforms, offering functions such as online follow-ups, routine consultations, smart medication advice, and drug delivery [3] - Patients can complete the entire process of follow-up, consultation, medication purchase, payment, and delivery without visiting a hospital, significantly enhancing convenience and efficiency [3] Group 2: Service Characteristics and Advantages - Convenience: Internet hospitals eliminate time and space constraints, allowing patients to access services anytime and anywhere, which is particularly beneficial for chronic disease and mobility-impaired patients [3] - Efficiency: Internet technology enables quick completion of medical processes, reducing long wait times and cumbersome procedures associated with traditional healthcare [3] - Professionalism: Internet hospitals rely on the expertise of medical teams from physical hospitals, ensuring the quality and accuracy of online services through various communication methods [3] - Continuous Management: Internet hospitals focus on long-term health management, allowing doctors to monitor patient conditions and provide personalized treatment plans [3] Group 3: Application Scenarios and Limitations - Internet hospitals are primarily suitable for follow-ups and routine consultations for common and chronic diseases, such as diabetes and hypertension, which require long-term management [4] - They are not equipped to handle first-time consultations or conditions requiring in-person examinations or specialized equipment [4] Group 4: Future Outlook - With ongoing technological advancements and policy support, internet hospitals are expected to expand their applications and development [5] - The integration of artificial intelligence and big data can enhance service intelligence, providing more precise and personalized medical services [5] - Improved telemedicine technology may allow internet hospitals to broaden their service scope, reaching remote areas and grassroots medical institutions, thus promoting equitable distribution of healthcare resources [5]

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 ...