将投中网设为"星标⭐"，第一时间收获最新推送 估值超过200亿元。 来源丨投中网 一家来自广州的明星独角兽，来到纳斯达克门前。 近日，石榴云医申请在美上市。在创始人石振洋的带领下，这家专注于慢性病管理和医药服务的公司，签约超过20万名医生， 并开出超过300万张处方，同时服务的患者也增加到68.3万名。 这番成绩背后，离不开众多投资者的支持。 一路走来，在拿到红杉中国、京东、景林投资、邦盛资本、长江国弘、天亿集团（中卫基金）、东方证券、力合股份、分享投 资、清控银杏、高特佳投资、分众传媒、步长制药等投资后，石榴云医的估值超过200亿元。 医生创业，广州冲出一家明星公司 作者丨鲁智高 家人的看病经历，最终让石振洋走上创业之路。 从母亲患病得不到有效治疗，到表弟生病却被乡里医生误诊，原本打算长期做医生的他意识到，仅凭一人之力去救死扶伤很难 彻底改善原有的医疗状况。 于是，石振洋决定弃医从商，并在2001年来到广州创业。带着几千块钱，他选择从药品代理做起，并成功于2005年成立了自己 的第一家药房——七乐康。四年后，他已经拥有七家药房，每天的现金流也达到数万元。 判断医药电商拥有巨大的发展潜力后，石振洋果断申报互联 ...

Core Viewpoint - JD Health is leveraging AI to enhance medical health services, focusing on high-quality development through AI-driven solutions in health management and patient care [1][2]. Group 1: AI in Healthcare - AI is recognized as a new production factor that should address deep-rooted issues across various industries, particularly in healthcare [2]. - JD Health's "Jingyi Qianxun" medical model has been fully open-sourced, making it the first vertical model in the domestic healthcare sector to do so, which will lower the development barriers for medical AI applications [2][3]. - The AI diagnosis assistant 2.0 boasts a triage accuracy rate of 99.5%, with a 120% increase in electronic medical record writing efficiency and over 90% problem-solving rate [3]. Group 2: AI Products and Services - JD Health has launched several AI-driven services, including the intelligent health assistant "Kangkang" and the AI psychological companion "Therapeutic Little Universe," creating an online medical service ecosystem [3]. - The AI doctor digital entity is designed to provide 24/7 responses to patient inquiries, enhancing the efficiency of medical services [3]. Group 3: Data Security and Privacy - The company emphasizes that AI models learn from de-identified "knowledge data" rather than clinical data, addressing data security and privacy concerns [3]. - Patients are informed about the use of their data, allowing them to choose between protecting or sharing their information [3]. Group 4: Future Directions - JD Health aims to continuously explore the potential of AI in healthcare, focusing on technological innovation to build a safer, more efficient, and convenient medical service system [4].

Core Viewpoint - Ant Group, in collaboration with Huawei and Alibaba Cloud, has launched a comprehensive AI solution for hospitals, marking a significant step in the application of AI in the medical field, integrating AI capabilities across institutions, doctors, and patients [1][4][15] Group 1: AI Model and Medical Service Upgrade - The introduction of large models is driving an upgrade in medical services, with significant breakthroughs in technology lowering the barriers for AI in healthcare [2][3] - Major players like Huawei, Tencent, and Ant Group are entering the medical AI space, indicating a competitive landscape for AI applications in healthcare [4][15] Group 2: Ant Group's Unique Approach - Ant Group has a long history of involvement in digital healthcare, having established a strong foundation over 11 years, which positions it well for the integration of AI in medical services [7][10] - The company has developed a "three-in-one" strategy that integrates AI applications for institutions, doctors, and patients, enhancing the overall healthcare ecosystem [5][6][15] Group 3: AI Product Offerings - Ant Group has launched various AI tools for different stakeholders: a full-stack AI solution for hospitals, AI assistant tools for doctors, and an "AI Health Manager" for patients [5][6][14] - The AI Health Manager has already served nearly 30 million users across over 1,000 medical institutions in Zhejiang Province [14] Group 4: Future Prospects and Industry Impact - The integration of AI in healthcare is expected to significantly improve resource utilization and reduce costs, with predictions indicating a potential saving of over $1.2 trillion globally by 2030 [15] - Ant Group's model of open technology and collaboration with nearly 100 partners is seen as a practical example for the scalable implementation of medical AI [15]

Core Viewpoint - Dingdang Health has been unprofitable since its listing nearly three years ago, with significant losses continuing into 2024, raising concerns about goodwill impairment and overall financial health [2][5][11]. Financial Performance - In 2024, Dingdang Health reported total revenue of 4.669 billion yuan, a year-on-year decrease of 3.87% [2][5]. - The company experienced a shareholder loss of 376 million yuan in 2024, which represents a year-on-year increase of 66.73% [2][5]. - Cumulative losses over three years have reached approximately 3.435 billion yuan [5]. Goodwill Impairment - Dingdang Health recognized a goodwill impairment loss of approximately 199 million yuan and an additional intangible asset impairment loss of 6.8 million yuan for the fiscal year 2024 [2][6]. - Specific impairments related to acquisitions of various pharmacies were detailed, with significant losses attributed to the acquisition of the Renhe Pharmacy Network and others [6]. Market Strategy and Competition - The company has adjusted its strategy by pausing operations in non-core cities like Chongqing and Nanjing, focusing instead on major markets such as Beijing, Shanghai, and Shenzhen [5][9]. - Increased competition in the online healthcare market has pressured Dingdang Health's market share and revenue growth, as traditional retail and e-commerce giants enter the instant delivery space [9]. Cost Structure - Dingdang Health's cost structure remains a significant factor in its ongoing losses, with fulfillment and marketing expenses comprising a large portion of total costs [10]. - In 2023, fulfillment expenses increased by 10.8% to 492 million yuan, while marketing expenses rose by 7.1% to 973 million yuan [10]. Stock Market Performance - Since its IPO, Dingdang Health's stock has seen a dramatic decline, with its market capitalization dropping over 95% from its peak [10][12]. - The stock price fell from an initial offering price of 12 HKD per share to approximately 0.5 HKD per share by March 2023, resulting in a market cap of about 660 million HKD [11][12]. Comparison with Peers - Other listed internet healthcare companies such as JD Health, Alibaba Health, and Ping An Good Doctor have shown better fundamentals, with some achieving profitability in recent fiscal years [13].

Group 1 - Ark Health (06086) saw a significant stock increase of over 17%, currently trading at 5.77 HKD with a transaction volume of 138 million HKD [1] - The company recently announced the integration of DeepSeek's open-source large model, completing private deployment, which enhances the digital drive for "AI + chronic disease management" [1][2] - Ark Health aims to develop multiple "AI intelligent assistant" scenarios by 2025, increasing R&D investment to leverage advanced models like DeepSeek for extracting medical data value [2] Group 2 - The launch of the first fully domestic intelligent solution in the medical industry, "Bianshi + DeepSeek dual-engine medical intelligent machine," was a collaborative effort with Huawei [1] - The company is focusing on creating a "H2H (Hospital To Home) smart medical ecosystem" to upgrade its "AI + H2H" strategy, positioning it as a new growth point for its smart medical business [1] - Ark Health has recently been included in the Hong Kong Stock Connect list and is set to release its 2024 annual performance report [2]

Core Viewpoint - The report from Huaxing Securities indicates that JD Health is expected to achieve steady growth in product sales in 2024, supported by an optimized multi-channel layout and enhanced collaboration with well-known pharmaceutical companies [1] Group 1: Product Sales Growth - In 2024, JD Health achieved product sales revenue of 48.8 billion yuan, with the second half of the year impacted by a high base from the previous year [1] - The company is continuously optimizing its multi-channel business layout, enhancing collaboration between online platforms and instant retail, which is expected to lead to steady sales growth in 2025 [1] - JD Health has deepened partnerships with domestic and international pharmaceutical companies, achieving breakthroughs in new drug launches, multi-channel expansion, and digital marketing, while also improving user experience and repurchase rates [1] Group 2: Supply Chain and Healthcare Ecosystem - JD Health is strengthening its pharmaceutical health supply chain capabilities and increasing support for third-party merchants, with over 100,000 third-party merchants on the platform by the end of 2024 [1] - The company is actively promoting online medical insurance payment services, covering 18 cities nationwide and connecting with over 3,000 designated medical insurance pharmacies [1] - JD Health is accelerating the advancement of smart healthcare and digital innovation, launching AI health assistant "Kangkang" and AI psychological companion "Liaoyu Xiaoyuzhou," and collaborating with Wenzhou Medical University First Affiliated Hospital to build a new generation of smart hospitals [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company's revenue and profit growth for 2024 exceeded Bloomberg consensus expectations, driven by increases in product sales and advertising revenue [7]. - The company has strengthened its self-operated advantages and enhanced the competitiveness of its online platform and instant retail business, achieving complementary advantages across three business models [7]. - The daily average transaction amount reached 1,164.74 million HKD, with over 1.84 million active users by the end of 2024 [7][8]. Financial Performance Summary - For 2024, the company reported revenue of 582 billion RMB, a year-on-year increase of 8.6%, with a gross profit of 133 billion RMB and a gross margin of 22.9% [5][10]. - Adjusted operating profit was 2.6 billion RMB, corresponding to an operating margin of 4.5%, while adjusted net profit reached 4.8 billion RMB, reflecting a year-on-year growth of 15.9% [5][10]. - The company expects revenues of 660 billion RMB in 2025, 741 billion RMB in 2026, and 820 billion RMB in 2027, with adjusted net profits of 4.5 billion RMB, 4.9 billion RMB, and 5.4 billion RMB respectively [9][10]. Market Position and User Engagement - The company has expanded its online medical insurance payment capabilities, significantly enhancing user conversion rates and reducing medication costs for users [7]. - The AI health assistant "KangKang" has served over 30 million users, achieving a problem-solving rate of 70% [8].

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion in 2024, up 12.2% [6]. - The report highlights the robust growth in product sales and the optimization of the omnichannel layout, with product sales revenue expected to grow at a compound annual growth rate (CAGR) of 15% from 2025 to 2027 [7]. - JD Health is expanding its healthcare service ecosystem, with service revenue projected to grow at a CAGR of 17% from 2025 to 2027 [8]. Financial Summary - The financial data indicates that JD Health's revenue is expected to reach RMB 67.09 billion in 2025, with a gross profit of RMB 15.86 billion and a net profit of RMB 4.53 billion [9][21]. - The adjusted EPS for 2025 is projected at RMB 1.41, with a growth trajectory leading to RMB 1.97 by 2027 [9][12]. - The report notes a significant increase in operating efficiency, with operating profit expected to rise by 132.9% in 2024 [6][10]. Valuation - The DCF valuation method used in the report results in a target price of HK$55.17, which is based on a WACC of 9.0% and a perpetual growth rate of 3.0% [15][16]. - The target price corresponds to a P/S ratio of 2.4 for 2025, which is below the industry average of 3.1, indicating potential for valuation upside [15][18].

Investment Rating - The report maintains a "Buy" rating for JD Health with a target price of HK$55.17, representing a potential upside of 54% from the current price of HK$35.75 [2][15]. Core Insights - JD Health's revenue for 2024 is projected to be RMB 58.16 billion, reflecting an 8.6% year-on-year growth, with a significant profit increase of 94% to RMB 4.16 billion [6][9]. - The company is expected to continue optimizing its product mix, leading to a gross profit increase to RMB 13.31 billion, a 12.2% rise [6]. - The report highlights the robust growth in service revenue, with expectations of a 17% year-on-year increase from 2025 to 2027 [8]. Financial Summary - **Revenue Projections**: - 2025E: RMB 67.09 billion - 2026E: RMB 77.22 billion - 2027E: RMB 87.60 billion [9][12] - **Gross Profit Projections**: - 2025E: RMB 15.86 billion - 2026E: RMB 18.25 billion - 2027E: RMB 20.79 billion [9][12] - **Net Profit Projections**: - 2025E: RMB 4.53 billion - 2026E: RMB 5.34 billion - 2027E: RMB 6.30 billion [9][12] - **Earnings Per Share (EPS)**: - 2025E: RMB 1.41 - 2026E: RMB 1.67 - 2027E: RMB 1.97 [9][12] Market Comparison - JD Health's target price corresponds to a price-to-sales (P/S) ratio of 2.4 times for 2025, which is below the industry average of 3.1 times for comparable internet healthcare platforms [15][18].

Investment Rating - The report maintains an "Outperform" rating for JD Health International with a target price of HK$42.90, reflecting a potential upside from the current price of HK$35.75 [2][9]. Core Insights - JD Health's revenue for 2024 slightly exceeded market expectations, achieving RMB 58.2 billion, a year-on-year increase of 8.6%. The adjusted net profit reached RMB 4.8 billion, surpassing expectations by 15.9% due to scale effects, resulting in a net profit margin of 8.2% [3][19]. - The company experienced strong growth across all major product categories in Q4 2024, with revenue of RMB 16.5 billion, marking an 11.3% increase. This performance indicates a recovery and growth trajectory post-pandemic [20][21]. - The number of merchants on the platform has significantly increased, contributing to a robust ecosystem characterized by comprehensive products, low prices, and high quality. The number of merchants grew from over 20,000 in 2022 to over 100,000 in 2024 [21][22]. - JD Health is expanding its offline pharmacy presence, with nearly 60 self-operated O2O stores opened in Beijing by the end of 2024, enhancing its market reach and operational capabilities [22]. - The company is optimistic about the integration of AI in healthcare, with a growing active user base of 180 million and daily online consultations exceeding 490,000. This positions JD Health favorably in the evolving internet healthcare landscape [23][24]. Financial Summary - Revenue projections for 2025 and 2026 are set at RMB 66.6 billion and RMB 75.7 billion, respectively, indicating year-on-year growth of 14.5% and 13.7% [25][26]. - Adjusted net profit for 2025 and 2026 is expected to be RMB 4.4 billion and RMB 5.4 billion, reflecting a year-on-year growth of -7.3% and 20.5% [25][26]. - The report highlights a DCF valuation predicting the company's equity value at HK$136.8 billion, corresponding to a share price of HK$42.90, with a WACC of 9.2% and a perpetual growth rate of 2.0% [26].