Core Viewpoint - The article highlights the significant market interest in digital healthcare platforms, exemplified by the successful IPO of Health 160, which saw a stock price increase of 137.34% on its first day, reflecting a market reevaluation of digital healthcare models [1] Company Profile - Health 160 has evolved from a simple appointment booking app to a comprehensive O2O platform that connects patients, healthcare institutions, and doctors, integrating SaaS solutions for hospitals [3][5] - The platform connects over 14,400 hospitals, 9,060 private medical institutions, and 29,000 grassroots medical facilities across China, facilitating various healthcare services [3] - Health 160's approach emphasizes deep hospital connections, a long service chain, and sustainable doctor management, distinguishing it from purely content-driven health platforms [5] Business Performance - Health 160's revenue has shown steady growth, with figures of approximately 526 million yuan in 2022, 629 million yuan in 2023, and 621 million yuan projected for 2024, alongside a first-quarter revenue of about 100 million yuan in 2025 [7] - Despite revenue growth, the company has faced consistent net losses of around 100 million yuan annually, although losses narrowed to approximately 17 million yuan in the first quarter of 2025 [7] - The primary revenue sources are pharmaceutical sales and digital healthcare solutions, with the latter having a gross margin exceeding 70%, making it the main profit driver [7] Industry Landscape and Regulation - The Chinese internet healthcare policy encourages compliant online services while emphasizing quality and payment security, aiming to enhance the efficiency of the healthcare system rather than replace traditional services [8] - The DRG/DIP reform is pushing hospitals towards cost control through improved process efficiency, aligning with Health 160's SaaS and operational services that support hospitals in this transition [8] Competitive Landscape - Health 160 differentiates itself from major competitors like Alibaba Health and JD Health by focusing on hospital connections and digitizing the patient journey, rather than primarily relying on drug retail and e-commerce [10][11] - The platform's strategy is to create a vertical service model that emphasizes deep integration with hospitals and doctors, which is crucial for building barriers to entry in the market [11][12] Future Outlook - The ability to deepen connections with hospitals and enhance service quality will be critical for Health 160's long-term success, as the competition shifts from user acquisition to the quality of connections and supply [13][15]

时下秋意渐浓，进入皮肤问题高发期，儿童、敏感人群、皮肤疾病患者等群体更容易受到皮肤红肿、瘙 痒、呼吸道不适等问题的困扰。为帮助大众科学应对秋季健康问题，9月15日至16日，京东健康携手上 海市皮肤病医院、上海交通大学医学院附属上海儿童医学中心、广州医科大学附属第一医院、广州医科 大学附属妇女儿童医疗中心等三甲医院，泽德曼、雀巢、丝塔芙、汤臣倍健等品牌，以及京东集团旗下 保险经纪平台京东保、京东超市，共同启动"健康护航，安心换季"秋季健康关爱行动，通过名医义诊、 趣味科普互动、健康知识传播、免费药师咨询等形式，为用户提供专业、便捷的秋季健康问题解决方 案。 在秋季健康问题防治方面，京东互联网医院可为用户提供"医-检-诊-药"全链条解决方案。针对换季问 题，通过强化京东互联网医院专病门诊服务，打通过敏原检测、快速诊断、药品秒送、专业护理全流 程，从单一问诊升级为"检测+诊疗+用药+护理"一体化服务，既能快速缓解过敏症状，又能减少二次过 敏风险，降低复发率。 今年秋季，京东互联网医院皮肤医院专门推出"过敏随心问"服务，精选过敏治疗经验丰富的皮肤专家， 实现30秒极速接诊、30分钟内不限次沟通，9.9元购买后可在一年 ...

Core Viewpoint - JD.com is strategically expanding into the food and beverage and hospitality sectors, leveraging its supply chain capabilities to innovate and enhance customer experience [3][5][9] Group 1: Business Expansion - JD.com is entering the food and beverage sector with a focus on the "Seven Fresh Kitchen" brand, aiming to open 10,000 locations nationwide within three years [4] - The company is also venturing into the hospitality industry by signing a strategic partnership with Jin Jiang Hotels, marking its first major collaboration since announcing its entry into the hotel market [5][6] Group 2: Supply Chain Innovation - JD.com is implementing a unique supply chain model in the food delivery market, which includes a "100 million yuan" initiative to recruit partners for signature dishes, aiming to improve food safety and quality [4][8] - The company plans to integrate its "Seven Fresh Kitchen" brand into hotel settings, enhancing the guest experience by offering additional products and services [6] Group 3: Market Positioning - JD.com is positioning itself against competitors by emphasizing quality over price, with a goal to reduce the average industry gross margin from 60% to 20% through supply chain optimization [9] - The company aims to redefine the perception of pre-prepared meals by leveraging its supply chain advantages and ensuring transparency in food preparation [8][9]

Group 1 - JD Health, in collaboration with top hospitals and brands, launched the "Health Escort, Safe Seasonal Change" initiative to address autumn health issues through various services such as free consultations and health knowledge dissemination [1][3] - The initiative focuses on common autumn health problems, providing personalized prevention advice through AI skin assessments and allergy evaluations at designated hospital sites [3][4] - JD Internet Hospital offers a comprehensive "medical-testing-diagnosis-medication" solution, enhancing service from simple consultations to an integrated approach that includes testing, diagnosis, medication, and care [3][4] Group 2 - The "Allergy Inquiry at Your Convenience" service was introduced by JD Internet Hospital, targeting skin diseases and providing follow-up management services in collaboration with leading experts [4] - The partnership between JD Health and multiple hospitals exemplifies the integration of online and offline medical services, improving the efficiency and coverage of seasonal health prevention [4] - JD Health is expanding its supply chain capabilities for dermatological medications, creating a full lifecycle health management system for skin disease prevention, diagnosis, and rehabilitation [4]

该行相信与淘宝快电商的协同效应仍是9月底止现财年上半年重点，具体而言包括用户及订单量增长， 潜在投资规模及形式，补贴正常化后用户流失。该行上调对阿里健康现财年及下财年收入预测各4%， 反映与淘宝快电商在用户流量及整体总交易额协同效应，并上调现财年及下财年经调整每股盈利预测分 别3%及4%，反映淘宝对快电商高补贴带来的市场推广节省，部分被业务协作造成的投资抵销。 摩根大通发布研报称，阿里健康(00241)股价在5月公布2025财年业绩后累涨约27%，超越同业8个百分 点。该行认为主要因为投资者对最近处方药在线零售销售政策更新的正面反应，目标价由5港元上调至 6.5港元，相当于预测现财年市销率2.5倍，维持"中性"评级。鉴于这基本上是一项指引，与现有政策没 有实质差异，认为其影响更多体现在情绪层面。 ...

Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health's stock price has outperformed its peers since the announcement of its fiscal year 2025 results in May, primarily due to investor optimism regarding recent updates to online prescription drug retail sales policies, despite these updates being largely similar to existing policies [1] Group 1: Financial Performance - Morgan Stanley has raised its revenue forecasts for Alibaba Health by 4% for both the current fiscal year and the next fiscal year, based on the synergistic effects with Taobao's fast e-commerce in terms of user traffic and total transaction volume [1] - The adjusted earnings per share forecasts for the current fiscal year and the next fiscal year have been increased by 3% and 4%, respectively, considering the marketing savings from Taobao's high subsidies for fast e-commerce [1] Group 2: Market Positioning - The report emphasizes that the synergy with Taobao's fast e-commerce will be a key focus for the first half of the current fiscal year, including growth in user and order volume, potential investment scale and forms, and user retention post-subsidy normalization [1] - Morgan Stanley has raised the target price for Alibaba Health from HKD 5 to HKD 6.5 while maintaining a "Neutral" rating [1]

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）和香港中央結 算有限公司（「香港結算」）對本公告的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告不得直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞 特區）發佈、刊發或派發。本公告並不亦無意構成或組成在美國或任何其他司法 管轄區購買或認購證券的任何要約或招攬的一部分。發售股份並無亦不會根據 1933年美國證券法（經不時修訂）（「美國證券法」）或任何美國州或其他司法管轄區 證券法登記，且不得於美國境內提呈發售、出售、質押或以其他方式轉讓，惟獲 豁免遵守或毋須遵守美國證券法登記規定及任何適用的州證券法的交易則另作別 論。發售股份不會於美國公開發售。發售股份僅可根據美國證券法S規例及進行 有關要約及出售的各司法管轄區的適用法律在離岸交易中向美國境外的人士提呈 發售及出售。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。本公告並非招 股章程。有意投資者於決定是否投資所提呈發售的股份前，應細閱健康160国际 有限公司（「本公 ...

Group 1: Company Valuation and Financial Performance - The company uses a valuation model based on PB (Price to Book) and PE (Price to Earnings) ratios, with a focus on net financial assets and segment profits [3] - As of mid-2025, the asset allocation includes 59.2% fixed income, 26.2% public equity, 12.6% private equity, and 2.0% hedge funds [3] - The company aims for a long-term return of 6%-10% per year from its diversified asset management strategy [3] Group 2: Business Growth and Market Opportunities - The iHealth product line's revenue in H1 2025 exceeded that of H1 2024, with improved gross margins following the launch of new products [4] - The CGM (Continuous Glucose Monitoring) market in China is projected to reach over 5 billion RMB by 2025, while in the U.S., it could exceed 6 billion USD [4] - The company is expanding its diabetes care model, currently serving approximately 366,000 patients across 424 hospitals in China [6] Group 3: Shareholder Returns and Market Management - The company has committed to a shareholder return plan, ensuring cash dividends (including share buybacks) will not be less than 30% of cumulative net profits from 2025 to 2027 [11] - Since 2021, the company has executed five share buyback programs, spending a total of approximately 2.88 billion RMB and repurchasing 94,921,428 shares [7] - Cumulative cash dividends since 2020 amount to approximately 1.74 billion RMB [7] Group 4: Talent Management and Incentives - The company employs a "cash + equity" compensation model to attract and retain talent, linking employee performance to company value [8] - The management emphasizes the importance of aligning employee interests with shareholder value through stock options and equity participation [8] Group 5: Investment and Strategic Focus - The company is focused on expanding its core business areas, particularly in IVD (In Vitro Diagnostics), home medical devices, and internet healthcare [10] - The company is cautious about pursuing acquisitions outside its main business areas due to the high risks and costs associated with entering unfamiliar markets [10] - The company has initiated investments in venture capital, with some projects entering the IPO preparation stage [9] Group 6: AI and Technological Advancements - The company is developing an "AIoT Diabetes Home Assistant" project to enhance chronic disease management through AI technology [13] - The project aims to improve care efficiency and patient experience by integrating AI with IoT devices [14]

Market Performance - The Hong Kong stock market indices closed mixed, with the Hang Seng Index slightly down by 0.03%, reaching a high of 26,601.59 points [1] - The Hang Seng Tech Index rose by 0.56%, while the Hang Seng China Enterprises Index saw a minor increase of 0.02% [1] Sector Performance - Large technology stocks showed varied performance, with Meituan up by 3% and NetEase up by 1.25%, while JD.com fell by 1.29% [1] - The solar industry saw significant price increases across multiple product segments, leading to active trading in solar stocks, with Fuyao Glass rising by 5% [1] - Travel and tourism stocks surged ahead of the National Day and Mid-Autumn Festival holidays, with Hong Kong Travel up by 4.4% and Trip.com Group up by 4% [1] - Airline stocks rose as Goldman Sachs indicated potential improvements in domestic ticket prices starting from September [1] Individual Stock Movements - Internet healthcare stocks experienced notable declines, while major financial stocks, including domestic insurance and Chinese brokerage firms, performed poorly [1] - Precious metals stocks, including gold, copper, and aluminum, collectively retreated, alongside heavy infrastructure and building materials sectors [1] - Notable individual stock movements included a significant drop of over 53% for Zai Lab-B, which had previously surged nearly 60% in early trading, and a nearly 10% increase for Hesai Technology on its first trading day [1]

Group 1: Industry Overview - Health has become a focal point for the public, with nearly 75% of Chinese people facing sub-health issues, indicating a strong demand for health management [1] - The aging population and increasing chronic disease patients, combined with rising health awareness, have led to a significant growth in medical consumption demand [1] - There is a mismatch between the rapidly growing medical demand and the insufficient and uneven distribution of quality medical resources in China [1] Group 2: Company Initiatives - Fangzhou Jianke is a representative company exploring the integration of technology and internet healthcare, focusing on AI as a core competitive advantage [2] - Under the leadership of CEO Xie Fangmin, Fangzhou Jianke emphasizes technological innovation and is dedicated to the field of internet chronic disease management [2] - The company has launched various AI-powered products, such as AI doctor assistants and AI customer service assistants, to enhance the quality and efficiency of internet healthcare services [2] Group 3: Future Directions - Fangzhou Jianke is developing a H2H (Hospital to Home) smart medical ecosystem to extend healthcare services from hospitals to patients' homes, addressing unmet user needs [3] - The company aims to integrate quality resources and optimize service processes to meet personalized health demands [3] - Fangzhou Jianke plans to continue advancing technology-driven solutions to promote a more efficient, intelligent, and personalized direction in internet healthcare [3]