出品 | 创业最前线 作者 | 张珏 编辑 | 蛋总 美编 | 邢静 审核 | 颂文 （图 / 国锐生活官网） 2025年12月初，港股上市物业公司国锐生活宣布，以约2.69亿元收购成立14年的互联网医疗平台春雨医生78.29%的股权，这一价格对应春雨医生整体估值 约3.4亿元。 对一家曾在初代互联网医疗浪潮中接近IPO、最高估值一度逼近10亿美元的平台而言，这是一笔明显带着折扣的交易。 从业务运营角度看，春雨医生并非衰败。平台仍拥有超过1.8亿注册用户、近70万签约医生、稳定的日均咨询量，以及多张互联网医院牌照。 但问题在于，这些资产已经很难再转化为增长预期。近几年，春雨医生收入持续下滑，长期亏损。 几乎在收购消息宣布的同一时间，以蚂蚁阿福、小荷AI医生为代表的、AI驱动的新一代互联网医疗产品，被反复推到用户面前。这类产品试图占据日常 健康管理入口，再把医疗服务作为后端履约能力调用。 这意味着，像春雨医生这样的初代互联网医疗公司，只依靠线上医疗问诊服务已经很难独立完成商业闭环。只是，自身主业承压的国锐生活，会是春雨医 生的"白衣骑士"吗？ 港股上市公司国锐生活和被收购的春雨医生，在业务上可谓是"泾渭分明"。 ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock prices of China Ping An, with A-shares increasing over 6% to 62.2 CNY per share and H-shares also rising over 6% to 60.3 HKD per share [1] - Morgan Stanley has added China Ping An to its focus list, maintaining it as a top pick, indicating increased confidence in the company's ability to capitalize on growth opportunities in wealth management, healthcare, and elderly care sectors [1] - The market's primary concerns are gradually being alleviated, paving the way for valuation improvements [1] Group 2 - Morgan Stanley is optimistic about the financial and healthcare sectors, citing that resident wealth is expected to grow at an average annual rate of 8%, and the "super-aging" trend will create rigid demand for elderly care [1] - China Ping An possesses unique advantages in four areas: a comprehensive financial model covering all life financial needs, a customer-centric approach to enhance customer value, rapid development of light-asset healthcare and elderly care services, and the integration of AI to improve efficiency [1] - Major risks that the market was concerned about have diminished, including the gradual resolution of real estate risks, enhanced capabilities of technology subsidiaries, limited solvency risks, and controllable interest margin loss risks [1]

Core Viewpoint - China Ping An's stock surged over 6% in both A-shares and H-shares, driven by positive sentiment following its inclusion in Morgan Stanley's focus list, which highlights the company's potential in wealth management, healthcare, and elderly care sectors [1] Group 1: Stock Performance - A-shares of China Ping An reached 62.2 CNY per share, while H-shares peaked at 60.3 HKD per share, both reflecting a rise of over 6% [1] - Ping An Good Doctor, a subsidiary, also saw a 3% increase, reaching 14.5 HKD, leading the internet healthcare service sector [1] Group 2: Analyst Insights - Morgan Stanley has upgraded its outlook on China Ping An, emphasizing the company's ability to capitalize on key growth opportunities in wealth management, healthcare, and elderly care [1] - The firm believes that major market concerns are gradually dissipating, paving the way for valuation improvements [1] Group 3: Market Trends - Key trends identified include an average annual growth of 8% in resident wealth, a rigid demand for elderly care due to "super aging," and an increasing demand for mid-to-high-end medical services [1] Group 4: Competitive Advantages - China Ping An possesses unique advantages such as a comprehensive financial model that addresses all life financial needs, a customer-centric approach to enhance customer value, rapid development of light-asset healthcare and elderly care services, and the integration of AI to improve efficiency [1] Group 5: Risk Mitigation - Major risks previously concerning the market are now seen as manageable, including the gradual resolution of real estate risks, enhanced capabilities of technology subsidiaries, limited solvency risks, and controllable interest margin loss risks [1]