Core Insights - The 2025 Health Technology and Science Popularization Conference focused on the theme "AI Leading a New Era of Health Science Popularization," bringing together experts and practitioners to discuss the integration of AI technology in health education and chronic disease management [1] Group 1: Company Overview - Fangzhou Yunkang has been deeply engaged in the chronic disease management sector, aiming to enhance patients' self-management capabilities and quality of life through technological means [2] - The company launched the chronic disease management health science popularization platform "Fangzhou Yiliao" in 2021, which aims to shift patients from a "passive understanding" to "active management" of their health [2] - The platform has served over 25 million users, with a total exposure of science popularization content exceeding 1.2 billion times and has produced over 30,000 compliant science popularization articles [2] Group 2: Technological Innovation - Fangzhou Yiliao completed an "AI + H2H" technology upgrade in 2025, integrating AI deeply into the health science popularization process to address common patient challenges [3] - The platform utilizes a self-developed large model to simplify complex medical concepts and enhance user engagement through a "full-scene human-machine collaboration" model [3] - Recent campaigns, such as "AI + Psoriasis Management" and "AI + Diabetes Management," have significantly increased content dissemination efficiency, attracting over one million viewers [3] Group 3: Content Integrity and Future Outlook - Fangzhou Yiliao maintains a rigorous content verification process, incorporating a four-tier safeguard mechanism to ensure the accuracy and reliability of health science content [4] - The recognition of Fangzhou Yiliao as the "Best Innovative Work" highlights the industry's acknowledgment of its AI-driven science popularization efforts [4] - The company aims to continue integrating chronic disease management practices with AI technology to enhance the reach and effectiveness of health education, contributing to the "Healthy China 2030" initiative [4]

Core Points - The establishment of the Suzhou Integration Development Center by the Chinese Microcirculation Society aims to enhance the management of chronic diseases and promote innovation in the biomedicine industry in Suzhou [1][2] - The center will focus on technology transfer, professional talent training, and the development of technical standards in the field of chronic disease screening and prevention [1] - The collaboration between the Chinese Microcirculation Society, Suzhou Science and Technology Association, and Southeast University Suzhou Research Institute is aligned with the strategic needs of high-quality development in the biomedicine sector and the "Healthy Suzhou" initiative [1] Group 1 - The center's establishment is expected to gather top expert resources and cutting-edge technological achievements to facilitate breakthroughs in microcirculation-related disease prevention and control, high-end medical device research and development, and optimization of chronic disease management systems [1] - The center aims to significantly enhance the demonstration and leading effect of "Science and Technology Innovation China" in Suzhou [1] - Since its founding in 1993, the Chinese Microcirculation Society has been deeply involved in academic research, clinical transformation, and industry-education integration in the microcirculation field [2] Group 2 - The society has established strong academic foundations and rich expert resources in areas such as cardiovascular and cerebrovascular diseases, diabetic complications, tumor microenvironments, and tissue engineering [2] - In the current year, the society has organized over 60 experts to engage with 39 local biomedicine companies and 24 research institutions and hospitals in Suzhou, resulting in 15 cooperation intentions [2] - The society has also provided professional technical guidance to 10 local enterprises [2]

Core Viewpoint - Ark Health's valuation is considered underestimated, especially after it reported its first profit in the first half of 2025, with a revenue of 1.494 billion yuan and a net profit of 12.48 million yuan, marking a significant turnaround [1][2]. Financial Performance - Ark Health achieved a revenue of 1.494 billion yuan, a year-on-year increase of 12.9% [1]. - The company reported a net profit of 12.48 million yuan, marking its first profitable period [1]. - Adjusted net profit reached 17.58 million yuan, up 16.8% year-on-year [1]. - Online retail pharmacy revenue was 864 million yuan, growing by 28.2% [1]. Market Trends - The Chinese pharmaceutical retail market is projected to reach 501.9 billion yuan in 2024, with e-commerce channels becoming the main growth driver [1]. - E-commerce in the pharmaceutical sector is expected to grow to 64.5 billion yuan, with a growth rate of 4.6% [1]. - Ark Health's product offerings are primarily focused on chronic disease patients, with 62% of its 216,000 SKUs being prescription drugs [1]. User Engagement - The user base of Ark Health reached 52.8 million, a year-on-year increase of 15.8% [2]. - Monthly active users increased by 34.4%, reaching 11.9 million [2]. - The repurchase rate among paying users is 85.4% [2]. Industry Outlook - The chronic disease management market in China is expected to grow from 45.5 billion yuan in 2023 to 600 billion yuan by 2030, with a compound annual growth rate of 44.5% [2]. - The government is promoting the use of new technologies in healthcare, as outlined in the recent policy document encouraging AI applications in health management [2]. Technological Advancements - Ark Health is developing AI tools to enhance chronic disease management, including AI electronic medical records and AI-assisted diagnosis tools [3]. - The target price set by Citigroup for Ark Health is 8.5 HKD, indicating a potential doubling from its recent trading price of around 4 HKD [3].

Core Viewpoint - The internet healthcare company Fangzhou Jianke has entered a performance realization phase, achieving significant revenue growth and profitability, indicating a shift towards value-driven development in the chronic disease management sector [1][2]. Financial Performance - In the first half of 2025, Fangzhou Jianke reported revenue of 1.494 billion yuan, with a 28.2% year-on-year increase in online retail pharmacy services revenue [1]. - The company turned a profit with a net profit of 12.5 million yuan, and adjusted net profit reached a record high of 17.6 million yuan, up 16.8% year-on-year [1]. User Engagement and Loyalty - Fangzhou Jianke has cultivated a loyal user base, with a high repurchase rate of 85.4% among paying users, and a registered user count of 52.8 million, with 11.9 million monthly active users [4][5]. - The company’s "familiar doctor-patient" model has led to a strong user loyalty and willingness to pay, which is above industry averages [5]. Market Position and Valuation - Despite its strong performance, Fangzhou Jianke is significantly undervalued compared to competitors like JD Health and Alibaba Health, which have market capitalizations of 200 billion HKD and over 80 billion HKD, respectively, while Fangzhou Jianke's market cap is around 5 billion HKD [1][7]. - Analysts suggest that the potential market value of Fangzhou Jianke could range from 35.7 billion to 47.6 billion HKD based on user engagement metrics, indicating a substantial undervaluation [7]. Competitive Landscape - The company’s business model is likened to Xiaomi's "Mi Fan" model, emphasizing the importance of loyal users and high-frequency interactions as key drivers of growth [5][6]. - Fangzhou Jianke's focus on chronic disease management and its innovative AI-driven healthcare platform positions it well within the competitive landscape of internet healthcare [1][8]. Intangible Assets and Future Potential - The company possesses significant intangible assets, particularly in its medical service capabilities and human capital, which are not yet accurately quantified in market valuations [8]. - The lack of consensus on how to measure the value of healthcare service assets contributes to the current undervaluation of Fangzhou Jianke [7][8].