来源：市场资讯 （来源：申万宏源融成） 2025年9月17日，健康160国际有限公司（以下简称"健康160"或"公司"）成功于香港联交所主板上市， 股份代号为2656.HK，最终定价为每股11.89港元，融资规模为4亿港币。 申万宏源香港担任本次发行的联席保荐人、整体协调人、联席全球协调人、联席账簿管理人及联席牵头 经办人。 公司亮点 本项目的圆满发行，不仅充分体现了申万宏源在港股IPO及医疗健康领域的实力与资源整合能力，也再 次印证了我们以客户为中心的服务理念及依托申万宏源"投资+投行+研究"三位一体协同优势。 未来，申万宏源香港将继续发挥境内外联动优势，推进国际化及境内外一体化战略，借助境内外市场互 联互通带来的机遇，打造"双循环"的大投行生态圈，全力服务新质生产力发展，服务国家高水平对外开 放战略。 项目亮点 公司专注数字医疗健康综合服务，致力于构筑中国领先的线上线下一体化医疗健康服务入口，成 为每个人最贴心的健康守护者。 自成立以来，公司已累计连接超过44,600家医疗健康机构，其中包括超过14,400家医院 (包括3,430 家三级医院) 及超过30,200家基层医疗卫生机构。 自成立以来，公司已累 ...

Core Insights - The healthcare industry is experiencing significant developments in the first half of 2025, with companies like "Health 160" and "Weimai" filing for IPOs, while others like "Good Mood" and "Weimai" secure substantial financing [1][4][9]. Company Summaries - "Health 160" has faced cash flow challenges, with negative operating cash flow for four consecutive years and only 46.11 million RMB in cash against 70.2 million RMB in debts due within 90 days. The company's revenue heavily relies on low-margin drug sales, which account for over 70% of its income, resulting in a gross margin of only 1.9% [5]. - "Weimai" has submitted its prospectus for a main board listing, reporting revenues of 512 million RMB, 627 million RMB, and 653 million RMB from 2022 to 2024, with gross margins increasing from 17.2% to 19.9% during the same period. However, the company has also reported significant losses, with adjusted net losses narrowing from 4.14 billion RMB in 2022 to 1.93 billion RMB in 2024 [6][8]. - "Good Mood," an internet psychological healthcare platform, completed a financing round of several hundred million RMB, with investments from institutions like CITIC Medical Fund and Xu Zhou Industrial Investment [9][10]. - "Lingjian" announced an E-round financing of several hundred million RMB, backed by Wuxi Venture Capital Group and Binhu Industrial Group, focusing on providing services to over 50,000 dental and medical beauty institutions [11][12]. Industry Trends - The digital health sector is evolving with AI integration, as seen in partnerships like that of "Weimai" and Alibaba Cloud, aiming to build a comprehensive AI healthcare infrastructure [15][17]. - The launch of "Ping An Chip Doctor" by Ping An Health represents a significant innovation in AI-driven healthcare services, enhancing accessibility and efficiency in patient interactions [24][26]. - The introduction of AI applications like "Anzheng Er," which combines advanced reasoning capabilities with healthcare services, indicates a trend towards more personalized and efficient patient care [26][27]. - The healthcare landscape is shifting towards a more integrated model, with companies like Meituan Health and JD Health leveraging AI to create comprehensive service ecosystems that connect online and offline healthcare services [20][22].