转自：新华财经 美年健康集团董事长俞熔表示："美年健康将实现从预防医学龙头企业到'AI驱动的平台型健康管理科技 公司'的品牌跃迁，打造'一人一策'个性化服务，构建'公域破圈+私域深耕'的全域增长飞轮。" 编辑：罗浩 阿里健康董事会主席兼首席执行官沈涤凡表示，AI带来的信息平权，让用户从互联网获取医疗信息更 高效、更贴合需求，意愿大大增强。同时，创新药层出不穷，加上在线购药便捷性，用户开始愿意为了 便捷把一部分医疗服务从院内走向院外。希望通过双方的合作，让用户足不出户，就能够把专业、可靠 的医疗护理服务搬到家里。 新华财经北京3月3日电（记者沈寅飞）记者从阿里健康获悉，3月2日，阿里健康与美年健康签署战略合 作协议。双方将围绕护理服务协同、线上线下资源整合、医药健康联动三大核心板块，共同打造标准 化、智能化的上门护理服务体系，切实提升护理服务的可及性与用户体验，助力行业规范发展。 根据协议，双方将围绕三大核心板块展开深度协同：在护理服务层面，阿里健康将对接美年健康的专业 护理团队资源，着力构建30分钟健康服务圈，为用户提供涵盖慢病管理、康复护理、术后换药等上门服 务，并联合推出个性化护理方案；在运营层面，双方将 ...

阿里健康董事会主席兼首席执行官沈涤凡(右)与美年健康集团董事长俞熔(左)代表双方签约 美年健康是数智化健康管理领域的领军企业，自2015年公司上市以来累计服务近3亿人次，年体检量约 3000万人次，有近600家线下体检中心，沉淀了涵盖体检指标、影像记录、生活方式的多模态亿级健康 数据。过去，这些专业能力主要服务于体检场景，而通过此次合作，它们将成为支撑居家护理服务的核 心资源，为精准护理提供关键医学依据支撑。 阿里健康董事会主席兼首席执行官沈涤凡表示："阿里健康和美年健康已经是老朋友了，老朋友再签新 约，我们看到两个变化。第一个是AI带来的信息平权，用户从互联网获取医疗信息更高效、更贴合需 求，意愿大大增强。二是创新药层出不穷，加上在线购药便捷性，用户开始愿意为了便捷把一部分医疗 服务从院内走向院外。我们和美年健康的合作，正是看到了这些变化背后的机会。希望通过双方的合 作，让用户足不出户，就能够把专业、可靠的医疗护理服务搬到家里。" 美年健康集团董事长俞熔表示："此次与阿里健康的战略携手，本质上是让专业的健康服务真正流动起 来。美年健康将实现从预防医学龙头企业到'AI驱动的平台型健康管理科技公司'的品牌跃迁， ...

3月2日，在国家大力推进"互联网+护理服务"、加速医疗健康领域数字化转型的背景下，美年健康与阿 里健康签署战略合作协议。双方将围绕护理服务协同、线上线下资源整合、医药健康联动三大核心板 块，共同打造标准化、智能化的上门护理服务体系，切实提升护理服务的可及性与用户体验，助力行业 规范发展。 ▲美年健康集团董事长俞熔（左）与阿里健康董事会主席兼首席执行官沈涤凡代表双方签约 根据协议，双方将围绕三大核心板块展开深度协同：在护理服务层面，阿里健康将对接美年健康的专业 护理团队资源，为用户提供涵盖慢病管理、康复护理、术后换药等上门服务，并联合推出个性化护理方 案；在运营层面，双方将通过线上线下协同培训实现服务标准统一，同时美年健康将为阿里健康用户提 供专属权益；在业务闭环层面，双方将打通体检筛查与线上购药场景，推动实现"体检发现问题、线上 解决问题、护理跟进康复"的服务闭环，并积极探索创新商业模式，联合开发融合预防筛查与健康保障 的新型保险产品。 此次合作的核心在于双方优势资源的互补。美年健康是数智化健康管理领域的领军企业，自2015年公司 上市以来累计服务近3亿人次，年体检量约3000万人次，有近600家线下体检中心 ...

2月24日，国务院召开新春首次常务会议，重点研究推进银发经济和养老服务发展有关工作。 预测数据显示，到2035年，我国银发经济市场规模将达到30 万亿元，占GDP比重升至10%左右。 上午九点半，上海闵行区的这家银发俱乐部里，灯光、音乐到位，舞池里热闹了起来，这些精心装扮的爷叔、阿姨们轮番登场，把舞台变成了自己的主 场。 人均100多元，大家伙可以在这里吃喝玩乐一整天。活力满满的银发族，既图开心又看重实惠。店里推出的"百元一日聚"瞄准的就是这些活力老人的新需 求。 俱乐部运营负责人钱子卿介绍，俱乐部开业以来经营情况，远超预期。2023年首店开业，2年多时间，扩张到四家门店，现在每家门店月均销售额都稳定 在200万元以上。 78岁的龚美霖老人每天回家，第一件事就是坐到玄关一把带扶手的换鞋凳上换鞋，再扶着扶手起身。 银发经济的发展，既离不开优质产品，更需要贴心专业的服务。如今，专业护士上门提供护理服务，正在成为满足老年人居家照护需求的一种新解法。 数据显示：2025年我国银发经济规模接近10万亿元。 新一代银发人群的需求正在发生明显变化：消费观从"谨慎节俭"转向"主动享受生活"，需求结构也从"生存型"向"享受型、 ...

Group 1 - The core initiative is the launch of a "Home Service + Elderly Care" pilot program in Beijing, aimed at integrating various resources to enhance elderly care services in the capital's core areas [1][3] - The pilot program emphasizes principles of "government guidance, market participation, multi-party collaboration, and precise services," involving partnerships with platforms like JD.com and Taobao, as well as local elderly care institutions [1][2] - Key services offered include home care, meal assistance, and short-term care, addressing the comprehensive needs of the elderly population [1][2] Group 2 - During the Spring Festival, the program provided free home services such as cleaning, bathing, health monitoring, and traditional Chinese medicine care for vulnerable elderly groups [1][2] - A special "Guardian Plan" was established to incentivize service providers and ensure continuous service quality during the holiday period [1] - The initiative also includes a meal delivery service for elderly individuals living alone, enhancing their festive experience and social connection [2] Group 3 - Future plans involve deepening the integration of home services and elderly care, fostering talent development, and encouraging collaboration between home service companies and elderly care institutions [3] - The goal is to create inclusive service packages that encompass daily care and professional nursing, ultimately improving the overall experience and satisfaction of elderly individuals [3]

Core Insights - The home care industry in Japan is facing a significant crisis, with many institutions on the brink of collapse due to declining profitability, labor shortages, and an aging workforce [1][2][3] - The number of home care institution closures has reached a historical high, with 85 closures reported from January to November 2025, and a total of 172 elderly welfare institution closures [1] - A recent revision of care compensation regulations has negatively impacted home care institutions, reducing their basic compensation by 2% to 3%, despite an overall increase of 1.59% in the care industry [2] Group 1 - The home care sector is experiencing a wave of closures, with 85 institutions shutting down in 2025, marking a record high [1] - The aging population in rural areas is particularly reliant on home care services, with some towns having over 30% elderly population and insufficient local care providers [1] - The average monthly salary for home care workers is 300,000 yen, which is 80,000 yen lower than the overall average salary in the care industry [2] Group 2 - The number of care workers in Japan has decreased from 2.154 million to 2.126 million in 2023, while the demand for care services remains high at approximately 7.26 million [2] - Many care workers are aging, with a significant portion over 60 years old, leading to a workforce that is increasingly unable to meet the demands of the industry [3] - The rising costs of care supplies and the inability to offer competitive wages are forcing many institutions to transfer operations to larger organizations [3]

Core Points - The aging population in Japan, particularly those aged 65 and above living alone, has reached 7 million, highlighting a pressing need for caregiving solutions [1] - The Tokyo valley area has emerged as a practical exploration site for ideal caregiving practices, with various stakeholders collaborating to create a unique care system [1][10] Group 1: Aging Population and Care Needs - Japan's elderly population living alone is projected to continue increasing, necessitating urgent attention to caregiving responsibilities [1] - The valley area in Tokyo has become a focal point for innovative caregiving practices, attracting attention from sociologists and journalists [1][10] Group 2: Caregiving Practices in the Valley - The valley is home to numerous medical and caregiving professionals and volunteer organizations that work together to support the elderly [10][22] - The establishment of home care services, such as the "Bokushiku" nursing station, has been pivotal in meeting the growing demand for in-home care [13][21] Group 3: Unique Care Systems - The valley's care system is characterized by a collaborative effort among various participants, including NPOs, volunteers, and local businesses, creating a supportive environment for the elderly [25][26] - The presence of simple lodgings, known as "shack hotels," provides affordable accommodation for those in need of care, with many residents requiring nursing support [18][21] Group 4: Community and Support - The valley has transformed from a "homeless street" to a "welfare street," showcasing the effectiveness of community collaboration in addressing the needs of vulnerable populations [25] - The integration of care services into daily life, such as medication reminders and financial management, reflects a shift in caregiving responsibilities traditionally held by family members [26]

Core Viewpoint - China has established the world's largest healthcare service and disease prevention system, continuously improving residents' health levels during the "14th Five-Year Plan" period [1] Group 1: Healthcare Accessibility - The goal is to address urgent healthcare needs by ensuring that major illnesses are treated within provinces, general illnesses are managed at city and county levels, and routine health issues are handled at the grassroots level [2] - By the end of 2024, the total number of healthcare institutions in China is expected to reach 1.09 million, with over 90% of residents able to access the nearest medical service point within 15 minutes [2] - The implementation of a "distributed examination, centralized diagnosis" service model has led to mutual recognition of over 200 medical examination projects across 338 cities [2] Group 2: Quality of Public Hospitals - 87% of secondary and higher-level public hospitals have implemented appointment-based services, reducing outpatient waiting times [3] - More than 5,500 hospitals have established "one-stop" service centers, and over 83% of tertiary public hospitals offer day surgery services [3] - The number of internet hospitals has grown to 3,756, with expected online consultation visits reaching 130 million by 2024 [3] Group 3: Focus on Key Demographics - The health services for the elderly have been upgraded, with 6 national centers for elderly medicine established and 84.6% of secondary and higher-level hospitals having geriatric departments [4] - For children, 3 national children's medical centers and 6 regional centers have been set up, with a 49.3% increase in pediatric practitioners since 2020 [4][6] - The number of childcare positions is projected to reach 5.737 million by 2024, a 126% increase from the end of the "13th Five-Year Plan" [6] Group 4: Disease Control and Prevention - A modern disease control system is being constructed, focusing on preventing major epidemic risks and optimizing public health policies [7][8] - The country has successfully achieved WHO certification for malaria elimination, with a continuous decline in tuberculosis incidence and hepatitis infection levels [7] - The vaccination program has been adjusted to improve service efficiency, including the introduction of HPV vaccination for eligible girls [7]

Core Insights - The Chinese government is focused on high-quality development of public hospitals during the "14th Five-Year Plan" period, emphasizing public welfare and improving patient experience [1] Group 1: Hospital Services - 87% of secondary and above public hospitals have implemented appointment-based medical services, reducing outpatient wait times [1] - Over 5,500 hospitals have established "one-stop" service centers, and multidisciplinary treatment models have been promoted in more than 2,000 secondary and above hospitals [1] - 83% of tertiary hospitals are offering day surgery services [1] Group 2: Home Care and Internet Services - A pilot program for unaccompanied care services has been launched, with over 4,000 medical institutions providing more than 60 home care services through "Internet + nursing services" [1] - The number of internet hospitals has reached 3,756 nationwide, providing 130 million medical services last year [1] Group 3: Specialized Medical Services - There has been an increased focus on pediatric and mental health services, with 99.5% of tertiary and 98.4% of secondary public general hospitals offering pediatric services [1] - 99% of cities have at least one hospital providing psychological outpatient services, and 97% have at least one hospital offering sleep disorder outpatient services [1] Group 4: Foreign Investment in Healthcare - The establishment of Sino-foreign joint venture hospitals and wholly foreign-owned hospitals has been realized, with over 60 joint venture medical institutions now operational [1]

Investment Rating - The investment rating for JD Health (06618.HK) is "Buy" with a target price not specified [4]. Core Views - JD Health reported a revenue of 58.16 billion yuan for 2024, representing an 8.6% year-on-year increase from 53.53 billion yuan in 2023. The self-operated product revenue was 48.80 billion yuan, up 6.9%, while service revenue reached 9.36 billion yuan, growing by 18.9% [1][2]. - The company's gross margin increased by 0.7 percentage points to 22.9%, driven by revenue mix optimization. Annual profit reached 4.16 billion yuan, a 94.0% increase year-on-year, with adjusted Non-IFRS net profit at 4.79 billion yuan, up 15.9% from 4.14 billion yuan in 2023 [1][3]. - Active user count reached 184 million by December 31, 2024, an increase of 11.3 million from the previous year, with over 100% growth in the number of third-party merchants exceeding 100,000 [1][2]. Revenue Breakdown - Self-operated product revenue for 2024 was 48.80 billion yuan, reflecting a 6.9% increase, supported by strengthened supply chain capabilities and collaboration with global pharmaceutical companies [2]. - Service revenue for 2024 was 9.36 billion yuan, up 18.9%, primarily due to an increase in the number of advertisers and growth in third-party merchant commissions [2]. Operational Data - The average daily online consultation volume exceeded 490,000 in 2024, indicating enhanced capabilities in medical service delivery through specialized services and AI applications [2][3]. - JD Health expanded online medical insurance payment services in 18 cities, connecting over 3,000 designated pharmacies, covering a population of over 100 million [2]. Profitability Optimization - The gross margin improved to 22.9%, attributed to a higher proportion of high-margin service revenue and product mix optimization. The fulfillment cost ratio increased by 0.5 percentage points to 10.4% due to logistics network expansion [3]. - The selling expense ratio slightly increased by 0.2 percentage points to 5.2%, mainly due to increased marketing investments, while general and administrative expenses improved significantly by 1.3 percentage points to 2.4% [3]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 have been adjusted to 62.7 billion yuan, 71 billion yuan, and 80.9 billion yuan, respectively, with adjusted net profits projected at 4.4 billion yuan, 5.1 billion yuan, and 6 billion yuan [4].