报告期内，阿里健康持续为用户提供线上线下一体化的医疗健康服务。与阿里健康签约提 供在线健康咨询服务的执业医师、执业药师和营养师合计超2 5万人，较去年同期增加2万 余人。依托在慢病领域深耕多年的经验与优势，阿里健康互联网医院持续为慢病患者提供 更便捷、高效的互联网医疗服务。截至2 0 2 5年9月3 0日止6个月内，自营慢病业务的用户数 量及其ARPU均实现持续增长。 此外，中医药服务业务也保持稳定增长趋势。公告显示，小鹿中医持续推进品牌建设与精 细化策略，已搭建自营中药调剂中心服务网络，覆盖北京、广东、浙江、四川、山东等省 市。截至2 0 2 5年9月3 0日止，小鹿中医已拥有注册中医师超1 5万名，医疗服务网络进一步 完善。 在数字基建方面，"码上放心"平台为中国5 6万家医药终端企业免费提供基础追溯服务。除 深耕药品领域外，"码上放心"平台也在医疗器械、中药饮片等商品领域持续推进，逐步发 展成为覆盖"药、械、耗"等领域的企业间数字化协同与管理的领先服务商。在数字化服务 上，阿里健康为药企提供药品流通分析、渠道分析、流向分析、库存数据分析等服务，目 前已与超9 0 0家头部药企建立深度合作。 医疗AI布局 ...

Investment Rating - The report does not explicitly state an investment rating for the smart elderly care industry Core Insights - The smart elderly care industry in China is rapidly evolving through technological integration and innovative models to address the challenges posed by an aging population, which is expected to reach 30% by 2050, significantly higher than the global average [5][18] - The industry is focusing on creating a comprehensive health management ecosystem that covers the entire life cycle of elderly care, showcasing significant breakthroughs from technology application to system construction [5] Summary by Sections Overview of the Smart Elderly Care Industry - The aging population in China is accelerating, with the proportion of individuals aged 65 and above expected to reach 30% by 2050, indicating a severe challenge for social and economic development [18][20] - The report highlights the structural challenges in the current elderly care service supply system, including insufficient total supply, uneven resource distribution, and a shortage of professional caregivers [6] Demand Environment - The acceptance of smart products among the elderly is steadily increasing, with 43.08% of users spending 1-3 hours daily using these products [6][39] - The demand for personalized leisure and entertainment services is significantly higher among elderly individuals living with family compared to those living alone, indicating a strong expectation for functionality in multi-generational households [6] Supply Situation - Smart elderly care products are evolving from single-function devices to comprehensive solutions, with wearable devices forming a health management loop covering prevention, diagnosis, and rehabilitation [7] - The report emphasizes the need for a smart transformation in elderly care services to enhance sustainability and meet the growing demand [6] Policy Environment - The report outlines a systematic approach to policy development in the smart elderly care sector, emphasizing the integration of technology and the enhancement of service quality to improve the well-being of the elderly [33] Economic Environment - Investment strategies in the elderly care sector are shifting from quantity to quality, focusing on high-quality projects in areas such as artificial intelligence, robotics, and digital platforms [35] - The report notes significant investment activity in the elderly care robot sector, with a notable increase in funding for companies developing companion and rehabilitation robots [37] Technological Environment - The health IoT is driving the development of automated and intelligent health services, with technologies such as blockchain enhancing data security and sharing [45][47] - The integration of various technologies is crucial for creating a seamless health management ecosystem that meets the needs of the elderly [47] Industry Chain Analysis - The smart elderly care industry chain consists of upstream technology support, midstream product and service integration, and downstream application scenarios, forming a collaborative ecosystem [51][53] - The report highlights the importance of integrating resources from various sectors to create a comprehensive elderly care solution that includes home care, community support, and institutional care [52]

Core Insights - The company reported a revenue of 179 million yuan for the first half of 2025, with a 41.4% year-on-year growth in nursing services, becoming a new growth engine for the business [1] - The adjusted net loss narrowed by 25.1% year-on-year to 38.4 million yuan [1] - The company has established a "city cloud hospital platform" as its core business model, connecting over 36,000 medical institutions, including 3,303 hospitals, and 147,000 doctors [1][2] Nursing Services - Nursing services revenue reached 34.62 million yuan, a significant increase of 41.4% year-on-year [2] - Home nursing service visits exceeded 218,000, growing by 53.1% year-on-year [2] - The "Yujian Nursing at Home" platform in Henan province has connected 553 medical institutions, with a 41.4% year-on-year increase, and 53,000 nurses with over 5 years of clinical experience, a 70.9% increase [1][2] Medical Services - The company optimized low-profit business units and focused on specialized operations of internet hospitals, achieving a medical services revenue of 69.83 million yuan [2] - Internet medical service visits reached 2.06 million [2] Health Management - Health management services revenue was 74.15 million yuan, reflecting a 10.5% year-on-year growth, with service visits exceeding 205,000, a 28.1% increase [2] - The company is developing a "1+N" one-stop health management service and an AI-driven tracking system [2] Future Outlook - The company aims to accelerate the construction of a nationwide "home medical care service" network, leveraging its city cloud hospital platform for scalable replication and profit acceleration [3]

Group 1 - The company has experienced a significant slowdown in service volume and revenue growth, with the current capacity indicators such as hospital beds nearing saturation [1] - The net profit of the three main subsidiaries disclosed in the 2024 annual report totals nearly 500 million, while the consolidated report shows a loss of over 200 million, raising questions about the accounting factors that led to a loss of over 700 million in profit [1] - The company indicates that there is still room for growth in bed usage, despite the current utilization rate of approximately 3,300-3,600 beds out of a planned 8,637 [1] Group 2 - The company plans to leverage its existing resources, including a tertiary hospital and JCI certification, to provide a comprehensive healthcare service platform, focusing on high-quality medical services and specialized care [2] - Future business expansion will include life health management, integrated medical care, internet healthcare services, international medical services, smart hospitals, and digital healthcare [2] - The company aims to establish itself as a leading healthcare service group in the industry by enhancing its core medical services and developing innovative operational models [2]