从"保健康人"到"保人健康"，保险公司的业务版图接续拓展。 近日，金融监管总局发布批复称，同意中国人民健康保险股份有限公司（下称"人保健康"）运用自有资 金2亿元投资设立人保健康管理有限公司（下称"人保健康管理"），持股比例100%。 2024年，第三版保险业新"国十条"，即国务院印发的《关于加强监管防范风险推动保险业高质量发展的 若干意见》再次指出，提升健康保险服务保障水平，推动商业健康保险与健康管理深度融合。 政策鼓励之下，保险公司也纷纷试水，设立专业健康管理子公司。例如，2017年7月，招商信诺人寿保 险有限公司设立招商信诺健康管理有限责任公司，基于日常就医、重大疾病、疾病预防、康复管理四大 医疗健康需求场景，为客户提供一站式全流程健康服务。 健康保险与健康管理具有天然的契合度。在业内人士看来，保险公司提供健康管理服务，通过预防疾病 发生、控制疾病发展、促进疾病康复，可以降低疾病发生率、提升健康水平，丰富健康保险业务内涵， 促进健康服务资源的合理使用，优化健康服务资源的配置与整合。 酝酿多年终落子 作为国内首家专业健康险公司，人保健康筹划建设健康管理公司可谓由来已久。 早在2015年4月召开的中国人保业 ...

Core Insights - The insurance industry is expanding its business model from "insuring healthy people" to "ensuring people's health" through the integration of health management services with health insurance [1][4][5] - China People's Health Insurance Co., Ltd. (PICC Health) has received approval to invest 200 million yuan to establish a wholly-owned health management company, marking a significant step in this direction [1][2] Group 1: Business Development - PICC Health has been planning to establish a health management company since 2015, aiming to create a dual model of "health insurance + health management" [2] - The newly established health management company is expected to enhance PICC Health's service offerings, with health management services generating 159 million yuan in revenue and serving over 4.8 million people in the first half of 2025, reflecting a growth of over 20% year-on-year [2] Group 2: Industry Trends - The integration of health management services with health insurance has gained consensus within the insurance industry, supported by government policies encouraging the development of modern insurance services [3][5] - Other insurance companies, such as Cigna and China Pacific Insurance, have also established health management subsidiaries to provide comprehensive health services [3] Group 3: Market Dynamics - The increasing public health awareness has led consumers to seek more comprehensive health protection and preventive services, pushing insurance companies to differentiate their offerings [4] - The health insurance market is facing severe homogenization, necessitating the adoption of value-added services like health management to enhance customer retention and renewal rates [4] Group 4: Challenges and Solutions - Key challenges for health management companies include data sharing and privacy protection, service standardization, and the balance between costs and benefits [6] - Recommendations for overcoming these challenges include investing in technology for data security, establishing service standards, and focusing on core areas like chronic disease management to reduce costs [6] Group 5: Future Outlook - The future competition in health insurance will shift from price wars to battles over health management capabilities, with a focus on creating a win-win situation for customers, companies, and the healthcare system [7]

Core Viewpoint - The approval of the establishment of PICC Health Management Co., Ltd. by the Financial Regulatory Bureau signifies the further consolidation of China PICC Group's licensing framework and the expansion of health management companies funded by insurance firms [1][2]. Group 1: Industry Trends - Major insurance companies are increasingly establishing specialized health management companies, integrating insurance products with health management services to enhance the value of insurance offerings and improve risk management [1][4]. - The health insurance sector is becoming increasingly crowded, with a shift from traditional insurance models to products that encompass exclusive coverage, medical services, and unique benefits [4][6]. - The new "National Ten Articles" policy encourages the integration of commercial health insurance with health management, aiming to enhance service levels and promote a proactive approach to health [4][6]. Group 2: Company Developments - PICC Health plans to utilize 200 million yuan of its own funds to establish the health management company, aiming to create a new business model that combines insurance, health services, and technology [2][3]. - The health management business of PICC Health is projected to generate service revenue of 159 million yuan in the first half of 2025, serving over 4.8 million people, reflecting a year-on-year growth of over 20% [2][3]. - The company aims to transition its health insurance model from traditional reimbursement to managed healthcare, enhancing collaboration across various business segments [2][3]. Group 3: Future Outlook - The synergy between health insurance and health management is expected to enhance product value, reduce the risk of illness among insured individuals, and optimize profit margins for insurance companies [6][5]. - The use of mobile internet and artificial intelligence in health management services is being explored to improve efficiency and promote the health of insured populations throughout their life cycles [5][6].

Core Viewpoint - The establishment of a health management subsidiary by China People's Health Insurance Co., Ltd. (PICC Health) marks a significant milestone in the insurance industry, reflecting a strategic shift towards integrating health management services with insurance offerings [1][3][8]. Group 1: Regulatory Approval and Company Initiatives - The Financial Regulatory Bureau has approved PICC Health to invest 200 million yuan to establish a wholly-owned health management company, which is the first non-financial subsidiary approved since the bureau's establishment [1][2]. - Since 2021, PICC Health has been planning to set up a health management company, and the approval received on August 20, 2025, is seen as a pivotal moment for the company [3]. Group 2: Industry Trends and Competitor Actions - Other insurance companies have also been actively investing in health management services, with examples including Pacific Insurance's health management companies and Sunshine Insurance's investments in hospitals [4]. - The integration of health management services into insurance offerings has become a consensus in the industry, with regulatory support encouraging insurance companies to provide health management services [5]. Group 3: Importance of Health Management - Health management services are categorized into seven types, including health check-ups and disease prevention, aimed at reducing medical expenses and improving health outcomes [6]. - The implementation of health management services is seen as a crucial strategy for insurance companies to mitigate risks and control costs associated with claims [7]. Group 4: Future Directions and Service Enhancements - PICC Health aims to create a comprehensive health management service system that transitions from traditional insurance reimbursement to a managed healthcare model, enhancing service capabilities [8]. - The company has established a health management team of over 400 personnel and has launched 760 standardized health management products, serving over 100 million people [8].

Core Insights - Southbound funds increased their holdings in Baize Medical (02609.HK) by 800.16 million shares on September 19, 2025, marking a significant increase in investment interest [1] - Over the past five trading days, Baize Medical has seen a cumulative net increase of 61.66 million shares held by southbound funds, indicating strong demand [1] - As of now, southbound funds hold a total of 64.40 million shares of Baize Medical, representing 4.88% of the company's total issued ordinary shares [1] Trading Data Summary - On September 19, 2025, total shares held reached 64.40 million, with a change of 800.16 million shares, reflecting a 14.19% increase [2] - On September 18, 2025, total shares held were 56.40 million, with a change of 20.24 million shares, showing a 55.96% increase [2] - On September 17, 2025, total shares held were 36.16 million, with a change of 16.90 million shares, indicating an 87.75% increase [2] - On September 16, 2025, total shares held were 19.26 million, with a change of 16.29 million shares, representing a 547.44% increase [2] - On September 15, 2025, total shares held were 2.97 million, with a change of 0.24 million shares, reflecting an 8.66% increase [2] Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology care [2] - The company offers comprehensive oncology services, including screening, diagnosis, treatment, and rehabilitation [2] - Baize Medical's operations include hospital services, hospital management, supply of pharmaceuticals, medical devices, and consumables, as well as other health management services [2] - The company primarily operates in the Chinese market, providing services such as cancer diagnosis, treatment, rehabilitation, and end-of-life care [2]

本报记者 冷翠华 9月17日，国家金融监督管理总局（以下简称"金融监管总局"）发布批复，同意中国人民健康保险股份 有限公司（以下简称"人保健康"）投资设立人保健康管理有限公司（以下简称"人保健康管理公司"）。 这意味着由保险公司设立的健康管理子公司又增加了一家。业内人士认为，设立专业的健康管理公司， 既是保险公司优化保险附加服务的表现，也是人身险风险减量走向专业化的重要举措之一。未来，随着 健康保险和健康管理的深度融合，协同效应将更加明显。 设立健康管理子公司 根据金融监管总局批复，人保健康将用2亿元自有资金设立人保健康管理公司，持股比例100%。 对此，人保健康对《证券日报》记者表示，公司深入推进大健康生态建设和"健康工程"实施，着力构 建"保险+健康服务+科技"新商业模式，把健康管理服务作为风险减量的重要手段，坚持健康保险和健 康管理双轮驱动、融合互推，构建覆盖全流程的健康管理服务体系，有效降低客户疾病和失能风险发生 率，助力人民群众从"被动医疗"向"主动健康"转变。 人保健康表示，下一步将以专业健康管理公司为抓手，加强健康保险和健康管理融合发展的生态布局， 进一步推动实现健康险商业模式由传统费用报销型向 ...

Group 1 - The National Financial Regulatory Administration approved China People's Health Insurance Co., Ltd. to establish a health management subsidiary, indicating a trend of insurance companies optimizing additional services and moving towards professional risk reduction in life insurance [1][2] - China People's Health Insurance will invest 200 million yuan of its own funds to establish the health management company, aiming to create a new business model that integrates insurance, health services, and technology [2][3] - The establishment of health management companies by insurance firms is a growing trend, with examples from companies like China Pacific Insurance and Cigna, reflecting a shift from reactive claims to proactive health management [3][4] Group 2 - The health management subsidiary will enhance the integration of health insurance and health management, promoting a transition from traditional reimbursement models to managed healthcare [2][6] - The core motivation for insurance companies to establish health management companies is to create a comprehensive health ecosystem that connects insurance with medical services, thereby expanding their business scope and tapping into potential market opportunities [3][5] - The collaboration between insurance and health management services is expected to yield significant synergies, benefiting insurance companies, health management firms, and consumers alike, although the effectiveness of health management may take 3 to 5 years to fully materialize [5][6]

Core Viewpoint - The health management sector is emerging as a significant opportunity for the insurance industry, with major companies actively investing in this area to create a comprehensive health service ecosystem [1][4]. Group 1: Company Developments - On September 17, the China Banking and Insurance Regulatory Commission approved China People's Health Insurance Co., Ltd. to invest 200 million yuan to establish a health management subsidiary, holding a 100% stake [2][3]. - Other leading insurance companies, such as Taikang Insurance Group and China Merchants Jinling Life, have also established health management subsidiaries, indicating a broader trend in the industry [3]. Group 2: Market Potential and Strategy - The health management market holds significant potential, supported by policies encouraging the integration of health insurance and health management services [4][5]. - Health management services can enhance customer loyalty and meet the demand for personalized and continuous health management, aligning with the "Healthy China" strategy [4]. - The shift from pure insurance payouts to comprehensive health service provision is seen as a key strategy for insurance companies to remain competitive [4][5]. Group 3: Challenges and Considerations - The transition to an ecosystem-based competition in health insurance faces challenges, including balancing data sharing with privacy protection, ensuring service standardization, and matching costs with benefits [6]. - The initial high investment costs and long return periods (typically 5-8 years) pose profitability pressures for insurance companies, which often face short-term performance evaluation challenges [6]. - Companies are encouraged to focus on core areas with high demand and clear benefits, such as chronic disease management, and to leverage partnerships with medical technology firms to reduce costs through digital solutions [6].

Core Viewpoint - Desheng Tang is transforming its business model from a traditional product sales focus to a health demand-oriented approach, actively managing user health rather than merely selling products [1][3]. Group 1: Business Model Transformation - Desheng Tang positions itself as a "three-in-one" health management provider, integrating pharmaceutical retail, health services, and community engagement [3]. - The company has shifted from a passive sales model to proactive health management, employing health management experts in stores and utilizing online platforms for health reminders and education [3][4]. - Desheng Tang combines drug retail with health monitoring, chronic disease management, and specialized health services, aiming to manage long-term health rather than just selling medications [3][4]. Group 2: Competitive Strategy - The transformation is a response to intense competition in the pharmaceutical retail sector, rapid online platform development, and changing regulatory environments [4]. - Desheng Tang has established a comprehensive service network that includes online platforms, physical stores, and instant delivery services, collaborating with O2O platforms for quick delivery [4]. - The company emphasizes the importance of health services by tailoring health management services to different demographic needs and conducting community health events [4]. Group 3: Differentiation and Compliance - The company faces challenges from industry homogenization and the need for service capabilities to match its expansion [4]. - Desheng Tang aims to enhance its competitive edge through globalization, specialization, and digital intelligence, leveraging its rich traditional Chinese medicine culture [4]. - The company has implemented a compliance-focused approach to meet new regulatory requirements, ensuring the safety of medication use through professional pharmacist oversight [4].

Core Insights - The health of entrepreneurs is crucial for the sustainable development of companies and the creation of social value [1][3] - Professional health management is essential for entrepreneurs to maintain focus on their business and create greater social value [1][4] Entrepreneurial Journey: Health Awareness - The founder of Kelu Electronics, Rao Luhua, emphasizes that a healthy body and mind are foundational for business success, reflecting on his early experiences in the high-pressure environment of entrepreneurship [1][2] - Rao founded Kelu Electronics in 1996 with 3 million yuan, facing immense pressure as a leader, which led him to recognize the importance of health management [2][3] Importance of Health Management - Rao believes that without health, even the greatest ambitions are futile, highlighting the need for scientific health management to support entrepreneurs during their peak productive years [3][5] - He advocates for professional health management services, sharing personal experiences of how timely medical interventions have made significant differences in critical situations [4][5] Strategic Health Support - Rao appreciates the focused and professional approach of Guokang Health Management Group, which has been a partner for 13 years, emphasizing the efficiency gained from their services [4][5] - The ability to manage health risks proactively is seen as a core asset for companies, allowing entrepreneurs to extend their productive years and maintain their leadership roles [5]