2025年12月下旬，开盘证券等机构发布针对健康160（02656.HK）的评级报告，最高目标价达到95.51港 元，引发市场广泛关注。 作为国内领先的数字医疗健康综合服务平台，健康160凭借超过18年的行业深耕，在平台挂号量、合作 医疗机构及医护人员数量等核心资源指标上均位列行业第一。券商研究所的乐观预期正是源于健康160 展现出的明确业绩拐点信号：营收重回增长轨道，经调整净亏损大幅收窄，盈利在望。 健康160的业务构成呈现出鲜明的"医药产品经销与数字健康服务双轮驱动"特征。医药健康用品销售业 务贡献了公司收入的主要部分，但毛利率较低；而数字医疗健康解决方案虽然收入占比约30%，但毛利 率超过70%，成为公司盈利改善的关键动力。截至2025年3月31日，健康160的平台已连接超过4.46万家 医疗健康机构，其中包括超过1.44万家医院（含3430家三级医院）及超过3.02万家基层医疗卫生机构。 平台与超过90万名医护人员建立合作关系，注册个人用户达到5690万名。这些资源构成了健康160的核 心竞争壁垒。 行业风口：数字医疗赛道迎来黄金发展期 中国医疗健康行业正经历深刻变革。根据行业数据，数字医疗健康综合服 ...

Group 1 - Health 160 International Limited successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 359 million through the issuance of 33.6455 million shares at HKD 11.89 each, with funds allocated for network expansion, R&D, service upgrades, strategic acquisitions, and daily operations [1] - The company has established a comprehensive digital service system covering pre-diagnosis, diagnosis, and post-diagnosis, connecting over 44,600 healthcare institutions, including 14,400 hospitals and 3,430 tertiary hospitals, serving over 55.2 million registered users [3][4] - Health 160's revenue has shown steady growth from RMB 525.6 million in 2022 to RMB 628.6 million in 2023, with Q1 2025 revenue reaching RMB 100.5 million, while adjusted net losses have significantly narrowed [4] Group 2 - The Chinese digital healthcare market is entering a period of explosive growth, with forecasts predicting a market size of RMB 740.1 billion by 2030 and a compound annual growth rate of approximately 22.4% from 2024 to 2030 [6] - Health 160 aims to leverage its successful Shenzhen model to accelerate the nationwide rollout of "160 Cloud Hospital," having established 11 regional operation centers to enhance operational efficiency and provide a one-stop service for online appointments, internet consultations, electronic prescriptions, and drug delivery [4][6]

Core Viewpoint - Health 160 International Limited has officially listed on the Hong Kong Stock Exchange, raising approximately HKD 359 million to expand its medical resource coverage and enhance its research and development capabilities [1][4]. Company Overview - Founded in 2005 in Nanshan District, Shenzhen, Health 160 leverages internet technology and innovative models to improve the operational efficiency of healthcare institutions and assist healthcare professionals in managing patients [3]. - The company has developed a comprehensive healthcare service platform that integrates online and offline medical resources, offering services such as online appointment booking, internet consultations, electronic prescriptions, and drug delivery [4]. Business Model - Health 160 operates a dual-driven business model consisting of "pharmaceutical health product sales" and "digital healthcare solutions," connecting over 44,600 healthcare institutions and 902,300 healthcare professionals across more than 260 cities [5]. - The company is actively promoting the "160 Cloud Hospital" initiative nationwide, aiming to enhance the promotion and operational efficiency of healthcare institutions through digital means [5]. Financial Performance - Health 160 has demonstrated steady revenue growth over the past three years, with revenues of RMB 525.6 million, RMB 628.6 million, and RMB 620.7 million for 2022, 2023, and 2024, respectively [9]. - The adjusted net loss significantly narrowed from RMB 81.95 million in 2022 to RMB 35.69 million in 2023, and further to RMB 31.47 million in 2024, with the first quarter of 2025 showing an adjusted net loss of RMB 7.16 million [9]. Market Outlook - The digital healthcare market in China is expected to experience rapid growth, with the market size projected to reach RMB 740.1 billion by 2030, driven by the "Healthy China 2030" initiative and the "Internet + Healthcare" policy [9].

Core Viewpoint - Health 160 (02656.HK) successfully listed on the Hong Kong Stock Exchange, with a significant opening increase of 150.96%, reflecting strong investor interest and a market capitalization exceeding HKD 10 billion [2][4] Company Overview - Health 160 is a leading digital healthcare service provider in China, focusing on a dual business model of "pharmaceutical health product sales" and "digital healthcare solutions" [4][5] - The company has established a vast network connecting over 44,600 healthcare institutions and 902,300 healthcare professionals, serving more than 55.2 million registered users across over 260 cities [6] Financial Performance - The company has shown steady revenue growth over the past three years, with revenues of RMB 525.6 million, RMB 628.6 million, and RMB 620.7 million for 2022, 2023, and 2024 respectively [6] - The adjusted net loss has significantly narrowed from RMB 81.95 million in 2022 to RMB 35.69 million in 2023, and further to RMB 31.47 million in 2024 [6] Market Position and Growth Potential - Health 160 is recognized as the largest digital healthcare service platform in China, with a projected market size of RMB 740.1 billion by 2030, growing at a compound annual growth rate of 22.4% from 2024 to 2030 [7] - The successful listing is expected to enhance the company's market position and accelerate the comprehensive layout of its digital health service ecosystem [7]

Core Viewpoint - Health 160 International Limited is seeking to list on the Hong Kong Stock Exchange, but faces significant challenges including weak profitability and growth bottlenecks [1][2][3] Group 1: Company Overview - Health 160 was established in 2005 and aims to be the largest digital healthcare service platform in China by 2024, based on various metrics [1] - The company has attempted to list on the Hong Kong Stock Exchange three times since December 2023 without success [1] Group 2: Revenue Structure - Health 160's revenue is primarily derived from two segments: pharmaceutical sales and digital healthcare solutions, with pharmaceutical sales accounting for 73.2%, 71.7%, and 68.7% of total revenue from 2022 to 2024 [2][3] - The gross margin for pharmaceutical sales has significantly declined from 7.9% in 2020 to 1.4% in 2024, which is substantially lower than industry averages [3][4] Group 3: Financial Performance - Revenue from pharmaceutical sales for 2022, 2023, and 2024 was 385 million, 451 million, and 427 million respectively, with gross profits of 15.65 million, 8.75 million, and 6.15 million [3] - The company has reported operating losses of 79 million, 100 million, and 105 million from 2022 to 2024, indicating ongoing financial struggles [10] Group 4: Customer Dependency - The company has a high dependency on a few major clients, with revenue from the top five clients accounting for 41.3%, 34.6%, and 40.0% of total revenue from 2022 to 2024 [5] - The largest client, Henan Pengyuan Pharmaceutical Co., Ltd., has raised concerns due to reported debt issues despite significant procurement from Health 160 [5] Group 5: Digital Healthcare Solutions - The digital healthcare segment includes appointment scheduling, content marketing, and IT services, but lacks differentiation and competitive advantage [6][7] - Revenue from digital healthcare solutions has shown growth but at a slowing rate, with 2022, 2023, and 2024 revenues of 141 million, 178 million, and 194 million respectively [6] Group 6: User Engagement - Average monthly active users have stagnated, with figures of 3.9 million, 3.3 million, 3.1 million, and 3.3 million from 2021 to 2024, indicating a growth bottleneck [8][9] - The user repurchase rate has decreased to 65.7%, the lowest in three years [9] Group 7: Sales and Marketing Expenses - Sales expenses have increased consistently from 82 million in 2021 to 117 million in 2024, with a sales expense ratio reaching a historical high of 18.9% in 2024 [10]