此次通过港交所聆讯，不仅是对健康160商业模式和发展前景的肯定，也为其后续扩张提供了强有力的 资本支持。据悉，公司计划将募集资金用于技术研发、市场拓展及战略投资，进一步强化其在AI辅助 诊断、慢病管理、智慧医院解决方案等领域的布局，提升服务深度与用户体验。 行业分析人士指出，健康160的上市将推动数字健康行业加速整合，促进更多资源向头部平台集中，同 时也有助于推动公共卫生服务的普惠化和高效化。 （编辑 郭之宸） 本报讯 （记者王镜茹）据港交所9月4日披露，健康160国际有限公司（以下简称"健康160"）通过港交 所主板上市聆讯。这一重大进展标志着健康160成为国内数字健康领域又一家成功冲击资本市场的企 业，也为行业注入了新的信心与活力。 健康160成立于2005年，是国内较早涉足"互联网+医疗"领域的平台之一。公司以预约挂号服务为起点， 逐步拓展至在线问诊、健康管理、医药电商、医疗信息化等多个板块，构建了覆盖患者、医院、医生及 药企的全链条服务体系。截至目前，平台已接入全国超千家大型医院，注册用户数量突破亿级，日均服 务量达百万次，在医疗服务数字化和资源整合方面形成了显著优势。 ...

Core Viewpoint - Ping An Health's mid-term performance for 2025 shows significant growth, with total revenue reaching 2.5 billion yuan, a year-on-year increase of 19.5%, and a net profit of 134 million yuan, up 136.8% from the previous year, marking its best performance in recent years [1][2] Financial Performance - Total revenue for Ping An Health in the first half of 2025 was 2.5 billion yuan, reflecting a 19.5% year-on-year growth [1] - The net profit attributable to shareholders was 134 million yuan, representing a 136.8% increase year-on-year [1] - The company achieved a total revenue of 4.81 billion yuan in 2024, with F-end and B-end business revenues growing by 17.2% [6] Business Strategy - The company emphasizes "deepening synergy, strengthening advantages, and healthy growth" as key strategies for its operations [1] - Ping An Health's business model integrates insurance and healthcare services, focusing on enhancing service quality for existing clients while exploring new customer acquisition [4][5] - The company has expanded its service network to cover various channels, including online, in-store, at-home, and corporate services, establishing partnerships with over 4,000 hospitals and 24,000 pharmacies [6] Customer Base and Market Expansion - The number of paid users in the F-end and B-end segments increased by 35.1% year-on-year, with over 3,500 paid corporate clients and more than 3.6 million B-end users [2][4] - Ping An Health's home care service user base grew by 83%, covering 85 cities [7] Challenges and Concerns - Despite high growth, there are concerns regarding the company's reliance on Ping An Group for customer acquisition, which may limit its independent customer acquisition capabilities [4][5] - The home care business faces challenges such as high service costs, limited payment willingness, and the difficulty of standardization in services [7] Technological Integration - AI technology is seen as a key driver for cost reduction and efficiency improvement, with AI-assisted services reducing average service costs by approximately 52% [8] - The company has launched a comprehensive AI medical product matrix to enhance service offerings, although AI's role remains primarily supportive at this stage [7][8] Future Outlook - The company aims to transform its technological advantages into sustainable revenue growth, addressing the need for independent customer acquisition and overcoming industry-wide profitability challenges [9]

Core Viewpoint - China is experiencing one of the fastest population aging processes globally, with the elderly population expected to exceed 300 million by 2024, accounting for approximately 22% of the total population, and projected to reach 402 million by 2040 [3][6]. Group 1: Aging Population Statistics - By the end of 2019, the elderly population (aged 60 and above) in China reached 254 million, with an annual growth rate of 3.7%, significantly higher than the global average [3][6]. - The proportion of individuals aged 65 and above in China reached 14.2% in 2021, doubling in just 21 years, while developed countries typically take around 50 years to achieve the same [9][12]. - By 2050, the population aged 65 and above is expected to reach 395 million, surpassing the current population of the United States [9]. Group 2: Health Challenges - Approximately 75% of elderly individuals suffer from chronic diseases such as cardiovascular diseases, diabetes, and hypertension, with an average of 2.3 chronic conditions per elderly person [6][11]. - The prevalence of Alzheimer's disease and other dementias reached 17 million in 2021, with osteoporosis patients nearing 100 million [12][23]. - Cardiovascular diseases are the leading cause of death among both urban and rural residents, accounting for nearly 49% of deaths in rural areas and 47% in urban areas [14][16]. Group 3: Healthcare System Challenges - There is a significant shortage of specialized geriatric healthcare professionals, with only 59,000 geriatricians available for a population of 300 million elderly individuals [29]. - The detection and diagnosis rates for elderly diseases are insufficient, with many potential diseases going undetected due to a lack of early screening mechanisms [29]. - Rural areas face more severe chronic disease issues due to limited medical resources and lower rates of regular health check-ups [29]. Group 4: Need for Integrated Health Systems - There is an urgent need to establish an integrated prevention, diagnosis, and rehabilitation system for elderly diseases to address the challenges posed by an aging population [26][28]. - The construction of a resilient health system is essential to ensure equitable access to healthcare services across urban and rural areas, addressing the disparities in healthcare resource distribution [37].

Group 1 - The core viewpoint of the articles highlights the significant growth and strategic advancements of Ping An Good Doctor in the healthcare sector, particularly through AI technology and partnerships [1][2] - On June 30, Ping An Good Doctor's stock rose nearly 6% to HKD 9.07, marking a three-day consecutive increase and reaching a new high since late February [1] - The company announced a brand upgrade to "Ping An Good Doctor" on June 10, introducing a comprehensive AI medical product matrix called "7+N+1" aimed at enhancing user experience and service efficiency [1] Group 2 - The healthcare industry is increasingly leaning towards AI-enabled solutions due to the pressures from an aging population and rising chronic disease rates, positioning Ping An Good Doctor as a leader in this transition [2] - Analysts from Citigroup and Goldman Sachs express strong confidence in Ping An Good Doctor's strategic focus on enhancing user experience and its robust financial performance, with Citigroup listing it as a preferred stock [2] - The collaboration with Meituan aims to enhance health service offerings for commercial insurance users and expand O2O services to over 100 cities by the end of 2025, promoting digitalization in the healthcare sector [1]

Group 1 - The core of the collaboration between Chunyu Doctor and Zhongke Wenge focuses on integrating AI technology with traditional Chinese medicine, specifically through the development of a large model that utilizes clinical data and diagnostic cases related to tongue diagnosis [2][4] - Chunyu Doctor, founded in 2011, has become a leader in China's mobile internet healthcare sector, accumulating 1.8 billion users and over 68,000 practicing physicians on its platform by March 2025 [3] - The daily consultation volume for Chunyu Doctor exceeds 390,000, with a customer satisfaction rate of 98%, indicating its effectiveness as a comprehensive digital healthcare platform [5] Group 2 - Zhongke Wenge, an AI enterprise incubated by the Chinese Academy of Sciences, focuses on decision intelligence technology and has developed proprietary systems for AI data operations and multi-modal models [6] - The strategic partnership aims to create an integrated AI service system for traditional Chinese medicine that encompasses prevention, diagnosis, treatment, and health management [4]

Core Viewpoint - Tongfang Global Life Insurance Co., Ltd. emphasizes a customer-first service philosophy and aims to provide comprehensive protection and support for clients and their families through innovative health services and financial education initiatives [1][2]. Group 1: Health Services - The company launched a series of health value-added services, including online consultations, online medication purchases, caregiver hospital support, and discharge transportation arrangements [1]. - In the first quarter, the company recorded 3,621 online consultations, averaging 40.2 consultations per day, with a response time of 5 seconds during the Spring Festival, providing 416 consultations for hundreds of families [1]. - The online medication service delivered medications in as fast as 7 minutes, offering a total of 165,000 yuan in discounts to alleviate the financial burden on patients and their families [1]. - The company assisted in arranging 83 medical services, including expert outpatient consultations, hospital admissions, surgeries, and expedited examinations [1]. - The "Family Full Lifecycle Protection" service covered over 6,000 client families, focusing on health, mid-to-high-end medical care, and elderly care, with 25 selected value-added services [1]. Group 2: Policy Services - In the first quarter, the company processed 99,000 policy transactions, with 95% completed online, achieving an average processing time of 1.02 days [2]. - The company paid out survival benefits for 10,024 policies, totaling 761 million yuan, with the highest single payout reaching 11.79 million yuan [2]. - Customer service hotline received 77,700 calls, with an average satisfaction score of 4.96 out of 5 for human services [2]. Group 3: Consumer Education and Protection - The company actively promotes consumer rights protection by responding to regulatory calls and raising awareness about financial services, including reviving dormant policies and optimizing pension products [2]. - A total of 214 financial knowledge and risk warning messages were published, including 116 original warnings against illegal financial activities [2]. - The company conducted 264 educational outreach activities, focusing on vulnerable groups such as the elderly, new citizens, youth, disabled individuals, and rural residents [2]. Group 4: Future Outlook - The company plans to continue enhancing consumer rights protection services, fostering a harmonious and healthy financial environment in collaboration with consumers [3].