2025年12月24日，开盘证券发布健康160（2656.HK）首次覆盖报告——数字医疗龙头平台步入盈利拐 点，稀缺资源禀赋驱动价值重估。首次覆盖给予"买入"评级，目标价90.54港元。 健康160是国内领先的数字医疗健康综合服务平台，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，构筑了深厚的"资源+用户"双壁垒。报告期 内，公司展现出明确的业绩拐点信号：营收重回增长轨道，经调整净亏损大幅收窄，盈利在望。 开盘证券测算2025-2027年，公司营收分别为6.74/7.75/9.30亿元，增速分别为8%/15%/20%；净利润分别 为0.12/0.36/0.9亿元。健康 160 核心看点是营收逐步企稳、亏损加速收窄，叠加 AI 医疗与数字服务高毛 利业务放量，预计 2026 年实现盈利，当前估值虽有溢价但成长确定性强，给予 "买入" 评级。 其业务形成"医药产品经销"与"数字健康服务"双轮驱动，并依托覆盖全国超260个城市的本地化网络持 续扩张。当前，公司正受益于数字医疗行业的高景气度，其独特的平台价值、清晰的盈利路径及稳固的 行业龙头地位，预示其将迎来从" ...

Group 1: Leadership Changes - Chairman Zhou Wei of Weining Health has resigned from his positions due to personal reasons, including his role as the legal representative of the company [1][3] - Liu Ning, one of the company's main founders, has been elected as the new chairman of the board, effective immediately [1][3] Group 2: Financial Performance - Weining Health reported a third-quarter revenue of 457 million yuan, a year-on-year decrease of 33.78% [4][5] - The net profit for the same period was a loss of 123 million yuan, reflecting a significant decline of 199.16% compared to the previous year [4][5] - Year-to-date revenue reached approximately 1.296 billion yuan, down 32.27% from the previous year [5] Group 3: Shareholding Information - Liu Ning directly holds 104 million shares, representing 4.68% of the total share capital, while his spouse holds an additional 37.01 million shares, totaling 6.35% combined [3] - Liu Ning also holds 333,500 convertible bonds, accounting for 3.44% of the total convertible bond quantity [3]

Core Viewpoint - The company, Lighter Health Group, has re-submitted its IPO application after its initial attempt failed, indicating a strategic shift and restructuring of its business model to focus on digital health and insurance services while divesting from its crowdfunding platform, Lighter Chou [1][3][5]. Group 1: Company Background and Business Model - Lighter Health Group was established in 2014, originally focusing on comprehensive health solutions including early screening, health management, and health insurance [3]. - The company transitioned from its initial crowdfunding platform, Lighter Chou, which gained significant traction, reaching over 600 million users by 2019, to a broader health service provider [3][4]. - The company plans to fully divest its crowdfunding business by June 2024, retaining only its digital health and insurance operations [3][5]. Group 2: Financial Performance - Revenue figures for Lighter Health from 2022 to the first half of 2025 show a growth trend with revenues of 394 million, 490 million, 945 million, and 656 million respectively, but net profits have declined from 149 million to 51.2 million during the same period [5][6]. - The gross margin has decreased significantly from 82.6% in 2022 to 32.5% in the first half of 2025, while net profit margin has shrunk from 37.9% to 7.8% [5][6]. Group 3: Business Strategy and Market Challenges - The company is shifting its primary revenue source to digital marketing services, which have grown from contributing 0.23 million to 4.44 million in revenue from 2023 to the first half of 2025, now accounting for 67.7% of total revenue [7]. - However, the gross margin for digital marketing services is lower and more volatile, impacting overall profitability [7]. - The company faces regulatory challenges as the government increases scrutiny on internet platforms, particularly in the health sector, which could pose risks to its new business model [8][9][10]. Group 4: User Engagement and Market Position - Following the divestment of Lighter Chou, the company has experienced a significant drop in active users, from 70.5 million in 2022 to 22.7 million, a decline of 68% [10]. - Comparisons with similar companies, such as Waterdrop, indicate that the loss of a crowdfunding model can lead to increased customer acquisition costs and declining valuations in the capital market [10][12]. - The historical reliance on Lighter Chou has created both growth opportunities and regulatory burdens, which may hinder the company's IPO prospects and overall market valuation [12].