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 ...

Core Viewpoint - Health 160 is positioned as a leading digital healthcare service platform in China, showing clear signs of a performance turnaround with revenue growth and significantly reduced net losses, indicating a path to profitability [1][2]. Group 1: Financial Performance and Projections - Health 160's revenue is projected to grow from 6.58 billion to 11.49 billion CNY from 2025 to 2027, with growth rates of 6.00%, 21.80%, and 44.12% respectively [2]. - The company is expected to achieve net profits of -0.39 billion, 0.64 billion, and 2.58 billion CNY for the years 2025, 2026, and 2027, respectively, with a forecasted turnaround to profitability in 2026 [2]. Group 2: Business Model and Competitive Advantage - Health 160 operates on a dual-driven model of pharmaceutical distribution and digital health services, with the latter contributing higher profit margins (over 70%) despite a lower revenue share (approximately 30%) [4]. - The platform connects over 44,600 healthcare institutions, including more than 14,400 hospitals, and has established partnerships with over 900,000 healthcare professionals, creating a strong competitive barrier [4]. Group 3: Industry Trends and Growth Potential - The digital healthcare sector in China is experiencing rapid growth, with the market size expected to increase from 548 billion to 2,203 billion CNY, reflecting a compound annual growth rate (CAGR) of 32.1% [5]. - By 2030, the digital health service market is projected to reach 7,401 billion CNY, indicating significant growth potential for leading companies like Health 160 [5]. Group 4: Investment Value and Strategic Outlook - Health 160's investment value is driven by its unique resource and user base advantages, creating a strong network effect that is difficult to replicate [6]. - The company is expected to achieve full profitability by 2026, supported by the growth of high-margin AI medical and digital services [6]. - Future strategic initiatives may include expanding healthcare resource coverage, enhancing research capabilities, and exploring value-added services like commercial health insurance [6].

Core Viewpoint - Health 160 (02656) has seen a significant stock price increase of over 343% since its IPO, reaching a new high of 52.8 HKD, compared to its initial offering price of 11.89 HKD [1] Company Overview - Health 160 is an experienced wholesale distributor of pharmaceutical and health products in China, as well as a leading provider of integrated digital healthcare services [1] - The company offers a wide range of pharmaceutical health products and comprehensive digital healthcare solutions [1] Market Performance - As of the latest report, Health 160's stock is up 6.14%, trading at 52.75 HKD with a transaction volume of 31.5488 million HKD [1] Operational Metrics - Since its establishment, Health 160 has connected with over 44,600 healthcare institutions, including more than 14,400 hospitals (of which 3,430 are tertiary hospitals) and over 30,200 grassroots healthcare institutions, as of March 31, 2025 [1]

Core Viewpoint - Health 160 (02656) has seen a significant increase in stock price, rising over 230% from its IPO price of 11.89 HKD to a peak of 39.5 HKD, indicating strong market interest and performance [1] Company Overview - Health 160 is an experienced wholesaler of pharmaceutical and health products in China, as well as a leading provider of integrated digital healthcare services [1] - The company offers a wide range of pharmaceutical health products and comprehensive digital healthcare solutions [1] - Health 160 operates an online healthcare service platform, connecting various stakeholders in the healthcare industry [1] Platform Connectivity - As of March 31, 2025, Health 160's platform has connected over 44,600 healthcare institutions since its inception [1]

Core Viewpoint - Health 160 (02656) has seen a significant increase in stock price, rising over 230% from its IPO price of 11.89 HKD to a peak of 39.5 HKD, indicating strong market interest and performance [1] Company Overview - Health 160 is an experienced wholesale distributor of pharmaceutical and health products in China, as well as a leading provider of integrated digital healthcare services [1] - The company offers a wide range of pharmaceutical health products and comprehensive digital healthcare solutions [1] - Health 160 operates an online healthcare service platform, connecting various stakeholders in the healthcare industry [1] Platform Connectivity - As of March 31, 2025, Health 160's platform has connected over 44,600 healthcare institutions since its inception [1]

Core Viewpoint - Health 160 (02656) has seen a significant stock price increase, rising over 10% to reach a new high of 35 HKD, nearly doubling from its IPO price of 11.89 HKD [1] Company Overview - Health 160 is an experienced Chinese pharmaceutical and health products wholesaler and a leading provider of digital healthcare integrated services [1] - The company offers a variety of pharmaceutical health products and comprehensive digital healthcare solutions [1] - Health 160 operates an online healthcare service platform, connecting various stakeholders in the healthcare industry [1] Platform Connectivity - As of March 31, 2025, Health 160's platform has connected over 44,600 healthcare institutions since its inception [1] - This includes more than 14,400 hospitals, of which 3,430 are tertiary hospitals, and over 30,200 grassroots healthcare institutions [1]

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 (Health 160) has successfully listed on the Hong Kong Stock Exchange, with a closing price of 28.22 HKD, reflecting a significant increase of 137.34% from its opening price of 29.98 HKD. The company operates as a wholesaler of pharmaceutical health products and a provider of digital healthcare solutions in China [1]. Group 1: IPO Details - Health 160 issued a total of 33,645,500 shares in its global offering, with 3,364,750 shares allocated for the Hong Kong public offering and 30,280,750 shares for international offering [2]. - The final offer price for the shares was set at 11.89 HKD, resulting in total proceeds of 400 million HKD. After deducting estimated listing expenses of 83.9 million HKD, the net proceeds amounted to 316.1 million HKD [3]. Group 2: Use of Proceeds - The net proceeds from the global offering are intended to be used for expanding healthcare resource coverage, enhancing research and development capabilities, diversifying product and service offerings, exploring strategic partnerships and acquisitions, and for general working capital purposes [3]. Group 3: Financial Performance - Health 160 reported revenues of 525.6 million RMB, 628.6 million RMB, and 620.7 million RMB for the years 2022, 2023, and 2024 respectively, with quarterly revenues of 94.2 million RMB and 100.5 million RMB for the first quarters of 2024 and 2025 [5]. - Despite revenue growth, the company recorded operating losses of 79.2 million RMB, 99.5 million RMB, and 104.6 million RMB for the years 2022, 2023, and 2024, respectively, indicating ongoing challenges in achieving profitability [6]. - The adjusted net losses for the same periods were 118.9 million RMB, 111.2 million RMB, and 108.2 million RMB, with quarterly adjusted net losses of 40.6 million RMB and 17.1 million RMB for the first quarters of 2024 and 2025 [7].