Core Viewpoint - Health 160 has innovatively launched the 160 Cloud Hospital, leveraging a regional strategic layout and a "platform + SaaS" model to connect and deeply serve medical institutions, healthcare providers, and users, thereby providing digital empowerment in the healthcare service interaction process [1] Group 1 - The 160 Cloud Hospital integrates various healthcare service processes such as online appointment scheduling, triage, prescription renewal, online consultations, post-hospital follow-ups, and chronic disease management into a mobile platform [1] - The platform offers digital patient management tools for doctors, including online outpatient services, remote follow-ups, and follow-up tools, creating a seamless service system that connects online doctors with offline medical institutions [1] - This initiative aims to build a comprehensive digital health platform that covers the entire healthcare cycle, spanning serious medical care and consumer healthcare across multiple scenarios, thus significantly innovating traditional healthcare service models [1] Group 2 - The company is establishing a unique urban healthcare ecosystem based on a four-party win-win model, enhancing the overall healthcare service chain [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].

Company Overview - Health 160 International Limited, established in 2005, is a leading digital healthcare service provider in China, focusing on connecting medical institutions, doctors, and users to offer comprehensive healthcare services [4][5] - The company ranks first in the Chinese digital healthcare service industry based on platform registration volume, number of partner hospitals, and healthcare personnel [5] Market Position and Performance - As of March 2025, Health 160 has connected over 44,600 healthcare institutions, including 14,400 hospitals (with 3,430 tertiary hospitals), and has registered over 55.2 million personal users with an average of 3.3 million monthly active users [5] - The company’s IPO on September 17, 2025, was met with strong market interest, with an oversubscription of 751.77 times for the public offering and 1.92 times for the international offering, reflecting high investor confidence in its business model and growth prospects [1] Industry Outlook - The Chinese digital healthcare market is projected to reach RMB 740.1 billion by 2030, with Health 160 positioned to lead industry innovation and integration through its platform operations and resource consolidation capabilities [7] - The company has developed digital tools such as the 160 Cloud Hospital and Blue Dragonfly Infectious Disease Monitoring System to enhance efficiency and reduce costs for healthcare institutions [9] Business Model and Growth Potential - Health 160 has established a mature business model that combines digital solutions with pharmaceutical sales, achieving a full-service chain that includes over 200 healthcare services [9] - The company has a significant expansion potential, currently leading the market in South China and extending its reach to 260 cities nationwide, with a standardized model that can be rapidly replicated [9]

Core Viewpoint - Health 160 International Limited is launching an IPO in Hong Kong, aiming to raise approximately HKD 363.6 million for expanding medical resources, enhancing R&D, and strategic acquisitions [3][4]. Company Overview - Health 160 is a leading pharmaceutical wholesaler and digital healthcare service provider in China, focusing on "pharmaceutical sales" and "digital healthcare solutions" [3][4]. - The company connects over 44,600 healthcare institutions, including 14,400 hospitals, and has over 902,300 healthcare professionals registered on its platform [4]. Main Business - The company operates a diversified business matrix consisting of pharmaceutical sales and digital services, with the wholesale model being the primary revenue driver [5][7]. - In Q1 2025, the wholesale model accounted for 64.3% of revenue, while the retail model contributed 2.6% [5][7]. Financial Analysis - The company has shown stable revenue growth, with total revenues of RMB 525.6 million in 2022, RMB 628.6 million in 2023, and RMB 620.7 million in 2024 [6][8]. - The net loss narrowed from RMB 120.1 million in 2022 to RMB 17.1 million in Q1 2025, indicating improved cost control and profitability [6][8]. Competitive Advantages - Health 160's competitive edge lies in its extensive medical resource network and collaborative platform ecosystem, which includes partnerships with over 14,400 hospitals [9][10]. - The company has a user repurchase rate of 84.6% in Q1 2025, reflecting strong customer retention [9]. Industry Outlook - The Chinese healthcare market is projected to reach RMB 120.2 billion in 2024, with a CAGR of 7.9% from 2019 to 2024, while the digital healthcare sector is expected to grow at a CAGR of 32.1% [11][12]. - The aging population and supportive policies are key drivers of industry growth [11]. Valuation Analysis - The estimated market capitalization post-IPO is between HKD 40-50 billion, with a price-to-sales ratio of approximately 5.84-7.30 times, which is higher than comparable companies [13]. - Long-term valuation potential exists if the company can increase its digital business revenue and optimize its wholesale margins [13].