被称为"AI慢病管理第一股"的方舟健客(6086.HK)盘初曾直线拉升涨至9%，现报4.22港元，总市值56.6亿港元。消息上，方 舟健客日前发布业绩显示，2025年上半年收入14.94亿，同比增长12.9%；净利润实现扭亏为盈，达1250万元；经调整净利润 再创新高，达1760万元，同比增长16.8%。 信达证券研报指出，方舟健客25H1归母净利润扭亏为盈，期待25H2业绩及AI布局双突破，作为中国领先的线上慢病管理平 台，公司月活用户超1100万名且复购率达85%。截至2025H1，公司平台的注册用户达到5280万名，截至2025年6月30日的十 二个月平均月活跃用户为1190万名。同时，公司付费用户的重复购买率达85.4%。此外，公司仍特别专注于诸如减重、代谢 类、传染类等专科领域。 责任编辑：栎树 该行续指，公司部署了"AI导诊智能体"协助患者选择医生及适配科室，并推出"AI医生助理"为医生提供诊疗支持。同时， 公司亦升级了"AI客服助理"，以更好地支持患者全程的用药管理。公司构建了一个促进医生效率持续提升、对患者进行全 生命周期管理的创新业务模式。 ...

格隆汇9月3日｜被称为"AI慢病管理第一股"的方舟健客(6086.HK)盘初曾直线拉升涨至9%，现报4.22港元，总市值56.6亿港元。消息上，方舟健客日前发布 业绩显示，2025年上半年收入14.94亿，同比增长12.9%；净利润实现扭亏为盈，达1250万元；经调整净利润再创新高，达1760万元，同比增长16.8%。 信达证券研报指出，方舟健客25H1归母净利润扭亏为盈，期待25H2业绩及AI布局双突破，作为中国领先的线上慢病管理平台，公司月活用户超1100万名且 复购率达85%。截至2025H1，公司平台的注册用户达到5280万名，截至2025年6月30日的十二个月平均月活跃用户为1190万名。同时，公司付费用户的重复 购买率达85.4%。此外，公司仍特别专注于诸如减重、代谢类、传染类等专科领域。 该行续指，公司部署了"AI导诊智能体"协助患者选择医生及适配科室，并推出"AI医生助理"为医生提供诊疗支持。同时，公司亦升级了"AI客服助理"，以更 好地支持患者全程的用药管理。公司构建了一个促进医生效率持续提升、对患者进行全生命周期管理的创新业务模式。(格隆汇) ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 上次评级 点评： [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 核25H1 归母净利润扭亏为盈，期待 25H2 业绩及 AI 布局双突破 [Table_ReportDate] 2025 年 09 月 03 日 [Table_S 事件：公司发布 ummary] 2025 年中期业绩公告。2025H1 公司收入约为 14.94 亿元 （同比+12.91%），经调整净利润约 0.18 亿元（同比+16.8%），归母净利润 约 0.12 亿元（同比扭亏为盈）。 [T ...

Core Viewpoint - The article highlights Ark Health's impressive mid-year performance for 2025, showcasing its strong growth in revenue and profitability, while positioning itself as a leader in AI-driven chronic disease management [1][12]. Financial Performance - Ark Health reported a revenue of approximately 1.494 billion RMB for the first half of 2025, reflecting a year-on-year growth of 12.9% [2]. - The company achieved a net profit of about 12.5 million RMB, marking a turnaround from losses, with adjusted net profit increasing by 16.8% year-on-year to approximately 17.6 million RMB, setting a historical high [2]. User Growth and Engagement - As of mid-2025, Ark Health's registered user base reached 52.8 million, a 15.8% increase year-on-year, with monthly active users rising to 11.9 million, a significant growth of 34.4% [3]. - The company boasts a high repurchase rate of 85.4% among paying users, indicating strong user retention and engagement [3]. Supply Chain and Ecosystem - Ark Health has established partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies, expanding its drug SKU to 216,000, with prescription drugs accounting for approximately 62% [4]. - The company's strong supply chain supports its long-term medication needs, enhancing user retention and overall performance [4]. AI Integration and Competitive Advantage - The company has integrated advanced AI technologies into its operations, launching several AI solutions to enhance efficiency in chronic disease management [5][6]. - Ark Health's "familiar doctor-patient" model fosters long-term relationships, leading to higher user loyalty and engagement compared to traditional one-time consultation models [5][7]. Industry Trends and Market Potential - The AI and healthcare sector is experiencing significant growth, driven by policy support and increasing demand for efficient chronic disease management services [8][9]. - The digital chronic disease management market in China is projected to grow from 113.7 billion RMB in 2019 to 464.5 billion RMB in 2023, with a compound annual growth rate of 42.2% [9]. Future Outlook - Ark Health's AI-driven chronic disease management solutions are expected to expand further, capitalizing on the growing demand and ongoing digitalization of healthcare services [12]. - The company's current market valuation does not reflect its growth potential, suggesting significant upside potential for investors [13].

Core Insights - The article highlights Ark Health's impressive mid-year performance for 2025, showcasing strong revenue growth and profitability, while aligning with the trends in AI and chronic disease management [1][2]. Financial Performance - Ark Health reported revenue of approximately 1.494 billion RMB, a year-on-year increase of 12.9%, indicating robust business expansion despite a slowing growth rate in the internet healthcare sector [2]. - The company achieved a net profit of around 12.5 million RMB, marking a turnaround from losses, with adjusted net profit rising 16.8% year-on-year to approximately 17.6 million RMB, setting a historical high [2]. - Registered users reached 52.8 million, a 15.8% increase, while monthly active users surged to 11.9 million, reflecting a significant 34.4% growth [2]. User Engagement and Ecosystem - The company boasts a high repurchase rate of 85.4% among paying users, with prescription drug transactions accounting for 81.7%, reinforcing its focus on chronic disease management [3]. - Ark Health has established partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies, expanding its drug SKU to 216,000, with approximately 62% being prescription drugs [3]. AI Integration and Competitive Advantage - The integration of AI technologies has enhanced Ark Health's service offerings, including the development of AI-driven solutions for patient management and medical record keeping [5][6]. - The "familiar doctor-patient" model differentiates Ark Health from competitors, fostering long-term relationships that enhance user loyalty and engagement [4][6]. Market Trends and Growth Potential - The AI and healthcare sector is experiencing significant growth, driven by policy support and increasing demand for efficient chronic disease management services [7][8]. - The digital chronic disease management market in China is projected to grow from 113.7 billion RMB in 2019 to 464.5 billion RMB in 2023, with a compound annual growth rate of 42.2% [8]. Future Outlook - Ark Health's AI-driven chronic disease management solutions are expected to expand further, capitalizing on the ongoing digital transformation in primary healthcare [10]. - The company's current market valuation does not reflect its growth potential, with a significant upside projected based on its performance and market trends [11].

21世纪经济报道记者 闫硕 "'AI慢病管理第一股'方舟健客估值被低估"的话题近日被广泛讨论。伴随着讨论，方舟健客发布了其 2025年半年报，首次实现扭亏为盈。这也在一定程度上印证了其被低估的声音。 报告期内，方舟健客实现营收14.94亿元，同比增长12.9%；实现净利润1248.20万元，首次实现扭亏为 盈；经调整净利润达到1758.40万元，同比增长16.8%。 对于业绩的增长，方舟健客指出，主要因线上零售药店服务及综合医疗服务实现增长。 报告期内，方舟健客线上零售药店收入达到8.64亿元，同比增长28.2%。这一增长与中国医药零售的深 度变革有关，电商渠道已成为医药零售增长的核心引擎。 根据中康CMH数据，2024年药品零售市场规模达5019亿元，同比微增0.8%，其中电商渠道以645亿元规 模、4.6%的增速成为增长主力，实体药店（含O2O）增速仅0.3%。 从商品种类看，方舟健客由于主要面向慢病患者，因此主要以处方药为主，21.6万个药物SKUs（最小 存货单位）中62%为处方药。报告期内，其处方药销售额占商品交易总额的81.7%。 综合医疗服务收入尽管有所增长，但毛利率有所下降。报告期内，综合医疗 ...

人工智能产业迎来新一轮变革，大模型能力的突破式迭代和推理成本快速下降使得大模型应用迅速发 展。在2025全球数字经济大会人工智能融合应用发展论坛上，与会专家表示，大模型应用在过去一年内 呈现成本大幅下降趋势，这为人工智能应用加快落地提供了重要基础条件。 用户为先，数智化持续提升用户体验 AI数字化浪潮下，互联网医疗迎来产业升级机会。通过数智化持续提升健康服务体验，成为互联网医 疗锚定用户痛点，满足不同用户全场景需求的关键。AI正在打破资源壁垒，让优质服务惠及更多人 群。 据统计，中国"灯塔工厂"数量已占全球42%，AI医疗将肺癌早期筛查准确率提升至97%，这些数字背 后，是AI技术正在深刻重塑产业形态与社会生活的生动写照。 方舟健客以H2H服务平台为基，将AI融入互联网医疗领域的多个应用场景，为行业未来发展探索更广阔 的可能性。 2025年，方舟健客"H2H服务平台"就相继接入能力丰富、领先的AI大模型，还与腾讯云、腾讯健康深化 技术层面的战略合作，共同探索AI在医药流通、健康管理等领域的创新应用，为互联网医疗行业的提 质升级提供更智能的解决方案。 在AI深度赋能下，方舟健客研发的AI医生助理、AI客服助理等 ...

Group 1 - The core viewpoint is that the internet healthcare industry is experiencing a digital transformation driven by the increasing prevalence of chronic diseases, technological advancements, and policy support [1][2][3] - The number of chronic disease patients in China is expected to reach 480 million, with chronic diseases accounting for over 80% of annual deaths [2] - The chronic disease management market in China is projected to exceed 1 trillion yuan by 2029, representing a growth of over 54% compared to over 700 billion yuan in 2023 [2] Group 2 - Traditional chronic disease management faces challenges such as resource shortages, inefficiency, and lack of personalized services due to the aging population and rising disease incidence [2] - The application of new technologies like artificial intelligence and big data significantly enhances the accessibility and precision of chronic disease management [2][4] - The government is promoting diversified health and elderly care services to address population aging, which supports the growth of the internet healthcare sector [3] Group 3 - Ark Cloud Health Holdings Limited (方舟云康) is leveraging its resources and technological innovations to explore a unique path in the internet healthcare sector, focusing on chronic disease management [3] - The company has developed a comprehensive system for chronic disease management that is patient-centered and digitally driven, covering the entire lifecycle of chronic disease patients [2][4] - Ark Cloud Health is integrating artificial intelligence into chronic disease management, transforming AI products from tools to collaborators, thereby enhancing the efficiency and effectiveness of healthcare services [4]

Group 1 - The core viewpoint emphasizes the integration of "Artificial Intelligence+" in internet healthcare, which accelerates the iteration of AI technology and promotes the deep fusion of digital and real economies in the sector [2][3] - The company, led by its founder and CEO Xie Fangmin, is committed to technological innovation and seizing opportunities in AI breakthroughs to enhance the integration of AI with internet healthcare [2][3] - The H2H (Hospital to Home) smart medical service ecosystem has been innovatively constructed, utilizing AI to upgrade the "AI+H2H" service platform, providing precise and professional chronic disease services [2] Group 2 - Xie Fangmin's strategic vision and market insight have been pivotal in the company's technological advancements, earning him recognition as a leading entrepreneur in the healthcare sector [3] - The company focuses on user needs as the core guide for technology implementation, aiming to provide comprehensive, high-quality, and trustworthy smart health services [3] - The deep penetration of AI technology into healthcare and public welfare is highlighted, with the company committed to building core competitiveness through the practical application of AI in various scenarios [3]

Core Insights - The company, Ark Health, reported a total revenue of 2.707 billion yuan for 2024, marking an 11.2% year-on-year increase, and an adjusted net profit of 17.119 million yuan, which is a 139% increase compared to 2023, showcasing its enhanced profitability and the effectiveness of AI in the healthcare sector [3][4] - Ark Health focuses on internet-based chronic disease management, providing comprehensive services and has successfully listed on the Hong Kong Stock Exchange, boosting market confidence in the internet and pharmaceutical industries [3][4] - The company aims to maintain high-quality development by leveraging AI technology and innovation, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [3][4] Financial Performance - Online retail pharmacy services contributed 1.405 billion yuan in revenue, up 8.3%, while customized content and marketing solutions generated 105 million yuan, with a growth rate of 20.7% [4] - The gross margin for comprehensive medical services improved from 15.20% at the end of 2023 to 17.20% at the end of 2024, indicating a focus on sustainable business development [4] - The registered user base for the chronic disease management service platform grew from 42.7 million to 49.2 million, with a monthly active user count rising to 10.1 million, reflecting a 20% year-on-year increase [4][5] Technological Advancements - The company has integrated advanced technologies such as large language models, big data, and cloud computing to enhance its service offerings, including AI doctor assistants and AI customer service assistants [6][7] - The AI doctor assistant can handle over 80% of repetitive inquiries, allowing doctors to focus on complex cases, thereby improving service efficiency and reducing costs [6][7] - The integration of the DeepSeek model and proprietary technology has created a closed-loop service system from hospitals to homes, enhancing the overall healthcare value chain [6][7] Market Position and Strategy - Ark Health has established partnerships with over 1,500 suppliers and 900 pharmaceutical companies, offering approximately 215,000 drug SKUs, with 62% being prescription drugs [4][5] - The company is positioned to strengthen its leading market position in online chronic disease management through strategic initiatives and continuous optimization of its operational tactics [5][6] - The integration of its service platform with medical insurance payment systems has improved user retention and reduced financial burdens on patients, further solidifying its market position [8][9] Industry Impact - The recent inclusion of Ark Health in the Hong Kong Stock Connect is expected to attract more mainland investors, potentially enhancing liquidity and valuation [8] - The company's growth reflects its competitive strength in the internet healthcare sector and contributes to the high-quality development of the biopharmaceutical industry in Guangdong [9] - The supportive policies from the National Health Commission regarding AI applications in healthcare signal a positive outlook for the internet healthcare industry, encouraging further innovation [9]