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 ...