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 ...

Core Viewpoint - Ark Health has shown significant growth in its financial performance for the first half of 2025, driven by its focus on chronic disease management and the introduction of AI capabilities to enhance operational efficiency [1][3][7]. Financial Performance - In the first half of 2025, Ark Health reported total revenue of 1.494 billion, representing a year-on-year increase of 12.9% [3]. - The company achieved a net profit of approximately 12.5 million, marking a turnaround from losses, while adjusted net profit reached a record high of 17.58 million, up 16.8% year-on-year [3]. User Growth and Engagement - The number of registered users on the H2H service platform reached 52.8 million, a 15.8% increase year-on-year, with registered doctors totaling 229,000, of which 58.9% are affiliated with top-tier hospitals [3]. - Monthly active users grew to 11.9 million, reflecting a substantial year-on-year increase of 34.4%, and the repurchase rate among paying users stood at 85.4% [3]. Market Position and Strategy - Ark Health's online pharmacy app ranked first in monthly active users among key medical apps in June 2025, and it topped the App Store's free medical app chart in China [5]. - Prescription drug transactions accounted for 81.7% of total sales, with prescription SKUs making up 62% [5]. - The company has established strategic partnerships with over 1,650 suppliers and more than 980 pharmaceutical companies, including leading firms like Novo Nordisk and Otsuka Pharmaceutical [5]. Industry Growth Potential - The chronic disease management market in China is rapidly expanding, with the number of chronic disease patients reaching 500 million in 2023, and the market size growing from 2.4 trillion in 2015 to 7.7 trillion in 2023, maintaining a compound annual growth rate of 15.6% [6]. - Projections indicate that the chronic disease management market could reach 15 trillion by 2030, presenting significant growth opportunities for companies like Ark Health [6]. AI Integration and Innovation - The introduction of AI capabilities, including the AI electronic medical record assistant and AI pre-consultation assistant, aims to enhance operational efficiency and patient interaction [7][8]. - The company has partnered with Tencent Cloud to deepen technological collaboration, integrating advanced AI models into its H2H service platform [7]. - Ark Health is committed to leveraging AI to improve chronic disease management and enhance the overall healthcare experience for patients [8].