中国医疗健康-全方位 To-C AI 解决方案成型，AI 健康领域首选标的-China Healthcare All-Rounded To-C AI Solution Is in the Making AliHealth Top Pick

Summary of Key Points from the Conference Call Industry Overview - Industry: China's Healthcare AI Market - Market Size: The healthcare AI market in China was valued at Rmb227 billion in 2025 and is projected to grow at a 37% CAGR to Rmb1,114 billion by 2030E [30][4] - Government Support: The to-G healthcare AI segment is expected to show better profitability prospects than to-C businesses, with national healthcare AI application pilot base projects acting as key catalysts [5][44] Company Insights Ant Group and Ant Afu - Ant Afu: Positioned as an "Intelligent Health Manager," aiming to convert low-frequency medical needs into frequent health interactions, currently has 30 million MAUs with a target of over 100 million [19][18] - Commercialization Strategy: Focuses on pharmaceuticals, medical services, and insurance, with plans to partner with pharmacies and platforms like AliHealth [3][22] - Integration with Alibaba Ecosystem: Ant Afu benefits from a vast user base through AliPay, enhancing its potential for commercialization in pharma retail and medical services [4][42] Yidu Tech - Market Position: Expected to break even in FY26E, with revenue from its big data platform projected to grow 17% YoY in FY26E and accelerate to 30% YoY in FY27E [5][51] - Target Price Increase: Target price raised to HK$11 from HK$10 due to increasing hospital tenders for healthcare AI applications [51] AliHealth - Valuation: Currently trading at 30x FY26E P/E and 2.3x P/S, considered attractive compared to US healthcare AI peers [6][55] - Market Position: Seen as the best fit to partner with Ant Afu in pharma retail, making it a top pick in China's AI healthcare sector [1] Competitive Landscape - Alibaba Ecosystem: Considered the most competitive in China's healthcare AI market, leveraging integrated services from Ant Afu, AliHealth, and Taobao Shangou [4][38] - Comparison with Competitors: Ant Afu outperformed other healthcare AI chatbots in terms of accuracy, traceability, and user interaction [2][13] Future Opportunities - Commercialization Path: Ant Afu's future opportunities include AI-enabled services for chronic disease management, prenatal care, and integration with commercial health insurance products [22][21] - AI Healthcare Infrastructure: Significant opportunities in AI healthcare infrastructure, with hospitals budgeting an average of Rmb6 million for AI in 2025, expected to increase in 2026 [45][49] Risks and Considerations - Valuation Risks: While Chinese internet healthcare stocks are currently attractive, potential earnings revisions and government fiscal support could impact valuations [55] - Integration Challenges: The success of Ant Afu and AliHealth depends on their ability to integrate services seamlessly within the Alibaba ecosystem [39][40] Conclusion - The healthcare AI market in China is poised for significant growth, driven by government support and the integration of AI technologies within established ecosystems like Alibaba. Companies like Ant Afu and Yidu Tech are well-positioned to capitalize on these trends, with strong commercialization strategies and competitive advantages in user engagement and service integration.