Revenue exceeds expectations with a 30% growth; "AI+ chronic disease services" model receives profitability validation. What did this company, which doesn't focus on traffic, do right?

In recent years, the Chinese healthcare industry has been undergoing a profound paradigm shift, from extensive scale expansion to refined value cultivation. At this pivotal moment of transformation, FANGZHOU JIANKE (06086) has solidified its financial performance, leading the way in verifying the "trust-based relationship between doctors and patients" slow disease service model, releasing a strong certainty and growth potential to the market. Recently, FANGZHOU JIANKE released a positive profit forecast for 2025, with data showing that the company expects annual revenue to reach 3.5-3.55 billion yuan, a year-on-year increase of approximately 30%. The revenue scale surpasses the previous institution's forecast of 3.5 billion Hong Kong dollars (approximately 3.13 billion yuan). In terms of profit, after achieving adjusted level profitability in 2024, the company is expected to achieve a net profit of 7-10 million yuan in 2025, officially achieving comprehensive profitability. The high-quality growth of its performance is a concentrated validation of the value of the "trust-based relationship between doctors and patients" business model. This not only provides a solid basis for the market to re-evaluate its intrinsic value, but also supports the internal logic of the stock price's upward trend. At the beginning of 2026, medical AI is once again all the rage, and FANGZHOU JIANKE, which pioneered the integration of "AI + slow disease service" and completed the crucial leap in "AI + H2H (Hospital to Home)" in 2025, has demonstrated clear leading effects in the field of medical AI by early successfully positioning itself in the "Chinese version of OpenEvidence" race. In the current industry's pursuit of high-quality development, FANGZHOU JIANKE's exploration and practice are becoming an important reference point for observing the future value direction of internet healthcare. Reassessment of value in progress: difference between high growth and market recognition If financial data is a company's health check-up report, then FANGZHOU JIANKE's "2025 report card" undoubtedly shows a robust health. A 30% revenue growth rate in the fiercely competitive internet healthcare field is commendable, and achieving "double profits" further demonstrates the solid profit foundation and sustainable growth potential of its business model. In fact, before FANGZHOU JIANKE's performance breakthrough garnered market attention, some investment institutions had already captured its value signals in advance. Looking back at the mid-2025, Citigroup Research gave FANGZHOU JIANKE a "buy" rating with a target price of up to 8.5 Hong Kong dollars, showing significant upside potential compared to the current stock price. At that time, Citigroup's optimism was mainly based on the increase in the penetration rate of slow disease management and the optimization of operational efficiency. Moreover, Guolonghui Research Institute forecast in a deep research report in January 2026 that the company's revenue would reach 3.5 billion Hong Kong dollars in 2025, 4.8 billion Hong Kong dollars in 2026, and pointed out that FANGZHOU JIANKE was entering a golden channel of value reassessment. Now, this announcement of strong growth in performance essentially represents the release of the accumulated internal strength of FANGZHOU JIANKE, and also reveals to the market that this steady and profound sustainable operational strength is precisely the fundamental reason why professional institutions such as Citigroup and Guolonghui have consistently given it high ratings and optimism. Despite the release of its ecological strength in the financial sector, FANGZHOU JIANKE's current valuation remains undervalued. Based on estimated revenue for 2025 in institutional research reports, its P/S ratio is only around 0.8 times, while based on projected revenue for 2026, the P/S ratio is 0.6 times. In comparison, the industry average is 4.9 times and 4.1 times respectively. FANGZHOU JIANKE is like a greatly undervalued gem, and this significant undervaluation is largely due to the market's lack of understanding of the "trust-based relationship between doctors and patients" model in creating "service value", "user stickiness", and "high repurchase logic". However, in a market environment that seeks certainty of returns, this undervaluation reserves a high safety margin for long-term investors. Building a moat with certainty: the value of trust-based doctor-patient relationships If the performance surpassing institutional expectations is the "result", then FANGZHOU JIANKE's deep cultivation of the "H2H smart healthcare ecosystem" based on the "trust-based relationship between doctors and patients" model is the "cause". In the fiercely competitive field of internet healthcare, how can FANGZHOU JIANKE demonstrate such operational resilience? The answer lies in its ultimate pursuit of the "trust-based relationship between doctors and patients" model and the "certainty" business closed loop established from it. Different from models that chase single diagnosis traffic or overall user growth, the essence of slow disease management is long-termism, focusing on building strong trust relationships to ensure the continuity and compliance of patients receiving slow disease services. Patients with slow diseases have a stronger emotional reliance on "being understood and accompanied for the long term", a reliance that is not only related to health itself, but also to the sense of security in everyday life. FANGZHOU JIANKE's business logic is built on this insight, focusing its platform on empowering long-term relationships between doctors and patients. This "trust-based relationship between doctors and patients" established on real offline diagnosis and treatment creates a highly trusted environment for follow-up visits, consultations, and health management. This deep trust translates directly into business indicators with great resilience. Although the performance forecast does not disclose the latest user data, the high stickiness traits inherent in its business model have been repeatedly validated in past disclosed data. For example, the high repurchase rate of 85% of paid users and the over 80% of prescription drug transaction volume ratio have become stable features of its business model. These numbers are not random results of traffic, but a necessary reflection of the deep dependence and continuous demand release of patients under the "trust-based relationship between doctors and patients" model, forming a solid foundation for continued performance growth. From a business perspective, this "trust-based relationship between doctors and patients" model builds multiple barriers: firstly, it establishes user relationships with high switching costs, as patients will not easily change platforms that monitor their condition long term; secondly, long-term health management services based on trust are more valuable than single transactions; finally, it creates stable income streams based on long-term medication and management. The vast market prospects are injecting long-term momentum into this model. Data from Zhishi Consulting shows that China's slow disease management market is expected to exceed 600 billion yuan by 2030. With the trend of aging populations and high incidence of slow diseases, platforms that can provide patients with trustworthy and comprehensive management services are increasingly valuable. AI Layout: Predictable future growth curve FANGZHOU JIANKE has already established a strong business moat based on the "trust-based relationship between doctors and patients" model, but looking at its series of actions last year, it has set its sights even further: by leveraging cutting-edge AI technology, it is not only consolidating its current advantages, but also aiming to open up a whole new dimension of growth for the future. This forward-looking layout also responds to the national call for industry intelligence upgrade. In 2025, at the policy level, a path was laid out for the deep integration of "AI + healthcare". In August, the State Council issued the "Opinions on Deepening the Implementation of the 'AI+' Action", clearly listing auxiliary diagnosis and treatment, health management as key application scenarios. Subsequently, in November of the same year, the National Health Commission issued the "Implementation Opinions on Promoting and Regulating the Development of 'AI + Medical and Health' Applications", clearly proposing to empower the health industry with high-quality development through the deep integration of new-generation AI technology. FANGZHOU JIANKE's layout in AI is not a simple follow-up of popular concepts, but a strategic upgrade and efficiency revolution of its core "trust-based relationship between doctors and patients" model. From a business logic perspective, the embedding of AI provides "smart empowerment" to existing "relationship connections", further improving service efficiency, delivering higher quality and more personalized services to patients, strengthening the value of the entire trust chain, and potentially driving further growth in user lifetime value. Therefore, FANGZHOU JIANKE's AI story is not just an independent technical chapter, but a dual narrative of "continued enhancement of core business" and "early locking onto future tracks". One case can indirectly demonstrate the forward-looking nature of the company's layout. At the beginning of 2026, as major players were racing to benchmark overseas product OpenEvidence, FANGZHOU JIANKE had already completed positioning in this race as early as September 2025, leveraging its deep understanding of the business scenario. Additionally, compared to OpenEvidence which relies on Western literature, FANGZHOU JIANKE has deeply adapted to China's local diagnosis and treatment standards and guidelines, forming its unique core advantage based on localized knowledge systems. To conclude Looking at the development path of FANGZHOU JIANKE, the rapid growth in 2025 is not an isolated financial point, but the result of the strategic determination and model construction that has been building up over time. It clearly demonstrates a trajectory of ascending from "verification logic" to "value release". The significant tension between high-speed growth of performance and market recognition is currently the most prominent investment opportunity. The company's revenue growth exceeding expectations confirms the resilience and potential of its business model. However, compared to the significant undervaluation relative to the industry average level, the clear undervaluation of its intrinsic value, especially the value created by the "trust-based relationship between doctors and patients" model, suggests a lag in market recognition. This current situation of "financial realized" and "undervalued valuation" precisely provides a clear starting point and space for value reassessment. As the pendulum of value reassessment begins to swing, this company, with solid financial foundations and technical reserves, is likely only temporarily in a undervalued state.