The industry leaders who are underestimated? FANGZHOU JIANKE (06086) achieves comprehensive profitability, with "AI + chronic disease services" driving the reconstruction of valuation logic.

With the unprecedented empowerment of the medical industry by AI, AI health applications are no longer limited to one-time online intelligent consultations, but are moving towards continuous management throughout the entire medical cycle. For chronic disease patients who require long-term medical intervention, the value of AI is particularly prominent - it can take on post-diagnosis follow-ups, medication reminders, and health monitoring, transforming health services from low-frequency "medical treatment" to integration into daily life for "long-term companionship." As the leader of this trend, the core competitiveness of "AI + chronic disease services" leading company FANGZHOU JIANKE (06086) is based on the "trust" core of the "familiar doctor-patient relationship," constructing a full-cycle chronic disease service closed-loop. This model, which integrates professional services with emotional comfort, not only accurately meets the deep needs of patients, but also drives solid growth in performance through high user stickiness. On March 19, FANGZHOU JIANKE disclosed its 2025 financial report, achieving a milestone achievement in the past year: the first comprehensive profit under the International Financial Reporting Standards, marking the validation of its business model and fully demonstrating its true earnings power. With the confirmation of the profit inflection point, the reassessment of the value of this leading chronic disease service provider is quietly taking place. For market investors, a thought-provoking question has emerged: has the company's true value been undervalued in the past, and how should the market view its valuation logic from a new perspective in the future? The profit inflection point has arrived, how to interpret the "familiar doctor-patient relationship" business code? The core competitiveness of FANGZHOU JIANKE is rooted in its unique business model: a chronic disease service system built on the "familiar doctor-patient relationship" based on trust. Different from the common "one-time consultation" or "random matching" models in the industry, FANGZHOU JIANKE's "AI + H2H (from hospital to home)" model begins with the patient's first offline consultation, establishing a familiar doctor-patient relationship to achieve long-term management tracking of chronic diseases, professional diagnosis, and continuous accumulation of medical data, covering the entire disease management cycle from inside the hospital to outside. In the field of chronic disease services, FANGZHOU JIANKE accurately captures the deep-seated needs of users - the essence of chronic disease services is long-term companionship. Patients not only need professional medical guidance but also crave alleviating anxiety, receiving emotional comfort, and building confidence in long-term treatment. Once the "familiar doctor-patient relationship" is established successfully, trust between doctors and patients deepens over time, and patients will be more inclined to recognize familiar doctors and continue to repurchase. The outstanding performance in 2025 is a strong validation of the effectiveness of this business model. The company's annual revenue scale grew rapidly, reaching 3.53 billion yuan, a significant increase of 30.2% year-on-year; profitability improved rapidly, achieving profit adjustments in 2024, and the first comprehensive profit under International Financial Reporting Standards in 2025, with a net profit of approximately 12 million yuan, and adjusted net profit also increased by 19% to 20.4 million yuan. While crossing the breakeven point, the company's user base continues to expand, with an average of 13.7 million monthly active users, a 35% increase year-on-year, with a cumulative registered user base of 56.4 million; the user repurchase rate is over 85%, indicating that the company has successfully gathered a large core user group with strong willingness to pay and high stickiness. At the same time, the company's medical resources and supply chain network continue to be solidified, building competitive barriers that are difficult for peers to surpass. As of the latest disclosure date, the total number of registered doctors exceeded 251,000, establishing a medical service network covering multiple departments; with over 217,000 drug SKUs, of which prescription drugs accounted for 62%, able to meet the long-term and diversified medication needs of chronic disease patients; the supply chain network covers over 1,700 suppliers and over 900 pharmaceutical companies, with the scale effect gradually emerging. From the perspective of market valuation, if traditional pharmaceutical e-commerce platforms need to continuously burn money to "buy traffic" as depreciating assets, then FANGZHOU JIANKE, through the establishment of "familiar doctor-patient relationships," allows users to become long-term assets that continue to appreciate within a loyal customer base - over the course of several years in each user's lifecycle, the initial customer acquisition cost is infinitely diluted, and regular repurchases will bring stable and predictable cash flow returns. In the current market pursuit of certainty in assets, this business model that can continually contribute stable cash flow should undoubtedly enjoy a higher valuation premium. "AI+" empowering the entire medical process, digitization driving high growth expectations If the business model based on the "familiar doctor-patient relationship" has anchored a long-term value for FANGZHOU JIANKE, then the comprehensive empowerment of "AI+ medical care" adds a layer of higher elasticity in valuation expectations based on this foundation. In recent years, FANGZHOU JIANKE has been advancing its AI+H2H ecosystem strategy, with the "Stone Model" as the core intelligent engine, embedding AI technology deeply into business processes. Public information shows that the Stone Model integrates multimodal capabilities - including image and voice recognition, natural language processing, large-scale medical knowledge storage, and reasoning functions, achieving advanced performance benchmarks in the field of medical AI. As an excellent example of China's medical AI vertical applications, when officially released in September 2025, the Stone Model was featured on the front page of "Nature," with its technical capabilities receiving recognition from the academic community. Based on this technological foundation, FANGZHOU JIANKE continues to launch multiple AI intelligent bodies and applications, covering various medical aspects such as "prevention, screening, diagnosis, treatment, and management," fully covering scenarios such as medication guidance, patient education, diagnostic assistance, and medical literature queries. On the business side, AI is becoming a "super assistant" for doctors. "AI Doctor Assistant" and "AI Academic Assistant" provide doctors with diagnostic assistance and medical literature retrieval tools, significantly improving consultation efficiency and service quality; the "AI Content Creation Assistant" empowers professional content production through functions such as video imaging AI analysis, AI script generation, and AI editing, efficiently breaking down the information barrier between doctors and patients, allowing professional medical knowledge to reach patients in a more understandable way. On the service side, AI is reshaping the patient's medical experience. The "AI Health Steward" provides 24/7 health consultation, knowledge Q&A, report interpretation, intelligent guiding, etc., allowing patients to receive professional health guidance at any time; the "AI Pre-Consultation Intelligence Body" assists in intelligent pre-consultation, collects patient information in advance, and saves waiting time before diagnosis and treatment; the "AI Medication Assistant" supports practical functions such as taking pictures for drug recognition, solving the real pain points of elderly patients who are unfamiliar with the characteristics of drugs and easily forget. To address the issue of "AI illusions" that may arise from general large models, the company has also invested heavily in technology, data, security management, and database. It is understood that, on the one hand, the company has built an accurate knowledge base internally, including professional information such as drug instructions and medical guidelines, to ensure that AI's answers are evidence-based and traceable; on the other hand, the company has partnered with Tencent Cloud to access higher computing resources to upgrade its technical architecture and set higher requirements for security and compliance. Subdividing tasks for professional Q&A effectively suppresses AI illusions from multiple dimensions. Looking to the future, AI's comprehensive empowerment of healthcare will bring about a dual upgrade in operational efficiency and service quality, which will ultimately sustainable improvements in profitability and the continued growth of user base and user stickiness. As AI applications further land, FANGZHOU JIANKE, as a medical technology company, is also expected to steadily rise in market valuation. On the eve of value return, the market welcomes a golden opportunity for allocation The market has long defined FANGZHOU JIANKE broadly as an "Internet medical platform," but from the essence of its business model, the company's true value is fundamentally different from the "traffic business" of traditional medical e-commerce - the user ecosystem built on the "familiar doctor-patient relationship" has natural high stickiness and high repurchase characteristics, making future consumer behavior highly predictable, with much higher certainty in future income than ordinary e-commerce platforms. From the perspective of the financial fundamentals that the capital market cares most about, non-operating factors that have affected financial statements in the past have been completely eliminated with the arrival of the profit inflection point. The comprehensive profit under the International Financial Reporting Standards in 2025 signifies that the company's self-earnings capacity has been fully validated. In addition, with a series of AI applications accelerating their landing, led by the "Stone Model," efficiency gains from AI are expected to add more elasticity to the valuation. It is worth noting that, despite the significant mismatch between the company's stock price and its true value, professional investment institutions have already used real money to "vote": previously, the company's private placement was oversubscribed, successfully allocated 150 million Hong Kong dollars at a price of 3.32 Hong Kong dollars per share; recently, after the company released a positive profit forecast, Citibank issued a research report maintaining a "buy" rating with a target price of 8.5 Hong Kong dollars. Calculated based on the opening price of 1.35 Hong Kong dollars on March 20, Citibank's target price implies a potential increase of about 530% from the current price; even with the more conservative private placement price of 3.32 Hong Kong dollars as a reference, there is still a 146% upside potential. At a time when the valuation logic of the company has become clearer, the lag in market perception has caused the current market value to not fully reflect the true value of this leading chronic disease management segment provider, but this mismatch is precisely the opportunity window for value investment. As a high-quality investment target that combines certainty and growth, as market perceptions gradually align, FANGZHOU JIANKE will also experience a value return.