The new policy of drug price reform establishes a "clinical value" orientation, and HEALTHYWAY INC (02587) RWS business is experiencing an explosive growth opportunity.

In recent days, the General Office of the State Council officially issued the "Opinions on Improving the Drug Pricing Mechanism". The introduction of this important policy marks the establishment of a new pricing paradigm for China Meheco Group's industry, which is guided by clinical value and supported by real-world evidence. The policy clearly states that drug pricing should be closely linked to clinical value, real-world evidence, and a multi-payment system. This not only sets a new boundary for pricing strategies for pharmaceutical companies, but also opens up an imaginative growth track for the digital healthcare field. For HEALTHYWAY INC (02587), which has long been focusing on grassroots medical scenes, this policy not only endorses its business model, but also signifies the beginning of a historic period of value reassessment for the company as an "AI-enabled medical ecosystem connector". The new policy establishes the necessity of RWS (Real-World Evidence Study), and press the "fast forward button" for data asset transformation. The core highlight of this policy is the establishment of a "pharmaceutical medical insurance value evaluation system" and the improvement of a real-world drug research framework, rules, and procedures, encouraging the conduct of real-world studies (RWS) on innovative drugs as scientific basis for pricing and dynamic adjustment of medical insurance payment standards. According to the RWE principles system released by the drug regulatory authority, RWS evidence has become a legal basis for drug registration and indication expansion; at the same time, the medical insurance authority also explicitly requires RWS results to be used as core references for medical insurance access, renewal, and payment standard adjustment. In the traditional drug pricing system, the application of real-world data often remains peripheral, but the new policy directly links RWS results to the initial pricing adjustment of drugs and medical insurance access, prompting pharmaceutical companies to view high-quality research reports as a "standard action" and even a "mandatory requirement". For HEALTHYWAY INC, this is like pressing the "fast forward button" for its core growth engine - the RWS business in the content services sector. Over the past three years, HEALTHYWAY INC's RWS business has shown an astonishing growth rate: annual deliverables have risen from 450 in 2023 to 911 in 2025; the number of collaborating pharmaceutical companies has rapidly increased from 33 in 2023 to 62 in 2024, and exceeded 92 in 2025, achieving a three-fold growth in three years. Up to now, the company has accumulated more than 200 million pieces of valuable doctor-patient interaction data, which are transformed into research assets that meet national regulatory standards through AI algorithms, becoming a key factor in reshaping the logic of drug pricing. Compliance-driven reshaping of the pharmaceutical marketing chain, AI healthcare ecosystem welcomes value reassessment. At the same time, the policy crackdown on dishonest practices in the drug procurement and sales field, as well as the guidance towards compliant marketing, is forcing pharmaceutical companies to accelerate their budgets from traditional channels towards digital platforms with strong compliance attributes. HEALTHYWAY INC has built a strong private domain asset of "doctor-medical assistant-patient" connections in the gaps of the public healthcare system through a "decentralized" offline approach. This model, different from simple traffic distribution, emphasizes service closure and precise outreach. Amidst the implementation of the new policy on drug pricing risk warning and collaborative governance, HEALTHYWAY INC's digital marketing services, through AI-assisted decision-making systems, can help pharmaceutical companies achieve more efficient academic dissemination and value exploration within compliance boundaries. In 2025, the company's net profit crossed the breakeven point, with a significant increase in profitability in the second half of the year compared to the first half, mainly driven by the high gross margins of its digital service business showing strong penetration capabilities during the policy transformation period. It is worth noting that, in addition to encouraging support for conducting real-world research on innovative drugs in the commercial health insurance catalogue, this new policy also proposes to "fully leverage the role of commercial health insurance and introduce multiple parties to negotiate the prices of innovative drugs". This not only gives HEALTHYWAY INC a neutral technological position in drug pricing dialogue, but also directly opens up a commercial closed-loop collaboration with insurance companies. It is understood that HEALTHYWAY INC has deep cooperation with leading insurance companies such as Ping An and Taikang, embedding specialty insurance deeply into the entire medical process. Looking back from the milestone of profit reversal in 2025, HEALTHYWAY INC has completed a magnificent transformation from a traditional registration tool to an AI-driven medical ecosystem platform. In 2025, it achieved operating income of 1.562 billion yuan, a year-on-year growth of 30.1%, and historical profit reversal of 54.34 million yuan. With the acceleration of profit release pace and continuous catalysis of policy benefits, the market should re-anchor this digital healthcare giant on the eve of qualitative change. In the current context of reshaping the value chain of drug pricing reform and deep penetration of AI technology into medical scenarios, HEALTHYWAY INC is not only a processor of information, but also a deliverer of services and a matchmaker for transactions. The ecological value released by filling the "structural holes" in the medical chain is driving its valuation logic from traditional service industry towards a hardcore technology engine for qualitative leap.