China's internet healthcare industry is at a pivotal crossroads. By 2026, the market size is projected to surpass the one-trillion-yuan mark, with an aging population and the massive demand for home-based care from the "silver economy" forcing a systemic shift from hospital-centric treatment toward extended, full-cycle management outside medical facilities. The chronic disease service segment is expanding at a high double-digit rate, and the industry direction is now clear: establishing robust online health management systems is urgent, with services already covering multiple disease areas.

However, while nearly every player touts "full-cycle services," what truly tests a company's long-term value is whether its business model possesses a differentiated moat and verifiable sustainability. On August 27, Fangzhou Jianke (06086) released its 2026 interim results, reporting revenue of RMB 1.8245 billion, up 22.2% year-on-year, and an adjusted net profit of RMB 18.708 million, up 6.4%, sustaining its solid profitability momentum. More importantly, beneath the surface of the financial statements, a new business model distinct from traditional logic is taking shape within the chronic disease service track.

Industry Convergence and Model Divergence: Bottlenecks in Mainstream Paths

To understand the uniqueness of Fangzhou Jianke's business model, one must first grasp its competitive landscape. Chronic disease management is one of the most critical areas in China's healthcare market, with a massive patient base and strong growth potential. Frost & Sullivan forecasts that from 2020 to 2030, China's chronic disease medical expenditure will rise from RMB 4.10 trillion to RMB 12.5 trillion, a compound annual growth rate of 11.8%. The waters are vast but turbulent.

In out-of-hospital scenarios, the chronic disease service market has formed three major camps: comprehensive pharmaceutical e-commerce platforms like JD Health and Alibaba Health, which leverage their parent companies' traffic, logistics, and supply chain scale to penetrate the chronic disease medication market; offline pharmacy chains such as Yifeng Pharmacy and Dashenlin, which rely on physical stores for local fulfillment and scenario-based services; and vertical chronic disease service platforms like Fangzhou Jianke, which typically possess deeper insights into the chronic disease market, established professional knowledge, and higher authority, competing through differentiated services. This landscape dictates divergent business models across enterprises.

Multi-disease pharmaceutical service providers primarily drive growth through "scale effects," attracting users with massive SKU counts and low-priced drugs, treating chronic disease medication as a high-frequency retail category. Their core lies in supply chain efficiency and traffic conversion, but the relationship between users and the platform remains essentially at the "transaction" level. Offline pharmacy chains, by contrast, follow a "scenario reach" logic, using their physical store networks for immediate fulfillment, yet their service depth is equally constrained by the transactional boundary of "ending at the store." If the competitive barrier for comprehensive e-commerce platforms is "scale" and for offline pharmacies it is "touchpoints," then Fangzhou Jianke's barrier is "trust"—a deep, trust-based relationship built on an AI-powered H2H (Hospital to Home) system and a familiar doctor-patient model that spans the entire patient journey.

Trust as a Moat: The Differentiated Core of Fangzhou Jianke

Traditional chronic disease management platforms follow a linear growth logic of "acquisition-transaction-churn," a one-way cycle where the key decision variables are drug prices and delivery speed. The platform-user connection is a weak, shelf-based relationship, with per-customer value capped by single-purchase amounts and growth limited by traffic scale and acquisition costs—a model now hitting its ceiling amid fierce competition. Fangzhou Jianke seeks to break free from the singular supply logic of drug sales, positioning itself as an ecosystem spanning the entire chronic disease service lifecycle. Prescription drugs account for as high as 83.1% of total GMV, a direct reflection of services embedded in the core treatment scenarios of chronic disease patients: these patients require long-term, regular prescription medication, and this ratio indicates that users have formed complete usage habits on the platform, from post-diagnosis prescriptions to drug delivery and ongoing health management—the foundation for a long-cycle service model to succeed.

Underpinning this ecosystem are its tens of millions of users and tens of thousands of doctors: among 59.8 million registered users, chronic disease patients make up a significant portion, and 14.7 million monthly active users grew 23.1% year-on-year, showing that user reliance has extended from "drug purchasing" to high-frequency scenarios like daily health consultations, doctor-patient communication, and follow-up management. Its 282,000 contracted registered doctors provide a professional resource base for service delivery. Additionally, the company's medical resources and supply chain network continue to solidify, building competitive barriers difficult for peers to surpass. As of the latest disclosure, it has established a multi-department medical service network leveraging its extensive and specialized registered doctor resources, while its supply chain network covers over 1,800 suppliers and more than 1,000 pharmaceutical companies, with scale effects gradually emerging.

In the chronic disease service field, trust is the core currency. In the first half of 2026, Fangzhou Jianke's paid user repurchase rate reached as high as 89.2%, which is essentially a direct quantification of user trust. Once patients develop recognition of the platform's medical service quality and doctors' expertise, they naturally form long-term usage habits. With the continued penetration of full-cycle proactive intervention services, the platform raises service frequency and interaction depth per customer, creating a positive cycle of "services building trust—user retention and repurchase—value enhancement feeding back into service upgrades." This breaks the ceiling of traditional linear growth, and its growth resilience will be significantly stronger than platforms that rely solely on transactional profits. From this perspective, compared to its competitors, Fangzhou Jianke's differentiation strategy based on "familiar doctor-patient relationships" is better suited to reaching the core decision-making of chronic disease services, while its strong product capabilities further enhance its competitiveness.

Building a Solid Growth Foundation: Three Core Genes Supporting the Full-Cycle Service Ecosystem

The internet healthcare industry is undergoing transformation, with user demands shifting from "simple drug delivery" to "full-lifecycle health intervention needs." The State Council's recently issued "15th Five-Year Plan for National Health" further elevates full-cycle health management to a national strategic level, centered on "optimizing a comprehensive, full-cycle integrated health service system." Industry consensus is formed, but few companies can truly convert "full-cycle services" into a sustainable business model. In our view, Fangzhou Jianke's full-cycle service model is poised to succeed because it possesses three irreplaceable growth genes that directly address the industry's long-standing pain points of trust, continuity, and cost.

First, Fangzhou Jianke solves the core trust issue in medical services through "familiar doctor-patient relationships." Built on initial offline consultations, patients' existing trust in doctors is extended and strengthened online through the platform. Over time, this creates familiar connections between users and contracted doctors, with users proactively following doctors' service rhythms for health management. Stickiness and repurchase rates are significantly higher than platforms with anonymous doctor-patient relationships. Second, the service continuity of the H2H (Hospital to Home) system breaks the traditional pain point of "disconnection before and after hospitalization": in traditional models, patient treatment is concentrated within hospitals, with out-of-hospital health management and follow-up services lacking support. Fangzhou Jianke's full-cycle service connects the entire chain from in-hospital diagnosis to out-of-hospital health management, allowing treatment plans completed in hospitals to receive continuous out-of-hospital follow-up on the platform. This continuity not only greatly improves user health management outcomes but also strengthens user dependence on the platform.

Most notably, in an era of rapid technological iteration, Fangzhou Jianke has forward-looking embedded AI technology into its business processes, developing an AI product matrix built on the Xingshi large model. This has the potential to solve the cost challenge of scaling high-quality chronic disease services, transforming full-cycle services from small-scale pilot projects into a commercial business accessible to tens of millions of users. In concrete application scenarios, Fangzhou Jianke works from both the patient and doctor ends to build a complete AI product matrix. On the user side, the AI product suite has been upgraded: AI Health Assistant and AI Medication Assistant break time and space constraints, while AI-powered intelligent follow-up tools are deployed at scale, further completing the out-of-hospital health management service loop. Leveraging 7x24-hour online service capabilities combined with dynamic personalized follow-ups, the platform can implement differentiated health controls for different users, while also providing medication reminders and health information services. On the doctor side, integrating capabilities such as AI pre-consultation, AI-assisted diagnosis, and AI academic assistant frees doctors from repetitive clerical work, enhancing their service efficiency while delivering a better full-process management experience for online patients. With the introduction of follow-up systems, doctors' post-diagnosis management efficiency has been greatly improved. Through AI-driven "workload reduction and efficiency enhancement," limited high-quality doctor resources are fully amplified, enabling professional services to reach more patients.

From this perspective, AI technology is not merely underlying technical support for Fangzhou Jianke's ecosystem—it is the core lever for unlocking commercial value. Its value creation path is clear: first, AI's replacement of standardized manual services like basic consultations and data organization achieves precise cost reduction, directly expanding profit margins; second, AI drives user value transformation from "single-service touchpoints" to "long-term health management consumption," while potentially extending into value-added service categories, ultimately weaving a full-lifecycle health management ecosystem network of "user reach—health management—medical services" in a virtuous cycle.

Looking Ahead: A Clear Growth Trajectory

At this juncture, Fangzhou Jianke's future growth logic is clearly discernible. On one hand, China's digital health market remains in a dividend period of rising penetration, with residents' demand for full-cycle health management continuously releasing, providing broad space for business expansion. On the other hand, its continuous AI technology iteration and deep refinement of the ecosystem closed loop will further widen the gap with peers. Going forward, as AI technology deepens its application in scenarios like chronic disease services and medical decision-making, its service professionalism and precision will continue to improve.

For the capital market, platforms that simultaneously possess the three genes of "trust moat + AI scalability + full-cycle service closed loop" are extremely scarce. This chronic disease service platform, progressively refining its business transformation and solidifying its technological barriers, may see its long-term value further validated and highlighted with the release of industry dividends and the maturation of its ecosystem. It is foreseeable that, starting from 2026, Fangzhou Jianke will not only experience its own growth leap but also provide a new benchmark for business model innovation in chronic disease services and the digital health industry, driving the sector forward toward "technology empowerment, ecosystem synergy, and service closed loops."