人口老龄化催生万亿慢病管理蓝海，互联网医疗行业告别粗放流量烧钱时代，精细化服务成为生存核心逻辑。方舟健客（06086.HK）作为国内垂直慢病赛道头部平台，主打H2H（医院到家）熟人医患模式，走出了差异化的发展路径，2025年完成历史性扭亏，成为资本市场关注焦点。 但拨开短期业绩的亮眼表象，方舟健客的底层结构性矛盾并未消解：营收高度依赖药品零售业务、净利润体量微薄、资产负债率居高不下、综合电商巨头...
Source Link人口老龄化催生万亿慢病管理蓝海，互联网医疗行业告别粗放流量烧钱时代，精细化服务成为生存核心逻辑。方舟健客（06086.HK）作为国内垂直慢病赛道头部平台，主打H2H（医院到家）熟人医患模式，走出了差异化的发展路径，2025年完成历史性扭亏，成为资本市场关注焦点。 但拨开短期业绩的亮眼表象，方舟健客的底层结构性矛盾并未消解：营收高度依赖药品零售业务、净利润体量微薄、资产负债率居高不下、综合电商巨头...
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