As we enter the new year, the Hong Kong stock market continues to fluctuate and adjust due to the influence of geopolitical and other macro factors.

On the morning of January 22, Hong Kong stocks opened high and opened low. By midday, the Hang Seng index was down 1.99 per cent at 15004.77, while the Hang Seng technology index was at 3052.88, down 2.46 per cent.

In this process, many high-quality head enterprises will inevitably be affected.

Standing from the perspective of investors, being rational and grasping the certainty under the concussive environment is the focus of the current discussion.

More specifically, only the enterprises with sound fundamentals and good business development have the core through the cycle and the potential for sustained growth.

Take Ping an Health as an example, as the leading enterprise in the Internet medical sector, with the business model of "managed health care + family doctor membership + O2O medical and health service", the company's 2.0 strategy continues to deepen and its business develops steadily.

Specifically, it can be seen from the two strategic businesses of F-side (financial users) and B-side (enterprise users):

In the F-end business, Ping an Health continues to integrate into Ping an Group's integrated financial business scene, providing medical and health management services for Ping an Group's integrated financial business users, and the synergy effect is becoming increasingly prominent. On the one hand, it can help the secondary transformation and infiltration of customers, stickers and users of comprehensive financial business, on the other hand, it can enhance the breadth and depth of services to its users in cooperation with property insurance, health insurance, banks and other payers.

The data show that the number of paid users continues to increase and the penetration rate increases rapidly. In the first half of 2023, the company's F-end strategic business recorded revenue of 1.078 billion yuan, an increase of 12.6% over the same period last year, and the number of fee-paying households for services in the past 12 months exceeded 38 million, an increase of 13.3% over the same period last year. The penetration rate among the nearly 229 million 1-person financial users of Ping an Group reached about 16.6%.

In the B-end business, Ping an Health continues to improve service capacity and product quality, and provide professional and high-quality one-stop health management services for enterprise users. Enterprises as payers pay for their employees, so that employees can enjoy a full range of services from health risk prevention to health hidden trouble resolution, to health awareness promotion.

Data show that in the first half of 2023, the company's cumulative number of service enterprises reached 1198, an increase of 449 over the same period last year, covering nearly 3.9 million employees and users. B-end business revenue reached 449 million yuan, an increase of 88.9% over the same period last year. Of these, the number of fee-paying households for B-side services reached about 3.9 million in the past 12 months, an increase of 90.2 per cent compared with the past 12 months up to June 30, 2022. At the same time, B-end customers also show high user stickiness, and the customer renewal rate of large-scale enterprises in the period is as high as 90%, which is much higher than the industry average.

From the professional point of view of the organization, a number of securities firms and large banks have also given positive expectations for the safe and healthy business and future development.

For example, Guojin Securities set a target price of HK $19.81 for Ping an Health, covering the company's "overweight" rating for the first time. It pointed out that with the gradual landing of Ping an Health Strategy adjustment, continuous optimization of business structure, obvious advantages in F-end and B-side resources, the company can achieve a break-even. Among them, the company has formed systematic products and services in coordination with the group on the F side, the business is growing steadily, and the penetration still has a lot of room to improve. On the B side, the company integrates supply-side resources and is expected to lead the new track of enterprise health management.

Zhongtai Securities pointed out that the company optimized its product structure, increased gross profit margin, significantly reduced net profit and improved operational efficiency, and gave Ping an Health a "buy" rating. Based on the company's optimization of product and service structure, adjustment of low strategic cooperation business and other reasons, Sino-Thai Securities raised its profit valuation model, taking into account the high growth of the Internet medical industry, the company's strong competitive advantage and continuous optimization of business quality, it is predicted that the company's 2023x2024amp 2025 income will be 46.22max 53.06 / 6.096 billion yuan and net profit will be-5.08pm 2.67pm-62 million yuan respectively.

All in all, with the recent formal convening of the National Health and Health working Conference, the release of the first policy document named "Silver hair economy", "opinions on developing Silver hair economy to improve the well-being of the elderly", the market requires the Hong Kong Monetary Authority to adjust its investment strategy. consider using some of the funds to buy quality stocks listed on the Hong Kong Stock Exchange and a series of top-level designs and voices. It provides a good policy environment for Internet medical enterprises such as Ping an and Health, and further supports their steady development. It is believed that the continued growth in business will eventually be reflected in the capital market.