美年健康"All in AI" 驶入"AI+医疗"黄金赛道

The health management robot is coming, and the domestic medical and health AI model has ushered in a new sample.

It is reported that on April 15 this year, Meinian Health's new AI application product, "Healthy Xiaomei" digital intelligent health manager, started internal trial operation. According to official information, this is the first health management AI robot in China.

Through this product, users can upload personal living habits, exercise and other information, and generate their own health management plan with one click, and can also obtain exclusive physical examination and prevention plans based on personal health data, lifestyle habits, family medical history, etc.

To put it simply, using "Healthy Xiaomei" is equivalent to having a 24-hour online, year-round, and lifelong gold medal private health consultant.

Previously, in January this year, Meinian Health, HUAWEI CLOUD, and Runda Medical announced their cooperation to create a "healthy Xiaomei". Subsequently, Meinian Health and Runda Medical have successively harvested the price limit. At the NVIDIA 2024 GTC conference on March 18, CEO Jensen Huang certified that "AI healthcare" will become the next golden track, and set off a wave of concept stocks in A-shares.

In fact, since 2024, "AI + healthcare" has been hot in the A-share market. This year coincides with the 20th anniversary of the establishment of Meinian Health, and under the new stage of the "All in AI" strategy, "Healthy Xiaomei" is not only a gift for its 20th anniversary, but also a benchmark product for its new journey of building AIGC and creating a new paradigm of digital health management in the era of large models.

20年新起点,"All in AI"

Three years ago, Meinian Health proposed the "All in Digital" strategy, and by 2024, it has been upgraded to "All in AI" - striving to upgrade from a leading enterprise in the preventive medicine track to a leader in all-round and full-life cycle digital intelligent health management. Among them, the R&D launch of "Healthy Xiaomei" is an important part.

This product is not only limited to providing users with personalized physical examination and health management solutions, as well as predicting potential health problems and providing solutions through big data analysis, digital twin and other technologies, but also assists doctors in disease diagnosis and improves diagnostic efficiency.

The launch of "Healthy Xiaomei" can be regarded as a key node of Meinian Health's "All in AI" strategy. Looking back on its 20-year development history, it can be found that its construction of the AIGC model was anchored at the beginning of the transformation.

Founded in 2004, Meinian Health has focused on basic network construction and market education since its establishment until 2018, and completed full coverage of Chinese mainland in 2018, establishing four major brand matrices of "Meinian Health", "Ciming", "Aoya" and "MJ", realizing the transformation from traditional single to multi-level health management system in the business model.

It was also around 2018 that Meinian Health began to use big data and artificial intelligence technology to develop and innovate in the field of early disease screening, relying on quality and data to drive the simultaneous upgrading of products and medical quality. For example, in 2017, it has implemented AI-assisted diagnosis applications for pulmonary nodules, and in the following years, it has successively launched fundus AI, breast ultrasound AI and other applications to help accurate screening, reduce the missed diagnosis rate, and improve the quality of physical examination.

By 2020, Meinian Health proposes to build a full life cycle health management system, transforming from physical examination and diagnosis to creating a closed-loop service that runs through the pre-inspection, in-inspection and post-inspection. In other words, Meinian Health has expanded its market space from a relatively single physical examination scenario to a full range of health scenarios covering the whole life cycle before, during and after the examination.

In this transformation from a physical examination leader to a leader in the whole process of health services, the launch of Bian Que's intelligent physical examination management system is very important.

IN 2022, MEINIAN HEALTH OFFICIALLY LAUNCHED THE SAAS CLOUD PLATFORM FOR BIAN QUE'S INTELLIGENT PHYSICAL EXAMINATION MANAGEMENT. The platform can realize functions such as time-sharing appointment, rapid registration, smart guidance, real-time data exchange, sample tracking, and automatic reporting of abnormal results of examinations, so as to comprehensively improve medical quality, customer experience, hospital efficiency and branch management.

In 2023, the Bian Que system will be widely implemented in more than 600 physical examination centers across the country, greatly improving operational efficiency and customer experience.

If Meinian Health is compared to a super-large airport, then the Bian Que system can be vividly regarded as the "brain center" tower of the airport, and the daily operation of each terminal, flight scheduling, and hundreds of aircraft entering and leaving the port queuing, take-off and landing can be orderly, all of which need to rely on the scientific command of the tower. With the blessing of artificial intelligence, Bian Que's "tower" does not need to be controlled by manpower, and the AI system can automatically execute instructions such as appointments, registration, and guidance.

For Meinian Health itself, the transformation of full-life cycle health management will inevitably bring about the growth of business volume and the increase of operating load. The Bian Que system has laid the foundation for it to undertake the task volume of multiple-type growth.

At the same time, the Bian Que system is also an important carrier for the digital transformation of Meinian Health. The latter has successively launched AI products such as "Healthy Xiaomei" to help medical diagnosis and health management, all of which have been implemented on this platform to serve the majority of users.

Looking at the whole industry, large models are becoming a strategic opportunity to drive economic growth, and the medical industry is ushering in an inflection point of AI-driven change. On the other hand, the resources of public hospitals tend to be saturated, and the expansion of the health examination market and the increase of the market share of non-public physical examination are long-term trends.

Therefore, the entire medical and health industry is also looking forward to the emergence of samples that have successfully used AI technology to improve the efficiency of diagnosis and treatment and benefit the whole people.

Meinian Health may be expected to provide a reference model - when announcing the cooperation with HUAWEI CLOUD and Runda Medical, it said that "Healthy Xiaomei" will be gradually promoted and applied to more than 600 physical examination centers under the group, which will help promote the popularization of "digital intelligent healthcare" in the Meinian system and accelerate the realization of high-quality medical resources for the benefit of the whole people.

The AI "star lineup" focuses on the 3 trillion market

In 2022, Meinian Health put forward the strategic goal of "building a new Meinian in three years", and digitalization is the key move. 2024 is not only the 20th anniversary of the establishment of Meinian Health, but also the final year of the three-year strategic goal.

Focusing on the three-year goal, Meinian Health has also accelerated the pace of digital transformation in recent years.

In January this year, the "Healthy Xiaomei" jointly created by HUAWEI CLOUD and Runda Medical was launched three months later, and the 12th China Innovation and Entrepreneurship Competition AIGC Medical and Health Professional Competition also ended in January. By participating in this competition, Meinian Health was able to select innovative projects in the field of AIGC and large models, and cooperated with outstanding entrepreneurial teams and participating teams to launch more AI products.

Previously, Peter Lee, the head of Microsoft Research, pointed out in his book the challenges faced by large models in the field of medical health. The key to connecting technology R&D to application implementation lies in the technical team's ability to obtain a sufficient number of health-related corpora and datasets, and to test and optimize them in a real business environment.

At the beginning of 2024, the National Data Administration released a three-year action plan for the implementation of the "Data Element ×", and also listed medical and health as a key area of the "Data Element ×" plan, hoping to release the value of personal health and medical data in an orderly manner by activating the potential of data elements.

As a leading enterprise in the field of preventive medicine in China, Meinian Health has built a huge treasure trove of personal health data covering sociodemographics, health history, lifestyle, physical examination, laboratory examination and imaging examination. This provides a data foundation for the implementation of large models in the medical and health industry, and has also become a key entrance for users to realize chronic disease management and individualized and precise prevention strategies.

At present, nearly 30 million users undergo physical examinations and receive health management services on the Meinian Health platform every year, and there are more than 60,000 professional medical and management personnel under its umbrella. With 20 years of deep cultivation in medical health, this part of the data and scenarios has become an advantageous resource for Meinian Health to devote itself to the research and development of medical models.

In addition, based on the full life cycle transformation started in 2020, the business launched by Meinian Health currently covers the whole process of pre-test, in-test, and post-test, which also provides a comprehensive training scenario for the testing and optimization of its large model application after landing.

In the long term, since the three-year goal was proposed, "AI" has been the primary label of Meinian's innovative health products, and the above-mentioned resource advantages have also helped it to launch a number of "AI products" before, such as Lung Toning, Brain Ruijia, AI coronary calcification integral detection project, AI-MDT multidisciplinary expert intelligent health management system, etc.

For example, the lung health screening product "Lung Ning" integrates seven kinds of lung cancer autoantibody hematology tests, imaging e+ retrospective pulmonary nodule in-depth analysis report, lung health service package, and lung malignant tumor insurance, realizing the whole process of closed-loop management of lung nodules.

This means that "Lung Ningning" has established a full-chain in-depth lung health risk protection system that follows clinical standards for customers, from early screening of pulmonary nodules, to early diagnosis of pulmonary nodules, follow-up management, lung cancer diagnosis and intervention, and healthy lifestyle shaping.

In 2022, the detection rate of pulmonary nodules detected by low-dose spiral CT was as high as 55.9% of the 9.17 million people who were included in the sample analysis. This highlights the important role of "lung nodules" in the early detection and treatment of pulmonary nodules, and through this comprehensive lung health risk protection system, it can more effectively promote the early prevention and treatment of lung cancer, and reduce the health burden and economic cost caused by advanced lung cancer.

Another example is "Brain Ruijia", as an innovative product focusing on early screening of stroke and Alzheimer's disease, which applies imaging AI analysis technology and a whole-brain standard database of all ages in healthy people in China to identify structural abnormalities and functional degeneration in the early stage of brain disease.

The product also pays attention to the user's post-inspection experience, providing users with all-round and full-process closed-loop services.

According to Meinian Health, this product is the first multi-dimensional brain health risk intelligent assessment product in China.

Specific to the application level, as of the end of last year, "Brain Ruijia" has been distributed in more than 400 branches in more than 200 cities across the country, and more than 100,000 brain health examinations will be completed in 2023, with a detection rate of 14.14% for medium and high-risk abnormalities, and a clear trend of younger brain health risks, with 18.90% of brain structural abnormalities detected under the age of 50, 3.24% of memory-related hippocampal abnormalities, and 27.71% of brain aging-related white matter hyperintensity abnormalities.

These innovative products not only improve diagnostic efficiency and customer experience, but also reflect the unique technology label of Meinian Health.

The power that AI can bring to medical progress has long been proven by many types of applications. In the early stage of disease screening, AI can identify small abnormal changes by analyzing a large amount of image data to achieve early detection and prevention of diseases, and in the diagnosis stage, based on deep learning of massive image data, AI can assist doctors in discovering the subtle features of lesions and improving the accuracy of diagnosis.

This is also further promoting the rapid development of AI healthcare. Relevant market statistics show that by 2025, the domestic AI medical imaging market may reach 44.2 billion yuan, with a compound annual growth rate of 135%. According to iResearch's forecast, by 2028, the overall health management market will exceed 3,000 billion yuan, with a compound annual growth rate of 12.5% from 2023 to 2028.

In other words, Meinian Health's industry will usher in an incremental market of 3 trillion yuan in less than five years.

Reflected in the performance side, Meinian Health's 2023 performance forecast shows that the company's revenue last year was about 10.73 billion yuan to 11.05 billion yuan, with a year-on-year growth rate of about 25.75% to 29.50%. The company's net profit attributable to the parent company has turned around, with a profit of about 460 million yuan to 570 million yuan, a year-on-year increase of about 2 times.

According to a report by Huaan Securities, Meinian Health's successful turnaround in 2023 is due to the company's adherence to digital operation and quality-driven, through digital informatization empowerment, medical quality has been improved, the medical quality system has been continuously improved, and service efficiency and customer experience satisfaction have been high.

Alpha and beta quotes coexist

Prior to this, the capital market's worries about Meinian's health mainly came from operating losses, and its company's stock price also experienced several declines and climbs over a long period of time.

However, from the perspective of the profit curve, in the early stage of digital transformation in traditional industries, it is difficult for capital investment to be immediately presented on the profit side, and a certain return cycle is required. Subsequently, with the gradual growth of business volume and the release of scale effect, the initial cost is constantly diluted, and the profit is often shown as a gradual thickening process.

The latest earnings forecast for 2023 may show that Meinian Health is currently entering the harvest period. Looking at its valuation, it is still at a relative historical bottom, so there is still room for imagination in future valuations.

At the same time, through the entire company's operation since the digital transformation, it can also be found that the refined management of Meinian Health has achieved initial results, and the subsequent profitability is expected to continue to be realized.

According to the report analysis of Huaan Securities, the physical examination industry has recovered strongly since the end of the epidemic, and the demand for physical examination, especially the demand for special examinations for chronic underlying diseases and mid-to-high-end health management, has continued to expand.

In addition, the coordinated development of the individual inspection business system of Meinian Health Group has successfully released the synergistic revenue potential of the group package business and the individual inspection special inspection business by establishing a closed-loop marketing system and strengthening the leadership of government and enterprise customers. The continuous exploration of innovative business has also created differentiated and advantageous products for it.

The cooperation with Runda Medical and Huawei Cloud to build a health management AI robot is considered by Huaan Securities to open a new performance growth curve for Meinian Health.

Since the beginning of 2024, the "Government Work Report" has first mentioned the "artificial intelligence +" action, which means that the mainland is strengthening the top-level design and accelerating the formation of new quality productivity with artificial intelligence as the engine;

Meinian Health upgraded its strategy in a timely manner and announced "All in AI", which is in line with the pulse of the development of the industry, and at the same time benefits from the early layout, and has established its own first-mover advantage.

Especially after the epidemic, the demand for physical examination has recovered as scheduled, some small physical examination companies have withdrawn from the market, and the competition pattern has been optimized. Standing at the new starting point of the 20th anniversary, Meinian Health is expected to usher in a growth window period in which alpha and beta opportunities coexist.