SR MEDICAL (00108) Sees Over 30% Revenue Growth: The Transformation of an AI Smart Medical Strategy into a New Era.

In December 2025, Guoruiai Life disclosed its acquisition plan for a 78.3% stake in Chunyu Doctor, which once made the company a hot investment target in the Hong Kong stock market. At that time, the market believed that through this cross-border acquisition, Guoruiai Life officially entered a new development stage driven by "high-quality property assets + AI digital medical services." This approach could smoothen the cyclical fluctuations of traditional property investment and could also push the company's core assets from a single physical space to a scenario-based infrastructure that accommodates the health needs of hundreds of millions of users, further tapping into the growth potential of the digital medical sector. In 2026, the acquisition process advanced smoothly, with the transaction completing in March; in July, the listed company officially changed its name to SR MEDICAL. On August 31, SR MEDICAL released the mid-term performance announcement for 2026, presenting the market with a report card that evaluated its transformation. Smart medical services flourished, driving high revenue growth. The financial report indicated that in the first half of 2026, SR MEDICAL achieved total revenue of HKD 223 million, a year-on-year increase of approximately 30.7%. Due to rising operational costs, increased financial expenses, and growing employee benefit costs, the company's loss attributable to shareholders during the period was HKD 70.6 million. In terms of business structure, the smart medical service segment generated revenue of HKD 65.576 million, while the property investment and operation management segment earned HKD 158 million. Notably, the smart medical service segment reported a profit of HKD 12.766 million in the first half of the year, effectively offsetting the cyclical fluctuations in the property investment and operation management business. Following the completion of the acquisition in March 2026, the listed company officially took over the operations of Chunyu Doctor. The management focused on enhancing existing business quality and expanding into new sectors, driving improvements in operational performance and revenue growth. It was reported that on the operational front, SR MEDICAL introduced cooperation resources from overseas insurance institutions to expand the sales scale of health benefit cards, generating over HKD 9.3 million in revenue, stabilizing the base medical service business and maintaining the same level of diagnostic revenue as the previous year. Simultaneously, it fulfilled the incentive policies that were not implemented in 2025, boosting the motivation of the business team, with breakthroughs in digital marketing and medical research-related businesses contributing over HKD 35 million in incremental revenue. Additionally, the company introduced a new business model in the self-operated sales of traditional Chinese medicine pieces, achieving self-operated pharmaceutical sales revenue of HKD 410,000. In summary, the first half of this year realized a revenue increase of HKD 38.3 million compared to the same period last year. These operational moves can actual revenue, rooted in the platform capabilities developed over fifteen years by Chunyu Doctor. As a pioneer in China's internet medical industry, the platform has accumulated nearly 200 million registered users and over 700,000 contracted practicing physicians, retaining around 300 million user health records, and its self-developed AI medical model Chunyu Huiwen has also been implemented in practical scenarios. The platform can provide 724-hour online consultations, video consultations, renowned doctor consultations, and other reception services; leveraging AI capabilities for smart triage, assisted diagnosis, and health risk assessments; connecting e-prescriptions, online drug purchases, home delivery, chronic disease management, rehabilitation nursing, and personal record management to establish a complete service loop of "consultation-prescription-drug-rehabilitation." Compared to starting from scratch to incubate medical services, this acquisition allows the listed company to directly obtain a mature business system that has been validated by the market. The companys next stage of growth largely depends on whether it can transform AI technology into deliverable, scalable services. It was understood that regarding the construction of AI infrastructure, SR MEDICAL is building a reusable unified technical base covering areas such as medical knowledge bases, medical data governance, model iteration applications, and medical intelligent agents. Under the premise of legal compliance, obtaining necessary authorizations, and strict adherence to data security, the platform is promoting the structuring of health records, consolidating specialized medical knowledge, and involving clinical experts in model effect evaluation, continuously enhancing AI's adaptability and reliability in real medical scenarios. Based on this, it will streamline processes such as pre-consultation, medical history organization, clinical decision support, and post-consultation follow-up, creating a standardized service chain led by doctors and assisted by AI, which not only improves doctors' patient handling efficiency but also ensures the stability of medical service efficiency and quality, laying the foundation for business scale expansion. By leveraging established business foundations and integrating AI capabilities, SR MEDICAL will further broaden the growth boundaries across the government (G), consumer (C), and business (B) sectors: On the government end, it will replicate the mature G2C public health model, deepening collaboration with local governments and community health service centers, implementing public health projects such as resident electronic health records and chronic disease follow-ups, expanding government orders, and exploring a city-level public health operation model characterized by platform construction + continuous operation, accumulating core capabilities for evolving into a city-level smart medical operator. On the consumer end, it will focus on the entire chain from prevention, diagnosis, treatment, medication to rehabilitation follow-ups, refining recurring revenue products like chronic disease service packages and health management subscriptions, and is expected to leverage the AI health assistant to handle health consultations, medical navigation, medication reminders, and chronic disease follow-ups, seamlessly connecting with practicing physicians when necessary, continuously enhancing user lifecycle value. The business side will continue to provide digital marketing, real-world studies, patient recruitment management, and other B2D2C services for pharmaceutical and medical device companies, aiming to combine medical resources with intelligent tools for delivery, while also offering standardized tech products like doctor assistants and patient follow-up management to healthcare institutions, expanding subscription-based technical service revenue, improving the dual monetization model of consumer medical services + business empowerment, optimizing revenue structure, increasing the proportion of recurring income, and unleashing the marginal cost reduction effect of the platform. The dual empowerment of property and medical services outlines a new vision of "collaborative medical and property synergies." Looking back at SR MEDICAL's development history, the company has long focused on the property sector, with business covering property management, development, and investment, with a footprint in China, the United States, and the United Kingdom. As the real estate industry has entered a stage of quality improvement and efficiency enhancement, competition in the property industry has shifted towards refined operations. The company has initiated business structure optimization, actively cultivating new growth curves, and striving to build an integrated ecosystem of "smart real estate + digital healthcare," with the acquisition of Chunyu Doctor serving as a key lever to realize this strategic vision. Both types of businesses possess natural complementary attributes; offline physical spaces are highly compatible with online medical capabilities, and the collaborative layout is steadily advancing. The residential projects managed by the company cover a wide range of family clientele, while commercial properties reach a vast office population. These groups possess stable and genuine health consumption needs, making them quality potential users for internet healthcare and effectively alleviating the industry's pain points of high customer acquisition costs and insufficient offline penetration. By integrating medical services into communities and office buildings, the company deepens service implementation in these settings. Utilizing the platform's AI technology and extensive health records, an intelligent health management system tailored to property scenarios can be constructed to provide personalized health services, continuously enhancing user stickiness. At the same time, Chunyu Doctor's mature medical resources also open up value-added space for traditional property services. Traditional property business primarily focuses on basic services such as security and cleaning, which can be enhanced by adding online consultations, health monitoring, and chronic disease management medical services, thus establishing a new product system of "basic property + health value-added services," effectively enhancing property project value and resident experience, and promoting the transformation and upgrade of the company from a traditional property asset management entity to a medical technology service entity. According to the business plan disclosed in this interim report, SR MEDICAL will advance the deep restructuring of its business model, gradually divesting inefficient heavy asset businesses, and focus its core resources on the AI smart medical track. In the future, the company will connect its proprietary property communities with Chunyu Doctor's online medical capabilities, turning the community into a health service implementation scene, constructing a health service ecosystem linked to Wuxi Online Offline Communication Information Technology Co., Ltd. The company will retain Chunyu Doctor's original core management team, leveraging the offline network of property scenes to widen service boundaries and attract new users, achieving deep integration of multiple resources. This construction direction will also effectively respond to the external industry integration. Primary healthcare, specialty services, rehabilitation care, and other formats can provide richer real-world application scenarios for the implementation of AI technology; while the unified AI technical capability is expected to significantly reduce the costs of new business access and the replication of service standards, enhancing the landing efficiency of subsequent industry integration. With a positive cycle forming around technology construction, scenario verification, and commercial operation, SR MEDICAL is expected to drive the revenue structure from traditional medical services to gradually extend towards technical services and continuous operational revenue, with long-term value concentrated in service efficiency, customer renewal capability, revenue quality, and cross-scenario scalable replication capability. Conclusion As internet healthcare transitions from purely online consultations to a new phase of "technology-data-scenario" integration, the industry's evaluation logic has also evolved. In the past, the market emphasized user scale and traffic growth; today, stable monetization channels, scarce implementation scenarios, and diversified revenue structures, including AI technical capabilities, cross-scenario replication capabilities, customer renewal, and revenue quality, have increasingly become key factors determining a company's long-term vitality. Facing this new industry evaluation system, SR MEDICAL has presented interim operational results from its transformation and made initial layouts in several key dimensions. Looking at the broader industrial context, under the impetus of the "Healthy China" strategy and the digital economy, the cross-border integration of traditional physical industries with the health sector is becoming an essential direction for high-quality development in China's economy. With AI technology continuously infiltrating the Hangzhou Minsheng Healthcare scene and rising health consumption demands from residents, the external environment of the industry creates favorable soil for development. If it can leverage its existing business foundation and convert its resource endowment into greater operational effectiveness, the investment value of SR MEDICAL is also expected to receive a renewed assessment and definition from the market.