Path to Health (02587) “shift gears” of 107 million IPO capital: increasing AI agents to speed up regional ecological layout

The Zhitong Finance App learned that on July 29, Health Path (02587) issued a supplementary announcement to strategically reallocate approximately HK$107 million of unused IPO capital. Core changes: The original plan was to expand physical pharmacies, recruit on-site health assistants and business representatives on a large scale, and fully shift to AI smart technology research and development and regional ecological layout.

As of the announcement date, the net amount of the IPO was approximately HK$109.4 million; only HK$2.71 million had been spent; the remaining amount was approximately HK$106.9 million. After adjustment: The original plan was HK$36.65 million for specialty pharmacies and the recruitment of 90 on-site health assistants, all of which were transferred to AI technology research and development; HK$29.54 million, which was originally used to recruit 20 medical experts and 20 business development representatives, switched to ecosystem development for multiple service lines; HK$15.86 million originally used for IT talent recruitment was also incorporated into AI research and development. Only about HK$4.38 million was reserved for working capital; the focus of the HK$22.97 million investment for strategic investments and acquisitions was shifted to companies involved in health products and healthcare service providers.

Adding AI this time is not a conceptual hype. The company's related business has been implemented continuously, and the commercialization path is clear and verifiable. In 2025, in the first year of its launch, AI smart devices generated more than 32 million yuan in revenue; AI doctor assistants landed in more than 20 medical institutions and were selected as a typical case of artificial intelligence in Fujian Province. In March 2026, the company joined the Sichuan Orthopedic Hospital and Anji County People's Hospital digital intelligence project; in June, it won the bid for the Rizhao mobile computing power grid project. On July 20, Health Path and Xi'an Health Medical Group signed an AI smart community co-construction agreement. The plan is to cover the first batch of 30 primary medical institutions in Xi'an, each equipped with 5 AI agents to establish a closed loop of “prevention, diagnosis, treatment, rehabilitation and management”. This indicates that the company's AI solution has moved from a single-site pilot to standardized batch delivery.

In addition to AI enhancement, the company plans to establish 10 to 20 regional ecosystem companies in all provinces across the country to deepen market penetration of enterprise services and digital marketing services, and undertake core functions such as implementing localized AI projects, digital marketing of customized pharmaceuticals, and delivery of smart hospital information systems to provide targeted services to customers in different regions. In 2025, revenue from this business line increased by 42.56%, and pilot projects launched in Jiangsu and Sichuan have shown positive results.

Behind this capital reallocation is the company's strategic upgrade from “asset-heavy manpower expansion” to “technology-driven lightweight operation.” In 2025, Health Path achieved revenue of 1,563 billion yuan, a year-on-year increase of 30.13%; net profit of 54.338 million yuan, successfully turning a loss into a profit. Competition in offline pharmacies is intensifying, and gross margins are under pressure, while AI solutions have the characteristics of high gross profit and easy large-scale replication, and capital return expectations are significantly superior to physical expansion.

Jinyu Fu Securities gave a “Recommended” rating with a target price of HK$17.53; Huasheng Securities gave a “Buy” rating with a target price of HK$8.15. The agency believes that AI agents have accurately hit the efficiency pain points of the medical industry, and that this reallocation of funds will effectively improve the efficiency of capital use.

From “building a sea of people” to “deploying AI,” from “single point of service” to “regional ecology,” Health Path used a HK$107 million strategy to “shift gears”, announcing a shift in its growth engine from human-intensive to intelligence-driven. As AI agents replace repetitive labor on a large scale and regional ecosystem companies sink into the local market, this digital medical platform, which has only been on the market for a year, is accelerating its evolution into an “AI-driven digital healthcare leader” with the most pragmatic capital allocation.