Jiuan Medical has grown into a major capital force.

When the domestic capital market set off a wave of hard technology investment in 2026, iHealth Labs Co., Ltd. completely emerged from the shadow of trading below net asset value in the past three years with a sharp surge in market value. Just after the first quarter ended, its market value had doubled, regaining the 40 - billion - yuan mark, presenting a stark contrast to the long - term trough of trading below net asset value.

Behind this stock price reversal is not the recovery of the traditional medical device business, but a profound transformation of its identity. This company, which got rich from COVID - 19 antigen testing, is no longer the small home medical industry factory that used to focus on home medical products. Instead, it has quietly grown into a large holding - type capital with tens of billions of cash on hand and heavy investment in hard technology.

However, the tide will eventually ebb. When the market hotspots shift, how should iHealth Labs Co., Ltd. maintain its current market position? Is this market value reversal the beginning of a successful transformation or just another short - lived stock price "roller - coaster"?

01

An Irreplicable "Get - Rich - Quick Myth"

The "first pot of gold" of iHealth Labs Co., Ltd. started from an irreplicable stage dividend.

Before 2021, iHealth Labs Co., Ltd. was just an inconspicuous small - and - medium - sized medical device enterprise in the domestic capital market, mainly engaged in home products such as blood pressure monitors and blood glucose meters. From 2015 to 2019, its revenue hovered in the range of 400 million to 700 million yuan for a long time. Its net profit fluctuated between losses and profits, and its market value was always less than 5 billion yuan.

At that time, iHealth Labs Co., Ltd. was a typical struggler in the real - world industry. It barely survived on meager manufacturing profits, lacked core technological barriers, and had no clear growth path. It was gradually marginalized in the highly competitive medical device track.

In November 2021, the implementation of the US FDA EUA Emergency Use Authorization became a turning point in the fate of iHealth Labs Co., Ltd. The COVID - 19 antigen self - testing kit of its US subsidiary successfully entered the 100 - billion - level home testing market in the United States, and then won a super order of $1.775 billion from the US government. Subsequently, there was a sharp expansion of production capacity, soaring from 100 million units per month to 200 million units per month, and the products were in short supply for a long time.

By the end of 2022, iHealth Labs Co., Ltd. created a rare performance miracle in the history of domestic capital: the annual revenue was 26.315 billion yuan, and the net profit attributable to the parent company was 16.030 billion yuan, a year - on - year surge of 1664.19%. The average daily profit exceeded 44 million yuan, and the money earned in one year was more than 10 times the total profit since its listing for 12 years.

This sudden wealth came with strong contingency and unsustainability.

However, the antigen testing itself has a very low technical threshold, and the products are highly homogeneous. When the global pandemic eased and the testing demand in the United States dropped sharply, the performance of iHealth Labs Co., Ltd. quickly returned to normal. In 2023, the annual revenue of iHealth Labs Co., Ltd. plummeted by 87.72% year - on - year to 3.231 billion yuan; in the first three quarters of 2025, the revenue was only 1.069 billion yuan, a further year - on - year decrease of 48.89%, and the traditional medical device business fell into a contraction dilemma again.

However, this "first pot of gold" still brought huge cash reserves to iHealth Labs Co., Ltd. and completely changed its development trajectory. For most real - world enterprises, the sudden huge wealth might be used for expanding production in the main business, technological R & D, or industrial chain integration. However, iHealth Labs Co., Ltd. chose a completely different path - giving up in - depth development in the real - world industry and turning to capital operation.

This choice is not only a helpless compromise due to the lack of growth in the traditional main business, but also an active pursuit of capital premium. It is also the starting point for the change in the valuation logic of iHealth Labs Co., Ltd.

02

From Earning Product Profits to Earning Capital Profits

After the ebb of the pandemic, the core action of iHealth Labs Co., Ltd. was to transform tens of billions of cash from an idle state into capital, completing the switch in the business model from "earning product profits" to "earning capital profits".

iHealth Labs Co., Ltd. established a strategy of "taking the real - world industry as the foundation, capital as the mainstay, and investing in early - stage, small - scale, and technology - based projects", and constructed a three - tier investment structure of "mother fund + direct investment + sub - fund". As of now, it has cumulatively subscribed for capital contributions of more than 4.3 billion yuan, reached cooperation with 27 venture capital institutions, and gradually built a hard - technology investment matrix covering cutting - edge tracks such as AI, semiconductors, and robots.

The capital layout of iHealth Labs Co., Ltd. precisely caught the wave of hard technology and deliberately created the popular label of "AI + semiconductors". The two most market - watched investment targets: Dark Side of the Moon (Kimi) and MuXi Co., Ltd., happen to be the currently hottest AI large - model and domestic GPU tracks in the A - share market.

In August 2023, iHealth Labs Co., Ltd. signed an investment agreement with Dark Side of the Moon and made an initial investment of about 72 million yuan; in March 2024, iHealth Labs Co., Ltd. made an additional investment of about 144 million yuan. By May 7, 2026, Dark Side of the Moon completed a new round of financing of $2 billion, and its valuation soared directly to $20 billion. Compared with the valuation of $1.5 billion when iHealth Labs Co., Ltd. made its first investment, the valuation increased by 12 times in just over two years.

At the beginning of 2025, iHealth Labs Co., Ltd. invested 100 million yuan in MuXi Co., Ltd. through the Tiankai iHealth Haihe Haitang Science and Technology Innovation Mother Fund. As of before the listing of MuXi Co., Ltd., iHealth Labs Co., Ltd. indirectly held a total of about 1.2 million shares, accounting for 0.53% of the shares before the initial public offering of MuXi Co., Ltd.; after the listing of MuXi Co., Ltd., the floating profit of this investment exceeded 6 times.

The success of these two projects not only brought huge floating profits to iHealth Labs Co., Ltd. but also made the market re - evaluate its capital nature. However, a in - depth analysis of its capital layout reveals hidden concerns and controversies behind it.

Firstly, its investment model is more inclined to "financial speculation" rather than "industrial synergy". iHealth Labs Co., Ltd. has cumulatively invested in more than 30 hard - technology enterprises, but most of these projects have a very low correlation with the traditional medical device business. There is no substantial synergy between AI large models, GPU chips and diabetes care, home medical devices.

As of now, the investment business and the main business of iHealth Labs Co., Ltd. are still "two separate things": the investment income has not been used to support the R & D and market expansion of the main business. Instead, the main business has become more marginalized. In the first three quarters of 2025, the net profit attributable to the parent company of iHealth Labs Co., Ltd. was 1.589 billion yuan, of which more than 80% came from the change in the fair value of financial assets and equity investment income, and the contribution of the main business was less than 20%. The doubt of "hollowing out of the main business" has never disappeared.

Secondly, iHealth Labs Co., Ltd. lacks a professional gene in capital operation. As an enterprise transformed from the real - world industry, it lacks a mature venture capital team and a perfect risk control system. Its investment layout is more like "following the trend and placing bets" - investing in whichever track is popular and whichever project is favored by capital.

This blind trend - following model faces huge risks under the characteristics of "high volatility and long cycle" in the hard - technology track. Once the valuation bubble of hard technology bursts, or the invested enterprises fail to go public or their performance fails to meet expectations, the huge investment of iHealth Labs Co., Ltd. will face the risk of shrinkage, which will in turn affect the company's profit and market value stability.

What's more alarming is that the capital transformation of iHealth Labs Co., Ltd. is blurring its own identity positioning. From the current situation, it is no longer a pure medical device enterprise, nor a professional venture capital institution. Instead, it is a "neither - fish - nor - fowl" financial platform - without the core competitiveness of a real - world enterprise and the professional investment ability of a venture capital institution.

03

Where to Go After the Carnival?

The dilemma of trading below net asset value of iHealth Labs Co., Ltd. in the past three years and the sharp rise in its stock price in 2026 are essentially due to a subversive change in the market valuation logic. Behind this change are the deviation of market perception, the game of funds, and the resonance of industry trends.

Looking back from 2023 to 2025, iHealth Labs Co., Ltd. was in a long - term state of trading below net asset value. The core reason lies in the solidification of market perception and the mis - matching of valuation. In the inherent perception, iHealth Labs Co., Ltd. has always been labeled as a "medical device" enterprise. The market ignored the huge cash on its books and the hard - technology investment portfolio, and insisted on pricing it with the real - world industry logic. It was believed that the relevant business had declined, the traditional main business was weak, and it lacked long - term growth ability, only worth a discounted price of its net assets.

More importantly, the domestic capital market lacks a mature valuation system for venture - capital holding platforms, and can only be priced by the most conservative net - asset discount method, ultimately falling into the quagmire of trading below net asset value.

The stock price carnival in 2026 is essentially a correction of the market valuation logic and a hype of the hard - technology concept by funds. With the listing of MuXi Co., Ltd. and the sharp increase in the valuation of Dark Side of the Moon, the hidden assets of iHealth Labs Co., Ltd. gradually became visible. The market finally began to recognize its capital nature and switched its valuation logic from a "medical device company" to a "venture - capital holding platform". Coupled with the continuous popularity of the hard - technology track in 2026, funds from all sides resonated and entered the market, driving the stock price to rise continuously. iHealth Labs Co., Ltd. completely emerged from the dilemma of trading below net asset value.

However, we must also clearly recognize that there are still many uncertainties in the current valuation reconstruction, and there are even obvious traces of concept hype. One of the most obvious indicators is that the investment income of iHealth Labs Co., Ltd. is highly volatile and unsustainable. The exit cycle of science and technology innovation investment is long, and the valuation fluctuates greatly. The floating profits of Dark Side of the Moon and MuXi Co., Ltd. have not been fully realized yet. Once the market environment changes and the valuation of the invested enterprises is adjusted, the profit of iHealth Labs Co., Ltd. will face a significant shrinkage.

The AI medical business in the strategic arrangement of iHealth Labs Co., Ltd. has not yet formed large - scale revenue. The Caregiver Copilot it launched is still in the gray - scale testing stage. The scale of its AI team of more than 30 people is difficult to support the label of "AI medical leader", and there are still huge uncertainties in the relevant commercialization progress.

More importantly, the switch in the valuation logic of iHealth Labs Co., Ltd. lacks solid fundamental support. A real financial capital holding platform needs to have mature investment ability, a perfect risk control system, and a sustainable exit mechanism. However, the current investment layout of iHealth Labs Co., Ltd. is still in the "betting stage" and has not formed a virtuous cycle of "investment - exit - reinvestment".

The current valuation premium given by the market to it as a capital company is more based on the optimistic expectation of the hard - technology track rather than the recognition of iHealth Labs Co., Ltd.'s own investment ability. The transformation of iHealth Labs Co., Ltd. is a typical sample of "transformation after getting rich" in the domestic capital market, but it reflects the impetuosity and confusion of the current capital market.

iHealth Labs Co., Ltd. has now grown into a large - scale capital, which is an irreversible fact. From getting rich by chance to capital transformation, from the trough of trading below net asset value to the stock price carnival, iHealth Labs Co., Ltd. has completed a complete identity leap in five years, which has also triggered in - depth thinking about valuation logic and enterprise transformation in the market.

The current stock price carnival may be the market's recognition of the capital transformation of iHealth Labs Co., Ltd., or it may be the continuation of the hype of the hard - technology concept. However, in any case, we should remain rational: capital can make an enterprise rise rapidly, but it cannot make an enterprise stand on its feet in the long run; concepts can drive the stock price to soar in the short term, but they cannot support the long - term value of an enterprise.

Historical experience has told us more than once that an enterprise that rises through capital speculation will eventually return to its origin if it does not have a solid main business support and core competitiveness.

This article is from the WeChat official account "Medical Shine", author: Huang Xiwen, published by 36Kr with authorization.