Investment in "sideline businesses" has far exceeded its core medical business, is the "AI venture investment" model of Andon Health sustainable?
The Legendary AI Investment Performance Sheet
Not long ago, the 2.8-trillion-parameter open-source model Kimi K3 released by artificial intelligence enterprise Moonshot AI has continuously sparked heated discussions around the globe.
As the world's largest open-source large model with the strongest performance in terms of parameter scale, Kimi K3, with its top-tier performance in core scenarios such as programming and long-context reasoning, not only breaks the long-term monopoly of closed-source models in the high-end market, but also shifts the industry's competition focus back to the native performance of models with an open-source and open attitude, once triggering a collective decline in US tech stocks.
With the arrival of the "DeepSeek 2.0 Moment", the boom of A-share Kimi concept stocks has further spread. Among them, Andon Health, relying on its precise positioning in the primary market and position advantages, is regarded as the most core equity mapping target of Moonshot AI in the A-share market, and has undoubtedly stood at the C position of this round of market rally.
Since July 14, the share price of Andon Health has hit the daily limit for multiple consecutive times. From July 14 to July 20, the share price of Andon Health hit or touched the daily limit for five consecutive trading days. Among them, on July 20, the share price of Andon Health rose to a maximum of 87.12 yuan, which is only one step away from its all-time high share price of 93.77 yuan set in April 2022.
As a medical equipment manufacturer that started with traditional sphygmomanometers, Andon Health made more than 16 billion yuan by selling antigen test kits during the COVID-19 pandemic, and then used this sum of money to complete a textbook-level layout in the AI track.
According to public information, as early as August 2023, Andon Health invested about 10 million US dollars in Moonshot AI through its wholly-owned subsidiary Andon Hong Kong, when the valuation of Moonshot AI was only hundreds of millions of US dollars. In March 2024, Andon Health made an additional investment of about 20 million US dollars. In February 2026, Andon Health, as an existing shareholder, completed a new round of financing for Moonshot AI again.
According to the latest information, on July 29, as reported by multiple media outlets, artificial intelligence enterprise Moonshot AI completed the shareholding system reform, and the enterprise name was changed to "Beijing Moonshot AI Technology Co., Ltd.", marking a key step forward in its listing process on the Hong Kong Stock Exchange. On the same day, Moonshot AI announced the completion of over 3.5 billion US dollars in Series F financing, with a post-investment valuation rising to 35 billion US dollars.
As an unlisted company, Moonshot AI adopts a VIE structure, and its shareholder register is not open to the public. Data shows that Andon Health currently holds 2%-4% of the equity of Moonshot AI. Calculated based on the latest financing amount of Moonshot AI, the book value of Andon Health has skyrocketed to the level of tens of billions of RMB, increasing more than tenfold in more than two years.
In addition to Moonshot AI, another high-profile bet of Andon Health is DeepSeek. On July 16, 2026, Andon Health issued an announcement stating that its wholly-owned subsidiary Andon Hong Kong contributed 750 million yuan to indirectly hold Hangzhou DeepSeek through Tianjin Shixiang Investment Partnership, with a post-penetration shareholding of about 0.21%. According to the latest news, DeepSeek has officially launched the second round of financing docking, with an intended valuation of about 71 billion US dollars (about 480 billion yuan), an increase of about 37% compared with the valuation of the first round.
In addition to these two heavyweight unicorn enterprises, Andon Health's primary market investment territory also includes a number of technology companies such as MetaX, Agibot, Pine Dynamics, StepStar, and Independent Variable Robotics. In the secondary market, Andon Health mainly invests in domestic and foreign stocks such as Xiaomi Group, XPeng Motors, and Tencent Holdings, and also allocates standardized assets such as US Treasury bonds and S&P 500 ETF. For the whole year of 2025, the total investment income and fair value change income of Andon Health reached 2.832 billion yuan, and the investment business has become the main source of the company's profits.
On the evening of July 14, Andon Health released its semi-annual performance forecast, and the company expects to realize net profit attributable to shareholders of listed companies of 2.8 billion yuan to 3.4 billion yuan in the first half of 2026, a substantial year-on-year increase of 204.29%-269.50%.
Regarding the reason for the substantial growth of the company's semi-annual performance, Andon Health also stated in its performance announcement that the net profit of the company during the reporting period increased significantly compared with the same period of last year, mainly due to the emergence of layout gains in the field of science and innovation investment, and the valuation rise of underlying targets during the reporting period has a positive impact on the company's performance.
However, it should be noted that while the share price of Andon Health is rising strongly, it also shows significant characteristics of wide fluctuations. Especially since July 20, in 9 trading days, there have been 5 trading days where the decline of the company's stock exceeded 6%, and continuous fluctuations began to appear. As of the latest time point, the latest market value of Andon Health is about 34.7 billion yuan, with a decline of more than 20% from the high point of the year.
Then, why has this "legendary" AI investment performance sheet of Andon Health failed to reach a value consensus in the secondary market?
Started in Tianjin, Thrived in the United States
Public information shows that Andon Health was founded in 1995, and its founder is Liu Yi, a native of Tianjin. In the same year of its establishment, Andon Health independently successfully developed its first KD-322 type Andon electronic sphygmomanometer, thus entering the home medical device track.
In 2002, Andon Health began to lay out overseas markets, mainly adopting the OEM/ODM model to do OEM production for well-known overseas brands such as LloydsPharmacy and Beurer. Relying on the high cost-performance advantage of products and differentiated design concepts, Andon Health successively opened up overseas markets such as Brazil, Poland, and Germany. By 2009, Andon Health's products had been exported to more than 50 countries around the world, with a share of up to 50% in the German market, breaking the monopoly of Japanese and Taiwanese manufacturers in one fell swoop.
In June 2010, Andon Health was successfully listed on the Shenzhen Stock Exchange, becoming the "first share of electronic sphygmomanometers" in China. Also in 2010, Andon Health officially registered the "iHealth" trademark in Silicon Valley, USA, and set up its US subsidiary iHealth Labs Inc.
In 2011, the iHealth brand officially launched its first product - a mobile Internet sphygmomanometer that can be connected to Apple mobile phones, which solved the problem of Apple's lack of hardware in the health field in one fell swoop, and thus received strong support from Apple. With continuous reports from mainstream US media, the iHealth brand became an instant hit in the United States, which also laid the groundwork for the company to obtain FDA access authorization for its COVID-19 antigen test kits in the later period.
After successfully entering the Apple channel, Andon Health took the Xiaomi platform as the key breakthrough point to further open up the domestic market. In September 2014, Xiaomi invested 25 million US dollars to strategically take a stake in iHealth Inc., a subsidiary under Andon Health, with a shareholding ratio of 20%. Since then, Andon Health has gradually established brand awareness and user base in the domestic C-end market.
It is reported that during the Xiaomi Mi Fans Festival in 2016, the weekly sales of Xiaomi iHealth smart sphygmomanometer exceeded 18,600 units, setting a global sales record for smart sphygmomanometers. In 2019, Andon Health's domestic revenue exceeded 200 million yuan for the first time.
However, due to the fluctuations in overseas market revenue and the company's continuous high investment in R&D, channel construction and brand promotion, Andon Health has been under great performance pressure for many years after its listing. Data shows that from 2013 to 2019, the non-recurring net profit of Andon Health was negative for seven consecutive years, which also led some investors to include the company's stock in the category of "junk stocks".
The outbreak of the COVID-19 pandemic became a major opportunity in the development history of Andon Health.
In November 2021, the iHealth COVID-19 antigen self-test kit of Andon Health obtained FDA emergency use authorization, and signed a large order of 8.1 billion yuan with the US Army Contracting Command in early 2022 (the total tax-included amount of the contract is 1.275 billion US dollars, and the total amount of subsequent contracts increased to 1.775 billion US dollars, equivalent to about 11.226 billion yuan).
In addition to large government orders, Andon Health's COVID-19 antigen self-test kits also undertake procurement needs of various commercial institutions, and carry out To-C sales through Amazon and the official iHealth US website. In addition, with the hot sales of iHealth test kits, other home medical devices under the iHealth brand, such as forehead thermometers, Internet of Things sphygmomanometers, blood glucose meters, and oximeters, have also achieved good sales results on e-commerce platforms such as Amazon in the United States.
Data shows that for the whole year of 2022, Andon Health achieved a total revenue of 26.315 billion yuan, a year-on-year increase of 997.8%, of which overseas revenue was as high as 25.874 billion yuan; the net profit attributable to the parent company reached 16.03 billion yuan, a year-on-year surge of 1664.19%. In this year, the net cash flow from operating activities of the company reached 18.222 billion yuan.
After "getting rich overnight", the share price of Andon Health achieved an astonishing rise. Data shows that from November 2021 to January 2022, the share price of Andon Health increased by more than 30 times in more than two months, with a total market value exceeding 30 billion yuan, and was praised as the "strongest demon stock across the year".
As the actual controller of the company, Liu Yi's personal wealth also skyrocketed synchronously with the share price of Andon Health. According to the "Hurun Global Rich List" released in March 2022, Liu Yi was on the list for the first time with a wealth of 6.3 billion yuan, ranking 9th in China's medical device sector.
From "Breaking Net Asset Value" to Second Takeoff
Since 2023, with the end of the global public health emergency, the demand for COVID-19 testing has plummeted, and the operating performance of Andon Health has also declined accordingly. Data shows that for the whole year of 2023, Andon Health achieved revenue of 3.231 billion yuan, a year-on-year decrease of 87.72%, and achieved a net profit of 1.004 billion yuan, a year-on-year decrease of more than 90%. Among them, the company's core product iHealth series products achieved revenue of 2.912 billion yuan, a year-on-year decrease of nearly 90%.
Facing the sharp decline in revenue related to COVID-19 test kits, Andon Health has fully shifted its strategic focus to "Internet + Healthcare", and its core starting point is the new "O+O" (Offline+Online) model for diabetes diagnosis, treatment and care. Under this model, patients complete the initial consultation at the care clinic of the cooperating hospital (Offline), and doctors formulate personalized diagnosis and treatment plans and connect to the "O+O" management system. At the same time, Andon Health's care team conducts real-time tracking management and life intervention for patients through the online platform (Online), thus building a closed-loop management system for the whole course of diabetes that is deeply integrated online and offline. By the end of 2025, the total number of patients receiving care in China and the United States was about 479,800.
With the large-scale implementation of the "O+O" model in China and the United States, Andon Health first disclosed it separately as "Internet medical products and services" in its 2023 financial report. Data shows that from 2023 to 2025, the revenue of Andon Health's Internet medical products and services was 37 million yuan, 76 million yuan and 122 million yuan respectively.
However, from the perspective of revenue proportion, the proportion of Internet medical products and services in Andon Health's total revenue is less than 10%, and it has not yet formed a scale support. On the other hand, Andon Health's iHealth series products are still in a state of rapid shrinking. In 2025, Andon's iHealth series products only achieved revenue of 1.003 billion yuan, a decrease of more than 1.9 billion yuan compared with 2023, and the revenue proportion is still as high as 73.48%.
Against the background of continuous shrinking of main business, the share price of Andon Health continued to decline, and was once in a state of net asset value breaking (from March 2025 to February 2026). After that, with the concentrated release of the company's investment business income, Andon Health soon ushered in value revaluation, and the company's share price also ushered in phased repair.