Andon Health Co., Ltd.
Andon Health Co., Ltd. — registered as 天津九安医疗电子股份有限公司 (Tianjin Jiuan Medical Electronics Co., Ltd.) in Tianjin, China, under unified social credit code 911200006008904220 — traces its origins to Cotton (Tianjin) Electric Appliance Co., Ltd., founded on 22 August 1995, and was reorganised into its current joint-stock form in 2007. The company listed on the Shenzhen Stock Exchange on 10 June 2010 under ticker 002432, originally on the SME Board, which was merged into the SZSE Main Board in 2021. Its registered and office address is No. 3 Jinping Road, Ya’an Road, Nankai Industrial Park, Nankai District, Tianjin, 300190, according to its 2025 annual report filed with the Shenzhen Stock Exchange.
Andon Health describes its operations as a dual main business model. Its medical and healthcare segment develops, manufactures and sells in vitro diagnostic (IVD) products and home-use medical electronics — including blood pressure monitors, blood glucose meters, digital thermometers, pulse oximeters and body-composition scales — under the Jiuan and iHealth brands, alongside an internet-healthcare business built around a diabetes-care “O+O” (online-plus-offline) model operated in China and the United States. Its second segment is a large-category asset allocation and investment business, run through a wholly owned Hong Kong subsidiary, that invests the company’s cash reserves across fixed income, public equities, hedge funds and private funds, including technology and AI-focused venture funds.
The company became internationally prominent from 2020 through 2022 for iHealth-branded COVID-19 antigen self-test kits sold in the United States under FDA Emergency Use Authorization, chiefly through Amazon, and it disclosed extraordinary revenue and profit during that period. According to Andon Health’s 2025 annual report, this pandemic-era demand has substantially declined: reported 2025 operating revenue was RMB 1.366 billion, down 47.32% from RMB 2.592 billion in 2024 and RMB 3.231 billion in 2023, with iHealth-branded product revenue of approximately RMB 1.003 billion in 2025 and diabetes-care revenue of approximately RMB 122 million. Net profit attributable to shareholders nonetheless rose 35.84% year-on-year to RMB 2.267 billion in 2025, a figure the company attributes largely to its investment portfolio rather than core device or test-kit sales. In 2025 the company’s multiplex influenza/COVID-19/RSV combination test kits received FDA 510(k) clearances, which the company states allow continued US marketing independent of the now-lapsed EUA. On 21 January 2025, the Tianjin bureau of the China Securities Regulatory Commission issued a warning letter to the company and its then chief financial officer over inadequate disclosure procedures concerning idle fundraising proceeds placed in cash-management products in 2022.
- Company fundamentals
- Corporate linkage & group structures
- Digitized company financials
- Firmographics — websites, social profiles, revenue and employee estimates
Shareholders
Shareholders of Andon Health Co., Ltd.
Andon Health Co., Ltd. (天津九安医疗电子股份有限公司) is listed on the Shenzhen Stock Exchange (ticker 002432) and, as a listed company, discloses only shareholders holding above the exchange’s reporting thresholds rather than a complete shareholder register. According to the company’s 2025 annual report (period ended 31 December 2025), the company had 68,486 holders of ordinary shares at year end, up from 65,963 one month before the report’s disclosure date. Its top-ten disclosed shareholders included Shihezi Sanhe Equity Investment Partnership (Limited Partnership) (石河子三和股权投资合伙企业（有限合伙）), the disclosed controlling shareholder, holding 25.07% (116,544,519 shares); the company’s own 2024 Employee Stock Ownership Plan, holding 2.92%; the Bosera CSI Healthcare ETF, holding 2.14%; the company’s 2022 Employee Stock Ownership Plan, holding 1.35%; and individual shareholder Yu Ronghu, holding 1.24%. As of 31 December 2025, shares held in the company’s own share-buyback account represented approximately 10.00% of total share capital (46,483,535 shares). The company states it is not aware of any related-party or concert-party relationships among its top-ten shareholders. This shareholder information is dated 31 December 2025, as filed in the annual report published 29 April 2026.
Controlling shareholder and actual controller
Andon Health’s 2025 annual report identifies Shihezi Sanhe Equity Investment Partnership (Limited Partnership), established 8 May 1995 and engaged in equity investment in non-listed enterprises, as the company’s controlling shareholder, and names Liu Yi (刘毅) — a Chinese national who the filing states holds no foreign residency rights — as the company’s actual controller (实际控制人). Liu Yi is disclosed as Sanhe’s executive partner (执行事务合伙人) and, separately, as Andon Health’s chairman and general manager. The annual report does not disclose Liu Yi’s own percentage partnership interest within Sanhe, so an effective personal ownership percentage for Liu Yi cannot be calculated through the chain; only Sanhe’s 25.07% direct holding in the listed company is a disclosed, dated figure. No other individual is identified as a beneficial owner or joint actual controller.
Data availability
Full. As an SZSE main-board listed company, Andon Health is subject to CSRC and Shenzhen Stock Exchange disclosure rules requiring identification of shareholders above 5%, the top ten shareholders, the controlling shareholder and the actual controller, all of which appear in the audited annual report. The one gap is Liu Yi’s own ownership share of the controlling shareholder partnership, which is not broken out in the filing reviewed.
Sources
- Tianjin Jiuan Medical Electronics Co., Ltd. (Andon Health Co., Ltd.), 2025 Annual Report (天津九安医疗电子股份有限公司2025年年度报告), Section VI “Share Changes and Shareholder Information” and Section IV “Corporate Governance”, published 29 April 2026 via Shenzhen Stock Exchange / cninfo.com.cn, retrieved 18 September 2026
- Shenzhen Stock Exchange company disclosure page for stock code 002432, http://www.szse.cn, retrieved 18 September 2026
Officers
5
Directors and officers of Andon Health Co., Ltd.
According to Andon Health’s 2025 annual report, the company’s board comprised six directors during the reporting period, of whom three were independent directors, and the company no longer maintains a supervisory board. Chairman and General Manager Liu Yi (刘毅, male, born 1967, Chinese national, no foreign residency rights) is the company’s founder; he has served as chairman since 2007 and general manager since 2019. Other non-independent directors were Wang Yong (王湳, director and deputy general manager, appointed director 9 December 2019) and Cong Ming (丛明, employee-representative director and deputy general manager). The three independent directors were Sun Weijun (孙卫军, appointed 28 August 2020), Bi Xiaofang (毕晓方, appointed 18 May 2021) and He Shuguang (何曙光, appointed 16 November 2023); each director’s term as disclosed runs to 14 December 2028. Wu Tong (邬彤) has served as board secretary since 30 October 2017, with Li Fan (李凡) as securities affairs representative. All six directors attended all thirteen board meetings held during 2025, either in person or by remote means.
Recent officer changes
- 28 November 2025 and 15 December 2025 — the board and an extraordinary general meeting approved abolishing the company’s supervisory board and transferring its statutory functions to the board’s audit committee, following 2023 revisions to PRC company law; Liu Yi, Wang Yong, Bi Xiaofang, Sun Weijun and He Shuguang were re-elected, and Cong Ming was elected by employee representatives, to a seventh-session board on the same dates.
- 15 December 2025 — the board’s audit committee resolved that finance manager Qin Fei (秦菲) would act as interim head of finance (财务负责人 / CFO) following the departure of the previous finance head, and nominated Ye Dehua (叶德华) as the company’s internal-audit head.
- 21 January 2025 — the Tianjin bureau of the China Securities Regulatory Commission issued a warning letter to the company and its then chief financial officer, Sun Zhe (孙喆), over disclosure and procedural lapses concerning idle fundraising proceeds placed in cash-management products in 2022.
Data availability
Full. As an SZSE main-board listed company, Andon Health discloses current and recently changed directors and senior management, appointment dates and board attendance in its annual report. Nationality is disclosed for directors as “Chinese”, consistent with PRC listed-company disclosure practice, but is stated by the company itself rather than an independent registry; country of residence is not separately disclosed for any officer.
Sources
- Tianjin Jiuan Medical Electronics Co., Ltd., 2025 Annual Report, Section IV “Corporate Governance, Environment and Society”, published 29 April 2026 via cninfo.com.cn, retrieved 18 September 2026
- China Securities Regulatory Commission, Tianjin Bureau, warning-letter decision regarding Tianjin Jiuan Medical Electronics Co., Ltd. and Sun Zhe, 21 January 2025, https://www.csrc.gov.cn/tianjin/c103610/c7535646/content.shtml, retrieved 18 September 2026
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
Group Structure
Group structure of Andon Health Co., Ltd.
Andon Health operates through a group of subsidiaries rather than being controlled by another operating company; its own controlling shareholder, a private equity investment partnership, is addressed in the shareholders section of this profile. Its principal disclosed subsidiaries, per the 2025 annual report, include Cotton (Tianjin) Electronic Medical Devices Co., Ltd. (柯顿（天津）电子医疗器械有限公司), the renamed original operating entity through which the group’s China manufacturing is carried out; Andon Holdings Co., Ltd, incorporated in the British Virgin Islands; Andon Hong Kong Co., Limited and Hian (Hong Kong) Co., Limited, Hong Kong entities used for the group’s asset-management activities; and the iHealth group of companies — iHealth Inc., iHealth Labs Inc. (United States, marketing iHealth-branded products across the Americas), iHealth Manufacturing Inc. (United States), iHealth Labs Europe (Europe, Africa and the Middle East) and iHealth (Singapore) Labs Pte. Ltd. (other overseas markets). On 12 February 2025, Andon Health’s board approved, and the company completed, the purchase by its wholly owned subsidiary Andon Hong Kong Co., Limited of the remaining 20% minority stake in iHealth Inc. from a Xiaomi investment entity for USD 45,910,455, following the two companies’ roughly decade-long partnership since Xiaomi first invested USD 25 million for 20% of iHealth in 2014; iHealth Inc. and its subsidiaries are now wholly owned by Andon Health. No parent company or ultimate holding company above Andon Health itself is disclosed; the company states its business, staff, assets, organisation and finances are independent of its controlling shareholder.
Verified corporate relationships
| Entity | Country | Registration number | Relationship | Ownership | Status | Information date |
|---|---|---|---|---|---|---|
| Cotton (Tianjin) Electronic Medical Devices Co., Ltd. (柯顿（天津）电子医疗器械有限公司) | China | Not disclosed in source reviewed | Direct subsidiary | Ownership percentage not disclosed | Active | 31 December 2025 |
| Andon Holdings Co., Ltd (九安控股) | British Virgin Islands | Not disclosed in source reviewed | Direct subsidiary | Ownership percentage not disclosed | Active | 31 December 2025 |
| Andon Hong Kong Co., Limited | Hong Kong SAR, China | Not disclosed in source reviewed | Direct subsidiary (wholly owned) | 100% | Active | 31 December 2025 |
| Hian (Hong Kong) Co., Limited | Hong Kong SAR, China | Not disclosed in source reviewed | Direct subsidiary | Ownership percentage not disclosed | Active | 31 December 2025 |
| iHealth Inc. | United States | Not disclosed in source reviewed | Indirect subsidiary (via Andon Hong Kong Co., Limited) | 100% (acquired remaining 20% on 12 February 2025) | Active | 12 February 2025 |
| iHealth Labs Inc. | United States | Not disclosed in source reviewed | Indirect subsidiary | Ownership percentage not disclosed | Active | 31 December 2025 |
| iHealth Labs Europe | Europe (jurisdiction not specified in source) | Not disclosed in source reviewed | Indirect subsidiary | Ownership percentage not disclosed | Active | 31 December 2025 |
| iHealth (Singapore) Labs Pte. Ltd. | Singapore | Not disclosed in source reviewed | Indirect subsidiary | Ownership percentage not disclosed | Active | 31 December 2025 |
Recent structural changes
- 12 February 2025 — Andon Hong Kong Co., Limited purchased the remaining 20% of iHealth Inc. from a Xiaomi investment entity for USD 45,910,455, bringing Andon Health’s ownership of iHealth Inc. to 100%.
Data availability
Partial. The 2025 annual report names Andon Health’s principal subsidiaries and confirms the iHealth Inc. ownership change with a dated announcement, but individual subsidiaries’ registration numbers and several intermediate ownership percentages are not broken out in the sections reviewed.
Sources
- Tianjin Jiuan Medical Electronics Co., Ltd., 2025 Annual Report, Section V “Important Matters” (子公司重大事项) and Section VIII “Financial Report” notes on income tax rates by entity, published 29 April 2026 via cninfo.com.cn, retrieved 18 September 2026
Registry feed — rows exactly as filed with SAMR — public search via GSXT (National Enterprise Credit Information Publicity System), including entries the profile above does not cover.
Andon Health Co., Ltd.
China
Get complete shareholder and officer records, ultimate beneficial owner resolution, and ongoing ownership monitoring.
Frequently Asked Questions
What is Andon Health Co., Ltd. registration number?
No company registration number was provided in the on-file company record for this profile. Andon Health's 2025 annual report discloses a unified social credit code of 911200006008904220 for the entity 天津九安医疗电子股份有限公司 (Tianjin Jiuan Medical Electronics Co., Ltd.), which is the identifier Chinese authorities use in place of a separate company registration number.
When was Andon Health founded?
No incorporation date was provided in the on-file company record. According to the company's own disclosures, its predecessor, Cotton (Tianjin) Electric Appliance Co., Ltd., was founded on 22 August 1995, and the business was reorganised into its current joint-stock company form in 2007.
Is Andon Health a publicly traded company?
Yes. Andon Health Co., Ltd. has been listed on the Shenzhen Stock Exchange under ticker 002432 since 10 June 2010, originally on the SME Board, which was folded into the SZSE Main Board in 2021.
What does Andon Health Co., Ltd. do?
Andon Health runs a dual main business: a medical and healthcare segment that develops, manufactures and sells in vitro diagnostic products and home-use medical electronics (blood pressure monitors, blood glucose meters, thermometers, pulse oximeters and body-composition scales) under the Jiuan and iHealth brands, plus an internet-healthcare diabetes-care business; and a large-category asset allocation and investment segment that manages the company's cash reserves across fixed income, equities, hedge funds and private funds through a Hong Kong subsidiary.
Is Andon Health the same company as Jiuan Medical (九安医疗)?
Yes. 九安医疗 (Jiuan Medical) is the Chinese short name used on the Shenzhen Stock Exchange for the entity legally named 天津九安医疗电子股份有限公司 (Tianjin Jiuan Medical Electronics Co., Ltd.), whose English name is Andon Health Co., Ltd. and whose official website is jiuan.com.
Is Andon Health the company behind the iHealth COVID-19 test kits sold in the United States?
Yes. Andon Health's iHealth brand supplied rapid antigen self-test kits to the US market under FDA Emergency Use Authorization from 2020 through 2022, sold chiefly through Amazon, which generated extraordinary revenue and profit for the company during that period.
Has Andon Health's revenue held up since the COVID-19 pandemic?
No. Reported operating revenue fell from RMB 3.231 billion in 2023 to RMB 2.592 billion in 2024 and RMB 1.366 billion in 2025, a 47.32% year-on-year decline, reflecting reduced demand for pandemic-era antigen test kits. Net profit attributable to shareholders nonetheless rose to RMB 2.267 billion in 2025, a figure the company attributes largely to gains on its investment portfolio rather than core device or test-kit sales.
Who is Andon Health's controlling shareholder?
Shihezi Sanhe Equity Investment Partnership (Limited Partnership) (石河子三和股权投资合伙企业（有限合伙）), established 8 May 1995, held 25.07% of Andon Health's shares as of 31 December 2025, per the company's 2025 annual report.
Who is Andon Health's actual controller?
Liu Yi (刘毅), the company's founder, chairman and general manager, is named as the actual controller (实际控制人) in Andon Health's 2025 annual report. He is disclosed as the executive partner of the controlling shareholder, Shihezi Sanhe Equity Investment Partnership, but his own percentage interest within that partnership is not disclosed, so no effective personal ownership percentage can be calculated for him.
Does Andon Health fully own iHealth Labs?
Andon Health's iHealth group (including iHealth Inc. and iHealth Labs Inc.) became wholly owned on 12 February 2025, when the company's Hong Kong subsidiary purchased the remaining 20% minority stake from a Xiaomi investment entity for USD 45,910,455, ending a roughly decade-long partnership that began when Xiaomi invested USD 25 million for 20% of iHealth in 2014.
Has Andon Health faced any securities regulatory action?
Yes. On 21 January 2025, the Tianjin bureau of the China Securities Regulatory Commission issued a warning letter to Andon Health and its then chief financial officer, Sun Zhe, over disclosure and procedural lapses concerning idle fundraising proceeds placed in cash-management products in 2022.
Does Andon Health still have a supervisory board?
No. In November and December 2025 the company's board and an extraordinary general meeting approved abolishing the supervisory board and transferring its statutory functions to the board's audit committee, following 2023 revisions to PRC company law.
Where is Andon Health's office address?
Per the company's 2025 annual report, Andon Health's registered and office address is No. 3 Jinping Road, Ya'an Road, Nankai Industrial Park, Nankai District, Tianjin, China, postal code 300190.
What is Andon Health's unified social credit code?
911200006008904220, as disclosed in the company's 2025 annual report for the entity 天津九安医疗电子股份有限公司 (Tianjin Jiuan Medical Electronics Co., Ltd.).
Are Andon Health's antigen test kits still marketed in the United States?
Andon Health states that in 2025 its multiplex influenza/COVID-19/RSV combination test kits received FDA 510(k) clearances, a form of standard market authorization that, unlike the earlier Emergency Use Authorization, does not lapse when the public health emergency ends, allowing continued US marketing.