Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

机构：中金公司 研究员：赵丽萍/冯喜鹏/张潇丹/肖楷 公司动态 深耕AI医疗业务，赋能医疗智能化转型。医渡科技持续深化自研医疗垂域大模型的技术研发与场景赋 能，AI中台和EYWA数据中台已分别迭代至2.0和5.0 版本，同时公司也基于自研大模型升级推出了针对 院管需求的"云析智管"平台和针对科研需求的"云析智研"平台。AI中台具备数据治理、模型训练、智能 体开发等能力，可支持智能病历生成、临床决策辅助、科研服务等多种场景。根据公司2025 财年业绩 公告，截至2025 年6 月，融合DeepSeek的AI中台已部署超过30 家顶级三甲医院，与中山大学肿瘤防治 中心等机构达成了深度合作。 业务持续聚焦，亏损幅度收窄。2025 财年，医渡科技录得收入7.1 亿元，同比下降11.4%。其中，大数 据平台和解决方案业务收入同比增长10.3%至3.5 亿元，医院和监管机构客户数分别达110 名和44 名； 生命科学解决方案收入同比下降23.7%至2.5 亿元，健康管理平台和解决方案收入同比下降28.0%至1.2 亿元，主要受外部市场环境及产品组合变化的影响。在利润端，公司归母净亏损录得1.2 亿元，同比显 著收窄（去年 ...

Investment Rating - The report indicates a positive investment outlook for the AI healthcare industry, highlighting significant growth potential and increasing investment activity in the sector [3][10][46]. Core Insights - The AI healthcare sector is entering a new phase characterized by multi-modal integration and practical applications, driven by advancements in large models and generative AI [3][7]. - Clinical decision support and drug development are leading the commercialization efforts, while health management remains an area with untapped potential [3][14]. - The report emphasizes the importance of third-party vendors in reducing model hallucination rates and enhancing the reliability of AI applications in healthcare [3][18][21]. Summary by Sections AI Healthcare Trends - The industry is experiencing heightened investment interest and technological advancements, with major players accelerating their presence in the AI healthcare space [9][10][13]. - The integration of AI into clinical workflows is becoming standard, with AI-assisted diagnosis systems deployed in 89% of tertiary hospitals [8][14]. AI Healthcare Application Penetration - AI applications are diversifying across clinical diagnosis, drug development, health management, and AI for science (AI4S), with varying levels of maturity and market potential [30][31]. - The report identifies key areas of application, including intelligent clinical decision support, drug discovery, and personalized health management [36][39]. Key Companies in AI Clinical Diagnosis - Companies like Tempus AI and 嘉和美康 are leading in AI-assisted clinical diagnosis, focusing on electronic medical records and data-driven healthcare solutions [47][51]. - The report highlights the importance of data barriers and scenario positioning in determining the value of AI diagnostic tools [3][46]. Key Companies in AI Health Management - Companies such as 阿里健康 and 京东健康 are leveraging AI to enhance online healthcare services, with a focus on chronic disease management and personalized health plans [39][44]. - The report notes that the integration of insurance and healthcare services is crucial for the growth of AI health management solutions [39][44]. Key Companies in AI Drug Development - The report discusses the role of AI in accelerating drug development processes, with companies like Recursion and 晶泰控股 focusing on preclinical research and drug discovery [38][44]. - AI is expected to significantly reduce the time and cost associated with traditional drug development methods [38][44]. AI4S and Broader Applications - AI4S is identified as a growing field with applications in various scientific domains, including life sciences and materials science, although it faces longer conversion cycles [42][44]. - The report emphasizes the need for innovative approaches to data generation and modeling in AI4S applications [42][44].

Summary of the Conference Call for 易都科技 (Yidu Technology) Company Overview - 易都科技 (Yidu Technology) focuses on AI-driven solutions in the healthcare sector, particularly in medical data management and intelligent diagnosis systems. The company has made significant strides in integrating AI into various medical processes and has established partnerships with numerous healthcare institutions. Key Points Financial Performance - The company reported a net loss reduction of 38.9% year-on-year, with operating expenses (OPEX) decreasing by 23% and accounting for 10 percentage points less of total revenue, indicating improved operational efficiency and profitability potential [2][3][4] - Adjusted EBITDA for the fiscal year 2025 reached 39 million yuan, reflecting a substantial growth of 25.6% year-on-year [3][15] Product Development and AI Integration - 易都科技 has developed a CO pilot product matrix aimed at doctors, leveraging an AI platform that integrates various large models, including Deep Sick, to enhance the entire medical process from pre-diagnosis to post-treatment [2][4] - The company plans to invest between 80 million to 100 million yuan in large model development over the next three years, anticipating a doubling of adjusted EBITDA by fiscal year 2026 [4][13] Applications in Oncology - The company has focused on oncology, establishing over 120 new diagnostic and treatment scenarios in top-tier specialized institutions [6][10] - The "小肝人" (Little Liver) AI diagnostic tool, led by a prominent academician, has been implemented in various hospitals, showcasing its effectiveness in liver cancer treatment [6][10][26] AI Services and Adoption - AI services provided by 易都科技 allow doctors to create customized solutions using a no-code toolchain, with 43% of hospital staff utilizing these AI diagnostic assistants, resulting in 26,000 patient services within two months [7][9] - The company has seen a 15% year-on-year increase in hospital orders, indicating growing acceptance and demand for its AI solutions [7] International Expansion - 易都科技 is involved in the MSC home mobile nursing project in Singapore, which supports remote monitoring of discharged patients through the Doctor Body app [9][27] - The company aims to expand its presence in Southeast Asia and the Middle East, capitalizing on the lower level of AI integration in these regions [27] Challenges and Strategic Focus - The main challenges faced include technical issues related to AI hallucination rates and budget constraints from B-end clients, which require a focused strategy on core customers and projects [17][20] - The company emphasizes the need for specialized medical models to address the complexities of healthcare data, differentiating itself from general AI models [18] Future Outlook - 易都科技 expects to achieve financial sustainability by 2027, with growth driven by its three main business segments [27] - The company is also exploring slow disease management and plans to expand its product offerings based on physician needs and market demands [29] Competitive Landscape - The healthcare AI market is competitive, with major players like Alibaba, JD, and Huawei. 易都科技 differentiates itself through its deep understanding of diseases and high precision in AI applications [24][25] Conclusion - 易都科技 is positioned for growth with its innovative AI solutions in healthcare, strategic investments in product development, and a focus on expanding its market presence both domestically and internationally. The company is addressing challenges head-on while maintaining a clear vision for future profitability and service enhancement.

Core Insights - Yidu Technology reported total revenue of 715 million RMB for the fiscal year ending March 31, 2025, with adjusted EBITDA showing a 25.6% year-on-year increase, indicating sustained profitability after a previous loss [1] - The company reduced its annual loss to 135 million RMB, a 38.9% decrease compared to the previous year, supported by improved operational efficiency and enhanced synergy across business segments [1] - The order backlog reached 789 million RMB, reflecting strong demand for the company's services [1] Business Performance - The AI for Medical segment generated revenue of 346 million RMB, a 10.3% increase year-on-year, with a total of 110 clients from well-known hospitals and 44 clients from regulatory bodies [3] - The AI for Life Science segment achieved revenue of 247 million RMB, with 132 active clients and an 87.51% revenue retention rate among the top 20 clients, including 16 of the top 20 multinational pharmaceutical companies [4] - The AI for Care segment reported revenue of 122 million RMB, with significant participation in health insurance projects, covering over 6.09 million people in Shenzhen and more than 15 million in Beijing [5] Technological Advancements - The YiduCore algorithm engine processed over 6 billion authorized medical records, covering more than 4,000 hospitals and providing insights into thousands of diseases [1] - The company developed an AI platform that integrates multiple large models to enhance various medical scenarios, achieving deployment in over 30 top-tier hospitals within three months [2] - The iEDC solution for clinical data management significantly improved data governance processes, while the iRecruitment tool enhanced patient recruitment accuracy by over three times [5] Future Outlook - Yidu Technology plans to deepen the application of AI in healthcare, focusing on product iteration and operational efficiency to drive the intelligent upgrade of the medical industry [6]

Group 1 - The core viewpoint of the articles highlights the significant progress and achievements of Yidu Technology in the AI healthcare sector, showcasing a reduction in annual losses and advancements in AI technology applications [1][2] - In the fiscal year 2025, Yidu Technology reported revenues of RMB 715 million, with annual losses reduced to RMB 135 million, marking a substantial year-on-year loss reduction of 38.9% [1] - YiduCore, the company's core algorithm engine, has processed and analyzed over 1.15 billion patient visits and 6 billion authorized medical records, developing insights into thousands of diseases and covering over 90 disease categories in its specialized disease database [1] Group 2 - The AI platform has gained high recognition from clients due to its technical depth and adaptability to various scenarios, achieving significant penetration across different customer segments [2] - The AI platform has been deployed in over 30 top-tier hospitals, with the AI diagnostic assistant serving a total of 26,000 patients from February to June 2025 [2] - Notable collaborations include the launch of China's first liver cancer diagnostic intelligent system in partnership with a team led by Academician Teng Gaojun, demonstrating the platform's capability in specialized medical applications [2]

Core Insights - Yidu Technology has established a positive cycle of "product iteration - scenario penetration - value feedback" through deep integration of technological value and scenario demand [2] - The company reported a revenue of RMB 715 million for the fiscal year ending March 31, 2025, with a significant reduction in annual losses to RMB 135 million, a year-on-year decrease of 38.9% [4] Group 1: Product and Service Development - The core products of the big data platform and solutions segment have been fully upgraded, with the AI middle platform upgraded to version 2.0 and the new data center Eywa upgraded to version 5.0 [2] - The company launched the "Lingxi Smart Management" operational management intelligent system and the new generation AI intelligent research product "Lingxi Smart Research" [2] - The number of hospital clients has grown to 110, with the AI middle platform 2.0 deployed in over 30 top-tier hospitals within three months [2] Group 2: Life Sciences Solutions - The life sciences solutions segment has developed a complete service system covering clinical development efficiency optimization, precise research design, and commercial risk prediction through its self-developed i-series solution matrix [2] - The active client count for this segment reached 132, with a revenue retention rate of 87.51% among the top 20 clients [2] - Sixteen out of the top 20 multinational pharmaceutical companies are clients, and the company has completed 411 clinical studies, including 275 real-world research projects [2] Group 3: Health Management Platform - The health management platform has deepened its presence in the "Hui Min Bao" sector, serving as the main operating platform for "Shenzhen Hui Min Bao" for three consecutive years, with 6.09 million insured individuals and a coverage rate exceeding 35% [3] - The company has also been the main operating platform for "Beijing Puhui Health Insurance" for four consecutive years, with over 15 million insured individuals and more than 370,000 claims processed [3]

Core Insights - The company reported a revenue of RMB 715 million for the fiscal year ending March 31, 2025, representing a year-on-year decrease of 11.4% [1] - The loss attributable to shareholders was RMB 118 million, a reduction of 39.58% compared to the previous year, with a loss per share of RMB 0.11 [1] Business Performance - The company has developed the "AI Medical Brain" YiduCore, which has established a comprehensive barrier across data, computing power, algorithms, and scenarios, processing 1.15 billion patient visits and 6 billion authorized medical records [1] - The company has achieved a leading position in technology validation, evidenced by top performance in evaluations organized by the National Health Commission [1] - The company has deployed its AI platform in over 30 top-tier hospitals, demonstrating its capability to transition from technology validation to industrial value [1][2] Client Engagement and Solutions - The company has provided solutions to 110 top hospitals and 44 regulatory bodies, covering over 4,000 hospitals, and has upgraded its AI and data platforms to versions 2.0 and 5.0 respectively [3] - The company serves 132 life sciences clients, with a revenue retention rate of 87.51% among its top 20 clients, including 16 of the top 20 multinational pharmaceutical companies [3] - The company has maintained its position as the main operating platform for "Shenzhen Huimin Insurance" and "Beijing Huimin Insurance," with insured individuals reaching 6.09 million and over 15 million respectively [3] Financial Health - The company’s total revenue for the fiscal year was RMB 715 million, down 11.4% due to external market conditions and product mix changes, but the annual loss was reduced to RMB 1.35 billion, a decrease of 38.9% [4] - The company has improved cash management, resulting in a 23.8% reduction in cash outflow from operating activities year-on-year, with cash reserves totaling RMB 3.309 billion [4]

Financial Performance - The company reported a revenue of RMB 715 million for the fiscal year ending March 31, 2025, with a 10.3% year-on-year growth in revenue from its big data platform and solutions segment, which generated RMB 346 million [1] - The annual loss was reduced to RMB 135 million, representing a 38.9% decrease in losses compared to the previous year [1] - Cash management improvements led to a 23.8% year-on-year narrowing of net cash outflow from operating activities, with total cash reserves amounting to RMB 3.309 billion as of March 31, 2025 [1] Technological Advancements - The company has made significant progress in developing its self-researched medical domain large model technology, YiduCore, which has established a comprehensive barrier across the "data - computing power - algorithm - scenario" chain [2] - YiduCore has processed 1.15 billion patient visits and 6 billion authorized medical records, creating a disease knowledge graph that covers all known human diseases [2] - The company is the first in the medical field to achieve full-link adaptation of high-end chips domestically and internationally, supporting breakthroughs in algorithm efficiency [2] Market Position and Client Engagement - As of March 31, 2025, the company provided solutions to 110 top hospitals in China and 44 regulatory agencies, covering over 4,000 hospitals [3] - The company has upgraded its AI platform and EYWA data platform to versions 2.0 and 5.0, respectively, and launched new platforms tailored for hospital management and research needs [3] - The life sciences solutions segment serves 132 clients, with a revenue retention rate of 87.51% among the top 20 clients, including 16 of the top 20 multinational pharmaceutical companies [3] Health Management Solutions - The company has maintained a leading position in core cities, serving as the main operating platform for the "Shenzhen Health Insurance" program for three consecutive years, with 6.09 million insured individuals in 2024 [3] - It has also been the main operating platform for the "Beijing Health Insurance" program for four consecutive years, with cumulative insured individuals exceeding 15 million [3] - The active user count on the company's health management platform, who have completed at least one transaction, exceeds 24 million [3]

Financial Performance - For the fiscal year ending March 31, 2025, the total revenue of Yidu Tech Inc. was RMB 714.979 million, a decrease of 11.4% compared to RMB 807.076 million in the previous fiscal year[6]. - The gross profit for the same period was RMB 239.182 million, reflecting a decline of 29.5% from RMB 339.445 million in the previous year[6]. - The annual loss decreased to RMB 135.223 million, down 38.9% from RMB 221.242 million in the previous year[6]. - Revenue decreased by 11.4% from RMB 807.1 million for the fiscal year ending March 31, 2024, to RMB 715.0 million for the fiscal year ending March 31, 2025[37]. - Revenue from the life sciences solutions segment decreased by 23.7% from RMB 324.0 million to RMB 247.1 million during the same period[37]. - Revenue from the health management platform decreased by 28.0% from RMB 169.5 million to RMB 122.0 million[37]. - Gross profit for the fiscal year ending March 31, 2025, was RMB 239.2 million, with a gross margin of 33.5%[39]. - The company reported a net loss of RMB 135,223,000 for the fiscal year, compared to a net loss of RMB 221,242,000 in the previous year[85]. - The financial income for the fiscal year was RMB 2,321,000, a decrease from RMB 10,510,000 in the previous year[85]. - The company experienced a foreign exchange loss of RMB 50,420,000 during the fiscal year, compared to a loss of RMB 122,837,000 in the previous year[87]. Operational Highlights - The company served 110 top hospitals and 44 regulatory bodies, covering over 4,000 hospitals with its big data platform and solutions[11]. - The number of active users on the health management platform exceeded 24 million, with 6.09 million participants in the "Shenzhen Hui Min Bao" insurance program for 2024[11]. - The retention rate for the top 20 life science clients was 87.51%, with 16 out of the top 20 multinational pharmaceutical companies being clients[11]. - The company has developed the YiduCore AI medical brain, which has processed 11.5 billion patient visits and 60 billion authorized medical records[9]. - The AI diagnosis assistant served a total of 26,000 patients from February to June 2025, providing personalized decision-making support during medical consultations[15]. - The company ranked first in a national large model capability assessment organized by the National Health Commission in September 2024[14]. Technology and Innovation - The AI platform has been deployed in over 30 top-tier hospitals within three months of launch, significantly enhancing operational efficiency and reducing application deployment time by approximately 50%[15]. - The new generation data center Eywa 5.0 has improved data flow speed and efficiency by over four times, significantly reducing labor and computing costs[17]. - The AI platform can reduce the time for medical record writing from 5 minutes to 30 seconds, and TNM staging assessment time by 70%[17]. - The company plans to enhance AI technology and optimize the YiduCore algorithm for better performance in complex tasks[32]. - The company aims to deepen disease research and application, providing AI decision support for core diseases like tumors and cardiovascular diseases[32]. Cost Management - Sales and marketing expenses decreased by 33.4% from RMB 208.9 million for the fiscal year ending March 31, 2024, to RMB 139.2 million for the fiscal year ending March 31, 2025, representing 19.5% of revenue, down from 25.9%[42]. - Administrative expenses decreased by 14.6% from RMB 171.3 million for the fiscal year ending March 31, 2024, to RMB 146.4 million for the fiscal year ending March 31, 2025, accounting for 20.5% of revenue, down from 21.2%[43]. - R&D expenses decreased by 19.9% from RMB 232.9 million for the fiscal year ending March 31, 2024, to RMB 186.5 million for the fiscal year ending March 31, 2025, representing 26.1% of revenue, down from 28.9%[44]. - Total expenses for sales and service costs, sales and marketing expenses, administrative expenses, and R&D expenses totaled RMB 947,824 thousand in 2025, down from RMB 1,080,767 thousand in 2024, a decline of 12.3%[106]. Future Outlook - Future plans include continuous product upgrades to enhance coverage in general hospitals and empower specialized hospitals through a three-in-one collaborative system[19]. - The company will explore new models for AI-enabled health management services to increase active user numbers[35]. - The company is focused on strategic partnerships, investments, and acquisitions to enrich its ecosystem[32]. Employee and Financial Position - The total number of employees as of March 31, 2025, was 823, with 326 in product R&D and technology, 277 in the medical department, 142 in sales and marketing, and 78 in general and administration[61]. - Total compensation costs for the fiscal year ending March 31, 2025, amounted to RMB 417.6 million, down from RMB 566.3 million for the fiscal year ending March 31, 2024[62]. - Cash and cash equivalents, along with other deposits, totaled RMB 3,309.1 million as of March 31, 2025, down from RMB 3,409.9 million as of March 31, 2024[49]. - The company had no significant acquisitions or disposals of subsidiaries or associated entities for the fiscal year ending March 31, 2025[51]. - The company did not declare or pay any dividends for the years ended March 31, 2025, and 2024[116].