证 券 研 究 报 告 AI医药：智愈未来，技术变革下的生态重塑 AI医疗系列二暨GenAI系列深度之62 证券分析师：洪依真 A0230519060003 黄忠煌 A0230519110001 刘洋 A0230513050006 张静含 A0230522080004 陈烨远 A0230521050001 周文远 A0230518110003 林起贤 A0230519060002 任梦妮 A0230521100005 研究支持： 陈晴华 A0230123090010 黄俊儒 A0230123070011 2025.7.14 投资案件 www.swsresearch.com 证券研究报告 2 ◼ 大模型带来核心驱动：AI医疗进入多模态融合和实用化新阶段。1）技术变化带来的应用场景改变：任务端从 单点问题解决到微调适配多任务；数据端大量非结构数据、多模态数据可整合利用；交互端通过自然语言对话 式降低医疗人员学习成本。2）具备行业经验的第三方厂商具有重要作用：通用模型幻觉率较高，DeepSeek- R1幻觉率达14.3%，在医疗等严肃场景下难符合要求，第三方厂商通过RAG、CoT等技术能够显著降低模型幻 觉。 ◼ ...

医渡科技 20250709 摘要 易都科技净亏损同比收窄 38.9%，OPEX 占收入比例下降 10 个百分点， 经营活动现金流出同比收窄 23.8%，效率和盈利能力显著提升，为未来 盈利增长奠定基础。 易都科技面向医生打造一加 N 加 X 的 CO pilot 产品矩阵，以 AI 中台为 基座，集成 Deep Sick 和医疗垂域大模型等，已在 30 多家头部医疗机 构落地，赋能诊前、诊中、诊后的全流程业务场景。 易都科技在肿瘤疾病领域以肿瘤疾病为核心深度攻克顶级专科机构，如 中肿、北肿和哈肿等，并推出首个由中科院院士滕高军领衔的肝癌诊疗 智能体"小肝人"，已在中肿落地 120 多个新的诊疗场景。 易都科技提供 AI 智能体服务，通过无代码工具链让医生根据需求自行构 建，在重点医院使用人数达全院医护人员的 43%，AI 诊疗助手辅助医生， 两个月内服务患者达 2.6 万次，医院端订单数量同比增长 15%。 易都科技参与新加坡卫生部 MSC home 移动住院护理国家项目，通过 APP Doctor Body 实现出院患者远程监控，将生命体征实时回传并生成 个性化建议，实现离院不离管的新健康管理模式。 Q&A ...

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].

Core Insights - The 2025 Summer Davos Forum will be held in Tianjin from June 24-26, focusing on the theme of "Entrepreneurial Spirit in the New Era" [1] Group 1: AI in Healthcare - AI technology can significantly enhance the quality of medical diagnosis and treatment by integrating years of patient medical history into a visual timeline, allowing doctors to better understand patient conditions [3] - The AI decision support system can provide multiple treatment suggestions for complex cases, aiding doctors in making more accurate clinical decisions [3] - Clinical trial costs have been reduced by 30%-40% due to the integration of AI and data platforms, which can automate many previously manual processes [3] Group 2: Industry Challenges and Opportunities - The healthcare industry is challenging to navigate, with recent market and policy changes prompting the company to adopt a cautious approach to commercialization [4] - The recent activity in the secondary market for innovative drugs reflects a valuation correction, recognizing China's potential as a research-driven market [4] - The Chinese biopharmaceutical ecosystem is expected to grow, with more companies pursuing international collaborations and contributing to global healthcare [4] Group 3: Future Outlook - Future healthcare scenarios envision the integration of historical medical data with wearable devices, providing a comprehensive understanding of individual health and 24/7 personalized health advice through AI [5] - AI is expected to significantly lower new drug development costs, helping more drugs avoid the "orphan drug" dilemma [5] - Insurance coverage is anticipated to expand, with initiatives like the company's "Hui Min Bao" providing coverage for a wide range of patients, including those with pre-existing conditions [5]

Group 1 - The core viewpoint is that Yidu Technology is becoming a key target for public funds due to its "AI + healthcare" dual-driven strategy, with significant stock price increases reflecting market recognition of its AI healthcare layout [1][2] - Public funds have been intensively increasing their positions in Yidu Technology, with notable allocations such as 8.84% by Ping An Medical Selected Fund and a complete shift by Yinhua Medical Health Fund towards AI healthcare stocks [2][3] - The commercialization of AI in healthcare is accelerating, with Yidu Technology's technology demonstrating significant value in chronic disease management, drug development, and clinical decision support, supported by government policies [3][5] Group 2 - As the AI healthcare trend rises, public funds are beginning to explore underrepresented stocks, with Yidu Technology leading in stock price increases since April, indicating growing institutional interest [4] - Institutions are optimistic about the long-term potential of Yidu Technology, which aligns with the trend of integrating AI into the pharmaceutical industry, positioning it as a benchmark in the Hong Kong AI healthcare sector [5]