Core Insights - The announcement of the "Multimodal Specialty Database for Vascular Diseases" and "Meiyi Intelligent Assistant" by Yidu Technology in collaboration with Guangdong Medical University Affiliated Hospital marks a significant advancement in data integration and intelligent application in the cosmetic surgery field in China [1][3][8] Industry Overview - The Chinese medical aesthetics market has surpassed 300 billion yuan, but the industry faces long-standing challenges related to "data fragmentation" [3] - High-quality development in the medical aesthetics sector requires both technological innovation and standardized regulations, emphasizing the need for a standardized data foundation and collaborative innovation mechanisms [3] Product Development - The "Multimodal Specialty Database for Vascular Diseases" aims to establish a solid foundation for research and clinical data, integrating data from 12 core systems to achieve dynamic integration of patient data throughout their care lifecycle [5][7] - The database is set to undergo a significant upgrade by 2025, adding disease-specific indicators and creating a comprehensive research indicator system covering 3,605 dimensions, facilitating personalized treatment evaluations and precise diagnoses [7] Technological Implementation - The "Meiyi Intelligent Assistant" leverages the database to transform data value into clinical applications, significantly reducing the time required to generate personalized treatment plans from 30 minutes to 5 minutes [10] - The intelligent assistant provides real-time matching of surgical key points and tracks treatment efficacy through an intelligent follow-up system, creating a closed-loop of diagnosis, evaluation, and optimization [10] Competitive Advantage - Yidu Technology's core competitiveness lies in its comprehensive capabilities in data governance, AI modeling, and practical application, having processed over 6 billion medical records and developed a disease knowledge graph covering all known diseases [11][12] - The company has successfully implemented its AI solutions in over 30 top-tier hospitals across China, demonstrating the effectiveness of its technology in addressing clinical challenges [12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | 狀態: | | --- | --- | | 截至月份: | 2025年7月31日 新提交 | 致：香港交易及結算所有限公司 公司名稱: 醫渡科技有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02158 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,500,000,000 | USD | | 0.00002 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 2,500,000,000 | USD | | 0.00002 | U ...

Core Viewpoint - Northeast Securities maintains an "overweight" rating on Yidu Tech (02158), highlighting significant improvements in market penetration in the medical intelligence sector and record-high gross margins for its self-developed i-series solutions during the fiscal year 2025 [1] Group 1: Market Penetration and Client Base - As of March 31, 2025, the company's big data platform serves 110 top hospitals in China and 44 regulatory agencies, covering over 4,000 hospitals [1] - The Copilot product matrix has been deployed in over 30 tertiary hospitals within three months, creating a complete closed loop of "data governance - intelligent training - scenario implementation," significantly enhancing market penetration in the medical intelligence field [1] - The life sciences segment has served 132 clients, with a revenue retention rate of 87.51% among the top 20 clients, 16 of which are multinational pharmaceutical companies [1] Group 2: Financial Performance and Competitive Edge - The self-developed i-series solutions cover the entire lifecycle of drug development, including clinical development, research design, and commercial risk assessment, with gross margins reaching 33.5%, a historical high, showcasing the company's core competitiveness in pharmaceutical R&D intelligence [1] - The company has been the main operating platform for "Shenzhen Huimin Insurance" for three consecutive years, with 6.09 million insured individuals in 2024, and has operated "Beijing Huimin Insurance" for four years, accumulating over 15 million insured instances [1] - The platform has over 24 million active users, all of whom have completed at least one transaction, indicating strong user reach and market acceptance of health management services, laying a solid foundation for future commercialization [1]

Core Viewpoint - Northeast Securities maintains an "overweight" rating for Yidu Technology (02158), highlighting significant improvements in market penetration in the medical intelligence sector and record-high gross margins for its self-developed i-series solutions during the fiscal year 2025 [1] Group 1: Market Penetration and Client Base - As of March 31, 2025, the company's big data platform serves 110 top hospitals in China and 44 regulatory agencies, covering over 4000 hospitals [1] - The Copilot product matrix completed deployments in over 30 tier-one hospitals within three months, creating a complete closed loop of "data governance - intelligent training - scenario implementation," significantly enhancing market penetration in medical intelligence [1] - The life sciences segment serves 132 clients, with a revenue retention rate of 87.51% among the top 20 clients, 16 of which are multinational pharmaceutical companies [1] Group 2: Financial Performance and Competitive Edge - The gross margin for the self-developed i-series solutions reached 33.5%, marking a historical high and underscoring the company's core competitiveness in the field of pharmaceutical research and development intelligence [1] - The company has been the main operating platform for "Shenzhen Huimin Insurance" for three consecutive years, with 6.09 million insured individuals in 2024; it has also operated "Beijing Huimin Insurance" for four years, accumulating over 15 million insured instances [1] - The platform has over 24 million active users, all of whom have completed at least one transaction, demonstrating strong user reach and market acceptance for health management services, laying a solid foundation for future commercialization [1]

[Company Information](index=2&type=section&id=Company%20Information) This section provides essential corporate information, including registration details and contact points [Core Financial and Operational Data](index=6&type=section&id=Core%20Financial%20and%20Operational%20Data) [FY2025 Performance Overview](index=6&type=section&id=FY2025%20Performance%20Overview) In FY2025, the company's total revenue decreased to RMB 715 million, but annual loss significantly narrowed to RMB 135 million, a 38.9% reduction year-on-year, with improved operating efficiency and expanding YiduCore capabilities Financial Performance Summary | Indicator | FY2024 | FY2025 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | RMB 807.1 million | RMB 715.0 million | -11.4% | | **Annual Loss** | RMB 221 million | RMB 135 million | -38.9% | | **Net Cash Flow from Operating Activities** | -RMB 326 million | -RMB 249 million | +23.8% | Revenue by Business Segment | Business Segment | FY2024 Revenue (RMB million) | FY2025 Revenue (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Big Data Platform and Solutions | 313.6 | 345.9 | +10.3% | | Life Science Solutions | 324.0 | 247.1 | -23.8% | | Health Management Platform and Solutions | 169.5 | 122.0 | -28.0% | - The company's operating expenses as a percentage of revenue continuously decreased from **105% in FY2023 to 66% in FY2025**, indicating significant improvement in operational efficiency[12](index=12&type=chunk) YiduCore Core Operating Metrics | YiduCore Core Operating Metrics | Data | | :--- | :--- | | Authorized Medical Records Processed | 6 billion+ items | | Patient Visits Covered | 1.15 billion+ | | Professional Training Tokens | 500 billion+ | | Top-tier Hospitals Covered | 110 institutions | | Hospital Network Covered | 4,000+ institutions | | Active Life Science Clients | 132 clients | | Active Health Management Platform Users | Over 24 million people | [Chairman's Statement](index=8&type=section&id=Chairman%27s%20Statement) Chairwoman Gong Yingying emphasized the company's steadfast 'focus' strategy, leveraging its core AI engine YiduCore to deepen AI applications across healthcare, pharmaceuticals, and insurance, significantly narrowing losses despite revenue decline - The company firmly executes its “focus” strategy, building core competitive barriers through a reinforced “data-algorithm-scenario” closed loop[18](index=18&type=chunk) Financial Highlights | Financial Indicator | FY2025 Amount | Year-on-Year Change | | :--- | :--- | :--- | | Total Revenue | RMB 715.0 million | -11.4% | | Annual Loss | RMB 135.2 million | -38.9% (Best in historical comparable period) | | Net Cash Outflow from Operating Activities | Not Applicable | Narrowed by 23.8% year-on-year | - The core engine YiduCore has cumulatively processed **6 billion medical records** for **1.15 billion patient visits** and continues to invest in large model R&D, building full-stack capabilities from underlying computing power to multi-parameter model deployment[19](index=19&type=chunk) - The company focuses on three core areas: **Big Data Platform and Solutions (AI for Medical)**, **Life Science Solutions (AI for Life Science)**, and **Health Management Platform and Solutions (AI for Care)**[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [Business Review](index=12&type=section&id=Business%20Review) Provides a comprehensive overview of the company's operational performance across its key business segments and strategic initiatives [Financial Highlights](index=12&type=section&id=Financial%20Highlights) For the fiscal year ended March 31, 2025, total revenue was RMB 715 million, a 11.4% decrease, with mixed segment performance, but annual loss significantly narrowed by 38.9% to RMB 135 million Financial Indicators (RMB thousand) | Financial Indicator (RMB thousand) | FY2025 | FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | **Revenue** | **714,979** | **807,076** | **(11.4%)** | | — Big Data Platform and Solutions | 345,888 | 313,634 | 10.3% | | — Life Science Solutions | 247,112 | 324,044 | (23.7%) | | — Health Management Platform and Solutions | 121,979 | 169,398 | (28.0%) | | **Gross Profit** | 239,182 | 339,445 | (29.5%) | | **Operating Loss** | (134,149) | (219,919) | (39.0%) | | **Annual Loss** | (135,223) | (221,242) | (38.9%) | - The Board does not recommend the payment of a final dividend for the fiscal year ended March 31, 2025[28](index=28&type=chunk) [YiduCore Core Technology Platform](index=14&type=section&id=YiduCore%20Core%20Technology%20Platform) YiduCore, the company's 'AI medical brain', serves as the core algorithm engine and technological foundation, with continuous investment in medical vertical large language models and extensive data processing capabilities - YiduCore forms the company's core competitive barrier through a closed loop of “data-driven algorithms, algorithm-empowered scenarios, and scenario-feedback data”[33](index=33&type=chunk) YiduCore Technical Indicators | YiduCore Technical Indicators | Data/Achievements | | :--- | :--- | | Training TOKEN Corpus | 500 billion+ | | Model Parameter Versions | 8B, 13B, 70B, 100B | | Medical Records Processed | 6 billion items (covering 1.15 billion patient visits) | | Disease Knowledge Graph | Basically covers all known diseases | | Specialized Disease Databases | Covers over 90 disease types | | Computing Power Adaptation | First in China's medical field to adapt to full-chain domestic and international high-end chips | | Authoritative Evaluation | Ranked first in the National Health Commission's triage and navigation evaluation | - The AI mid-end platform based on YiduCore has been deployed in **dozens of top-tier Grade A tertiary hospitals** nationwide, and has built an “AI clinical assistant” tool embedded in doctors' diagnostic processes, significantly improving diagnostic efficiency[36](index=36&type=chunk) [Big Data Platform and Solutions (AI for Medical)](index=16&type=section&id=Big%20Data%20Platform%20and%20Solutions%20%28AI%20for%20Medical%29) This segment provides data intelligence platforms and solutions to hospitals and regulatory bodies, achieving **RMB 345.9 million in revenue**, a **10.3% year-on-year increase**, with core product upgrades and widespread AI mid-end deployment Key Metrics | Indicator | Data | | :--- | :--- | | Revenue for the Reporting Period | RMB 345.9 million | | Year-on-Year Growth | 10.3% | | Top-tier Hospital Clients | 110 institutions | | Regulatory Agency Clients | 44 institutions | - Core products have been fully upgraded, with **AI Mid-end 2.0** deployed in **over 30 Grade A tertiary hospitals** within three months of its launch, which can reduce medical record writing time from 5 minutes to 30 seconds[37](index=37&type=chunk) - The company collaborated with top experts (e.g., Academician Teng Gaojun's team) to jointly launch China's first intelligent agent for liver cancer diagnosis and treatment, realizing the digitalization and widespread accessibility of top expert diagnostic capabilities[38](index=38&type=chunk) [Life Science Solutions (AI for Life Science)](index=18&type=section&id=Life%20Science%20Solutions%20%28AI%20for%20Life%20Science%29) This segment provides intelligent support for the entire drug and medical device R&D lifecycle, with **RMB 247.1 million in revenue**, a **23.7% year-on-year decrease**, but **gross margin improved by 1.4 percentage points to 33.5%** Key Metrics | Indicator | Data | | :--- | :--- | | Revenue for the Reporting Period | RMB 247.1 million | | Year-on-Year Change | -23.7% | | Gross Margin | 33.5% (up 1.4 percentage points year-on-year) | | Top 20 Client Revenue Retention Rate | 87.51% | | Multinational Pharmaceutical Client Coverage | Serves 16 of the global Top 20 | - The self-developed i-series solution matrix covers clinical development, research design, and commercialization prediction, driving “cost reduction, speed-up, and quality improvement” in drug R&D[40](index=40&type=chunk) - Significant progress was made in oncology and ophthalmology, winning multiple Phase III clinical trial projects, including an ophthalmology project exceeding **RMB 50 million**[43](index=43&type=chunk)[44](index=44&type=chunk) [Health Management Platform and Solutions (AI for Care)](index=19&type=section&id=Health%20Management%20Platform%20and%20Solutions%20%28AI%20for%20Care%29) This segment offers AI-powered health management solutions, generating **RMB 122.0 million in revenue**, a **28.0% year-on-year decrease**, primarily due to product mix changes, while consolidating 'Huiminbao' business and expanding active user base Key Metrics | Indicator | Data | | :--- | :--- | | Revenue for the Reporting Period | RMB 122.0 million | | Year-on-Year Change | -28.0% | - Core business involves “Huiminbao” project operations, with continuous operation of “Shenzhen Huiminbao” for three consecutive years (**6.09 million participants in 2024**) and “Beijing Huiminbao” for four consecutive years (**over 15 million cumulative participants**)[46](index=46&type=chunk) - AI technology empowers insurance operations, improving claims processing efficiency by **50%-70%** compared to traditional methods, with **over 85% of customer service tasks handled by AI intelligent customer service**[47](index=47&type=chunk) - As of March 31, 2025, the number of active users who completed at least one transaction on the health management platform exceeded **24 million**[50](index=50&type=chunk) [Business Outlook](index=21&type=section&id=Business%20Outlook) The company's future strategy focuses on four key directions: continuous investment in YiduCore, deepening research in core diseases, enhancing customer experience through AI, and enriching the ecosystem via strategic collaborations - Big Data Platform and Solutions will strengthen the “one horizontal, one vertical” strategy, horizontally expanding hospital networks and application scenarios, and vertically deepening research in key disease areas[52](index=52&type=chunk) - Life Science Solutions will continue to iterate i-series intelligent solutions, focusing on the generation and application of Real-World Evidence (RWE), and expanding its high-quality customer base[53](index=53&type=chunk) - Health Management Platform and Solutions will increase active users through diversified channels and explore new models for AI-powered health management services[53](index=53&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the company's financial performance, liquidity, and capital resources, highlighting key drivers and trends [Financial Performance Analysis](index=23&type=section&id=Financial%20Performance%20Analysis) In FY2025, total revenue decreased by **11.4% to RMB 715 million**, primarily due to declines in life science and health management solutions, but operating and annual losses significantly narrowed by **39.0% and 38.9%**, respectively, driven by reduced operating expenses Financial Performance (RMB million) | Item | FY2024 (RMB million) | FY2025 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 807.1 | 715.0 | -11.4% | | **Cost of Sales and Services** | 467.6 | 475.8 | +1.7% | | **Gross Profit** | 339.4 | 239.2 | -29.5% | | **Gross Margin** | 42.1% | 33.5% | -8.6pp | | **Sales and Marketing Expenses** | 208.9 | 139.2 | -33.4% | | **Administrative Expenses** | 171.3 | 146.4 | -14.6% | | **Research and Development Expenses** | 232.9 | 186.5 | -19.9% | | **Operating Loss** | 219.9 | 134.1 | -39.0% | | **Annual Loss** | 221.2 | 135.2 | -38.9% | - The percentage of each operating expense to revenue decreased: sales and marketing expenses from **25.9% to 19.5%**, administrative expenses from **21.2% to 20.5%**, and R&D expenses from **28.9% to 26.1%**[59](index=59&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) [Liquidity and Capital Resources](index=25&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company maintained ample cash reserves totaling **RMB 3.309 billion**, primarily funded by shareholder contributions and IPO proceeds, with a net cash position and improved capital gearing ratio Cash and Cash Equivalents (RMB million) | Indicator (RMB million) | March 31, 2024 | March 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents, time deposits, etc | 3,409.9 | 3,309.1 | - The company committed to investing **USD 40 million** in fund YD Capital I L.P. in October 2022, with **USD 6.6 million** invested as of March 31, 2025, leaving an outstanding investment commitment of **RMB 249 million**[68](index=68&type=chunk)[77](index=77&type=chunk) - As of March 31, 2025, the Group had **823 employees**, with product R&D and technical personnel accounting for the largest proportion at **326 employees**; total remuneration costs for the fiscal year significantly decreased to **RMB 417.6 million** from **RMB 566.3 million** in the previous fiscal year[78](index=78&type=chunk) [Report of the Directors](index=27&type=section&id=Report%20of%20the%20Directors) Details the board's activities, corporate governance practices, and compliance with regulatory requirements, including related party transactions and key business relationships [Continuing Connected Transactions and Contractual Arrangements](index=29&type=section&id=Continuing%20Connected%20Transactions%20and%20Contractual%20Arrangements) Due to foreign investment restrictions in China's value-added telecommunications services, the company controls relevant businesses and derives economic benefits through contractual arrangements with its Variable Interest Entities (VIEs) and their registered shareholders - To circumvent foreign investment restrictions, the company controls Variable Interest Entities (VIEs) through contractual arrangements, thereby gaining actual control and economic benefits from their operations[92](index=92&type=chunk) VIE Financial Contribution | Consolidated Affiliated Entity (VIE) Financial Contribution | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue Contribution to Group's Total Revenue | 66.5% | 80.5% | | Total Assets as Percentage of Group's Total Assets | 15.2% | 15.6% | - Contractual arrangements primarily include exclusive business cooperation agreements, exclusive call option agreements, equity pledge agreements, and powers of attorney, ensuring the Wholly Foreign-Owned Enterprise (WFOE) controls VIEs and obtains all their profits[103](index=103&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[111](index=111&type=chunk) [Major Customers and Suppliers](index=37&type=section&id=Major%20Customers%20and%20Suppliers) Customer and supplier concentration remained reasonable during the reporting period, with the largest customer contributing **11.7%** of total revenue and the largest supplier accounting for **12.4%** of total purchases Customer Concentration | Customer Concentration | Percentage of Total Revenue | | :--- | :--- | | Largest Customer | 11.7% | | Top Five Customers | 36.1% | Supplier Concentration | Supplier Concentration | Percentage of Total Purchases | | :--- | :--- | | Largest Supplier | 12.4% | | Top Five Suppliers | 33.1% | [Directors and Senior Management](index=42&type=section&id=Directors%20and%20Senior%20Management) This section details the professional backgrounds and achievements of the company's Board of Directors and senior management, including recent changes in executive director appointments - Board member changes: Dr. Yan Jun resigned as Executive Director on January 27, 2025, and Dr. Xie Li was appointed as Executive Director on the same day, bringing extensive experience in real-world research and health economics to the Board[150](index=150&type=chunk)[151](index=151&type=chunk)[158](index=158&type=chunk) [Environmental, Social and Governance Report](index=48&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) Outlines the company's commitment and performance in environmental protection, social responsibility, and corporate governance, guided by its 'Tech for Good' philosophy [ESG Philosophy and Strategy](index=50&type=section&id=ESG%20Philosophy%20and%20Strategy) Yidu Tech's ESG strategy centers on 'Tech for Good', focusing on environmentally friendly green healthcare, socially responsible technology, and sustainable corporate governance, with the Board actively promoting ESG initiatives - The company's ESG strategy is built on three pillars: environmentally friendly green healthcare, socially responsible technology for good, and sustainable corporate governance[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) - In FY2025, the company received multiple ESG recognitions, including “Excellent Compliance Management Team” and “ESG Integrated Governance Benchmark Enterprise” awards[184](index=184&type=chunk)[186](index=186&type=chunk) [Sustainable Development Management](index=55&type=section&id=Sustainable%20Development%20Management) The company established a three-tier ESG governance structure and a three-line-of-defense risk management system, identifying key ESG issues through materiality assessment to guide strategy and disclosure - The company established a three-tier ESG governance structure, with the Board making decisions, the ESG working group organizing, and functional departments executing[191](index=191&type=chunk)[193](index=193&type=chunk) - The company identified **8 highly material ESG issues**, including technology development and innovation, protection of customer privacy and data security, and compliance risk management[213](index=213&type=chunk)[214](index=214&type=chunk) [Employee Development and Rights](index=71&type=section&id=Employee%20Development%20and%20Rights) The company is committed to building an inclusive workplace with a higher proportion of female employees, offering comprehensive talent development programs, and ensuring employee rights with 100% feedback resolution rate Employee Diversity and Composition (FY2025) | Employee Diversity and Composition (FY2025) | Data | | :--- | :--- | | Total Number of Employees | 823 people | | Percentage of Female Employees | 55.7% (458 people) | | Total Employee Turnover Rate | 25.39% | Employee Training (FY2025) | Employee Training (FY2025) | Data | | :--- | :--- | | Average Training Hours for Female Employees | 18.61 hours | | Average Training Hours for Male Employees | 8.83 hours | | Training Coverage for Full-time Entry-level Employees | 93.12% | | Training Coverage for Full-time Mid-level Management | 96.88% | [Product Quality and Data Security](index=93&type=section&id=Product%20Quality%20and%20Data%20Security) The company excels in product innovation, with its medical large model topping MedBench evaluations, and maintains a robust information security management system with multiple certifications, ensuring data security and intellectual property protection - Yidu Tech's large model topped the MedBench evaluation list in May 2024 and ranked first in the National Health Commission's triage and navigation scenario competition in September of the same year[311](index=311&type=chunk)[312](index=312&type=chunk) - The company has established a comprehensive data security and privacy protection system, obtaining multiple authoritative information security management system certifications, including **ISO27001** and **ISO27701 (Privacy Information Management)**[352](index=352&type=chunk)[355](index=355&type=chunk) Intellectual Property Data (2025) | Intellectual Property Data (2025) | Quantity | | :--- | :--- | | Domestic Registered Patents | 1,108 items | | Overseas Registered Patents | 101 items | | **Total** | **1,209 items** | [Environmental Management and Performance](index=113&type=section&id=Environmental%20Management%20and%20Performance) The company integrates climate risks and opportunities into its core strategy, achieving significant emission reductions through green office practices and energy efficiency, with a year-on-year decrease in Scope 2 GHG emissions Greenhouse Gas Emissions (tonnes of CO2 equivalent) | Greenhouse Gas Emissions (tonnes of CO2 equivalent) | FY2024 | FY2025 | | :--- | :--- | :--- | | Scope 1 (Direct) | 2.44 | 7.32 | | Scope 2 (Indirect) | 1,010.88 | 993.34 | | **Total (Scope 1+2)** | **1,013.32** | **1,000.66** | Resource Consumption | Resource Consumption | FY2024 | FY2025 | | :--- | :--- | :--- | | Total Water Consumption (cubic meters) | 3,008.6 | 3,998.96 | | Non-hazardous Waste Generated (kilograms) | 3,162.00 | 2,761 | [Other Information](index=129&type=section&id=Other%20Information) Presents additional disclosures including details on share schemes and the utilization of proceeds from the global offering [Share Schemes](index=131&type=section&id=Share%20Schemes) The company operates pre-IPO share option and post-IPO share award schemes, with **21,303,744 unexercised options** under the pre-IPO plan and **12,595,500 shares awarded** under the post-IPO plan during the reporting period - The post-IPO share option scheme was terminated on August 25, 2023, but options granted before termination remain exercisable[426](index=426&type=chunk) - During the reporting period, **12,595,500 shares** were granted under the post-IPO share award scheme, with **839,905 awards revoked** and **4,428,244 awards lapsed**[422](index=422&type=chunk) [Use of Proceeds from Global Offering](index=143&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) Of the **RMB 3.825 billion** net proceeds from the global offering, **RMB 2.885 billion** has been utilized as of March 31, 2025, with the remaining funds' expected utilization delayed due to macroeconomic uncertainties Use of Proceeds (RMB million) | Purpose | Allocation Ratio | Net Proceeds (RMB million) | Unutilized as of March 31, 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Strengthening Core Capabilities | 35% | 1,339 | 239 | | Further Business Expansion | 35% | 1,339 | — | | Strategic Partnerships, Investments, and Acquisitions | 20% | 765 | 701 | | Working Capital and General Corporate Purposes | 10% | 382 | — | - Due to the volatile macroeconomic environment, the expected full utilization of net proceeds for “strengthening core capabilities” and “strategic partnerships, investments, and acquisitions” has been delayed to **March 31, 2026**, and **March 31, 2030**, respectively[442](index=442&type=chunk) [Corporate Governance Report](index=144&type=section&id=Corporate%20Governance%20Report) This report details the company's corporate governance practices, confirming compliance with the Corporate Governance Code, with a noted deviation regarding the absence of a dividend policy to retain funds for business development - The company complies with the Corporate Governance Code, with the sole deviation being the absence of a dividend policy, aimed at retaining funds for business development[446](index=446&type=chunk)[496](index=496&type=chunk) - The Board has three committees: Audit, Remuneration, and Nomination, whose composition and responsibilities comply with the Corporate Governance Code requirements[468](index=468&type=chunk) - The Board confirms its responsibility for risk management and internal control systems, having reviewed their effectiveness during the reporting period and deeming them effective and adequate[490](index=490&type=chunk)[492](index=492&type=chunk) [Independent Auditor's Report](index=163&type=section&id=Independent%20Auditor%27s%20Report) PricewaterhouseCoopers issued an unmodified audit opinion, affirming the fair presentation of the consolidated financial statements, while highlighting key audit matters related to revenue recognition for bundled contracts and expected credit loss assessment for trade receivables - The auditor issued an unmodified opinion, stating that the financial statements are true and fair[519](index=519&type=chunk) - Key Audit Matter 1: Revenue recognition for bundled contracts in the Big Data Platform and Solutions segment, due to significant management judgment involved in identifying performance obligations and allocating transaction prices[525](index=525&type=chunk)[528](index=528&type=chunk) - Key Audit Matter 2: Assessment of expected credit losses for trade receivables and contract assets, due to significant management judgment and estimation involved in applying the simplified expected credit loss model[527](index=527&type=chunk)[532](index=532&type=chunk)[534](index=534&type=chunk) [Consolidated Financial Statements](index=171&type=section&id=Consolidated%20Financial%20Statements) Presents the company's complete consolidated financial statements, including the income statement, balance sheet, and cash flow statement, providing a detailed view of financial performance and position [Consolidated Statement of Comprehensive Income](index=171&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2025, the company recorded **RMB 715 million in revenue**, an **11.4% year-on-year decrease**, but significantly narrowed its annual loss to **RMB 135 million** from **RMB 221 million** in the prior year Consolidated Statement of Comprehensive Income (RMB thousand) | Item (RMB thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 714,979 | 807,076 | | Gross Profit | 239,182 | 339,445 | | Operating Loss | (134,149) | (219,919) | | **Loss for the Year** | **(135,223)** | **(221,242)** | | Loss Attributable to Owners of the Company | (117,788) | (194,944) | | Loss Per Share (RMB) | (0.11) | (0.19) | [Consolidated Statement of Financial Position](index=173&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets were **RMB 4.689 billion**, slightly lower than the prior year, with a significant increase in non-current assets and a stable equity base Consolidated Statement of Financial Position (RMB thousand) | Item (RMB thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **4,689,112** | **4,824,198** | | Non-current Assets | 722,140 | 390,124 | | Current Assets | 3,966,972 | 4,434,074 | | **Total Liabilities** | **711,370** | **732,205** | | **Total Equity** | **3,977,742** | **4,091,993** | [Consolidated Statement of Cash Flows](index=176&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, net cash used in operating activities narrowed to **RMB 249 million**, with net cash generated from investing activities at **RMB 117 million**, resulting in a net decrease in cash and cash equivalents of **RMB 112 million** Consolidated Statement of Cash Flows (RMB thousand) | Item (RMB thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (248,814) | (326,383) | | Net Cash Generated from Investing Activities | 116,708 | 466,903 | | Net Cash Generated from Financing Activities | 20,043 | 82,208 | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(112,063)** | **222,728** | | Cash and Cash Equivalents at Year-End | 1,316,397 | 1,407,620 | [Notes to the Consolidated Financial Statements (Selected)](index=177&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes provide detailed accounting policies and financial data breakdowns, covering revenue recognition, segment information, trade receivables, and share-based compensation, offering deeper insights into the financial figures - Note 5 Segment Information shows that the Big Data Platform and Solutions segment was the only one to achieve revenue growth, increasing by **10.3%** year-on-year[686](index=686&type=chunk) - Note 21 Trade Receivables indicates an increased proportion of receivables over 1 year old, with impairment provisions rising from **RMB 170 million to RMB 205 million**[741](index=741&type=chunk)[745](index=745&type=chunk) - Note 30 Share-based Payment Expenses significantly decreased to **RMB 6.705 million** in the current fiscal year from **RMB 58.71 million** in the previous fiscal year[781](index=781&type=chunk) [Financial Summary](index=268&type=section&id=Financial%20Summary) This section summarizes key financial data for the past five fiscal years (2021-2025), showing a revenue decline after peaking in FY2022, but a continuous narrowing of operating and annual losses for three consecutive years, indicating improving profitability Financial Summary (RMB thousand) | Item (RMB thousand) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 867,036 | 1,237,200 | 804,700 | 807,076 | 714,979 | | **Operating Loss** | (453,286) | (767,398) | (630,049) | (219,919) | (134,149) | | **Loss for the Year** | (3,694,817) | (766,360) | (632,361) | (221,242) | (135,223) | | **Total Assets** | 5,249,894 | 4,722,810 | 4,911,508 | 4,824,198 | 4,689,112 | | **Total Equity** | 4,752,188 | 4,007,466 | 4,156,151 | 4,091,993 | 3,977,742 |

Group 1 - The core viewpoint of the news is that Jieko Biotech's application for the marketing authorization of Ranibizumab injection has been accepted by the National Medical Products Administration, supported by Yidu Technology's comprehensive clinical research services [1][2] - Age-related macular degeneration (AMD) is a leading cause of blindness in individuals aged 50 and above, with a prevalence rate of 13.36% among those over 60 in China, and wet AMD (wAMD) accounting for 13.42% of cases, with a blindness rate of approximately 90% [1][2] - Yidu Technology has established a strong foundation for clinical research through its AI medical infrastructure, having processed over 6 billion authorized medical records and covering more than 4,000 hospitals, which supports the ongoing Phase III clinical trial [2][3] Group 2 - Yidu Technology's service capabilities are enhanced by its expertise in ophthalmology, allowing for precise management of trial specifications and risks associated with wAMD, resulting in a patient dropout rate of only 15% and a shortened project cycle [3] - The company has established strategic partnerships with renowned ophthalmology experts and institutions, demonstrating its commitment to collaborative development in the medical and research fields [3] - As of March 31, 2025, Yidu Technology has completed 411 clinical studies, including 275 real-world research projects, showcasing its extensive experience in clinical research [3]

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]

Company Dynamics - The company, Yidu Tech, has been advancing its AI medical business, launching upgraded core products such as AI Middle Platform 2.0, and has successfully implemented these solutions in leading hospitals [1] - The company reported a significant reduction in losses for the fiscal year 2025, indicating a potential for steady revenue growth supported by the recovery of industry demand and a focused AI strategy [1] Financial Performance - For the fiscal year 2025, Yidu Tech recorded revenue of 710 million yuan, a year-on-year decrease of 11.4%. The big data platform and solutions business saw a revenue increase of 10.3% to 350 million yuan, while life sciences solutions revenue decreased by 23.7% to 250 million yuan [2] - The company’s net loss attributable to shareholders was 120 million yuan, a significant reduction from the previous year's loss of 190 million yuan, primarily due to ongoing cost reduction and efficiency improvements [2] Future Outlook - The company maintains its revenue and net profit forecasts for fiscal year 2026 and introduces a forecast for fiscal year 2027, expecting revenue of 870 million yuan and a net profit of 4.11 million yuan [2] - The target price has been raised by 36% to 6.8 HKD, reflecting the company's progress in new business areas such as the AI Middle Platform, with a projected upside of 16% from the current stock price [2]

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.