研究报告 Research Report 11 Apr 2025 医脉通 Medlive Technology (2192 HK) 医脉通深度：中国最大医生平台，内容专业，变现成熟，长期高增长 Medlive In-Depth Report: China's Largest Physician Platform, Professional Content, Mature Monetization, Sustained High Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$11.60 目标价 HK$15.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$8.50bn / US$1.10bn 日交易额 (3 个月均值) US$9.05mn 发行股票数目 732.88mn 自由流通股 (%) 25% 1 年股价最高最低 ...

研究报告 Research Report 11 Apr 2025 医脉通 Medlive Technology (2192 HK) 医脉通深度：中国最大医生平台，内容专业，变现成熟，长期高增长 Medlive In-Depth Report: China's Largest Physician Platform, Professional Content, Mature Monetization, Sustained High Growth [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$11.60 目标价 HK$15.00 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$8.50bn / US$1.10bn 日交易额 (3 个月均值) US$9.05mn 发行股票数目 732.88mn 自由流通股 (%) 25% 1 年股价最高最低 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of 558 million yuan for 2024, representing a year-on-year growth of 35.5%, with a net profit of 315 million yuan, up 30.1% year-on-year [1]. - The platform's ecosystem is strengthening, with the "Yimaitong" platform surpassing 7 million registered physician users, covering 88% of practicing physicians in the country, and achieving a monthly active user count of 2.65 million, a 10.4% increase year-on-year [2]. - The company has developed an AI-powered medical model that has passed regulatory approval, enhancing content generation efficiency and accuracy, with a significant reduction in operational costs [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 558 million yuan, a 35.5% increase from the previous year, and a net profit of 315 million yuan, reflecting a 30.1% growth [1]. Operational Analysis - The "Yimaitong" platform has 7 million registered physician users and 2.65 million monthly active users, with a 25.3% increase in cooperative medical clients to 228 and a 31.1% increase in cooperative medical products to 506 [2]. - Paid click counts reached 13.3 million, up 37.1% year-on-year, with 867,000 participating physicians, a 12.0% increase [2]. AI Empowerment and Cost Control - The company’s self-developed AI model integrates various technologies, improving content accuracy and efficiency, with a 60% increase in productivity for doctors using AI writing tools [3]. - The sales and management expense ratios were 6.0% and 31.4%, respectively, both showing a decrease compared to the previous year, attributed to stable employee numbers and high revenue growth [3]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 719 million, 915 million, and 1.163 billion yuan, with expected growth rates of 28.8%, 27.16%, and 27.13% respectively [4]. - Net profit forecasts for the same period are 350 million, 411 million, and 495 million yuan, with growth rates of 11.2%, 17.26%, and 20.55% respectively, corresponding to PE ratios of 25.05, 21.36, and 17.72 [4].

Financial Performance - The company reported a profit attributable to shareholders of approximately 315 million RMB, representing a year-on-year increase of 30.1% [1] - Total revenue reached approximately 558 million RMB, reflecting a year-on-year growth of 35.5% [1] - Gross profit was around 327 million RMB, with a year-on-year increase of 30.2% [1] - Basic earnings per share were 0.4323 RMB, and a final dividend of 0.1366 RMB per share was proposed [1] Business Solutions - The majority of the company's revenue comes from precision marketing solutions, which provide digital marketing services for pharmaceutical and medical device companies [2] - The number of clients for the precision marketing and enterprise solutions increased to 228 in 2024, a growth of 25.3% from 182 in 2023 [2] - The number of products covered by these solutions rose from 386 in 2023 to 506 in 2024, marking a year-on-year increase of 31.1% [2] - Revenue from precision marketing and enterprise solutions grew by 37.5% to 512.5 million RMB in 2024, up from 372.7 million RMB in 2023 [2] Medical Knowledge Solutions - Revenue from medical knowledge solutions increased by approximately 10.8% to 17.9 million RMB, driven by an expanded user base and more medical knowledge products [3] - The smart patient management solutions saw a revenue increase of about 21.0% to 28 million RMB, attributed to the effectiveness of the single-disease patient management platform [3]

Financial Performance - Medlive Technology Co., Ltd. reported a revenue of RMB 558,455,000 for the year ended December 31, 2024, representing a year-on-year increase of 35.5% compared to RMB 412,004,000 in 2023[2]. - The company's net profit for the year was RMB 330,301,000, reflecting a growth of 31.2% from RMB 251,760,000 in the previous year[2]. - The adjusted net profit under non-Hong Kong Financial Reporting Standards was RMB 323,600,000, a 19.4% increase from RMB 271,093,000 in the previous year[2]. - The net profit margin for the year ending December 31, 2024, was 59.1%, maintaining a high level[14]. - The company's gross profit rose by approximately 30.2% from RMB 251.3 million to RMB 327.2 million, with a gross margin of about 58.6%[43]. - The pre-tax profit for the group in 2024 was RMB 340,474,000, an increase from RMB 253,132,000 in 2023, representing a growth of 34%[117]. - The total comprehensive income for the year ended December 31, 2024, was RMB 387.9 million, compared to RMB 314.8 million in 2023, reflecting a 23.2% increase[79]. - The company's revenue increased by approximately 35.5% from RMB 412.0 million for the year ended December 31, 2023, to approximately RMB 558.5 million for the year ending December 31, 2024[36]. User Engagement and Client Growth - The average monthly active users increased to 2.65 million in 2024, up from 2.40 million in 2023, indicating a growth of approximately 10.4%[6]. - The number of medical clients for precision marketing and enterprise solutions rose to 228 in 2024, compared to 182 in 2023, marking a growth of 25.3%[6]. - The number of paid clicks increased to 13.3 million in 2024, up from 9.7 million in 2023, indicating a growth of 37.1%[6]. - The number of clients covered by the precision marketing and enterprise solutions increased by 25.3% from 182 in 2023 to 228 in 2024[15]. - The number of products covered by the precision marketing solution rose from 386 in 2023 to 506 in 2024, a growth of 31.1%[15]. Revenue Breakdown - The revenue from precision marketing and enterprise solutions reached RMB 512,532,000, accounting for 91.8% of total revenue, with a year-on-year growth of 37.5%[4]. - Revenue from precision marketing and enterprise solutions rose by about 37.5% from RMB 372.7 million to RMB 512.5 million, driven by user growth and engagement, with paid clicks increasing from approximately 9.7 million to 13.3 million[37]. - Revenue from medical knowledge solutions grew by approximately 10.8% from RMB 16.1 million to RMB 17.9 million, attributed to an expanded user base[39]. - Revenue from intelligent patient management solutions increased by approximately 21.0% from RMB 23.2 million to RMB 28.0 million, reflecting the effectiveness of the disease management platform[40]. - Revenue from the smart patient management solution grew by 21.0% to RMB 28.0 million for the year ending December 31, 2024, compared to RMB 23.2 million in 2023[26]. Research and Development - The company has developed an AI-driven medical vertical model, which has been recognized by the National Internet Information Office, enhancing its technical capabilities in AI research and development[10]. - The AI question-and-answer system launched by the company allows for natural language interaction and can extract key information from vast medical data, improving user experience for physicians[11]. - The group established a postdoctoral research workstation, marking a new stage in the integration of industry, academia, and research in medical AI technology innovation[13]. - The group's research and development expenses for 2024 were RMB 64,581,000, compared to RMB 54,255,000 in 2023, marking an increase of 19%[110]. Strategic Plans and Investments - The company aims to deepen the application of AI in the medical field, focusing on innovative solutions that enhance clinical decision-making and patient management[9]. - The company plans to leverage its platform and financial advantages to explore strategic partnerships and acquisitions to integrate industry resources[34]. - The company plans to expand its coverage of drug and medical device clients, focusing on digital transformation trends in the industry[33]. - The company has not made any significant acquisitions or major investments during the year ended December 31, 2024, but plans to continue strategic investments and acquisitions that align with existing solutions[70]. Financial Position and Cash Management - As of December 31, 2024, the group held cash and cash equivalents of approximately RMB 3,844.7 million, down from RMB 4,358.3 million as of December 31, 2023[61]. - The group has no short-term or long-term bank borrowings as of December 31, 2024, except for lease liabilities totaling approximately RMB 22.6 million[64]. - The group plans to continue utilizing cash generated from operating activities and net proceeds from the global offering for expansion and business operations[59]. - The company has experienced delays in project implementation due to the pandemic, pushing back the timeline for utilizing IPO proceeds by approximately two to three years[140]. Shareholder Returns - The proposed final dividend for 2024 is RMB 13.66 per share, up from RMB 12.48 per share in 2023, which is an increase of 9.4%[117]. - The company proposed a final dividend of RMB 0.1366 per share, which is equivalent to HKD 0.1480 per share, pending shareholder approval[136]. Other Financial Metrics - The total number of issued shares increased to 732,876,000 in 2024 from 726,962,500 in 2023, reflecting a growth of 0.7%[129]. - The basic earnings per share for the year ended December 31, 2024, was RMB 43.23, up from RMB 33.56 in 2023[77]. - Basic and diluted earnings per share for 2024 were calculated based on a profit attributable to ordinary shareholders of RMB 315,146,000, compared to RMB 242,301,000 in 2023, reflecting a year-over-year increase of 30.1%[120].

User Engagement and Platform Growth - As of June 30, 2024, the number of registered users on Medlive's platform reached nearly 7 million, with over 4 million being licensed physicians in China, resulting in a coverage rate of 88% among licensed physicians[8]. - The average monthly active users (MAUs) of the Medlive platform in the first half of 2024 reached 2.5 million, indicating significant user engagement[8]. - As of June 30, 2024, the number of registered users on the platform reached nearly 7 million, with over 4 million being practicing physicians, increasing the coverage of practicing physicians in China to 88%[9]. - The average monthly active users on the Medlive platform increased to 2.5 million in the first half of 2024, reflecting significant growth in user engagement[9]. Financial Performance - For the six months ended June 30, 2024, the Group's revenue was approximately RMB 243.4 million, representing a 40.3% increase compared to the same period last year[11]. - The net profit for the same period increased by 50.2% to RMB 152.7 million, with a net profit margin rising from approximately 58.6% to 62.7%[11]. - Revenue increased by approximately 40.3% from approximately RMB173.5 million for the six months ended June 30, 2023, to approximately RMB243.4 million for the same period in 2024[41]. - Revenue from precision marketing and corporate solutions increased by approximately 42.7% from approximately RMB158.1 million for the six months ended June 30, 2023, to approximately RMB225.6 million for the same period in 2024[41]. - The Group's profit for the period increased by approximately 50.2% from approximately RMB101.7 million for the six months ended June 30, 2023, to approximately RMB152.7 million for the same period in 2024[62]. Marketing and Service Solutions - The Group's digital academic education solutions for physicians have improved marketing efficiency for pharmaceutical and medical device companies[7]. - Medlive provides high-quality professional medical content and clinical decision support tools, improving clinical diagnosis and treatment standards for physicians[7]. - The Group's solutions contribute to the innovative practice of academic education for physicians, promoting sustainable development in the medical field[7]. - The company provides comprehensive precision digital marketing services for pharmaceutical and medical device clients, including medical strategy research, expert analysis, digital education content production, and performance evaluation[15]. Technological Innovations - The Group's self-developed large language model for the medical vertical domain has been approved by the Cyberspace Administration of China, showcasing its technical capabilities in AI[9]. - The Medlive large model integrates hundreds of millions of medical literature and data, enhancing its ability to support evidence-based procedures and ensuring content accuracy[11]. - The company’s AI technology supports personalized clinical knowledge learning for physicians while facilitating digital education for medical products throughout their lifecycle[15]. Research and Development - Research and development costs for the same period were RMB 30,675,000, representing a significant increase of 65.0% from RMB 18,587,000 in 2023[126]. - The clinical research team enhances project management, clinical operation, and data statistics capabilities, leading to rapid business development and customized research designs[17]. - The company has developed various digital tools, including a decentralized clinical trial (DCT) system and a big data-based patient management system, improving efficiency in clinical research stages[18]. Patient Management Solutions - The Group's intelligent patient management solutions revenue rose by 27.7% to RMB9.4 million for the six months ended June 30, 2024, up from RMB7.3 million in the same period of 2023[22]. - As of June 30, 2024, the patient management platform accumulated approximately 457,000 users and about 134,000 participating physicians[25]. - The return consultation rate of patients and the average dosage and frequency of medication have significantly increased following the implementation of the physician-patient management solutions[26]. Strategic Goals and Market Position - Medlive is positioned as a leader in the digital medical marketing field, capitalizing on favorable policies and market conditions[7]. - The strategic goals set by the State Council for medical insurance, care, and medicine governance are expected to further enhance the market environment for Medlive[7]. - The Group plans to continue expanding its business through a strategy of "horizontal expansion + vertical extension" to maintain its leading position in the healthcare industry[27]. Cash Flow and Financial Position - As of June 30, 2024, the group had cash and cash equivalents of approximately RMB 3,822.2 million, down from approximately RMB 4,358.3 million as of December 31, 2023[72]. - The Group intends to finance its expansion and business operations using a combination of cash generated from operating activities and net proceeds from the Global Offering[69]. - The Group's capital expenditure for the six months ended June 30, 2024, was approximately RMB18.5 million, a decrease from RMB46.7 million for the same period in 2023[80][82]. Shareholder Information - As of June 30, 2024, the total number of issued shares was 726,962,500[186]. - Ms. Tian Liping held a beneficial interest in 267,540,000 shares, representing approximately 36.80% of the total shareholding interest[184]. - The Pre-IPO Share Option Scheme was adopted on March 29, 2021, with 26,754,000 options granted, representing approximately 3.68% of the company's issued share capital as of June 30, 2024[195].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price range of HKD 10.38 to 10.38 [8] Core Views - The company achieved revenue of RMB 243 million in H1 2024, a YoY increase of 40.3%, and net profit attributable to shareholders of RMB 147 million, a YoY increase of 48.6% [1] - Adjusted net profit attributable to shareholders, excluding interest income, was RMB 52 million, a YoY increase of 40.1% [1] - The company's platform, Yimaitong, has nearly 7 million registered users, including over 4 million licensed physicians, covering 88% of licensed physicians in China [2] - Monthly active users (MAU) reached 2.5 million, a YoY increase of 13.6% [2] Business Analysis Platform Performance - Yimaitong's high physician coverage and user activity provide a solid foundation for precision marketing and intelligent patient management solutions [2] - The number of participating patients reached 457,000, a YoY increase of 46.9%, and the number of cooperating physicians reached 134,000, a YoY increase of 50.6% [2] Revenue Breakdown - Precision marketing and enterprise solutions revenue reached RMB 226 million, a YoY increase of 42.7%, with 158 medical clients, a YoY increase of 27.4% [2] - Medical knowledge solutions revenue was RMB 8.422 million, a YoY increase of 4.5%, driven by user growth [2] - Intelligent patient management solutions revenue was RMB 9.381 million, a YoY increase of 27.7% [2] Cost and Efficiency - Gross margin remained stable at 60.5%, slightly down by 0.1 percentage points YoY [2] - Sales expense ratio and management expense ratio (excluding R&D) decreased by 2.4 and 3.8 percentage points YoY, respectively, due to economies of scale [2] - R&D expenses as a percentage of revenue increased by 1.9 percentage points YoY, mainly due to investments in large model product development [2] Financial Forecasts - Revenue is expected to grow to RMB 541 million in 2024, RMB 712 million in 2025, and RMB 928 million in 2026, with YoY growth rates of 31.4%, 31.5%, and 30.4%, respectively [3] - Net profit attributable to shareholders is forecasted to be RMB 267 million in 2024, RMB 284 million in 2025, and RMB 304 million in 2026, with YoY growth rates of 10.3%, 6.2%, and 7.0%, respectively [3] - The company's P/E ratio is expected to be 19.3x in 2024, 18.2x in 2025, and 17.0x in 2026 [3] Historical Performance - Revenue in 2022 was RMB 314 million, growing to RMB 412 million in 2023, with YoY growth rates of 10.41% and 31.19%, respectively [5] - Net profit attributable to shareholders in 2022 was RMB 117 million, increasing to RMB 242 million in 2023, with YoY growth rates of 188.85% and 106.53%, respectively [5] - ROE (attributable to shareholders) improved from 2.67% in 2022 to 5.27% in 2023 [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][8]. Core Insights - The company reported a revenue of 243 million RMB for the first half of 2024, representing a year-on-year growth of 40.3%, and a net profit attributable to shareholders of 147 million RMB, up 48.6% year-on-year [1]. - The user base of the company's platform continues to grow, with nearly 7 million registered users, including over 4 million licensed physicians, covering 88% of licensed physicians nationwide [2]. - The revenue from precision marketing and enterprise solutions reached 226 million RMB, a 42.7% increase year-on-year, with the number of cooperative medical clients growing by 27.4% to 158 [2]. - The company expects to achieve revenues of 541 million RMB, 712 million RMB, and 928 million RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 31.4%, 31.5%, and 30.4% [3][5]. Summary by Sections Performance Overview - In H1 2024, the company achieved a revenue of 243 million RMB, a 40.3% increase year-on-year, and a net profit of 147 million RMB, up 48.6% year-on-year [1]. Business Analysis - The platform's monthly active users reached 2.5 million, a 13.6% increase year-on-year, supporting targeted marketing and patient management solutions [2]. - Revenue from intelligent patient management solutions grew by 27.7% to 9.38 million RMB, with the number of participating patients increasing by 46.9% [2]. - The gross margin remained stable at 60.5%, with a slight decrease of 0.1 percentage points year-on-year [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 267 million RMB, 284 million RMB, and 304 million RMB for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 19.3, 18.2, and 17.0 [3][5].

Financial Performance - Revenue for the six months ended June 30, 2024, reached RMB 243,443 thousand, a 40.3% increase compared to RMB 173,506 thousand in the same period of 2023[2] - Gross profit for the same period was RMB 147,329 thousand, reflecting a 40.0% growth from RMB 105,223 thousand year-on-year[2] - The adjusted net profit under non-HKFRS for the six months was RMB 156,048 thousand, a 30.3% increase from RMB 119,799 thousand in the previous year[2] - Net profit rose from RMB 101.7 million for the six months ended June 30, 2023, to RMB 152.7 million for the same period in 2024, marking a 50.2% increase[7] - The net profit margin improved by 4.1 percentage points to approximately 62.7% for the six months ended June 30, 2024[7] - The adjusted net profit for the same period was RMB 156.1 million, with an adjusted net profit margin of 64.1%, maintaining a leading position in the industry[7] - Basic earnings per share increased to RMB 20.18 from RMB 13.75, reflecting a growth of 46.5%[47] - The total comprehensive income for the period was RMB 176,443,000, down from RMB 248,494,000 in the same period last year, a decrease of 29.0%[47] User Engagement and Client Growth - The number of medical clients for precision marketing and enterprise solutions increased to 158, up from 124 in the previous year, representing a 27.4% growth[4] - The average monthly active users reached 2.50 million, an increase from 2.20 million in the same period last year, marking an increase of 13.6%[4] - The average monthly active users on the Yimaitong platform increased to 2.5 million in the first half of the year, reflecting a strong user engagement among Chinese physicians[7] - The company registered nearly 7 million users across its platforms, with over 4 million being practicing physicians, achieving an 88% coverage of practicing physicians in China[6] Revenue Breakdown - The revenue from precision marketing and enterprise solutions accounted for 92.6% of total revenue, amounting to RMB 225,640 thousand, a 42.7% increase year-on-year[3] - Revenue from precision marketing and enterprise solutions grew by 42.7% to RMB 225.6 million compared to RMB 158.1 million in the same period last year[8] - The revenue from the medical knowledge solutions increased by 4.5% to RMB 8.4 million for the six months ending June 30, 2024, compared to RMB 8.1 million in the same period of 2023[10] - The revenue from the smart patient management solutions increased by 27.7% to RMB 9.4 million for the six months ending June 30, 2024, compared to RMB 7.3 million in the same period of 2023[13] Cost and Expenses - The cost of sales for the six months was RMB 96,114 thousand, which is a 40.8% increase from RMB 68,283 thousand in the same period last year[2] - Administrative expenses increased by approximately 32.4% from RMB 57.4 million to RMB 76.0 million, primarily due to rising R&D costs[29] - Selling and distribution expenses increased by approximately 4.0% from RMB 16.0 million to RMB 16.6 million, primarily due to an increase in sales personnel[28] - Research and development expenses increased to RMB 30,675,000 in 2024 from RMB 18,587,000 in 2023, marking a rise of 64.9%[60] Strategic Initiatives and Future Plans - The company is actively responding to national calls for healthcare reform, focusing on technological innovation and service optimization to enhance clinical decision support tools[6] - The company aims to continue expanding its coverage of healthcare professionals in China, leveraging policy benefits to drive business growth[6] - The company plans to expand its business through a "horizontal expansion + vertical extension" strategy, focusing on specialized management and operations by department[14] - The company intends to enhance customer coverage by capitalizing on the digital transformation trend in the pharmaceutical and medical device industries[18] - The company plans to invest in developing comprehensive solutions around the needs of pharmaceutical companies in medical and clinical research[19] - The company will explore strategic partnerships through investments and acquisitions to integrate industry resources and strengthen its leading position[20] Assets and Financial Position - As of June 30, 2024, the group had cash and cash equivalents of approximately RMB 3,822.2 million, down from RMB 4,358.3 million as of December 31, 2023[38] - The group held debt investments totaling RMB 606.0 million as of June 30, 2024, with expected annual returns ranging from 4.53% to 5.50%[39] - Total assets as of June 30, 2024, amounted to RMB 4,792,057,000, compared to RMB 4,704,044,000 at the end of 2023, indicating a growth of 1.9%[48] - The total trade receivables decreased to RMB 75,527,000 as of June 30, 2024, from RMB 109,871,000 as of December 31, 2023, a reduction of 31.2%[68] - The total trade payables decreased to RMB 10,109,000 as of June 30, 2024, from RMB 14,771,000 as of December 31, 2023, a decline of 31.8%[70] Corporate Governance and Compliance - The board of directors has confirmed compliance with the corporate governance code during the reporting period, with a noted exception regarding the roles of the chairman and CEO[76] - The company has established an audit committee, which has reviewed the interim results and confirmed compliance with applicable accounting principles[78] - There have been no significant events affecting the group after the reporting period up to the date of this announcement[76]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 10.38 per share, based on a 26x PE valuation for 2024 [2] Core Investment Thesis - The company is a leading online professional physician platform in China, with a comprehensive product matrix covering APP, PC, and mini-programs [1] - It has formed strategic partnerships with top academic institutions and expanded its user base through AI features and medical conference scenarios [1] - The platform has 6.8 million registered users as of 2023, with 4 million licensed physicians, accounting for 87% of China's total licensed physicians [1] - The company collaborates with M3, a leading Japanese medical IT company, to expand its business scope and provide targeted pharmaceutical marketing solutions [1] - Revenue grew at a CAGR of 37.6% from 2018 to 2023, reaching RMB 410 million in 2023, a 31.2% YoY increase [1] Business Model and Growth Drivers - The company started with medical tool software and has continuously enriched its product offerings, including AI-powered features like MedliveGPT [10][11] - It has expanded into digital marketing for pharmaceutical companies, offering precision marketing and enterprise solutions [18] - The company provides intelligent patient management solutions, connecting doctors and patients while improving treatment adherence [21] - It has actively pursued M&A to expand its business scope, including acquiring medical conference SaaS providers [12] Financial Performance and Projections - Revenue is projected to grow at a CAGR of 31.4% from 2024 to 2026, reaching RMB 928 million in 2026 [2] - Net profit attributable to shareholders is expected to grow at a CAGR of 6.7% from 2024 to 2026, reaching RMB 304 million in 2026 [2] - The company's adjusted non-GAAP net profit margin has remained above 20% since 2018, outperforming peers [35] Industry Analysis - The digital pharmaceutical marketing market in China is expected to grow at a CAGR of 31.3% from 2022 to 2030, reaching RMB 356.8 billion by 2030 [30] - The company's physician platform model complements traditional offline marketing, meeting pharmaceutical companies' cost-effectiveness and compliance needs [32] - With 4 million licensed physician users, the company holds a leading position in the physician platform segment [34] Competitive Advantages - The company has the largest market share in the physician platform segment, with a 20.3% market share in 2021 [34] - Its revenue growth and adjusted non-GAAP net profit margin are higher than listed peers [1] - The platform's direct connection to physicians provides high user stickiness and enables expansion into patient recruitment, academic conferences, and patient management [32]