医疗数字化精准营销行业龙头，29 年数据资产沉淀锻造AI+医疗稀缺平台。医脉通自创立以来围绕执业 医师用户群体打造了一系列的信息产品组合，至今已成为国内第一梯队的医疗信息综合服务平台，24 年公司旗下产品注册用户总数已超700 万人，月活用户数量也已攀升至265 万人。庞大且活跃的医师用 户群体及其平台行为数据积累给公司提供了为药械公司、患者开展增值服务的优质基础。公司自08 年 以来通过为药械公司提供医疗产品数字化精准营销服务，成功盘活平台用户资产，实现商业模式的创收 闭环。立足当前时点，医疗数字化营销赛道仍然具备长坡厚雪特征，公司有望凭借先发优势带来的数据 资产沉淀持续突破成长天花板。 机构：民生证券 研究员：王班/杨涛 数字化精准营销比较优势显著，有望构建药械产品营销推广新业态。相较于传统医药代表线下推广，数 字化精准营销在合规性、经济性和时间效率等方面展现出明显的差异化优势。根据相关资料，23 年我 国数字化精准营销市场规模已超30.0 亿人民币，19-23年内CAGR 高达33.5%。根据相关调研报告，在当 前医疗反腐成为行业发展新常态的现实背景下，执业医师出于脱敏需要，传统获取专业知识和信息的渠 ...

医脉通（2192.HK）首次覆盖报告 医疗信息综合服务平台先锋，AI 赋能开启智能化发展新阶段 2025 年 05 月 31 日 ➢ 医疗数字化精准营销行业龙头，29 年数据资产沉淀锻造 AI+医疗稀缺平台。医脉通 自创立以来围绕执业医师用户群体打造了一系列的信息产品组合，至今已成为国内第一梯 队的医疗信息综合服务平台，24 年公司旗下产品注册用户总数已超 700 万人，月活用户 数量也已攀升至 265 万人。庞大且活跃的医师用户群体及其平台行为数据积累给公司提 供了为药械公司、患者开展增值服务的优质基础。公司自 08 年以来通过为药械公司提供 医疗产品数字化精准营销服务，成功盘活平台用户资产，实现商业模式的创收闭环。立足 当前时点，医疗数字化营销赛道仍然具备长坡厚雪特征，公司有望凭借先发优势带来的数 据资产沉淀持续突破成长天花板。 ➢ 数字化精准营销比较优势显著，有望构建药械产品营销推广新业态。相较于传统医 药代表线下推广，数字化精准营销在合规性、经济性和时间效率等方面展现出明显的差异 化优势。根据相关资料，23 年我国数字化精准营销市场规模已超 30.0 亿人民币，19-23 年内 CAGR 高达 33. ...

从中证港股通医疗综合指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通医疗综合指数持仓样本的行业来看，医药商业占比49.25%、医疗耗材占比23.73%、医疗 服务占比22.88%、医疗设备占比3.24%、体外诊断占比0.90%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证港股通综合指数调整样本时，样本随之进行 相应调整。若中证港股通综合指数样本有特殊事件发生，导致其行业归属发生变化，指数样本进行相应 调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理， 参照计算与维护细则处理。 金融界5月30日消息，上证指数低开低走，中证港股通医疗综合指数 (港股通医疗，932271)报1476.05 点。 数据统计显示，中证港股通医疗综合指数近一个月上涨3.68%，近三个月上涨0.03%，年至今上涨 14.44%。 据了解，中证港股通行业综合指数系列在中证港股通综合指数 ...

Financial Performance - Revenue for 2024 reached RMB 558,455,000, a 35.5% increase from RMB 412,004,000 in 2023[16] - Gross profit for the year was RMB 327,222,000, up 30.2% from RMB 251,335,000 in 2023[16] - Profit attributable to owners of the parent increased to RMB 315,146,000, representing a 30.1% rise compared to RMB 242,301,000 in 2023[16] - The Group's net profit for the year ended December 31, 2024, rose to RMB 330.3 million, a 31.2% increase from RMB 251.8 million in 2023, with a net profit margin of 59.1%[44] - The adjusted net profit for the year ended December 31, 2024, was RMB 323.6 million, with an adjusted net profit margin of 57.9%, maintaining a leading position in the industry[44] - The Group's gross profit margin was approximately 58.6% for the year ended December 31, 2024, slightly down from 61.0% for the year ended December 31, 2023[104] - The net profit margin decreased by 2.0 percentage points from 61.1% for the year ended December 31, 2023 to 59.1% for the year ended December 31, 2024[122][124] User Engagement and Platform Growth - In 2024, the number of registered physician users on the Medlive platform exceeded 7 million, with over 4 million licensed physicians, accounting for 88% of the total licensed physicians in China[34] - The average monthly active users (MAUs) of the Medlive platform reached 2.65 million in 2024, indicating a solid foundation for developing precision marketing solutions[34] - As of the end of 2024, the Medlive platform registered over 7 million physician users, with more than 4 million being practicing physicians, representing 88% of the total practicing physicians in China[36] - The average monthly active users on the Medlive platform increased to 2.65 million in 2024, indicating a rise in user engagement[36] Technological Innovation and AI Integration - The introduction of innovative tools such as AI Q&A system and AI diagnosis and treatment map significantly enhanced diagnostic efficiency and safety[20] - AI-assisted writing tools improved medical content generation efficiency by 60%[20] - The self-developed large model for medical vertical domain has been approved by the Cyberspace Administration of China, enhancing the Group's credibility in AI research and development[37] - The Group's AI-driven solutions include precision marketing, medical knowledge solutions, and intelligent patient management solutions, catering to diverse needs of platform participants[47] - The AI-assisted writing tool has proven to improve the efficiency of medical content writing by 60%[42] - The Group's core strategy focuses on "horizontal specialization and deep cultivation + vertical full-cycle extension" to leverage AI technology and big data analysis[73] Revenue Streams and Market Recognition - Revenue from precision marketing and corporate solutions increased by 37.5% to RMB512.5 million in 2024, up from RMB372.7 million in 2023[48] - Revenue from medical knowledge solutions grew by 10.8% to RMB17.9 million in 2024, compared to RMB16.1 million in 2023[57] - Revenue from intelligent patient management solutions increased by approximately 21.0% from approximately RMB23.2 million in 2023 to approximately RMB28.0 million in 2024, mainly due to the initial success of the single-disease patient management platform[99] - The Group's revenue increased by approximately 35.5% from approximately RMB412.0 million for the year ended December 31, 2023, to approximately RMB558.5 million for the year ended December 31, 2024, primarily due to the revenue increase from precision marketing and corporate solutions[93] Cost and Expense Management - The Group's cost of sales increased by approximately 43.9% from approximately RMB160.7 million in 2023 to approximately RMB231.2 million in 2024, primarily due to business growth leading to higher costs[103] - Selling and distribution expenses increased by approximately 2.0% from RMB32.8 million for the year ended December 31, 2023 to RMB33.4 million for the year ended December 31, 2024, mainly due to higher bonus payments to sales staff[109][111] - Administrative expenses rose by approximately 21.5% from RMB144.5 million for the year ended December 31, 2023 to RMB175.6 million for the year ended December 31, 2024, primarily due to increased research and development costs[110][112] Strategic Initiatives and Future Plans - The company aims to empower healthcare through technology and drive value with data, aligning with the ongoing transformation in China's healthcare industry[19] - The Group plans to continue selectively pursuing strategic investments and acquisitions to enhance technological capabilities and expand its customer base[155] - The Group aims to expand its services across China through specialized ecosystem construction empowered by AI and intelligent database construction by 2025[26] - The Group intends to continue financing its expansion and operations using cash generated from operating activities and net proceeds from the Global Offering[135] Human Resources and Management - The total staff cost for the year ended December 31, 2024, was approximately RMB 190.8 million, an increase from approximately RMB 159.2 million for the year ended December 31, 2023, primarily due to increased headcount in sales and platform development[168] - The Group had a total of 747 full-time employees as of December 31, 2024, with 187 in content management, 235 in platform operation and customer service, 178 in research and development, 66 in general and administration, and 81 in sales and marketing[168] - The Group provides orientation and ongoing in-house training to enhance employee skills and productivity, along with performance-based bonuses and share option schemes to align interests with the Company[169] - The Company has adopted pre-IPO and post-IPO share option schemes, as well as a share award scheme to incentivize employees and senior management[170] Research and Development - The Group's clinical research service capability was expanded, covering core aspects such as clinical trial design and data management[54] - The establishment of a postdoctoral research workstation marks a new stage for the Group in integrating industry, university, and research in medical AI technology innovation[43] - The Group aims to construct a clinical results database based on Medlive's large model to support drug research and development[76] Market Expansion and Customer Engagement - The Group will expand its coverage of pharmaceutical and medical device company users, particularly in innovative drugs and medical devices[83] - The focus will be on developing comprehensive solutions that include medical strategy, market strategy, and multi-channel digital strategy to meet the needs of pharmaceutical and medical device companies[84] - The Group will enhance customer loyalty and willingness to invest in digital marketing by leveraging its online professional physician platform[86]

Investment Rating - The report maintains an OUTPERFORM rating for Medlive Technology with a target price of HK$15.00, indicating a potential upside from the current price of HK$11.60 [2]. Core Insights - Medlive Technology is recognized as China's largest physician platform, providing professional content and mature monetization strategies, which contribute to sustained high growth [1]. - The company has established a strong foothold in the digital marketing space for healthcare, leveraging its extensive database of over 4 million registered physicians, which represents 88% of the total practicing physicians in China [3][9]. - The revenue forecast for Medlive Technology shows a compound annual growth rate (CAGR) of 30% from 2025 to 2027, with projected revenues of ¥7.26 billion, ¥9.44 billion, and ¥12.27 billion respectively [5]. Summary by Sections 1. Company Overview - Medlive Technology focuses on delivering digital marketing solutions to healthcare enterprises, primarily through precise marketing and enterprise solutions, which accounted for 82% of its revenue in 2024 [3][13]. - The company has a history of productizing medical information and has formed strategic partnerships, notably with M3, to enhance its digital marketing capabilities [15][18]. - The management team is experienced, with key figures having over 10 years in the industry, ensuring a stable governance structure [20]. 2. Industry Analysis - The Chinese healthcare digital marketing market is expected to grow rapidly, driven by increased online marketing expenditures from pharmaceutical companies, which reached approximately ¥219.7 billion in 2023 [23][29]. - Regulatory changes are pushing pharmaceutical representatives towards academic promotion, enhancing the demand for digital marketing solutions [31][34]. - The number of practicing physicians in China is substantial, with over 4.43 million, creating a significant market for digital marketing to reach these professionals effectively [35][39]. 3. Financial Performance - From 2018 to 2024, Medlive Technology experienced a revenue CAGR of 37.3%, with a profit margin of 21.2% [3][5]. - The revenue structure is diversified, with precise marketing and enterprise solutions being the core revenue drivers, complemented by medical knowledge services and patient management solutions [14][13]. - The company is expected to maintain a stable adjusted profit margin of around 21% while facing potential interest income declines due to external economic factors [5]. 4. Profit Forecast and Valuation - The adjusted net profit for 2025-2027 is projected to be ¥3.2 billion, ¥3.5 billion, and ¥3.9 billion, reflecting growth rates of -1%, 7%, and 13% respectively [5]. - The valuation is based on a P/E ratio of 32x for 2025, leading to a target price of HK$15.00 per share, reinforcing the OUTPERFORM rating [5].

Investment Rating - The report maintains an "OUTPERFORM" rating for Medlive Technology with a target price of HK$15.00, while the current price is HK$11.60 [2]. Core Insights - Medlive Technology is recognized as China's largest physician platform, providing professional content and mature monetization strategies, with sustained high growth expected [1][3]. - The company has a significant market presence, covering over 4 million registered physicians, which accounts for 88% of the total practicing physicians in China [3][9]. - The revenue forecast for Medlive Technology shows a compound annual growth rate (CAGR) of 30% from 2025 to 2027, with expected revenues of ¥726 million, ¥944 million, and ¥1.227 billion for the respective years [5]. Summary by Sections 1. Medlive Technology Overview - Medlive Technology is a leading digital marketing service platform focused on physicians, with a history dating back to 1996 [9]. - The company primarily serves B2B pharmaceutical and medical device companies, deriving 82% of its revenue from precision marketing and enterprise solutions [12][13]. 2. Industry Analysis - The Chinese medical digital marketing market is expected to grow rapidly, driven by increased online marketing expenditures from pharmaceutical companies, which reached approximately ¥219.7 billion in 2023 [21][26]. - Regulatory changes are pushing pharmaceutical representatives towards academic promotion, enhancing the demand for digital marketing solutions [28][31]. 3. Financial Performance - From 2018 to 2024, Medlive Technology experienced a revenue CAGR of 37.3% and a profit CAGR of 69.0%, with an operating profit margin of 21.2% [3][5]. - The revenue structure is primarily supported by precision marketing and enterprise solutions, which are interrelated and contribute to overall growth [12][13]. 4. Profit Forecast and Valuation - The adjusted net profit for 2025-2027 is projected to be ¥3.2 billion, ¥3.5 billion, and ¥3.9 billion, with growth rates of -1%, 7%, and 13% respectively [5]. - The valuation is based on a P/E ratio of 32x for 2025, leading to a target price of HK$15.00 per share [5]. 5. Governance Structure - The management team is experienced, with key figures having over 10 years in the industry, ensuring a stable governance structure [18][19]. - The shareholding structure is concentrated, with the CEO holding 36.5% of the shares, alongside strategic support from M3, which also holds 36.5% [19][25].

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].