致：香港交易及結算所有限公司 公司名稱: 訊飛醫療科技股份有限公司 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 非上市股份 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 43,581,121 | RMB | | | 1 RMB | | 43,581,121 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 43,581,121 | RMB | | | 1 RMB | | 43,581,121 | 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 截至月份: 2026年1月31日 狀態: 新提交 | 2. 股份分類 ...

Core Viewpoint - The article highlights the increasing investment interest from southbound funds in iFlytek Medical Technology (02506.HK), indicating a positive trend in stock accumulation over recent trading days [1]. Group 1: Investment Activity - On February 2, southbound funds increased their holdings by 194,000 shares in iFlytek Medical Technology [1]. - Over the past five trading days, there were four days of net increases, totaling 319,300 shares [1]. - In the last twenty trading days, there were twelve days of net increases, amounting to 1,632,800 shares [1]. - As of now, southbound funds hold 5,491,500 shares of iFlytek Medical Technology, representing 7.1% of the company's total issued ordinary shares [1]. Group 2: Company Overview - iFlytek Medical Technology Co., Ltd. primarily provides AI-enabled medical solutions in China [2]. - The company's business lines include grassroots medical services, hospital services, patient services, and regional management platform solutions [2]. - Grassroots medical services consist of intelligent medical assistants and chronic disease management [2]. - Hospital services include smart hospital solutions and diagnostic assistance [2]. - Patient services encompass smart hospital patient services, post-discharge management, imaging cloud platforms, and medical devices [2]. - Regional management platform solutions involve smart health solutions and smart medical insurance [2].

Core Viewpoint - The company, iFlytek Co., Ltd., has announced its performance forecast for 2025, indicating a significant increase in net profit and operational quality metrics, reflecting the successful implementation of large-scale AI models in its business operations [1][2]. Group 1: Financial Performance - The company expects a net profit attributable to shareholders of between 785 million to 950 million yuan, representing a year-on-year growth of 40% to 70% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 245 million to 301 million yuan, with a year-on-year increase of 30% to 60% [1]. - Total sales receipts are anticipated to exceed 27 billion yuan, marking an increase of over 4 billion yuan compared to the previous year [1]. Group 2: Operational Quality - The net cash flow from operating activities is expected to exceed 3 billion yuan, setting a historical high for the company [1]. - The improvement in operational quality indicators is a key highlight of the performance forecast, showcasing the company's ability to convert AI model implementation into sustainable business results [1][2]. Group 3: AI Medical Sector - iFlytek's subsidiary, iFlytek Medical Technology Co., Ltd., is gaining attention for its sustainable business model, driven by the parent company's technological foundation and industry application capabilities [1]. - iFlytek Medical has established a comprehensive business model covering government, hospitals, and individual health management, which is crucial for understanding its growth sustainability [2]. - The financial data from iFlytek Medical shows signs of improvement, with revenue of 299 million yuan in the first half of 2025, reflecting a year-on-year growth of 30.26%, and a reduction in net losses by 42.86% [2].

Core Viewpoint - The announcement from Keda Xunfei regarding its 2025 profit forecast indicates a projected net profit growth of 40% to 70%, highlighting the resilience of its core business and signaling that AI-driven vertical commercialization has entered a harvest phase [1] Group 1: Company Performance - Keda Xunfei's growth is attributed to its "platform + scenario" strategy, with the medical sector being a significant contributor to this growth [2] - The medical business has achieved substantial market penetration, with over 77,000 grassroots medical institutions deploying its core product, the Intelligent Medical Assistant [2] - The download count for the personal health assistant app "Xunfei Xiaoyi" has surpassed 26 million, indicating strong user engagement and service capability [2] Group 2: Technological Advancements - The "Xunfei Spark" large model is the only mainstream model in China trained on domestically produced computing power, maintaining competitive technical indicators globally [3] - The medical deep reasoning model, based on the Spark model, has outperformed leading models like GPT-5 in various medical applications, achieving capabilities equivalent to senior hospital physicians [3] - In 2025, Keda Xunfei's large model projects won contracts worth 2.316 billion yuan, surpassing the combined total of the second to sixth competitors in the industry [3] Group 3: Market Dynamics - The global AI medical market is projected to exceed $100 billion by 2025, with a compound annual growth rate of over 25%, driven by the demand for AI applications in grassroots healthcare [5] - Keda Xunfei is positioned to leverage its domestic experience to address global healthcare challenges, particularly in emerging markets [6] - The company is actively exporting its successful grassroots medical AI solutions, aiming to capture growth opportunities in the global market [6] Group 4: Investment Implications - The profit growth forecast from Keda Xunfei signals to the capital market that medical AI has transitioned from concept to scalable profitability, with the company positioned as an industry leader [7] - Unlike many US competitors that remain unprofitable, Keda Xunfei has achieved profitability and continues to optimize its business model, suggesting significant valuation upside [7] - The sustainable technological barriers established by Keda Xunfei, through its comprehensive ecosystem of large models, data, and application scenarios, provide a strong foundation for long-term valuation support [7] Conclusion - Keda Xunfei's 2025 profit forecast reflects confidence in the commercialization of AI, indicating not only a spillover effect on the parent company's performance but also the independent commercial value of its medical technology [8] - The company is carving out a unique path in AI medical commercialization, deeply embedding itself in the transformation of China's healthcare system [8]

一则来自A股市场的公告震动AI与医疗投资圈——科大讯飞（002230）发布2025年全年业绩预告，预计 归属于上市公司股东的净利润同比增长40%至70%。 在宏观经济承压、科技板块估值普遍回调的背景下，这一增长不仅彰显其核心业务韧性，更释放出一个 关键信号：以AI驱动的垂直场景商业化已进入收获期。 而在科大讯飞七大战略业务板块中，医疗板块的表现尤为亮眼。作为该板块的核心载体，已在港交所独 立上市的讯飞医疗科技（02506），正凭借母公司在人工智能底层技术上的持续突破，叠加自身在中国 基层医疗体系中的深度扎根与落地沉淀，构筑起难以复制的技术护城河与市场壁垒。站在全球AI医疗 浪潮的潮头，讯飞医疗科技的价值重估时刻已然到来。 医疗板块成科大讯飞增长新引擎 科大讯飞2025年的业绩高增长，并非源于单一产品爆发，而是其"平台+场景"战略在多个赛道协同发力 的结果。其中，医疗业务作为最早实现规模化商业闭环的板块之一，已成为重要的增长贡献点。 据内部拆解，讯飞医疗2025年的市场渗透与服务能力持续跃升：核心产品智医助理已在全国超7.7万家 基层医疗机构完成部署；智慧医院整体解决方案应用超500家等级医院；面向个人用户的健 ...

证券之星消息，1月29日南向资金增持4.57万股讯飞医疗科技（02506.HK）。近5个交易日中，获南向资 金增持的有4天，累计净增持14.55万股。近20个交易日中，获南向资金增持的有11天，累计净增持 133.56万股。截至目前，南向资金持有讯飞医疗科技（02506.HK）525.82万股，占公司已发行普通股的 6.79%。 讯飞医疗科技股份有限公司是一家主要从事提供人工智能赋能的医疗解决方案的中国公司。基层医疗服 务业务线由智医助理及慢病管理组成。医院服务业务线包括智慧医院解决方案和诊疗助理。患者服务业 务线包括智慧医院患者服务与诊后管理（包括讯飞晓医App及小程序）、影像云平台以及医疗器械。区 域管理平台解决方案业务线包括智慧卫生解决方案和智慧医保。该公司主要在国内市场开展业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

| 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2026-01-23 | 515.05万 | 3.79万 | 0.74% | | 2026-01-22 | 511.26万 | -3.67万 | -0.71% | | 2026-01-21 | 514.92万 | -4.17万 | -0.80% | | 2026-01-20 | 519.09万 | 19.80万 | 3.97% | | 2026-01-19 | 499.29万 | -12.06万 | -2.36% | 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，1月23日南向资金增持3.79万股讯飞医疗科技（02506.HK）。近5个交易日中，获南向资 金增持的有2天，累计净增持3.69万股。近20个交易日中，获南向资金增持的有8天，累计净增持111.23 万股。截至目前，南向资金持有讯飞医疗科技（02506.HK）515.05万股，占公司已发行普通股的 6.65%。 讯飞医疗科技股份有限公 ...

Group 1 - The core viewpoint of the articles highlights the significant advancements and strategic positioning of iFlytek Medical Technology in the AI healthcare sector, emphasizing its comprehensive service offerings and strong data accumulation capabilities [1][2] - iFlytek Medical, established in 2016, integrates AI technology across the entire healthcare service cycle, from health risk warning to chronic disease management, leveraging its strong R&D focus and clear ownership structure [1] - The company has established a robust data foundation through early strategic positioning and partnerships with top hospitals, creating a data flywheel effect that enhances its market influence and operational efficiency [1] Group 2 - The challenges faced by the AI healthcare industry include high application costs, difficulty in establishing commercial viability, and resistance to new technologies, which have historically hindered growth [2] - iFlytek Medical's establishment of a pilot base in Hefei aims to address these challenges by integrating resources and setting industry standards, thereby facilitating the practical implementation of AI in healthcare [2] - The company is expected to see significant revenue growth, with projections of 920 million, 1.18 billion, and 1.47 billion RMB for 2025-2027, reflecting year-on-year growth rates of 25.6%, 27.6%, and 25.0% respectively, supported by a strong demand for digital and intelligent solutions in healthcare [2]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10][12]. Core Insights - The company has established a comprehensive GBC (Government, Business, Consumer) business model that integrates AI capabilities across the entire medical service cycle, from health risk warning to chronic disease management [4][20]. - The company is expected to achieve revenues of 920 million, 1.18 billion, and 1.47 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 25.6%, 27.6%, and 25.0% [4][10]. Summary by Relevant Sections Company Overview - Founded in 2016, the company leverages the iFlytek Spark Medical Model to provide solutions covering the entire medical service cycle [7][20]. - The ownership structure is concentrated, with iFlytek Group holding 49.4% of shares, ensuring strategic alignment and resource allocation [26][28]. Business Model and Market Position - The company has a significant first-mover advantage, having accumulated extensive data assets through early strategic positioning [8][10]. - The GBC model encompasses a complete medical service loop, addressing challenges in data flow within the healthcare industry [8][10]. Financial Performance - Revenue has shown robust growth, increasing from 373 million RMB in 2021 to an expected 734 million RMB in 2024, with a compound annual growth rate of 25.4% [36]. - The company has improved its net loss from -189 million RMB in 2022 to -133 million RMB in 2024, indicating a positive trend in financial health [37]. Growth Drivers - The company is positioned to benefit from accelerating digitalization and intelligence demands in the healthcare sector, with G and B segments providing stable revenue growth in the short term [10][20]. - The C segment, focusing on patient management services, is anticipated to be a core growth driver in the medium term [10][20]. Technological Advancements - The company has developed the Spark Medical Model, which is the only medical deep reasoning model trained on fully domestic computing power, enhancing its competitive edge [60][61]. - The integration of AI technologies into various healthcare applications is expected to significantly improve operational efficiency and patient outcomes [60][61].

Core Viewpoint - The AI healthcare sector in Hong Kong is experiencing a strong bullish trend, driven by clear industry trends and significant market demand for AI health solutions [1] Group 1: Market Performance - Alibaba Health has surged over 13%, leading the market with a cumulative increase of over 46% this month [1] - Other notable performers include Yidu Tech with a rise of over 9%, MicroPort Robotics up by 8.9%, and Ping An Good Doctor increasing by over 4% [1] - Additional companies such as Yimaitong, JD Health, and Gushengtang also saw gains [1] Group 2: Industry Drivers - The launch of Ant Group's AI health assistant "Antifufu" has seen monthly active users exceed 30 million, with daily inquiries surpassing 10 million, indicating strong demand in the health AI sector [1] - OpenAI's introduction of "ChatGPT Health" on January 8 further emphasizes the confidence of leading AI companies in the health AI market [1] Group 3: Market Forecast - Frost & Sullivan predicts that China's "AI + healthcare" market will grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% over the next decade [1] - Huafu Securities reports that the AI healthcare industry is entering a critical phase of commercialization, supported by national strategies and market demand [1] - The report highlights a closed-loop demand for AI applications, which will sustain the continuous development of the AI industry [1]