Group 1 - The core viewpoint of the article highlights that iFlytek Medical (02506) achieved a revenue of 298.6 million yuan in the first half of 2025, representing a year-on-year growth of 30% [1] - The gross profit reached 153.9 million yuan, with a year-on-year increase of 27%, and the gross margin remained stable at a high level of 51.5% [1] - The hospital solutions have been implemented in over 500 tiered hospitals nationwide, collaborating with top medical institutions such as Sichuan University West China Hospital and Shandong University Qilu Hospital to develop specialized models [1] Group 2 - The Spark Medical Model has been deployed in over 20 leading hospitals across the country, indicating a deep integration of technology and medical scenarios that will continue to drive long-term business growth [1]

Group 1 - The core viewpoint of the article highlights that iFlytek Medical (02506) reported a revenue of 298.6 million yuan for the first half of 2025, representing a year-on-year growth of 30% [1] - The gross profit reached 153.9 million yuan, with a year-on-year increase of 27%, maintaining a high gross margin of 51.5% [1] - The company's hospital solutions have been implemented in over 500 top-tier hospitals nationwide, collaborating with leading medical institutions to develop specialized models, accelerating clinical value release [1] Group 2 - The Spark Medical Model has been deployed in over 20 leading hospitals across the country, indicating a deep integration of technology and medical scenarios that will continue to drive long-term business growth [1]

Core Viewpoint - The company achieved significant growth in its mid-year performance for 2025, showcasing strong revenue and profit margins, driven by technological innovation and industry leadership [1] Financial Performance - The company reported a revenue of 298.6 million, representing a year-on-year growth of 30% [1] - Gross profit reached 153.9 million, with a year-on-year increase of 27% [1] - The gross margin remained high at 51.5%, indicating strong profitability and growth within the industry [1] Technological Innovation - In the first half of 2025, the company invested 134 million in research and development, accounting for 45% of its revenue, reinforcing its technological leadership [1] - The company launched the international version of its large model, Spark Medical Model V2.5, in June, achieving top scores on the Medbench leaderboard [1] - The company’s capabilities in cardiology, pediatrics, and respiratory medicine diagnostics have reached the level of chief physicians in top-tier hospitals [1] - In March 2025, the company introduced the "Deep Reasoning Thinking Large Model," Spark Medical Model X1, which was upgraded in July, maintaining a significant lead in general medical tasks such as auxiliary diagnosis and health consultation [1]

Core Insights - The company reported a significant increase in revenue and gross profit for the six months ending June 30, 2025, with revenue reaching 299 million RMB, a year-on-year increase of 30.26% [1] - The growth in revenue is primarily attributed to the increase in revenue from grassroots solutions (up 52.3%), patient management services (up 10.1%), and regional solutions (up 178.1%) [1] Financial Performance - Revenue for the period was 299 million RMB, reflecting a 30.26% increase year-on-year [1] - Gross profit amounted to 154 million RMB, showing a year-on-year increase of 26.96% [1] - Research and development expenses totaled 115 million RMB [1] Product Development - In March 2025, the company launched the X1 medical deep reasoning model, which is the only medical deep reasoning model trained using fully domestic computing power [2] - The X1 model achieved a general auxiliary diagnosis accuracy rate of 94.0%, a specialist auxiliary diagnosis accuracy rate of 90.1%, and a health consultation response rate of 89.0%, all surpassing competitors like GPT-4o and DeepSeek R1 [2] Strategic Partnerships - The company partnered with Huawei to introduce a fully domestic medical integrated machine that supports the X1 model and various open-source models, enabling collaborative and rapid deployment [2] - The integrated machine includes a "one-stop" Starfire medical intelligent platform, offering 20 medical professional intelligent agents for tasks such as automatic medical record generation and report interpretation [2] Performance Enhancements - The integration of deep thinking and industry understanding has improved the medical knowledge capability by 30.0% and reduced model hallucination by 10.0% [2] - Targeted optimizations based on Huawei's Ascend hardware system enhanced the inference performance of the X1 model by 40.0% [2]

Group 1 - Company reported a revenue of 299 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 30.26% [1] - Gross profit reached 154 million RMB, with a year-on-year increase of 26.96% [1] - Research and development expenses amounted to 115 million RMB [1] Group 2 - The revenue growth was primarily driven by grassroots solutions, which saw a year-on-year increase of 52.3%, patient management services with a 10.1% increase, and regional solutions that surged by 178.1% [1] - In March 2025, the company launched the Xunfei Spark Medical Model X1, the only medical deep reasoning model trained using fully domestic computing power [2] - The model achieved a general auxiliary diagnosis accuracy rate of 94.0%, a specialist auxiliary diagnosis accuracy rate of 90.1%, and a health consultation response rate of 89.0%, all surpassing GPT-4o and DeepSeek R1 [2] - The company partnered with Huawei to introduce a fully domestic Xunfei Spark Medical Integrated Machine, which supports the X1 model and various open-source models, enhancing model collaboration and deployment [2] - The integrated machine includes a "one-stop" Spark Medical Intelligent Platform, offering 20 medical professional intelligent agents, improving medical knowledge capabilities by 30.0% and reducing model hallucination by 10.0% [2] - Targeted optimizations based on Huawei's Ascend hardware system improved the inference performance of the X1 model by 40.0% [2]

格隆汇8月20日丨讯飞医疗科技(02506.HK)发布公告，依托领先的技术能力、广泛的客户群及品牌认可 度，公司不断提高运营效率，通过协同商业化战略抓住新的盈利机遇。截至2025年6月30日止六个月， 公司录得收入人民币2.99亿元，较上年同期的收入人民币2.292亿元增加30.3%；截至2025年6月30日止 六个月，公司毛利为人民币1.539亿元，较上年同期的毛利增加27.0%，毛利率为51.5%，保持在合理的 较高水平，比上年同期的毛利率略降低1.3个百分点，主要因为2025年上半年基层解决方案业务毛利率 有所下降。随着公司产品的丰富及成熟，公司预期收入规模将快速增长，同时综合毛利率水平相对稳 定。 ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company's financial performance for the six months ended June 30, 2025, shows significant revenue growth of 30.26% to RMB 298.55 million and a substantial reduction in net loss by 38.48% to RMB 82.28 million Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | **Revenue** | 298,552 | 229,205 | 30.26% | | **Gross Profit** | 153,868 | 121,198 | 26.96% | | **Loss Before Tax** | (100,134) | (163,289) | (38.68)% | | **Loss for the Period** | (82,276) | (133,738) | (38.48)% | | **Net Loss Attributable to Owners of the Parent** | (74,086) | (129,653) | (42.86)% | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, financial position, and strategic initiatives for the reporting period [Industry Overview and Core Technologies](index=2&type=section&id=Industry%20Overview%20and%20Core%20Technologies) Driven by national policies and large model breakthroughs, the medical AI industry is booming, with the company's domestically trained 'iFlytek Spark Medical Large Model' maintaining a leading edge in key technologies and applications - The company launched iFlytek Spark Medical Large Model X1, based on deep reasoning technology, as the only medical deep reasoning large model trained with fully domestic computing power, outperforming GPT-4o and DeepSeek R1 in several key metrics[10](index=10&type=chunk) Key Capability Enhancements of iFlytek Spark Medical Large Model | Capability Metric | March 2025 (X1) | July 2025 (Upgraded) | | :--- | :--- | :--- | | General Practice Assisted Diagnosis Accuracy Rate | 94.0% | 95.0% | | Health Consultation Answering Rate | 89.0% | 91.5% | | Physical Examination Report Interpretation Accuracy Rate | - | 86.3% | | Hospital Cardiology Primary Diagnosis Accuracy Rate | 90.1% | 91.2% | - In the first half of 2025, the company's total R&D investment (including R&D expenses and development expenditures) was **RMB 134.2 million**, accounting for **44.9% of total revenue** for the reporting period[17](index=17&type=chunk) - The company maintains multiple advantages in industry implementation, including massive professional knowledge data accumulation, fully self-developed large model technology, systematic innovative AI capabilities combining general and specialized applications, a robust technology implementation and service assurance system, and a firm commitment to fully localized hardware and software solutions[16](index=16&type=chunk)[18](index=18&type=chunk) [Business Review](index=8&type=section&id=Business%20Review) In the first half of 2025, total revenue grew 30.3% to RMB 298.6 million, with gross profit up 27.0% to RMB 153.9 million, driven by strong growth in regional and grassroots solutions Revenue and Gross Profit Breakdown by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Revenue (RMB '000) | Revenue Share | YoY Growth | 2025 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Grassroots Solutions | 83,812 | 28.1% | 52.3% | 50.6% | | Regional Solutions | 57,625 | 19.3% | 178.1% | 25.9% | | Hospital Solutions | 52,862 | 17.7% | -10.0% | 61.5% | | Patient Management Services | 104,253 | 34.9% | 10.1% | 61.4% | | **Total** | **298,552** | **100.0%** | **30.3%** | **51.5%** | - The company's business is closely aligned with its mission of 'AI Assistant for Every Doctor, AI Health Assistant for Everyone,' upgrading its business classification into four major segments to empower government regulation, hospital efficiency, and personal health management through AI[23](index=23&type=chunk) [Grassroots Solutions](index=10&type=section&id=Grassroots%20Solutions) Driven by 'Smart Doctor Assistant,' this business saw revenue grow 52.3% to RMB 83.8 million, covering over 75,000 grassroots medical institutions with enhanced AI diagnostic accuracy - As of June 30, 2025, Smart Doctor Assistant covered **697 districts and counties** nationwide, serving over **75,000 grassroots medical institutions**[25](index=25&type=chunk) Key Operational Data for Smart Doctor Assistant | Metric | Cumulative Data | | :--- | :--- | | AI Assisted Diagnosis Suggestions | Over 1.01 billion times | | Standardized Electronic Medical Records Generated | Over 390 million copies | | Valuable Medical Records with Corrected Diagnoses | Over 1.763 million cases | | Unreasonable Prescriptions Identified | Over 110 million copies | - For the six months ended June 30, 2025, Grassroots Solutions recorded revenue of **RMB 83.8 million**, a **52.3% year-on-year increase**, accounting for **28.1% of total revenue**[26](index=26&type=chunk) [Regional Solutions](index=12&type=section&id=Regional%20Solutions) This business achieved a strong 178.1% revenue growth to RMB 57.6 million, primarily due to the widespread adoption of AI infectious disease prevention and control solutions across multiple provinces - For the six months ended June 30, 2025, Regional Solutions recorded revenue of **RMB 57.6 million**, a **178.1% year-on-year increase**, accounting for **19.3% of total revenue**, primarily driven by the application of AI infectious disease prevention and control solutions in multiple provinces[29](index=29&type=chunk) - AI Medical Insurance Solutions have covered **3,236 medical institutions** in **86 counties**, with an average detection rate of unreasonable expenditures reaching **3.9%**, ranking among the industry leaders[28](index=28&type=chunk) [Hospital Solutions](index=13&type=section&id=Hospital%20Solutions) Revenue for this segment decreased by 10.0% to RMB 52.9 million, as large model updates temporarily slowed application promotion, yet the 'three-in-one' smart hospital solution is deployed in over 500 hospitals - For the six months ended June 30, 2025, Hospital Solutions recorded revenue of **RMB 52.9 million**, a **10.0% year-on-year decrease**, accounting for **17.7% of total revenue**[31](index=31&type=chunk) - The AI medical record quality control system increased medical record quality inspection coverage from less than **5%** with traditional manual sampling to **100%** full coverage driven by AI[31](index=31&type=chunk) - iFlytek Spark Medical Large Model has been implemented in over **20 leading hospitals** nationwide and has established deep collaborations with top medical institutions such as Sichuan Huaxi Hospital and Shandong Qilu Hospital[30](index=30&type=chunk) [Patient Management Services](index=14&type=section&id=Patient%20Management%20Services) As the largest revenue source, this segment grew 10.1% to RMB 104.3 million, driven by AI post-diagnosis patient management, imaging cloud, and the 'iFlytek Xiaoyi' app, which surpassed 24 million downloads - For the six months ended June 30, 2025, Patient Management Services recorded revenue of **RMB 104.3 million**, a **10.1% year-on-year increase**, accounting for **34.9% of total revenue**[37](index=37&type=chunk) - As of June 30, 2025, the iFlytek Xiaoyi APP downloads exceeded **24 million**, with over **140 million AI consultations** completed and a user satisfaction rate of **98.0%**[36](index=36&type=chunk) - In the first half of 2025, the number of offline partner stores for smart hearing aids expanded from **227 to 380**, representing a **67.4% increase**[37](index=37&type=chunk) [Financial Review](index=18&type=section&id=Financial%20Review) Total revenue increased by 30.3%, with gross margin stable at 51.5%, while net loss significantly narrowed by 38.5% to RMB 82.3 million, supported by increased bank borrowings [Operating Performance Analysis](index=18&type=section&id=Operating%20Performance%20Analysis) Revenue growth was driven by grassroots and regional solutions, with gross profit increasing 27.0% to RMB 153.9 million, while effective cost control led to a 38.5% reduction in net loss - Gross margin slightly decreased from **52.9%** in the prior year to **51.5%**, showing minimal fluctuation[40](index=40&type=chunk) - Selling expenses increased by **16.7%** year-on-year to **RMB 102.1 million**, primarily due to higher staff costs and advertising expenses; R&D expenses decreased by **15.4%** year-on-year to **RMB 114.5 million**, mainly due to reduced share option and intangible asset amortization[43](index=43&type=chunk)[45](index=45&type=chunk) Reconciliation of Non-IFRS Measures | Metric (RMB '000) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Loss for the Period | (82,276) | (133,738) | | Add: Equity-settled share-based payments | 16,099 | 28,632 | | Add: Listing expenses | — | 18,735 | | **Adjusted Net Loss for the Period** | **(66,177)** | **(86,371)** | [Liquidity and Capital Resources](index=21&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held RMB 743.9 million in cash, with net cash outflow from operations of RMB 169.2 million, leading to an increase in bank borrowings and a debt-to-asset ratio of 60.4% Condensed Cash Flow Statement (For the Six Months Ended June 30) | Item (RMB Million) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (169.2) | (134.1) | | Net Cash Used in Investing Activities | (24.2) | (7.8) | | Net Cash From Financing Activities | 260.6 | 101.4 | | **Cash and Cash Equivalents at End of Period** | **743.9** | **102.0** | - Bank borrowings increased from **RMB 244.8 million** at the end of 2024 to **RMB 513.5 million** as of June 30, 2025[59](index=59&type=chunk) - The debt-to-asset ratio (total liabilities/total assets) increased from **52.8%** at the end of 2024 to **60.4%** as of June 30, 2025[60](index=60&type=chunk) [Outlook and Human Resources](index=24&type=section&id=Outlook%20and%20Human%20Resources) The company will pursue a 'top-tier technology, grounded application' strategy, focusing on leading AI medical technology and serving government, hospitals, and patients, supported by 928 employees and a total staff cost of RMB 167.6 million - The company will steadfastly implement its 'top-tier' (maintaining globally leading AI medical technology) and 'grounded' (focusing on critical social needs, serving GBC clients) development strategies[68](index=68&type=chunk) - As of June 30, 2025, the Group had **928 full-time employees**, a slight increase from **911** at the end of 2024[69](index=69&type=chunk) - For the six months ended June 30, 2025, total staff remuneration and welfare expenses amounted to **RMB 167.6 million**[71](index=71&type=chunk) [Condensed Consolidated Financial Statements](index=26&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of financial position, and selected notes, reflecting revenue growth and reduced losses [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the reporting period, revenue reached RMB 298.6 million, a 30.3% increase, with gross profit at RMB 153.9 million, up 27.0%, leading to a narrowed loss of RMB 82.28 million Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (RMB '000) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 298,552 | 229,205 | | Gross Profit | 153,868 | 121,198 | | Loss Before Tax | (100,134) | (163,289) | | Loss and Total Comprehensive Expenses for the Period | (82,276) | (133,738) | | Loss Attributable to Owners of the Company | (74,086) | (129,653) | | Basic Loss Per Share (RMB) | (0.61) | (1.14) | [Condensed Consolidated Statement of Financial Position](index=27&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 2,323 million, total liabilities RMB 1,402 million, and net assets RMB 921 million, with increases in both assets and liabilities driven by trade receivables and bank borrowings Summary of Condensed Consolidated Statement of Financial Position | Item (RMB '000) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | **Non-current Assets** | 466,982 | 408,745 | | **Current Assets** | 1,855,774 | 1,681,192 | | **Total Assets** | **2,322,756** | **2,089,937** | | **Current Liabilities** | 1,157,438 | 1,000,289 | | **Non-current Liabilities** | 244,653 | 102,806 | | **Total Liabilities** | **1,402,091** | **1,103,095** | | **Net Assets** | **920,665** | **986,842** | [Notes to the Financial Statements (Selected)](index=29&type=section&id=Notes%20to%20the%20Financial%20Statements%20(Selected)) These notes detail revenue breakdown by business line and type, highlighting a major customer contributing over 10% of total revenue, and provide an aging analysis of trade receivables and payables Disaggregation of Revenue from Contracts with Customers (By Business Line) | Business Line (RMB '000) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Grassroots Solutions | 83,812 | 55,042 | | Regional Solutions | 57,625 | 20,722 | | Hospital Solutions | 52,862 | 58,727 | | Patient Management Services | 104,253 | 94,714 | | **Total** | **298,552** | **229,205** | - During the reporting period, revenue from Customer A was **RMB 39.03 million**, accounting for **13.1% of total revenue**, making them a major customer[89](index=89&type=chunk)[90](index=90&type=chunk) [Other Information](index=37&type=section&id=Other%20Information) This section covers the company's corporate governance, compliance, and the utilization of IPO proceeds, confirming adherence to governance codes and the review of interim financial statements by auditors [Corporate Governance and Compliance](index=37&type=section&id=Corporate%20Governance%20and%20Compliance) The company maintains high corporate governance standards, complying with all applicable code provisions of the Listing Rules, with its interim financial statements reviewed by Deloitte Touche Tohmatsu - The company complied with the applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2025[103](index=103&type=chunk) - The Group's interim financial statements have been reviewed by its auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410[105](index=105&type=chunk) - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[108](index=108&type=chunk) [Use of Proceeds from Listing](index=39&type=section&id=Use%20of%20Proceeds%20from%20Listing) The company, listed in December 2024, had net IPO proceeds of approximately HKD 507.1 million, with HKD 75.7 million utilized for operations, R&D, and product upgrades, and the remaining HKD 431.4 million planned for use by end of 2026 Use of Proceeds from Listing and Utilization (HKD Million) | Item | Planned Percentage | Utilized During Reporting Period | Unutilized at Period End | | :--- | :--- | :--- | :--- | | Investment in R&D, Strengthening Core Capabilities | 32.3% | 12.0 | 152.0 | | Upgrading and Developing Products | 26.6% | 9.1 | 125.9 | | Strengthening Commercialization Capabilities | 24.7% | 5.5 | 119.6 | | Potential Acquisitions | 6.4% | — | 32.3 | | Working Capital and Others | 10.0% | 49.1 | 1.6 | | **Total** | **100%** | **75.7** | **431.4** |

Xunfei Healthcare Technology Co., Ltd. 訊 飛 醫 療 科 技 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2506） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 承董事會命 訊飛醫療科技股份有限公司 執行董事 陶曉東博士 香港，2025年8月8日 截至本公告日期，本公司董事會包括：(i)執行董事陶曉東博士；(ii)非執行董事劉慶峰博士、 趙志偉先生及段大為先生；及(iii)獨立非執行董事汪揚教授、趙惠芳教授及談慶先生。 董事會會議召開日期 訊飛醫療科技股份有限公司（「本公司」連同其子公司及合併聯屬實體，統稱為 「本集團」）董事會（「董事會」）茲通告謹定於2025年8月20日（星期三）舉行董事會 會議，以考慮及通過本集團截至2025年6月30日止的六個月中期業績，及派發 中期股息（如有），以及處理其他事項。 ...

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: 2025年7月31日 狀態: 新提交 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: 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 | 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 | | 2. 股份分類 | 普通股 | 股份類別 | H ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Xunfei Healthcare Technology Co., Ltd. 訊 飛 醫 療 科 技 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：2506） 變更註冊辦事處地址 訊飛醫療科技股份有限公司（「本公司」）董事會謹此宣佈，本公司於近日收到 經更新的營業執照，本公司的註冊辦事處地址已變更為中國安徽省合肥市高 新區城西橋社區服務中心科創路666號科大訊飛人工智能研發生產基地（一期） 1號樓4層至5層（北區），自2025年7月31日起生效。本公司的公司網站維持不變。 承董事會命 訊飛醫療科技股份有限公司 執行董事 陶曉東博士 香港，2025年7月31日 截至本公告日期，本公司董事會包括：(i)執行董事陶曉東博士；(ii)非執行董事劉慶峰博士、 趙志偉先生及段大為先生；及(iii)獨立非執行董事汪揚教授、趙惠芳教授及談慶先生。 ...