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） 自願性公告 有關股東自願延長禁售期的通知 前述股東均承諾自原禁售期屆滿日期起至2026年12月29日（包含當日）不會以任 何方式減持本公司H股或非上市股份（「禁售期延長」）。 截至本公告日期，前述股東合計持有本公司52,758,395股H股，佔本公司H股總 股本的68.25%；合計持有本公司88,068,222股股份，佔本公司總股本的72.86%。 – 2 – (3) 趙志偉先生（於本公司員工持股平台合肥正昇信息科技合夥企業（有限合夥） （「合肥正昇」）及南京正暘信息科技合夥企業（有限合夥）（「南京正暘」）中 持有合夥權益，截至本公告日期，其所持有的合夥權益對應本公司1,5 ...

"年度社会责任奖"奖项是对公司多年来积极履行社会责任的认可和肯定，是对公司管理水平和人员素质 的嘉奖。具备社会责任感是企业可持续发展的必要条件，作为经济主体，只有认识并积极承担社会责任 才能使自己更具竞争力。 格隆汇昨日线上举办"科技赋能·资本破局"分享会。备受瞩目的卓越公司评选榜单隆重揭晓。其中，格 隆汇"金格奖"年度卓越公司评选中，讯飞医疗科技(2506.HK)荣获"年度社会责任奖"奖项。 ...

Core Viewpoint - Recent trading activity indicates a reduction in holdings by southbound funds in iFlytek Medical Technology, suggesting potential shifts in investor sentiment towards the company [1] Group 1: Trading Activity - On December 22, southbound funds reduced their holdings by 40,900 shares of iFlytek Medical Technology (02506.HK) [1] - Over the past five trading days, there have been four days of net reductions, totaling 107,900 shares [1] - In the last 20 trading days, there were 14 days of net increases, with a total of 91,600 shares added [1] - Currently, southbound funds hold 3,978,600 shares of iFlytek Medical Technology, representing 5.14% of the company's issued ordinary shares [1] Group 2: Company Overview - iFlytek Medical Technology Co., Ltd. primarily provides AI-enabled medical solutions in China [1] - The company's business lines include grassroots medical services (intelligent medical assistants and chronic disease management), hospital services (smart hospital solutions and diagnostic assistants), and patient services (smart hospital patient services and post-diagnosis management) [1] - The company also offers regional management platform solutions, including smart health solutions and smart medical insurance [1] - iFlytek Medical Technology mainly operates in the domestic market [1]

Core Viewpoint - The "Golden Award" annual excellence company selection by Gelonghui recognizes companies for their social responsibility and management quality, highlighting the importance of corporate social responsibility for sustainable development [1][2]. Group 1: Award Winners - Ten companies received the "Annual Social Responsibility Award," including: - Damai Entertainment (01060.HK) - Urban Beauty (02298.HK) - Greentown Management Holdings (09979.HK) - Qifu Technology-S (03660.HK) - Qingniao Fire Protection (002960.SZ) - Tencent Holdings (00700.HK) - Xiaocai Garden (00999.HK) - iFlytek Medical Technology (02506.HK) - Yuehai Investment (00270.HK) - ZhongAn Online (06060.HK) The ranking is in alphabetical order and does not indicate priority [1]. Group 2: Evaluation Process - The selection process for the awards involved quantitative data analysis and an expert review panel to determine the final results [1]. - The aim of the "Golden Award" is to create a valuable reference for investors regarding listed companies and unicorns across various stock exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2].

Industry Overview - The Chinese medical artificial intelligence industry has significant growth potential, driven by policy support for rapid development [1] - The market size of China's medical AI is projected to grow from 2.7 billion RMB in 2019 to 8.8 billion RMB in 2023, with a compound annual growth rate (CAGR) of 33.8%. It is expected to reach 315.7 billion RMB by 2033, with a CAGR of 43.1% from 2023 to 2033 [1] Company Capabilities - The company has developed its own foundational large model, the "Xunfei Xinghuo Medical Large Model X1," which is the only medical deep reasoning model trained entirely on domestic computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0% [2] - As of July 2025, the X1 model's performance has been upgraded, achieving a general auxiliary diagnosis accuracy of 95.0%, with improvements in various metrics such as health consultation response rate at 91.5% [2] Product and Service Development - By the end of 2024, the company has provided products and services to over 70,000 grassroots medical institutions across more than 30 provinces and 670 districts, including over 40 of China's top 100 hospitals [3] - The company's revenue from grassroots medical services grew by 52.3% in the first half of 2025, while the revenue from regional management platform solutions surged by 178.1% [3] - The company's To C business, which includes imaging cloud platforms and post-diagnosis management, saw a revenue growth of 10% in the first half of 2025 [3] Financial Projections - Revenue forecasts for 2025 to 2027 are estimated at 850 million RMB, 1.01 billion RMB, and 1.21 billion RMB, corresponding to price-to-sales (PS) ratios of 10.7x, 9x, and 7.5x respectively [4]

西南证券主要观点如下： 智通财经APP获悉，西南证券发布研报称，中国医疗人工智能行业空间较大，政策推动行业快速发展； 讯飞医疗科技(02506)具备自研基座大模型，性能上限持续抬升。星火医疗大模型X1能够显著降低幻觉 现象，提升推理的正确性、专业性与可解释性；基于大模型和大数据技术平台，构建多元化GBC客户 产品矩阵。首次覆盖，建议关注。 2025年3月，公司正式发布基于深度推理技术的"讯飞星火医疗大模型X1"。该模型是当前唯一完全采用 全国产算力训练完成的医疗深度推理大模型。在真实场景测试中，其全科辅助诊断合理率达到94.0%。 2025年7月，讯飞星火医疗大模型完成能力升级，多项性能指标得到进一步提升。具体而言，全科辅助 诊断合理率提升至95.0%，体检报告解读合理率提升至86.3%，健康咨询解答率提升至91.5%，院端心血 管内科主要诊断合理率提升至91.2%。测试表明，在关键医疗场景任务上，其表现继续大幅领先于 OpenAI o3及DeepSeek R1等国际主流模型。 基于大模型和大数据技术平台，构建多元化GBC客户产品矩阵 截至2024年底，公司已向超过7万家基层医疗机构提供产品和服务，业务覆盖全 ...

Core Insights - China is a significant market for global medical AI solutions, benefiting from technological advancements, high-quality medical data accumulation, supportive national policies, and growing market demand, leading to rapid growth in AI applications in healthcare [1][4]. Market Size and Growth - The market size for medical AI solutions in China is projected to grow from 9.1 billion yuan in 2021 to 16.4 billion yuan in 2024, with L1 solutions increasing from 5.8 billion yuan to 9.4 billion yuan, L2 solutions from 3.3 billion yuan to 6.9 billion yuan, and L3 solutions at 0.1 billion yuan [1][4]. - By 2025, the market size is expected to reach 18.2 billion yuan, with L1 solutions at 9.8 billion yuan, L2 solutions at 7.8 billion yuan, and L3 solutions at 0.6 billion yuan [1][4]. Industry Definition and Applications - Medical AI solutions utilize AI technologies such as machine learning, deep learning, natural language processing, and big data analysis to enhance various medical processes, including diagnosis, treatment, drug development, and hospital management [2][3]. - The industry is evolving from L1 and L2 solutions, which provide supportive insights, to L3 and L4 autonomous agents capable of executing tasks independently [2][3]. Industry Development Status - The integration of general large model capabilities with medical knowledge bases is driving the transition of medical AI solutions towards higher levels of autonomy [3][4]. - The global market for medical AI solutions is expected to grow from 23.2 billion yuan in 2021 to 40 billion yuan in 2024, with L1 solutions increasing from 13.9 billion yuan to 21.1 billion yuan, L2 solutions from 9.3 billion yuan to 18.7 billion yuan, and L3 solutions at 0.2 billion yuan [4]. Industry Chain - The medical AI solutions industry chain includes upstream data supply, hardware providers (chips, servers), cloud services, operating systems, and algorithms, with midstream companies providing AI solutions and downstream applications in healthcare institutions, pharmaceutical companies, and individual patients [5]. Policy Environment - The Chinese government has prioritized the application of AI in healthcare, implementing policies to support AI in medical diagnosis, health management, and insurance regulation, which are expected to accelerate the development of AI in healthcare [5]. Competitive Landscape - The industry features a competitive landscape with local giants, vertical startups, and multinational companies. Key players include iFlytek Medical, Baidu, United Imaging, CloudWalk, Weining Health, and Mindray Medical [7]. - iFlytek Medical is a leading company in the AI healthcare sector, leveraging its large model to empower various healthcare stakeholders and has developed comprehensive AI solutions for hospitals and primary care institutions [9][11]. Revenue Structure of Key Players - iFlytek Medical reported a revenue of 299 million yuan in the first half of 2025, with contributions from various solutions: 84 million yuan from primary care solutions, 58 million yuan from regional solutions, 53 million yuan from hospital solutions, and 104 million yuan from patient management services [11]. - The company aims to build a robust B-end ecosystem to strengthen its commercial channels [9]. Future Trends - The development of the medical AI industry will be driven by a combination of technology, data, scenarios, and regulation, leading to a more mature, deeper, and broader market landscape [12].

Core Insights - The project "Leading the Future - Data Value Chain and Industry Ecosystem Empowerment Based on Medical Insurance Imaging Cloud Platform" by iFlytek Medical won the first prize at the 2025 National Smart Medical Insurance Competition, highlighting its strong capabilities in the smart medical insurance sector [1][2] Group 1: Project Achievements - The Anhui Medical Insurance Imaging Cloud Platform, developed by iFlytek Medical, has connected over 1,900 medical institutions in the province, securely storing over 140 million imaging data cases [1] - The platform has completed over 10.8 million remote diagnoses and saves approximately 2 billion yuan annually in medical insurance examination-related costs [1] - It is the first local imaging cloud platform in the country to connect to the national medical insurance platform [1] Group 2: Technological Innovations - The platform innovates in the application of artificial intelligence by breaking through the limitations of single-disease AI, constructing a comprehensive multimodal medical imaging model that supports automatic recognition and quality control for multiple diseases [1] - iFlytek Medical is accelerating the transformation of technological achievements by collaborating with national medical research teams to promote the development of the medical insurance imaging cloud towards being "smarter, more precise, and more inclusive" [1] Group 3: Market Expansion Potential - The victory in the competition not only showcases iFlytek Medical's technical strength but also accelerates the replication and promotion of its business model [2] - With the deepening of national policies on "Artificial Intelligence + Healthcare," iFlytek Medical is expected to leverage its strong foundation in core scenarios such as medical insurance, hospitals, and grassroots healthcare to accelerate market expansion and maintain its leading advantage in the smart healthcare sector [2]

Group 1 - The core achievement of iFlytek Medical is winning the first prize at the 2025 National Smart Medical Insurance Competition for their project on the data value chain and industry ecosystem empowerment based on the medical insurance imaging cloud platform [1] - The platform has connected over 1,900 medical institutions in Anhui Province, securely storing over 140 million imaging data and completing over 10.8 million remote diagnoses, saving approximately 2 billion yuan in medical insurance examination costs annually [1] - The platform is the first local imaging cloud platform to connect with the national medical insurance platform, showcasing its innovative approach in the field of smart medical insurance [1] Group 2 - iFlytek Medical's victory highlights its technological strength and accelerates the replication and promotion of its business model [2] - With the deepening of national policies on "Artificial Intelligence + Healthcare," iFlytek Medical is expected to leverage its strong foundation in core scenarios such as medical insurance, hospitals, and grassroots healthcare to accelerate market expansion [2] - The company aims to achieve high-quality growth in the smart healthcare sector by utilizing financing channels expanded through its Hong Kong stock listing [2]

Core Insights - Huawei has officially launched the AI Data Platform for the healthcare sector, aimed at addressing the cost, quality, and accessibility challenges in the medical field through advanced technologies [1][4] - The AI Data Platform supports the "Rui Bin 2" medical intelligence system, developed in collaboration with West China Hospital, providing comprehensive diagnostic services for patients and research support for doctors [4] - The Chinese government is actively promoting the digital transformation of healthcare, with policies aimed at integrating AI into various medical applications, projecting significant growth in the AI healthcare market [5] Industry Developments - The AI healthcare market in China is expected to reach 115.7 billion yuan by 2025, with a compound annual growth rate (CAGR) of 10.5% from 2022 to 2028, potentially growing to 159.8 billion yuan by 2028 [5] - Several listed companies are forming AI healthcare industry clusters, integrating AI technologies into various medical applications, such as blood purification and imaging diagnostics [6] - The application of AI in healthcare is seen as a key turning point, driven by technological advancements and policy support, creating a new theme for industry innovation [7] Company Highlights - Eagle Eye Technology (02251) is recognized for its AI retinal imaging diagnostic solutions, which can automatically capture and analyze retinal images, identifying various diseases [8] - Yidu Tech (02158) has made significant progress in AI healthcare innovation, establishing a closed-loop system of data, algorithms, and scenarios to accelerate business deployment [8] - Ping An Good Doctor (01833) reported a 19.5% year-on-year revenue increase, attributed to advancements in AI healthcare, prompting analysts to raise its target price [9] - iFlytek Medical Technology (02506) leads in the medical AI field with its comprehensive medical model, showcasing strong performance in various core capabilities [9]