Core Viewpoint - The company, Yunzhisheng, has successfully partnered with various health authorities in China, leveraging its advanced medical large model technology and comprehensive service capabilities, with a total cooperation amount exceeding 20 million RMB [1] Group 1: Partnership and Collaboration - The company has established deep cooperation with the Jiangsu Provincial Medical Insurance Bureau, Shijiazhuang Health Commission, and Zhengzhou Jinshui District Health Commission [1] - The collaboration focuses on vertical large models for medical insurance, regional medical quality management, and intelligent construction of hospital information systems [1] Group 2: Technological Advancements - The partnership highlights the company's technical strength and service capabilities in the field of medical digital intelligence [1] - The application of the medical large model has evolved from single scenarios to a comprehensive management system, transitioning from individual hospital cooperation to regional overall services [1] Group 3: Industry Impact and Future Plans - The company aims to address traditional management inefficiencies and weak collaboration in the medical system through technological empowerment, enhancing medical quality and safety control effectiveness [1] - Future plans include continuing to follow national strategies, driving innovation in technology, and expanding the boundaries of business to create greater industrial and social value [1]

Core Viewpoint - The company has successfully established deep cooperation with various health authorities in China, leveraging its advanced medical model technology and understanding of healthcare policies, with a total cooperation amount exceeding 20 million RMB [1] Group 1: Company Achievements - The company has developed a leading medical model named "Shan Hai·Zhi Yi" which showcases its technological advantages in the healthcare sector [1] - The company has demonstrated its full-stack service capabilities in big data governance [1] Group 2: Partnerships and Collaborations - The company has partnered with the Jiangsu Provincial Medical Insurance Bureau, Shijiazhuang Health Commission, and Zhengzhou Jinshui District Health Commission [1] - The collaborations focus on vertical medical models, regional medical quality management, and intelligent hospital information construction [1] Group 3: Financial Aspects - The total cooperation amount from these partnerships exceeds 20 million RMB [1]

Core Insights - The company has successfully partnered with Jiangsu Provincial Medical Insurance Bureau, Shijiazhuang Health Commission, and Jinshui District Health Commission in Zhengzhou, achieving a total cooperation amount exceeding RMB 20 million [1] - This collaboration highlights the company's technological strength and service capabilities in the medical digitalization field, transitioning from single hospital cooperation to regional comprehensive services [1] - The company's large model services have evolved from application system output to core model capability output, providing deep technical support for the intelligent and refined upgrade of the medical insurance industry [1] Industry Developments - The company has been addressing traditional management inefficiencies and weak collaboration in the medical system through technological empowerment, enhancing medical quality and safety control effectiveness [2] - In addition to deep cooperation with numerous top-tier hospitals, the company is promoting the integration of large models with clinical operations in district hospitals, accelerating the upgrade of service and management intelligence [2] - The company plans to align with national strategies, using technological innovation as a driving force to deepen its focus on the medical health intelligence sector and continuously expand its business boundaries [2]

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，並明確表示概不就因本公告全部或任何部分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。 UNISOUND AI TECHNOLOGY CO., LTD. 本公告乃由雲知聲智能科技股份有限公司（「本公司」）自願作出，旨在知會本公司股東 及潛在投資者有關本公司的最新業務發展情況。 近日，本公司憑藉醫療領域專家級大模型「山海‧知醫大模型」的領先技術優勢，大數據 治理等全棧服務能力，以及對醫保行業政策法規、業務特點的深刻理解，成功牽手江蘇 省醫保局、石家莊市衛健委和鄭州市金水區衛健委，在醫保垂直大模型、區域醫療質量 管理與醫院信息智能化建設等領域達成深度合作，總合作金額超過人民幣2,000萬元。 以上合作既彰顯了本公司在醫療數智化領域的技術實力與服務能力，實現了醫療大模 型應用場景從單一場景延伸至全流程管理體系，從單點醫院合作升級為區域化整體服 務，同時，也標誌著本公司大模型服務已從應用系統輸出，全面進階為更底層、更核心 的模型能力輸出，為醫保行業智能化、精細化升級提供深度技術支撐。 自深度服務於我 ...

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12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: 雲知聲智能科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年1月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09678 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 41,621,883 | RMB | | 1 | RMB | | 41,621,883 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 41,621,883 | RMB | | 1 | RMB | | 41,6 ...

Core Viewpoint - The company is a pioneer in the industrialization of AGI technology in China, with rapid deployment of AI solutions in daily life and healthcare sectors driven by its proprietary 600 billion parameter model, "Shanhai Model" [2][3]. Group 1: Company Overview - The company, founded in 2012, established the Atlas AI infrastructure in 2016 and launched the Shanhai Model in 2023 [2]. - The company's ownership structure includes Yun Si Shang Yi at 24.08%, Yun Chuang Interactive at 3.80%, and key shareholders Dr. Huang, Dr. Liang, and Dr. Kang holding 3.78%, 2.27%, and other shares respectively [2]. - As of mid-2025, the company has 454 employees, with 68.7% in research and development [2]. Group 2: Financial Projections - The company is projected to achieve revenues of 12.68 billion, 19.43 billion, and 26.59 billion RMB for the years 2025, 2026, and 2027, representing year-on-year growth rates of 35%, 53%, and 37% respectively [1]. - The net profit attributable to the parent company is expected to be -2.45 billion, -1.35 billion, and -1.04 billion RMB for the same years, with growth rates of 46%, 45%, and 23% respectively [1]. Group 3: Business Performance - In 2024, the company achieved revenue of 9.39 billion RMB, a year-on-year increase of 29.1% [3]. - Revenue from daily life services and healthcare grew by 27.8% and 34.4% in 2024, and 20.2% and 22.28% in the first half of 2025 respectively [3]. - The company sold 36 million AI chips to developers and customers in 2024, supporting its AI solutions in various sectors [3]. Group 4: Market Growth - The AI solutions market in China is projected to reach 180.4 billion RMB in 2024, with a five-year compound annual growth rate (CAGR) of 33.7%, expected to grow to 1,174.9 billion RMB by 2030 [4]. - The company ranks fourth in the Chinese AI solutions market and third in the daily life AI solutions market, while also ranking fourth in the healthcare AI market [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][18] Core Insights - The company is a pioneer in AGI technology commercialization, with rapid deployment of AI solutions in daily life and healthcare sectors. The AI solutions and medical markets are experiencing fast growth [2][10] - The company is expected to achieve revenues of RMB 12.68 billion, RMB 19.43 billion, and RMB 26.59 billion for the years 2025 to 2027, representing year-on-year growth rates of 35%, 53%, and 37% respectively. The net profit attributable to the parent company is projected to be -RMB 2.45 billion, -RMB 1.35 billion, and -RMB 1.04 billion for the same years, with growth rates of 46%, 45%, and 23% respectively [10][18] Financial Summary - Total revenue is projected to grow from RMB 727.32 million in 2023 to RMB 2,659.25 million by 2027, with annual growth rates of 21.1%, 29.1%, 35.0%, 53.2%, and 36.9% [4][10] - Gross profit is expected to increase from RMB 294.51 million in 2023 to RMB 1,069.12 million in 2027 [4] - The company’s net profit is forecasted to improve from -RMB 375.46 million in 2023 to -RMB 103.67 million in 2027 [4] Market Position - The company ranks fourth in the Chinese AI solutions market, with a market size of RMB 1,804 billion in 2024 and a compound annual growth rate (CAGR) of 33.7% expected until 2030 [10] - In the daily life AI solutions market, the company holds the third position, while in the medical AI market, it ranks fourth [10] Business Segmentation - Revenue from daily life solutions is projected to grow significantly, with expected revenues of RMB 622.53 million in 2024, RMB 819.79 million in 2025, and RMB 1,250.88 million in 2026 [13] - The AI medical segment is anticipated to generate revenues of RMB 199.18 million in 2024, RMB 279.33 million in 2025, and RMB 445.58 million in 2026, with growth rates of 34.36%, 40.24%, and 59.52% respectively [13][14] Valuation - The report employs two valuation methods, resulting in a target price of HKD 451.33 based on a cautious approach [18] - The PS valuation method indicates a reasonable valuation of HKD 451.33, while the PSG method suggests a higher valuation of HKD 527.62 [17][18]

Core Viewpoint - Cathay Securities has initiated coverage on CloudWalk Technology (09678.HK) with a "Buy" rating, highlighting the company's strong prospects in AI voice applications [1] Financial Projections - The company is expected to achieve revenue of RMB 1.268 billion, RMB 1.943 billion, and RMB 2.659 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 35%, 53%, and 37% respectively [1] - The net profit attributable to the parent company is projected to be RMB -245 million, RMB -135 million, and RMB -104 million for the same years, with year-on-year growth of 46%, 45%, and 23% respectively [1] Valuation - Using two valuation methods, a cautious approach has led to a target price of HKD 451.33 for the stock [1]

Group 1 - The core viewpoint of the report is that CloudWalk Technology (09678) is a leading player in AI voice technology with significant potential for application in various sectors, leading to a "Buy" rating from Guotai Junan [1][2] - The company was established in 2012 and developed the Atlas AI infrastructure in 2016, launching the proprietary 600 billion parameter model, Shanhai, in 2023, which supports a wide range of AI applications in smart living and healthcare [2] - The company has a workforce of 454 employees, with 68.7% dedicated to research and development, indicating a strong focus on innovation [2] Group 2 - In 2024, the company is projected to achieve revenue of 9.39 billion RMB, reflecting a year-on-year growth of 29.1%, with significant contributions from both daily life and medical business segments [3] - The revenue from daily life solutions is expected to grow by 27.8% in 2024 and 20.2% in the first half of 2025, while the medical business is anticipated to grow by 34.4% and 22.28% in the same periods [3] - The AI solutions market in China is projected to reach 1,804 billion RMB in 2024, with a compound annual growth rate (CAGR) of 33.7%, expected to grow to 11,749 billion RMB by 2030, with the company ranking fourth in the AI solutions market [3]

Group 1 - The core viewpoint of the report is that CloudWalk Technology (09678) is rated "Buy" due to its strong potential in AI voice applications and expected revenue growth from 2025 to 2027 [1] - The company is a pioneer in the commercialization of AGI technology in China, established in 2012, and launched its proprietary large model, the Shanhai Model, in 2023 [2] - The company has a workforce of 454 employees, with 68.7% dedicated to research and development [2] Group 2 - In 2024, the company is projected to achieve revenue of 9.39 billion RMB, a year-on-year increase of 29.1%, with significant contributions from both daily life and medical AI applications [3] - The revenue from daily life solutions is expected to grow by 27.8% in 2024, while medical business revenue is anticipated to grow by 34.4% [3] - The AI solutions market in China is projected to reach 1,804 billion RMB in 2024, with a compound annual growth rate (CAGR) of 33.7%, and is expected to reach 11,749 billion RMB by 2030 [3]