Financial Performance - Revenue for the year ended December 31, 2024, was RMB 3,488,094, a decrease of 5.5% compared to RMB 3,690,536 in 2023[7]. - Gross profit for 2024 was RMB 861,672, down 5.2% from RMB 909,382 in 2023[7]. - Operating loss increased by 19.7% to RMB 376,141 in 2024 from RMB 314,242 in 2023[7]. - Net loss for the year was RMB 491,390, representing a 50.1% increase from RMB 327,344 in 2023[7]. - The adjusted net loss (non-IFRS measure) for 2024 was RMB 116,093, an increase of 54.6% from RMB 75,100 in 2023[7]. - Total revenue for the year ended December 31, 2024, was RMB 3,488.1 million, a decrease of 5.5% year-on-year due to strategic transformation impacting value-added solutions in both inpatient and outpatient segments[22]. - Net loss for the reporting period was RMB 491.4 million, an increase of 50.1% year-on-year, primarily due to impairment losses related to assets of certain subsidiaries proposed for sale[22]. - Revenue for the fiscal year ending December 31, 2024, is projected to decrease by 5.5% to approximately RMB 3,488.1 million from RMB 3,690.5 million for the fiscal year ending December 31, 2023[50]. - Total loss for the fiscal year ending December 31, 2024, is projected to increase by 50.1% to approximately RMB 491.4 million, up from RMB 327.3 million for the fiscal year ending December 31, 2023[64]. Business Operations and Developments - The company has installed chronic disease management SaaS in over 2,700 hospitals, covering more than 40% of the top 100 hospitals in China[10]. - As of December 31, 2024, the company has installed pharmacy SaaS in over 242,650 pharmacies, achieving a penetration rate of over one-third of total pharmacies in China[11]. - The company issued over 1 billion online prescriptions through its internet hospitals, with a peak of over 1 million prescriptions per day in the last quarter of 2024[11]. - The company has developed two vertical models, ClouD GPT and ClouD DTx, enhancing accuracy and application capabilities in patient interaction and medical research[11]. - The company achieved an average of over 724,000 effective online prescriptions per day in 2024, continuing to serve more chronic disease patients[22]. - The company entered a licensing agreement to develop and market an injectable product for pulmonary arterial hypertension, expected to meet significant clinical demand in China[18][20]. - The company plans to focus on high-value AI-driven P2M solutions, optimizing resource allocation and improving cash flow in the short term[16]. - The strategic transformation aims to enhance the efficiency of the healthcare ecosystem and provide quality, affordable medical services and products[13]. - The company updated its revenue classification to better reflect business development, merging previous categories into inpatient and outpatient solutions[21]. Revenue Streams and Market Position - Subscription solution revenue, primarily from precision marketing services, decreased to RMB 281.9 million, a decline of 39.7% from RMB 467.2 million in the previous year[26][29]. - P2M solution revenue surged to RMB 286.0 million, marking a significant increase of 182.4% compared to RMB 101.2 million in the previous year[26][29]. - Revenue from the outpatient subscription solutions business line was RMB 57.3 million, a decrease of 3.0% from the previous year due to market competition[35]. - Revenue from the outpatient value-added solutions business line was RMB 591.7 million, down 1.3% year-over-year, as the strategic focus shifted to P2M solutions[35]. - The newly added P2M solutions business line generated revenue of RMB 34.4 million during the reporting period[35]. Employee and Compensation Information - The total number of employees as of December 31, 2024, was 1,218, with 408 in Hangzhou, 130 in Shanghai, and 680 in other offices in China[78]. - The total personnel-related costs for the year ended December 31, 2024, were approximately RMB 842.6 million, down from RMB 1,007.9 million for the year ended December 31, 2023[79]. - The cost for full-time employees for the year ended December 31, 2024, was approximately RMB 504.4 million, compared to RMB 629.4 million for the previous year[79]. - The company is committed to maintaining competitive and fair compensation, with total employee costs reflecting ongoing adjustments based on market research[79]. - The company has implemented various stock incentive plans to motivate employees and enhance performance[80]. Corporate Governance and Management - The company has a strong management team with diverse backgrounds in finance, technology, and healthcare, enhancing its strategic decision-making capabilities[160]. - The management team emphasizes the importance of independent judgment and oversight in corporate governance, as demonstrated by the roles of independent directors[155]. - The company is committed to maintaining high standards of corporate governance and compliance with listing rules[165]. - The independent auditor, KPMG, has audited the consolidated financial statements and is eligible for reappointment at the upcoming annual general meeting[144]. Shareholder Information and Equity - As of December 31, 2024, the total number of shares issued by the company is 587,038,219[167]. - Mr. Kuang holds 135,841,185 shares, representing 23.14% of the company's equity[167]. - Major shareholder Hang Tai Trust (Hong Kong) Limited holds 94,874,998 shares, representing 16.16%[171]. - The company has adopted three share plans, including pre-IPO equity incentive plans and post-IPO share reward plans[174]. - The total number of shares available for issuance under the pre-IPO equity incentive plan is capped at 25,440,160 shares, representing approximately 4.38% of the weighted average number of shares issued by the company from January 1, 2024, to December 31, 2024[175]. Risks and Regulatory Compliance - Risks associated with the contractual arrangements include potential penalties from the Chinese government if agreements are deemed non-compliant with laws[100]. - The company is closely monitoring regulatory developments in China to mitigate risks related to contractual arrangements[101]. - The company relies on its Chinese subsidiaries for dividend payments to meet cash and funding needs, which could impact business operations if restricted[100]. - Any failure by Hangzhou Kangming or registered shareholders to fulfill their contractual obligations could significantly adversely affect the company's business[100].

截至2024年12月31日，已有超2700家医院安装智云医汇SaaS，40家为中国百强医院，三级医院的渗透率 超过20%，由此可见顶尖医院对智云医汇SaaS的充分认可。 国产大模型DeepSeek的横空出世，让一股AI热浪以"中国速度"在千行百业中掀起，AI+医疗更是引起了 市场的广泛关注。 人称"女版巴菲特"的凯西·伍德在近期发布的《BigIdeas2025》报告中预测，人工智能将颠覆诊断、药物 发现和治疗，到2030年，整个行业的表现将提升几个数量级。世界经济论坛也发布报告认为，预计2024 年—2032年，AI医疗市场将以每年43%的速度增长，市场规模有望达到4910亿美元。 从药物研发到疾病诊断，再到健康管理，AI在医疗市场中的应用场景不断扩展。在行业需求不断扩张 的背景下，智云健康(09955)以中国最大的一站式慢病管理和医疗解决方案服务商进入了港股投资者的 视野。 2024年智云健康通过其领先的技术能力及全面的业务布局，持续优化业务结构，积极推进战略升级。 在"医院为先"和"P2M"这两大战略的指引下，公司院内和院外解决方案业务均实现了高质量的发展。 战略优化推动业绩韧性发展 近年来，常态化集采、 ...

智通财经APP讯，智云健康(09955)发布截至2024年12月31日止年度业绩，收入34.88亿元(人民币，下 同);毛利8.62亿元;毛利率维持稳定在24.7%，同比增长0.1个百分点。 此外，于2025年3月30日，该公司间接全资子公司杭州康晟健康管理咨询有限公司("杭州康晟")、江苏 智云健康管理有限公司("江苏智云")及上海运臻网络科技有限公司("91健康上海")与不同买方订立股份 转让协议，以转让集团一间全资子公司及四间非全资子公司的股权。出售事项符合我们的长远策略，着 重：(a)AI驱动的SaaS技术进步;及(b)丰富及变现P2M管道。出售事项如下： (1)启联医药出售事项 于2025年3月30日，杭州康晟与浙江启联医疗管理有限公司("启联医疗管理")订立股份转让协议，杭州 康晟同意出售浙江启联医药有限公司("启联医药")的55%股权，为集团于启联医药所持有的全部股权， 代价为3351.64万元。 启联医药于2024年12月31日的未经审核资产净值为6090万元。 启联医药为于2003年5月8日在中国成立的有限公司。其主要从事透过GPO(集团采购组织)渠道向中国私 立医院买卖医药产品及医疗器械。 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of RMB 3,488,094, a decrease of 5.5% compared to RMB 3,690,536 in 2023[3] - The gross profit for the same period was RMB 861,672, down 5.2% from RMB 909,382 in the previous year[3] - The company experienced an operating loss of RMB 376,141, which is a 19.7% increase from the operating loss of RMB 314,242 in 2023[3] - The net loss for the year was RMB 491,390, reflecting a 50.1% increase from RMB 327,344 in 2023[3] - The adjusted net loss (non-IFRS measure) was RMB 116,093, up 54.6% from RMB 75,100 in the previous year[3] - Total revenue for the year ended December 31, 2024, was RMB 3,488.1 million, a decrease of 5.5% year-on-year due to strategic transformation impacting value-added solutions[17] - The company's gross margin remained stable at 24.7%, an increase of 0.1 percentage points year-on-year[17] - The total comprehensive loss for the year was RMB 487,644 thousand, compared to RMB 321,464 thousand in 2023, highlighting increased financial challenges[79] - The company's total equity decreased to RMB 1,432,684 thousand in 2024 from RMB 1,765,306 thousand in 2023, reflecting a decline in shareholder value[81] - The group recorded a net operating cash outflow of RMB 148,391,000 and an operating loss of RMB 376,141,000 for the year ending December 31, 2024[84] Revenue Segmentation - The company has restructured its revenue classification into "in-hospital solutions" and "out-of-hospital solutions" to better reflect its business development and future direction[16] - Revenue from the "In-Hospital Solutions" segment decreased to RMB 2,115,411,000 in 2024 from RMB 2,304,597,000 in 2023, representing a decline of approximately 8.2%[89] - Revenue from the "Patient to Manufacturer (P2M) Solutions" increased significantly to RMB 285,968,000 in 2024 from RMB 101,249,000 in 2023, marking an increase of approximately 182.5%[89] - The P2M solutions achieved total revenue of RMB 320.4 million by December 31, 2024, driven by steady growth in the sales of proprietary products[12] - The revenue from outpatient solutions was RMB 804.8 million, a slight decrease of 1.5% from RMB 817.5 million in the previous year[29] - Inpatient solutions revenue decreased by 6.6% from approximately RMB 2,873.1 million to approximately RMB 2,683.3 million, primarily due to lower sales of medical devices and consumables[34] SaaS and Digital Solutions - The company has installed its hospital SaaS in over 2,700 hospitals, covering more than 40% of the top 100 hospitals in China[6] - The pharmacy SaaS has been installed in over 242,650 pharmacies, representing over one-third of the total pharmacies in China[7] - The company has issued over 1 billion online prescriptions through its internet hospital services, with a peak of over 1 million prescriptions per day in the last quarter of 2024[7] - The average daily effective prescriptions exceeded 724,000 in 2024, indicating continued service to a growing number of chronic disease patients[17] - The company aims to enhance its digital capabilities to connect industrial enterprises with end hospitals and pharmacies, improving product accessibility for chronic disease patients[12] - The company installed its Zhiyun Medical SaaS in 2,738 hospitals, including 822 tertiary public hospitals and 1,140 secondary public hospitals, enhancing its hospital network[19] Cost Management and Expenses - Administrative expenses decreased significantly by 31.8% from RMB 340.2 million to RMB 232.0 million, mainly due to reduced share-based payment expenses[39] - R&D expenses decreased from approximately RMB 88.0 million to approximately RMB 75.4 million, reflecting the maturity of SaaS products[40] - Employee costs decreased to RMB 504,409,000 in 2024 from RMB 629,381,000 in 2023, a reduction of approximately 19.8%[97] - The total personnel-related costs for the year ended December 31, 2024, were approximately RMB 842.6 million, a decrease from RMB 1,007.9 million for the year ended December 31, 2023[65] Strategic Partnerships and Future Plans - The strategic partnership with pharmaceutical companies is expected to drive profitability through exclusive rights to sell proprietary products[12] - The company plans to focus on high-value AI-driven P2M solutions, reducing reliance on low-margin medical supplies and consumables[11] - The company plans to focus on strengthening its hospital and pharmacy SaaS infrastructure and investing in product and technology innovation, particularly in medical AI[31] Divestments and Acquisitions - The company completed a share transfer agreement to sell 55% of its subsidiary Zhejiang Qilian Pharmaceutical Co., Ltd. for RMB 33,516,375, aligning with its long-term strategy focused on AI-driven SaaS technology advancements[113] - The company announced the strategic decision to divest five subsidiaries, including Zhenghe Scientific Instruments and Jiangsu Chengsheng, due to low value addition and minimal relevance to its core strategy[152] - The divestment is expected to improve the company's long-term cash flow by reducing the need for significant operational funding for the divested subsidiaries[153] - The total consideration for the sale of New Wange Medical is RMB 32,000,000, while the total consideration for the sale of Wandi Biotechnology is RMB 3,000,000[131] Financial Health and Liabilities - The company has no significant investments or capital asset future plans as of December 31, 2024[56] - The company did not have any significant contingent liabilities as of December 31, 2024, consistent with the previous year[59] - The debt-to-asset ratio increased to 42.1% from 33.2% as of December 31, 2023, primarily due to an increase in bank and other loans[57] - Financing costs rose by 44.8% from approximately RMB 11.5 million to approximately RMB 16.6 million, attributed to increased bank and other loans[42] Shareholder Returns - The company does not recommend the distribution of a final dividend for the fiscal year ending December 31, 2024[4] - The company did not recommend any dividends for the years ended December 31, 2024, and 2023[109]

智云健康携手浙江省图灵研究院，以AI共筑智慧医 疗新生态 3月25日，智云健康科技集团(简称"智云健康")与浙江省图灵互联网研究院(简称"图灵研究院")正式签署 战略合作协议。双方将秉持"资源共享、优势互补、协同发展" 的原则，围绕智慧医疗产学研生态体系 建设展开深度合作，共同推动数字技术与大健康产业的融合创新，打造国家级智慧医疗示范标杆，持续 推动医疗健康服务提质增效。智云健康副总裁、CGO杨文琳，图灵研究院院长傅正出席签约仪式。 来源：中国财富网 （来源：财商资讯） 智云健康深耕医疗健康产业，凭借"AI SaaS + P2M"驱动模式，充分运用DeepSeek等前沿AI技术，构建 起庞大且成熟的行业服务网络，在慢病管理、互联网医院以及医疗SaaS系统等领域积累了丰富且独到的 实践经验，对行业实际业务场景及需求有着深刻洞察。浙江省图灵互联网研究院作为省民政厅设立的民 营非企业智库机构，在前沿技术研究领域发挥着先锋引领作用，在人工智能、大数据分析、数字医疗等 领域汇聚了顶尖专家智库资源，拥有卓越的科研实力与高效的技术转化能力，致力于将前沿科研成果转 化落地，推动行业技术持续革新。双方将以此次战略合作为契机，在 ...

智云健康 摘要 • 智云健康通过标准化 SaaS 产品和 AI 辅助诊疗技术，深耕医院慢病科室 CRM 系统，连接医疗物联网设备，辅助医生诊疗流程，积累大量结构化病 例数据，用于数字营销和自营品种销售，实现商业变现。 • 公司构建 MediGPT 和 MediTXGPT 两大医疗 AI 模型，前者用于人机交互， 后者用于研究，数据来源于数百万条文献指南和 2,700 多家医院 HIS 系统 对接数据，所有部署均在私有云上运行，保障数据安全。 • 智云健康提出"AI 加 P2M"模式，选择优质自营品种进行销售，旨在提高 医疗效率并改善盈利能力。目前已有达格列净片等四个 P2M 品种上市，并 为 50 个第三方品种提供数字营销服务。 • 公司通过 AI 驱动的 SaaS 平台连接医院和药店，提高医疗生态效率。院内 通过 SaaS 和 AI 支持慢病科室，院外通过轻量级 SaaS 帮助药房完成处方 药销售，AI 辅助审方确保用药安全。 • 智云健康拥有超过 10 亿张院外处方数据，仅 2024 年就产生约 3.3 亿张， 成为中国最大的院外处方系统。AI 医疗知识图谱覆盖近 2 万个药品通用名 和 20 万个实体关 ...

Revenue Growth - Revenue increased by 17.9% to RMB 2,124.84 million in the first half of 2024 compared to RMB 1,802.56 million in the same period of 2023[5] - In-hospital solutions revenue increased by 20.2% to RMB 1,688.11 million in the first half of 2024 from RMB 1,404.03 million in the same period of 2023[6] - Out-of-hospital solutions revenue increased by 9.6% to RMB 436.73 million in the first half of 2024 from RMB 398.53 million in the same period of 2023[6] - P2M solutions revenue increased by 67.0% to RMB 107.91 million in the first half of 2024 from RMB 64.61 million in the same period of 2023[6] - Total revenue for the first half of 2024 reached RMB 2,124.8 million, a year-on-year increase of 17.9%[9] - P2M solutions generated total revenue of RMB 107.9 million, with a significant increase of 67.0% compared to the same period in 2023[11] - Revenue from value-added solutions increased by 34.8% to RMB 1,439.3 million[13] - Revenue increased by 17.9% from RMB 1,802.6 million in the first half of 2023 to RMB 2,124.8 million in the first half of 2024, driven by steady growth in both in-hospital and out-of-hospital solutions[22] - In-hospital solutions revenue grew by 20.2% from RMB 1,404.0 million in the first half of 2023 to RMB 1,688.1 million in the first half of 2024, primarily due to increased hospital SaaS penetration and strong growth in P2M solutions[22] - Out-of-hospital solutions revenue increased by 9.6% from RMB 398.5 million in the first half of 2023 to RMB 436.7 million in the first half of 2024, driven by increased SaaS subscriptions and new API sales[22] - Revenue for the six months ended June 30, 2024, was RMB 2,124.8 million, a 17.9% increase from RMB 1,802.6 million in the same period in 2023[68] - Revenue from the "In-Hospital Value-Added Solutions" segment increased to RMB 1,439,278 thousand in 2024 from RMB 1,067,424 thousand in 2023, a growth of 34.8%[87] - Revenue from the "Out-of-Hospital Subscription Solutions" segment rose to RMB 360,295 thousand in 2024 from RMB 297,104 thousand in 2023, an increase of 21.3%[87] - Revenue from the "Patient-to-Manufacturer (P2M)" solutions increased to RMB 107,910 thousand in 2024 from RMB 64,609 thousand in 2023, a significant growth of 67.0%[87] Profitability and Losses - Gross profit decreased by 7.7% to RMB 436.99 million in the first half of 2024 from RMB 473.57 million in the same period of 2023[5] - Operating loss improved by 33.3% to RMB 102.85 million in the first half of 2024 from RMB 154.31 million in the same period of 2023[5] - Net loss improved by 25.5% to RMB 118.94 million in the first half of 2024 from RMB 159.58 million in the same period of 2023[5] - Adjusted net loss (non-IFRS) improved by 44.1% to RMB 32.90 million in the first half of 2024 from RMB 58.86 million in the same period of 2023[5] - Net loss narrowed by 25.5% to RMB 118.9 million, with non-IFRS adjusted net loss narrowing by 44.1% to RMB 32.9 million[9] - Gross margin for P2M solutions decreased by 8.0 percentage points to 74.1%[13] - Gross profit margin decreased from 26.3% in the first half of 2023 to 20.6% in the first half of 2024, mainly due to a shift in revenue mix towards lower-margin solutions[24] - In-hospital solutions gross margin dropped from 30.2% in the first half of 2023 to 21.8% in the first half of 2024, influenced by changes in revenue mix between subscription and value-added solutions[24] - Out-of-hospital solutions gross margin improved from 12.3% in the first half of 2023 to 15.6% in the first half of 2024, driven by higher-quality growth in value-added solutions[24] - Operating loss decreased by 33.3% from RMB 154.3 million in the first half of 2023 to RMB 102.9 million in the first half of 2024, due to stable revenue growth and improved operating leverage[25] - Net loss decreased by 25.5% from RMB 159.6 million in the first half of 2023 to RMB 118.9 million in the first half of 2024, primarily due to revenue growth and operating leverage[27] - Adjusted net loss (non-IFRS measure) decreased to RMB 32.9 million in the first half of 2024 from RMB 58.9 million in the same period of 2023[28] - Adjusted net loss rate (non-IFRS measure) improved to -1.5% in the first half of 2024 from -3.3% in the first half of 2023[29] - Gross profit for the six months ended June 30, 2024, was RMB 437.0 million, a decrease of 7.7% from RMB 473.6 million in the same period in 2023[68] - Operating loss for the six months ended June 30, 2024, was RMB 102.9 million, an improvement from RMB 154.3 million in the same period in 2023[68] - Net loss for the six months ended June 30, 2024, was RMB 118.9 million, compared to RMB 159.6 million in the same period in 2023[68] - Basic and diluted loss per share for the six months ended June 30, 2024, was RMB 0.20, compared to RMB 0.29 in the same period in 2023[68] - The company reported a net loss of RMB 156,002 thousand for the six months ended June 30, 2024[76] - The company's total equity as of June 30, 2024, was RMB 1,724,707 thousand, with a net loss of RMB 115,838 thousand for the six-month period[78] - The company's total comprehensive loss for the six months ended June 30, 2024, was RMB 115,434 thousand, including other comprehensive income of RMB 404 thousand[78] - The company's basic loss per share was RMB 116 million for the six months ended June 30, 2024, compared to RMB 156 million for the same period in 2023[96] Expenses and Costs - Sales and marketing expenses decreased by 15.7% from RMB 454.9 million in the first half of 2023 to RMB 383.6 million in the first half of 2024, reflecting economies of scale and refined expense management[25] - R&D expenses increased slightly from RMB 40.4 million in the first half of 2023 to RMB 41.8 million in the first half of 2024, with the R&D-to-revenue ratio decreasing from 2.0% to 1.7%[25] - Employee costs for the six months ended June 30, 2024, were RMB 280,169 thousand, slightly down from RMB 283,592 thousand in 2023[91] - Government grants decreased to RMB 14,953 thousand in 2024 from RMB 25,068 thousand in 2023[89] - Interest income dropped to RMB 782 thousand in 2024 from RMB 1,226 thousand in 2023[89] - The company's inventory costs increased to RMB 1,663,377 thousand in 2024 from RMB 1,261,046 thousand in 2023, reflecting a 31.9% rise[93] - The company's income tax expense for the six months ended June 30, 2024, was RMB 1,829 thousand, compared to a tax benefit of RMB 1,174 thousand in 2023[94] - The company's inventory sold during the six months ended June 30, 2024, had a book value of RMB 1,663.38 million, up from RMB 1,261.05 million in the same period in 2023[101] - The company's cash outflow for the purchase of property, plant, and equipment and intangible assets was RMB 55,984 thousand for the six months ended June 30, 2024[80] - The company acquired property, plant, and equipment worth RMB 48 million in the six months ended June 30, 2024, compared to RMB 16 million in the same period in 2023[98] Cash Flow and Financial Position - Cash and cash equivalents decreased to RMB 224.2 million as of June 30, 2024, from RMB 243.4 million as of December 31, 2023[31] - Bank and other loans increased to RMB 366.0 million as of June 30, 2024, from RMB 235.0 million as of December 31, 2023[31] - The company's debt-to-asset ratio increased to 36.8% as of June 30, 2024, from 33.2% as of December 31, 2023, primarily due to increased bank loans[35] - Operating cash outflow for the six months ended June 30, 2024, was RMB 195,536 thousand, compared to RMB 54,349 thousand in the same period in 2023[80] - Net cash inflow from financing activities for the six months ended June 30, 2024, was RMB 132,863 thousand, primarily due to bank and other loan proceeds of RMB 257,925 thousand[82] - Cash and cash equivalents decreased by RMB 19,404 thousand to RMB 224,181 thousand as of June 30, 2024, compared to RMB 243,375 thousand at the beginning of the year[82] - The company's capital reserves increased by RMB 236,924 thousand due to the vesting and delivery of restricted share units during the period[78] - Non-controlling interests increased by RMB 3,793 thousand due to the acquisition of a subsidiary during the six-month period[78] - The company's investment activities resulted in a net cash inflow of RMB 43,269 thousand, driven by proceeds from the sale of financial assets at fair value through profit or loss of RMB 96,899 thousand[80] - The company's share-based payment reserve increased by RMB 79,422 thousand due to equity-settled share-based payments during the period[78] - Restricted bank deposits increased to RMB 43,329 thousand as of June 30, 2024, from RMB 23,700 thousand as of December 31, 2023, primarily due to frozen bank deposits[108] - Trade payables decreased to RMB 212,479 thousand as of June 30, 2024, from RMB 233,249 thousand as of December 31, 2023, indicating a reduction in outstanding trade liabilities[109] - Other payables and accrued expenses increased to RMB 391,814 thousand as of June 30, 2024, up from RMB 361,514 thousand as of December 31, 2023, driven by higher flexible workforce payments and other liabilities[111] - The company repurchased 2,282,700 ordinary shares at a cost of RMB 12.7 million under the post-IPO share incentive plan during the six months ended June 30, 2024[115] - Restricted share units (RSUs) granted to employees under the share-based payment plan totaled 8,801,042 shares as of June 30, 2024, compared to 7,765,000 shares in the same period in 2023[120] - The expected credit loss provision for other receivables increased to RMB 13.9 million as of June 30, 2024, from RMB 9.3 million as of December 31, 2023, reflecting higher credit risk assessments[107] - The company's issued and fully paid ordinary shares remained unchanged at 587,038,219 shares as of June 30, 2024, with a total share capital of RMB 391 thousand[114] - The company did not declare or pay any dividends for the six months ended June 30, 2024, consistent with the same period in 2023[112] - The fair value of non-listed equity instruments as of June 30, 2024, was RMB 40,000 thousand, classified under Level 3 valuation[123] - The fair value of wealth management products as of June 30, 2024, was RMB 46,740 thousand, classified under Level 3 valuation[123] - The fair value of fund management products as of June 30, 2024, was RMB 207,340 thousand, classified under Level 3 valuation[123] - A 10% increase/decrease in the fair value of non-listed equity instruments would result in a RMB 4,000,000 increase/decrease in pre-tax profit for the six months ended June 30, 2024[125] - A 0.5% increase/decrease in the weighted average expected return rate would result in a RMB 741,650 decrease/increase in pre-tax loss for the six months ended June 30, 2024[125] Business Expansion and Partnerships - The company is the largest digital chronic disease management solution provider in China based on hospital and pharmacy SaaS deployments and online prescriptions issued through its services as of December 31, 2023[8] - The number of hospitals using Zhiyun Medical SaaS reached 2,732, an increase of 74 hospitals or 2.8% compared to the same period in 2023[12] - The company signed contracts with 41 pharmaceutical companies, a 13.9% increase compared to the same period in 2023[11] - Number of hospitals deploying the company's hospital SaaS increased to 2,732, up 2.8% from 2,658[14] - Number of pharmaceutical companies collaborating on subscription solutions rose to 41, a 13.9% increase from 36[14] - Number of SKUs marketed through digital marketing services grew to 50, up 11.1% from 45[14] - Registered users reached 33.2 million, an 11.8% increase from 29.7 million[18] - Online prescriptions surged to 116.1 million, a 43.9% year-over-year growth[16] - Number of pharmacies using the company's SaaS platform increased to 228,331, covering approximately 35% of pharmacies in China[16] - The company secured an exclusive sub-license for the development and marketing of Iloprost Injection in China, targeting a market with a projected 30% CAGR over the next five years[15] - The company launched Haonuoxin® Sevelamer Carbonate Dry Suspension, addressing patient compliance issues in phosphate binder therapy[20] - The company invested RMB 200 million in Anhui Zhiyi Huiyun Technology Co., Ltd., acquiring a 4.26% stake in the subsidiary[33] - The company acquired 70% equity of Beijing Jiarun Oude Technology Co., Ltd. for RMB 9 million, contributing RMB 19.7 million in revenue and RMB 0.84 million in comprehensive profit for the period ended June 30, 2024[129] - The company entered into a contract to acquire exclusive rights for the manufacture and distribution of pharmaceutical products in China, with a commitment of RMB 178,170 thousand as of June 30, 2024[130] - The company's wholly-owned subsidiary, Hangzhou Zhiyun Huiyi Medical Technology Co., Ltd., was established on December 30, 2020[134] - Chengdu Zhiyun Internet Hospital Co., Ltd., a subsidiary of the company, was registered on June 18, 2021[134] - The consolidated affiliated entities include Hangzhou Kangming, Chengdu Zhiyun Internet Hospital, and Tianjin Zhiyun, whose financial accounts are consolidated under contractual arrangements[134] - The company's global offering includes the Hong Kong public offering and international offering as described in the prospectus[135] - The company's consolidated affiliated entity, Tianjin Zhiyun Comprehensive Clinic Co., Ltd., was established on March 26, 2021[136] Shareholder and Equity Information - Mr. Kuang, a director, holds approximately 23.14% of the company's issued shares, including 135,841,185 shares through controlled entities and direct ownership[54] - Hengtai Trust (Hong Kong) Limited holds 98,624,566 shares, representing approximately 16.80% of the company's issued share capital[58] - Data Vantage Development Limited and HaoYuan Health Limited each hold 94,571,580 shares, representing approximately 16.11% of the company's issued share capital[58] - Jeffrey Steven Yass and related entities collectively hold 31,570,783 shares, representing approximately 5.38% of the company's issued share capital[58] - Global offering proceeds amounted to approximately HKD 425.7 million, with 60% allocated to business expansion, 25% to enhancing medical knowledge and technological capabilities, 5% to strategic partnerships and acquisitions, and 10% to working capital and general corporate purposes[63] - As of June 30, 2024, the company had utilized HKD 70.4 million of the global offering proceeds, leaving HKD 215.1 million unutilized[63] - The company's trustee purchased 2,282,700 shares on the Hong Kong Stock Exchange for a total consideration of approximately RMB 12.7 million during the reporting period[64] - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange[136] - The company's shares have a par value of $0.00001 per share[136] - The company's founder, executive director, chairman, and CEO is Mr. Kuang Ming[135] - The reporting period for the interim report is the six months ended June 30, 2024[136] - The last practicable date for determining certain information in the interim report

上半年业绩稳健增长，经调整净亏损大幅收窄 | --- | --- | --- | |--------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------------| | [Table_Rank] 投资评级：买入（维持） | | 主要观点： | | 报告日期： 2024-08-28 | | ⚫[Table_Summary] 事件： | | [Table_BaseData] 收盘价（元） | 1.36 | 2024 年上半年公司收入同比增长 17.9%至 21.25 亿元人民币，非 | | 近 12 个月最高/最低（元） | 6.85/1.30 | 国际财务报告准则(Non-IFRS)调整后净亏损收窄至 3,290 万元，同 | | 总股本（百万股） | 587 | 比大幅收窄 44.1%。 | | 流通股本（百万股） ...

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分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：9955） 截至2024年6月30日止六個月 中期業績公告 智雲健康科技集團（「本公司」，連同其子公司及併表聯屬實體，統稱「本集團」） 董事（「董事」）會（「董事會」）欣然宣佈本集團截至2024年6月30日止六個月（「報 告期」）的未經審核綜合中期業績，連同2023年同期的比較數字。該等中期業績 已經本公司審核委員會審閱。 於本公告內，「我們」及「我們的」指本公司，倘文義另有所指，則指本集團。本 公告所載若干金額及百分比數字經過約整，或者四捨五入至小數點後一位或 兩位。任何表格、圖表或其他地方列出的總數及金額總和之間的任何差異均由 約整造成。 – 1 – 財務摘要 | --- | --- | --- | --- | |------------------------------|---------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The introduction of injectable Iloprost solution marks a steady entry into the pulmonary arterial hypertension (PAH) market, which is in urgent need of effective treatment options. The domestic PAH treatment market is expected to grow rapidly in the coming years, with a projected compound annual growth rate (CAGR) of over 30% in the next 3-5 years [1][2] - The global PAH treatment market is anticipated to reach USD 11 billion by 2030, with over 5 million PAH patients in China, highlighting a significant unmet medical need [1][2] - Iloprost is an effective drug for treating PAH, with studies showing it can significantly reduce pulmonary vascular resistance and improve cardiac output. Long-term use can increase the two-year survival rate of patients to 87% [1][2] Financial Summary - Revenue projections for the company are as follows: 2024: CNY 4.827 billion, 2025: CNY 6.129 billion, 2026: CNY 7.728 billion, with year-on-year growth rates of 30.8%, 27.0%, and 26.1% respectively [2][3] - The net profit forecast for the company is as follows: 2024: -CNY 0.4 billion, 2025: CNY 0.03 billion, 2026: CNY 0.66 billion, with adjusted profits of CNY 0.45 billion, CNY 1.5 billion, and CNY 3.4 billion for the respective years [2][3] - The company's operating income for 2023 is CNY 3.691 billion, with a projected increase to CNY 4.827 billion in 2024, and a net profit of -CNY 0.327 billion in 2023, improving to CNY 0.066 billion by 2026 [3][4] Market Position and Strategy - The company effectively connects patients with the pharmaceutical industry through its P2M (Patient to Manufacturer) model, leveraging a nationwide SaaS network and digital capabilities [2][4] - The company is the largest provider of digital chronic disease management solutions in China, focusing on digitizing hospital processes and providing comprehensive lifecycle services for chronic disease patients [1][2]