FF301 公司名稱: 智雲健康科技集團 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09955 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | 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9月30日 狀態: 新提交 致：香港交 ...

ClouDr Group Limited 智雲健康科技集團* （於開曼群島註冊成立的有限公司） 股份代號 : 9955 2025 2025 中期報 告 Interim Report * ClouDr Group Limited 智雲健康科技集團* (Incorporated in the Cayman Islands with limited liability) Stock Code: 9955 * For identification purpose only 智雲健康科技集團 ClouDr Group Limited* Interim Report 中期報告 2025 目錄 | 公司資料 | 2 | | --- | --- | | 財務概要 | 4 | | 業務回顧與展望 | 5 | | 管理層討論及分析 | 15 | | 企業管治及其他資料 | 23 | | 綜合損益表 | 37 | | 綜合損益及其他全面收益表 | 38 | | 綜合財務狀況表 | 39 | | 綜合權益變動表 | 41 | | 簡明綜合現金流量表 | 43 | | 未經審核中期財務報告附註 | 45 | | 釋義 | 64 | 公 ...

FF301 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8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: 智雲健康科技集團 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09955 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 100,000 | | 增加 / 減少 (-) | | | | | | USD | | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | | 1 ...

8月27日，智云健康(09955.HK)发布2025半年度业绩公告。今年上半年，智云健康经营性现金流首次转 正至2865万元，在以AI驱动的P2M战略转型下，实现毛利率大幅提升至49.9%，P2M解决方案收入同比 增长高达142.1%。三大关键指标印证了公司聚焦AI 驱动、深耕高价值业务的战略转型全面兑现。 盈利结构显著优化，经营性现金流首次转正 这份中期财报的核心价值，正体现在智云健康财务数据对"转型成效"的直观印证上。上半年公司收入结 构持续优化，各项核心财务指标均释放出积极信号。在同口径对比下，公司实现营业收入8.9亿元，同 比增长20.3%，毛利率提升4.2个百分点至49.9%，经调整的净亏损在调整口径下较去年同期收窄23.3%。 同口径的比较剔除了剥离和计划剥离的子公司对公司业绩的影响，真实反映了公司的经营情况。 尤为亮眼的是，智云健康经营性现金流首次转正，达2865万元，相较去年同期的净流出1.95亿元，实现 了从"负"到"正"的根本性转变。这一突破标志着公司商业模式已具备可持续的现金创造能力，公司正在 向现金流更加稳健、盈利能力持续增强的发展目标稳步迈进。 AI赋能业务突破，P2M解决方案收入翻 ...

Core Insights - The core viewpoint of the article highlights the significant transformation and positive financial performance of Zhiyun Health, driven by its AI-powered P2M strategy, which has led to a substantial increase in gross margin and revenue growth [1][2][5]. Financial Performance - Zhiyun Health reported a revenue of 890 million yuan for the first half of 2025, marking a year-on-year increase of 20.3% compared to 740 million yuan in the same period last year [2][3]. - The adjusted gross margin rose by 4.2 percentage points to 49.9%, up from 45.7% in the previous year, reflecting a strong improvement in profitability [2][3]. - The adjusted net loss narrowed by 23.3% to 63.4 million yuan from 82.64 million yuan year-on-year, indicating a positive trend in financial health [2][3]. - Operating cash flow turned positive for the first time, reaching 28.65 million yuan, a significant turnaround from a cash outflow of 195 million yuan in the same period last year [4][3]. Business Strategy and Growth - The P2M (Patient to Industry) solutions revenue surged by 142.1% year-on-year, reaching 260 million yuan, showcasing the effectiveness of the company's strategic shift towards high-value business models [5][6]. - The P2M solutions now contribute 77.5% of the overall gross profit, with in-hospital and out-of-hospital solutions achieving gross margins of 74.9% and 77.8%, respectively [3][5]. - The company has developed a diverse product pipeline with six core products targeting chronic diseases, which is expected to provide stable cash flow and long-term growth [5][6]. AI Technology Integration - The growth of the P2M business is significantly supported by AI technology, with the implementation of ClouD GPT and ClouD DTx models enhancing the company's operational capabilities [6]. - The AI models have established a complete closed loop from medical data accumulation to commercialization, ensuring the effective delivery of P2M products to healthcare providers and patients [6]. - As of June 2025, the company has deployed its SaaS system in over 2,700 hospitals and nearly 270,000 pharmacies, continuously optimizing its AI models with real-world medical data [6]. Future Outlook - The company aims to further solidify its SaaS infrastructure advantages in hospitals and pharmacies while deepening the application of AI technology to accelerate the commercialization of its P2M pipeline [6]. - With ongoing technological and structural improvements, Zhiyun Health is positioned to lead in the digital transformation of chronic disease management, contributing to high-quality industry development [6].

Core Insights - The company, Zhiyun Health, reported a significant transformation in its business model, achieving positive operating cash flow for the first time at 28.65 million yuan, marking a fundamental shift from negative to positive cash flow [4] - The company's revenue structure has improved, with total revenue reaching 890 million yuan, a year-on-year increase of 20.3%, and a gross margin increase of 4.2 percentage points to 49.9% [2][3] - The P2M (Patient to Industry) solutions revenue surged by 142.1% year-on-year, reaching 260 million yuan, reflecting the effectiveness of the company's AI-driven strategy [5][6] Financial Performance - Operating revenue for the first half of 2025 was 890 million yuan, up from 740 million yuan in the same period last year, representing a 20.3% increase [3] - Adjusted net loss narrowed by 23.3% compared to the same period last year, indicating improved financial health [2][3] - The adjusted gross profit reached 450 million yuan, a 32.5% increase year-on-year, with the gross margin rising to 49.9% [3] Business Strategy and Growth - The company is focusing on high-margin subscription and P2M solutions, which together contributed 77.5% of the overall gross profit, showcasing a shift from scale-driven to quality-driven growth [3][6] - The P2M product pipeline includes six core products targeting chronic diseases, which are expected to provide stable cash flow and long-term growth [5][6] - The company is also advancing its P2M pipeline with eight products in the registration or pre-launch phase, including a treatment for pulmonary arterial hypertension expected to receive sales approval soon [5] AI Integration - The growth of the P2M business is attributed to the deep integration of AI technologies, with the deployment of SaaS systems in over 2,700 hospitals and nearly 270,000 pharmacies [6] - AI models, ClouD GPT and ClouD DTx, have been instrumental in optimizing the business model and enhancing the company's competitive edge in the healthcare sector [6] - The successful application of AI in clinical practice has been recognized internationally, further solidifying the company's position in the market [6]

Core Viewpoint - The company, Zhiyun Health, reported a significant transformation in its business model, focusing on high-quality, cash-generating growth rather than mere scale expansion, leading to improved financial metrics and operational cash flow [1][2]. Financial Performance - Total revenue for the company reached RMB 892.6 million, with a substantial increase in gross margin from 20.6% in the previous year to 37.1% [1]. - Adjusted gross margin (non-IFRS) was reported at 49.9%, excluding impairment losses related to certain subsidiaries [1]. - The company achieved a net cash inflow from operating activities of RMB 28.7 million for the first half of 2025, a turnaround from a cash outflow of RMB 195.5 million in the same period of 2024 [2]. Strategic Focus - The company is implementing a P2M (Patient-to-Medication) strategy driven by artificial intelligence, emphasizing long-term value and financial resilience [1][2]. - The strategic shift involves reducing the scale of low-profitability medical supplies and consumables, focusing instead on precision marketing for self-operated and third-party pharmaceuticals [1]. Market Penetration - As of June 30, 2025, the company has installed chronic disease management SaaS in 2,774 hospitals, covering 40% of the top 100 hospitals and over 20% penetration in tertiary hospitals [3]. - The company has also installed pharmacy SaaS in 269,360 pharmacies, representing approximately 40% of the total number of pharmacies in China [3]. - The company has issued over 1 billion prescriptions through its internet hospital platform over the years [3].

Core Insights - Zhiyun Health (09955) reported a 20.3% year-on-year increase in revenue to 890 million yuan for the first half of the year [1] - Adjusted gross margin improved by 29.3 percentage points to 49.9%, while net loss narrowed by 23.3% [1] - Operating cash flow turned positive for the first time in history, with a net inflow of 28.65 million yuan compared to a net outflow of 195 million yuan in the same period last year [1] Revenue Breakdown - P2M solution revenue reached 260 million yuan, achieving a profit and a year-on-year growth of 142.1% [1] - The company has launched six core products and has eight new products in the pipeline [1] Technological Advancements - The AI dual model (ClouD GPT/DTx) has completed the data-monetization loop, and the gestational diabetes solution has been published in an international journal [1] - The company's SaaS has covered over 2,700 hospitals and nearly 270,000 pharmacies [1] Strategic Outlook - Management indicated plans to accelerate the commercialization of P2M solutions to solidify its position as a leader in chronic disease digitalization [1]

Core Insights - The company, Zhiyun Health, reported a revenue of 893 million RMB and a gross profit of 331 million RMB for the six months ending June 30, 2025, with R&D expenses amounting to 26.375 million RMB [1] Group 1: Hospital SaaS Performance - The company has installed chronic disease management SaaS in 2,774 hospitals, capturing 40% of the top 100 hospitals and over 20% penetration in tertiary hospitals [1] - The hospital SaaS automates and standardizes electronic health records, prescriptions, test results, and other medical data, enhancing diagnostic procedures, treatment efficiency, and reducing medical errors [1] Group 2: Pharmacy SaaS Performance - The company has installed pharmacy SaaS in 269,360 pharmacies, representing approximately 40% of the total pharmacies in China [1] - Over the years, the company has issued more than 1 billion prescriptions through its internet hospital, allowing patients, especially those with chronic diseases, to receive online diagnoses and prescriptions at pharmacies [1] Group 3: Financial Transformation - In the first half of the year, the company achieved a net cash inflow from operating activities of 28.7 million RMB, a significant improvement from a cash outflow of 196 million RMB in the same period of 2024 [2] - The company is focusing on a P2M strategy for short-term transformation to achieve stable cash flow and profitability, while long-term goals include monetizing data assets and creating a closed-loop management system for chronic diseases through medical data sharing [2]

Core Insights - Zhiyun Health (09955) reported a 20.3% year-on-year increase in revenue to 890 million yuan for the first half of the year [1] - Adjusted gross margin improved by 29.3 percentage points to 49.9%, while net loss narrowed by 23.3% [1] - Operating cash flow turned positive for the first time in history, with a net inflow of 28.65 million yuan compared to a net outflow of 195 million yuan in the same period last year [1] Revenue Breakdown - P2M solution revenue reached 260 million yuan, marking a significant year-on-year growth of 142.1% [1] - The company has launched six core products and has eight new products in the pipeline [1] Technological Advancements - The AI dual model (ClouD GPT/DTx) has completed the data-monetization loop, and the gestational diabetes solution has been published in an international journal [1] Market Presence - The company's SaaS has covered over 2,700 hospitals and nearly 270,000 pharmacies [1] - Management indicated plans to accelerate the commercialization of P2M solutions to solidify its position as a leader in chronic disease digitalization [1]