证券之星消息，11月4日南向资金减持5.58万股智云健康（09955.HK）。近5个交易日中，获南向资金减 持的有5天，累计净减持99.87万股。近20个交易日中，获南向资金减持的有20天，累计净减持263.59万 股。截至目前，南向资金持有智云健康（09955.HK）5049.87万股，占公司已发行普通股的7.81%。 智云健康科技集团是一家主要从事提供医疗服务和产品的中国控股公司。该公司为医院和药店提供医疗 用品和软件即服务（SaaS）产品，为制药公司提供数字营销服务，为患者提供在线问诊和处方开具。该 公司的产品组合主要包括三大产品或服务类别。院内解决方案主要包括医院医疗用品供应、医院SaaS和 数字营销服务。药店解决方案主要包括药店用品供应和药店SaaS。个人慢病管理解决方案及其他主要包 括慢病产品、会员服务，以及保险经纪服务、广告代理服务及其他。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 202 ...

Core Insights - Southbound funds reduced their holdings in Zhiyun Health (09955.HK) by 472,600 shares on October 31, 2025, marking a decrease of 0.93% [1] - Over the past five trading days, there has been a cumulative net reduction of 1,043,100 shares, while in the last twenty trading days, the total net reduction reached 2,603,700 shares [1] - As of now, southbound funds hold 50,564,500 shares of Zhiyun Health, which accounts for 7.82% of the company's total issued ordinary shares [1] Company Overview - Zhiyun Health Technology Group is a Chinese holding company primarily engaged in providing medical services and products [2] - The company offers medical supplies and Software as a Service (SaaS) products to hospitals and pharmacies, digital marketing services to pharmaceutical companies, and online consultation and prescription services to patients [2] - The product portfolio includes three main categories: in-hospital solutions (medical supplies, hospital SaaS, and digital marketing), pharmacy solutions (pharmacy supplies and pharmacy SaaS), and personal chronic disease management solutions (chronic disease products, membership services, insurance brokerage services, and advertising agency services) [2]

Core Viewpoint - Southbound funds have significantly reduced their holdings in Zhiyun Health (09955.HK), indicating a potential shift in investor sentiment towards the company [1]. Group 1: Shareholding Changes - On October 21, 2025, southbound funds reduced their holdings by 399,000 shares, a decrease of 0.77% [2]. - Over the past five trading days, there have been reductions in holdings for five days, totaling a net decrease of 588,100 shares [1]. - In the last twenty trading days, southbound funds have reduced their holdings for all twenty days, with a cumulative net reduction of 1,625,000 shares [1]. Group 2: Current Holdings - As of the latest data, southbound funds hold 51,608,400 shares of Zhiyun Health, which represents 7.98% of the company's total issued ordinary shares [1]. Group 3: Company Overview - Zhiyun Health Technology Group is a Chinese holding company primarily engaged in providing medical services and products [2]. - The company's offerings include hospital medical supplies, SaaS products for hospitals, digital marketing services for pharmaceutical companies, and online consultation and prescription services for patients [2]. - The product portfolio consists of three main categories: in-hospital solutions, pharmacy solutions, and personal chronic disease management solutions [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） 有關 (1) 終止須予披露交易 (2) 新須予披露交易及 (3) 戰略性業務剝離減值及一次性特定撥備 的補充公告 茲提述智雲健康科技集團*（「本公司」，連同其子公司，統稱「本集團」）日期為 2025年8月27日的公告（「該公告」），內容有關（其中包括）本集團截至2025年6月 30日止六個月（「報告期」）的未經審核中期業績、終止若干須予披露交易以及 訂立新須予披露交易。除文義另有所指外，本公告所用詞彙與該公告所界定者 具有相同涵義。 本公告旨在向本公司股東及潛在投資者提供有關(i)終止新萬格醫療股份轉讓協 議及萬迪生物科技股份轉讓協議（統稱「原始協議」）；(ii)終止江蘇成升股份轉 讓協議及訂立新出售事項補充協議的商業依據與基準；及(iii)報告期內確認的 重大減值及一次性撥備（其為呈報淨虧損的主要原因）依據的詳情。 – 1 – (1) 終止原始 ...

Core Viewpoint - Southbound funds have reduced their holdings in Zhiyun Health (09955.HK) significantly over the past trading days, indicating a bearish sentiment towards the stock [1]. Summary by Relevant Sections Southbound Fund Holdings - On October 15, southbound funds reduced their holdings by 30,100 shares, marking a decrease of 0.06% [2]. - Over the last five trading days, there has been a total net reduction of 604,100 shares [1]. - In the past 20 trading days, the cumulative net reduction reached 4,959,000 shares [1]. - Currently, southbound funds hold 52,163,700 shares of Zhiyun Health, which accounts for 8.07% of the company's total issued ordinary shares [1]. Company Overview - Zhiyun Health Technology Group is a Chinese holding company primarily engaged in providing medical services and products [2]. - The company offers medical supplies and Software as a Service (SaaS) products to hospitals and pharmacies, digital marketing services to pharmaceutical companies, and online consultation and prescription services to patients [2]. - The product portfolio includes three main categories: in-hospital solutions, pharmacy solutions, and personal chronic disease management solutions [2].

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 ...

Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 892,579,000, a decrease of 58.0% compared to RMB 2,124,840,000 in 2024[12] - Gross profit for the same period was RMB 331,012,000, down 24.3% from RMB 436,994,000 in 2024[12] - Operating loss widened to RMB 587,952,000, a 471.7% increase from RMB 102,850,000 in 2024[12] - Net loss for the period was RMB 642,895,000, up 440.5% from RMB 118,941,000 in 2024[12] - Total revenue for the six months ended June 30, 2025, was RMB 892.6 million, a decrease of 58.0% year-on-year, primarily due to strategic transformation affecting both in-hospital and out-of-hospital solutions[26] - Adjusted net loss for the six months ended June 30, 2025, was RMB 63.4 million, an increase of 92.7% year-on-year, impacted by losses related to the proposed sale of subsidiaries[26] - The company reported a total comprehensive loss of RMB 645,078 thousand for the period, compared to RMB 118,537 thousand in 2024, marking a substantial increase in overall losses[161] Revenue Breakdown - Revenue from in-hospital solutions decreased by 61.5% to RMB 649,952,000 from RMB 1,688,110,000 in 2024[12] - Subscription solutions (precision marketing) revenue increased by 7.8% to RMB 151,863,000 compared to RMB 140,922,000 in 2024[12] - Revenue from the outpatient solutions decreased by 44.4% to approximately RMB 242.6 million for the six months ended June 30, 2025, compared to RMB 436.7 million for the same period in 2024[50] - Revenue from P2M solutions reached RMB 221.0 million, a substantial increase of 104.8% compared to the same period in 2024[30] - The revenue breakdown for the "In-Hospital Solutions" included RMB 277,101 thousand from value-added solutions and RMB 220,988 thousand from P2M solutions for the first half of 2025[179] - The "Out-of-Hospital Solutions" generated RMB 97,201 thousand from value-added solutions and RMB 40,244 thousand from P2M solutions during the same period[179] Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of RMB 28.7 million for the first half of the year, compared to a net cash outflow of RMB 195.5 million in the same period of 2024, indicating a significant transformation[23] - Cash and cash equivalents increased to RMB 375,330 thousand from RMB 304,802 thousand, showing a growth of 23.1%[162] - The company reported a net cash used in operating activities of RMB 29,490 thousand for the six months ended June 30, 2025, compared to a cash used of RMB 189,662 thousand in the same period of 2024, indicating a significant improvement[170] Operational Metrics - The company installed chronic disease management SaaS in 2,774 hospitals, covering 40% of the top 100 hospitals in China[15] - The penetration rate of the SaaS in tertiary hospitals exceeded 20% as of June 30, 2025[15] - The number of hospitals using the company's SaaS solution reached 2,774, including 784 tertiary public hospitals and 1,116 secondary public hospitals, marking a 1.5% increase from the previous year[34] - The number of pharmacies deploying the pharmacy SaaS increased by 18.0% to 269,360 as of June 30, 2025, compared to 228,331 in the previous year[43] - The number of registered users reached approximately 50.2 million, a 51.2% increase from 33.2 million in the previous year[43] - The number of transaction customers in the value-added solutions segment decreased by 77.0% to 197, down from 858 in the previous year[43] Cost Management - Sales cost decreased by 66.7% from approximately RMB 1,687.8 million for the six months ended June 30, 2024, to approximately RMB 561.6 million for the six months ended June 30, 2025[51] - Research and development expenses decreased from approximately RMB 41.8 million for the six months ended June 30, 2024, to approximately RMB 26.4 million for the six months ended June 30, 2025[57] - Employee costs decreased to RMB 217,966 thousand in the first half of 2025 from RMB 280,169 thousand in the same period of 2024, reflecting a reduction of approximately 22%[183] Corporate Governance - The company emphasizes the importance of high standards of corporate governance to protect shareholder interests and enhance corporate value[86] - The board of directors believes that transparency and good corporate governance will contribute to the company's long-term success[87] - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period, with some deviations noted[88] Shareholder and Investment Information - Major shareholders include 恒泰信託（香港）有限公司 with 94,874,998 shares (14.69%) and HaoYuan health Limited with 94,571,580 shares (14.65%) [147] - The net proceeds from the global offering amount to approximately HKD 425.7 million, with 60% allocated for business expansion[150] - The company does not recommend a mid-term dividend for the six months ending June 30, 2025[153] Future Outlook and Strategy - The company plans to obtain sales approval for an important P2M pipeline product by the end of September 2025, with a timeline aiming for conditional approval by June 2027[24] - The company focuses on AI-driven P2M strategies to enhance cash flow and profitability, transitioning from a scale-driven model to a quality-driven model[22] - The integration of hospital SaaS and pharmacy SaaS aims to improve the efficiency of the healthcare ecosystem, connecting hospitals and pharmacies effectively[19]

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 ...

Core Insights - The company, Zhiyun Health, reported a significant transformation in its financial performance for the first half of 2025, with operating cash flow turning positive for the first time at 28.65 million yuan, compared to a net outflow of 195 million yuan in the same period last year [1][4] - The gross profit margin increased substantially to 49.9%, reflecting a 4.2 percentage point rise year-on-year, while revenue reached 890 million yuan, marking a 20.3% increase [1][4] - The P2M (Patient to Industry) solutions revenue surged by 142.1% year-on-year, reaching 260 million yuan, indicating a successful strategic shift towards AI-driven, high-value business operations [2][4] Financial Performance - Operating cash flow turned positive at 28.65 million yuan, a significant improvement from a net outflow of 195 million yuan in the previous year [1] - Revenue for the first half of 2025 was 890 million yuan, representing a 20.3% increase compared to the same period last year [1] - Adjusted net loss narrowed by 23.3% year-on-year, reflecting a more favorable financial position [1] P2M Business Growth - The P2M solutions revenue reached 260 million yuan, with a year-on-year growth of 142.1%, demonstrating the effectiveness of the company's strategic transformation [2][3] - The P2M product pipeline includes six core products targeting chronic diseases, contributing to stable cash flow and long-term growth [2] - Eight additional products are in the registration or pre-launch phase, including a treatment for pulmonary arterial hypertension, expected to gain sales approval by the end of September [2] AI Technology Integration - The company's P2M business growth is supported by AI technologies, specifically the ClouD GPT and ClouD DTx models, which enhance medication rationality and clinical applications [3][4] - As of June 2025, the company has deployed SaaS systems in over 2,700 hospitals and nearly 270,000 pharmacies, providing a vast amount of real medical data to optimize AI models [4] - The integration of AI into the business model is expected to strengthen the company's competitive edge in the healthcare sector [3][4] Strategic Outlook - The positive financial results validate the company's strategy of focusing on AI-driven, high-value business operations [4] - The company plans to continue leveraging its SaaS infrastructure in hospitals and pharmacies while deepening AI technology applications to accelerate the commercialization of its P2M pipeline [4] - With ongoing technological and structural improvements, the company aims to lead in the digital transformation of chronic disease management [4]

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].