Core Viewpoint - Geoffrey Hinton, a prominent figure in AI, has shifted from warning about AI risks to expressing optimism about its applications, particularly in medical imaging, where AI can outperform human doctors in information retrieval and risk assessment [1] Company Overview - United Imaging Healthcare established a subsidiary, United Imaging Intelligence, in 2017 to focus on AI medical solutions, leading to the launch of over 100 AI applications, with 15 approved by NMPA, 15 by FDA, and 31 by EU CE, making it a leader in global medical AI certifications [1] - The company has developed a comprehensive ecosystem combining imaging devices and AI technology, which is attractive for the medical AI market in China [3][19] Key Personnel - Gao Yaozong, the Chief Scientist and Senior Vice President of United Imaging Intelligence, has a background in computer vision and AI, previously working at Apple before returning to China to contribute to the medical AI sector [2][19] Market Dynamics - The Chinese medical imaging market is undergoing transformation due to AI, which is enhancing disease screening, diagnosis, risk assessment, and clinical decision-making [1] - The vast population and diverse disease spectrum in China provide a rich data environment for training AI models, making it an ideal location for medical AI development [19] AI Applications in Healthcare - AI-assisted diagnosis is becoming a common tool for radiologists, significantly reducing the rate of missed diagnoses by serving as a "second pair of eyes" [3] - United Imaging has developed a lung nodule diagnosis grading system, C-Lung-RADS, based on 120,000 cases of Chinese population data, improving early lung cancer screening accuracy [4] Technological Innovations - The company employs a dual-path strategy of using both open-source models and proprietary development to enhance AI capabilities in medical imaging [6] - During the COVID-19 pandemic, the company rapidly developed AI systems for diagnostic support, demonstrating strong technical responsiveness [8] Future Directions - The ideal future technology path involves combining the strengths of general large models and specialized small models to enhance disease recognition and ensure precision in critical tasks [15] - The company aims to make AI a supportive tool for doctors, automating routine tasks and providing diagnostic suggestions, while addressing ethical and responsibility issues for higher autonomy in AI [16] Collaboration and Data Management - United Imaging collaborates with hospitals to gather data while ensuring patient privacy and data security, employing a "data does not leave the hospital" approach for model training [9] - The company focuses on multi-center validation to ensure the generalizability of AI models across different hospitals [10] Regulatory Environment - AI medical products are classified as high-risk and require stringent regulatory approval, with over 100 AI products already approved in China [14] - The company actively participates in shaping regulatory guidelines and industry standards to facilitate the development of AI in healthcare [14]

Summary of the Conference Call for 联影医疗 Company Overview - **Company**: 联影医疗 (United Imaging Healthcare) - **Industry**: Medical Imaging Key Points and Arguments Product Line Performance - **CT Product Line**: - Steady growth with the launch of the first domestic photon technology spectral CT - Global first dual wide-body dual-source CT is under special review - Introduction of high-end CT series Pro and Elite [2][5] - **MR Product Line**: - Achieved nearly 17% growth with over 40 units of 5.0T installed - 3.0T new products received market recognition and FDA approval - 1.5T and below products maintain industry leadership [2][5] - **MI (Molecular Imaging)**: - Revenue growth of 13% with PET-CT being the domestic leader for 10 consecutive years - Over 600 units installed globally, with more than 150 units in the US [2][6] - **XR and DSA**: - Revenue growth of 26%, with DSA showing rapid growth - Aviva received triple certification in China and FDA, entering the global mainstream market [2][6] - **RT (Radiation Therapy)**: - Market share increased by nearly 18 percentage points, ranking second in China [2][6] Revenue Growth - **Overall Revenue**: - Achieved nearly 13% revenue growth in the first half of 2025 - Domestic market growth at approximately 11%, while overseas market growth reached 22% [4] - **Service Revenue**: - Service revenue increased by 32%, accounting for 14% of total revenue - Global installations exceeded 36,000 units, with over 15,000 users [2][8] International Market Expansion - **Overseas Revenue**: - Overseas revenue grew by 22%, making up 19% of total revenue - Focus on high-end markets in Europe and the US, as well as emerging markets in Asia-Pacific [2][7] Future Directions - **Market Focus**: - Attention on high-end replacement in the domestic medical imaging market and potential in grassroots markets - Expansion into overseas markets and smaller fields like ultrasound - Increase in maintenance and service revenue proportion to improve profitability [3][9] Additional Insights - **Service Business Importance**: - Service business is crucial for long-term growth, leveraging network density, technological iteration, and full lifecycle services to set industry standards [2][8]

Core Viewpoint - The report indicates that United Imaging Healthcare (688271) has shown stable financial performance in the first half of 2025, with significant growth in revenue and overseas income, while maintaining compliance in fund usage and corporate governance [1][3]. Trading Information Summary - On September 19, 2025, United Imaging Healthcare's stock closed at 147.9 yuan, down 1.4%, with a turnover rate of 0.82%, trading volume of 67,400 shares, and a total transaction value of 1.005 billion yuan [1]. - On the same day, the net outflow of main funds was 90.38 million yuan, accounting for 8.99% of the total transaction value; retail investors had a net inflow of 42.42 million yuan, representing 4.22% of the total transaction value [1]. Company Announcement Summary - United Imaging Healthcare reported a revenue of 6.016 billion yuan for the first half of 2025, reflecting a year-on-year growth of 12.79%; the net profit attributable to shareholders was 999.8 million yuan, up 5.03% year-on-year [1][3]. - The company's overseas revenue reached 1.142 billion yuan, marking a year-on-year increase of 22.48% [1][3]. - Research and development (R&D) expenditures totaled 1.14 billion yuan, with capitalized R&D investments increasing by 95.56% year-on-year [1][3]. - The report from the sponsors, CITIC Securities and CICC, indicated no significant issues or violations during the reporting period, and the core competitiveness of the company remained stable [1].

Group 1: Technological Innovation in Private Enterprises - Private enterprises are becoming the backbone in breaking technological bottlenecks and driving innovation, particularly in key technology sectors [1] - Jiangsu Hengtong Marine Technology Co., Ltd. has laid over 110,000 kilometers of submarine optical cables, enabling connectivity for billions of people globally [3] - The development of hollow-core fiber technology provides significant advantages for data transmission, including ultra-low loss and near-light-speed transmission [2] Group 2: Advancements in Medical Technology - Domestic PET/CT technology has significantly reduced scanning time from 20-30 minutes to just 1-3 minutes, enhancing patient diagnosis efficiency [4] - The sensitivity of PET imaging has improved by 40 times compared to traditional devices, allowing for better detection of tumors [4] - The launch of the photon-counting spectral CT by United Imaging Healthcare represents a breakthrough in high-resolution imaging, aiding in early disease detection [6] Group 3: Robotics and AI Development - Robotics is becoming a key driver for industrial upgrading and innovation in China, with applications expanding across various sectors [7] - The development of humanoid robots is accelerating, with advancements in their sensory capabilities to better interact with complex environments [8] - Data collection and training processes for robots are being optimized to enhance their operational intelligence and interaction skills [7]

Core Viewpoint - The stock price of United Imaging Healthcare (688271) has decreased by 2.12% to 147.9 CNY as of September 19, 2025, with a market capitalization of 121.89 billion CNY, ranking 2nd in the medical device sector and 139th in the A-share market [1][2]. Group 1: Trading Information - On September 18, 2025, United Imaging Healthcare executed two block trades with a total transaction value of 10.5 million CNY [2][3]. Group 2: Company Announcements - The company reported a revenue of 6.016 billion CNY for the first half of 2025, representing a year-on-year growth of 12.79% [2][3]. - The net profit attributable to shareholders reached 998 million CNY, showing a year-on-year increase of 5.03% [2][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 966 million CNY, reflecting a year-on-year growth of 21.01% [2]. - Overseas revenue amounted to 1.142 billion CNY, which is a year-on-year increase of 22.48% [2]. - Research and development (R&D) expenses totaled 1.14 billion CNY, with capitalized R&D expenses increasing by 95.56% year-on-year [2][3]. - The company has maintained compliance in the use of raised funds, and there have been no significant changes in the core competitiveness or major violations reported during the review period [2].

Core Insights - The stock price of United Imaging Healthcare (688271) closed at 147.9 yuan on September 19, 2025, down 1.4% from the previous trading day, with a total market capitalization of 121.893 billion yuan [1] - The company reported a revenue of 6.016 billion yuan for the first half of 2025, representing a year-on-year growth of 12.79% [1] - The net profit attributable to shareholders was 999.8 million yuan, up 5.03% year-on-year, while the net profit excluding non-recurring items was 966 million yuan, showing a growth of 21.01% [1] - Overseas revenue reached 1.142 billion yuan, marking a year-on-year increase of 22.48% [1] - Research and development (R&D) expenses totaled 1.14 billion yuan, with capitalized R&D investments increasing by 95.56% year-on-year [1] - The company has maintained compliance in the use of raised funds, and there have been no significant issues or violations reported during the review period [1]

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The pricing power of innovative drugs is improving, reflecting the global competitiveness of Chinese pharmaceutical companies [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions due to continued domestic substitution and accelerated overseas business progress [2]. - The neurosurgery and neurointervention fields are experiencing stable growth post-collection, with new products being launched [2]. - The high-value consumables market is expected to benefit from ongoing domestic replacement and the introduction of new products [2]. Group 3: Medical Devices - The medical device sector is seeing a recovery in bidding prices, with ongoing high-speed growth in bidding data this year [2]. - Companies are entering a phase of inventory reduction, with performance expected to improve in the second half of the year [2]. - The low-value consumables sector is experiencing product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is concentrating on central state-owned enterprises, gradually clearing the competitive landscape [2]. - The demand side is expected to see continuous upgrades to new products, with industry sentiment gradually improving [2]. Group 5: API (Active Pharmaceutical Ingredients) - The API sector is benefiting from the end of a capital expenditure peak, with three growth logic points driving upward trends: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies in the API sector are expected to see explosive growth in revenue and profits [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is witnessing a recovery in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs and ongoing observation of collection progress [2]. - The retail pharmacy sector is influenced by the pace of supply-side clearing and business model upgrades, with expectations of increased store closures in the second half of 2025 [2]. Group 8: Research and Development Services - The domestic innovative drug business development is heating up, likely driving downstream demand recovery [2]. - The overseas market presents significant growth opportunities for domestic companies, leveraging cost-effectiveness and service differentiation [2].

Market Performance - The Medical Health Index (980016) closed at 7021.34 points, down 1.08%, with a trading volume of 33.906 billion yuan and a turnover rate of 1.07% [1] - Among the index constituents, 5 stocks rose while 45 stocks fell, with Yirui Technology leading the gainers at 1.82% and Changchun High-tech leading the decliners at 3.91% [1] Key Constituents - The top ten constituents of the Medical Health Index include: - WuXi AppTec (13.58% weight) at 108.75 yuan, up 1.23% with a market cap of 320.976 billion yuan - Hengrui Medicine (10.87% weight) at 69.65 yuan, down 2.03% with a market cap of 462.281 billion yuan - Mindray Medical (8.17% weight) at 235.00 yuan, down 1.18% with a market cap of 284.924 billion yuan - United Imaging Healthcare (4.14% weight) at 147.90 yuan, down 1.40% with a market cap of 121.893 billion yuan - Other notable constituents include Pianzai Shou, Yier Eye Hospital, Kelun Pharmaceutical, Xinhecheng, Fosun Pharma, and Yixiao Aoshi [1] Capital Flow - The Medical Health Index constituents experienced a net outflow of 2.29 billion yuan from institutional investors, while retail investors saw a net inflow of 2.013 billion yuan [3] - Notable capital flows include: - Mindray Medical with a net inflow of 98.789 million yuan from institutional investors and a net outflow of 10.5 million yuan from speculative funds - Changchun High-tech with a net inflow of 67.986 million yuan from institutional investors and a significant net outflow from speculative funds [3]

中信证券股份有限公司、中国国际金融股份有限公司 一、持续督导工作概述 关于上海联影医疗科技股份有限公司 2025 年半年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）和中国国际金融 股份有限公司（以下简称"中金公司"或"保荐人"）作为上海联影医疗科技股 份有限公司（以下简称"联影医疗"或"公司"）首次公开发行股票并在科创板 上市项目的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》等相关规定，中信证券和中金公司履行持续督导职责，并 出具本持续督导年度跟踪报告。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2025 年 9 月 5 日对公司进行了现场检查。 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a gain of 1.36% from September 5 to September 18, 2025, lagging behind the index by approximately 1.66 percentage points [5][13]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and medical equipment sectors leading with increases of 8.17% and 5.83%, respectively, while the chemical preparations sector saw a decline of 0.96% [5][14]. - Approximately 48% of stocks in the industry achieved positive returns, with notable performers including Zhendemedical, which had a weekly increase of 62.30% [15][18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, gaining 1.36% from September 5 to September 18, 2025, which is 1.66 percentage points lower than the index [5][13]. - Most sub-sectors recorded positive returns, with medical research outsourcing and medical equipment sectors leading [5][14]. - About 48% of stocks in the industry recorded positive returns, with Zhendemedical showing the highest weekly increase [15][18]. - The overall industry valuation remained stable, with a PE ratio of approximately 56.10 times as of September 18, 2025, which is 4.26 times relative to the Shanghai and Shenzhen 300 index [19][29]. 2. Industry News - The report highlights the upcoming release of the 11th batch of national drug procurement rules, with discussions held on various aspects of the procurement process [6][27]. - The National Health Commission issued a notification regarding the 2025 version of medical quality control indicators, emphasizing the importance of a scientific and standardized quality control system [23][26]. 3. Company Announcements - Changchun High-tech announced a collaboration with Denmark's ALK-Abelló A/S for the development and commercialization of specific immunotherapy products in China [28]. 4. Weekly Industry Outlook - The report suggests maintaining a focus on investment opportunities in innovative drugs and sectors with expected business development catalysts, particularly in medical devices and pharmaceutical commerce [29][30].