大华继显发布研报称，首次给予医脉通(02192)"买入"评级，目标价13.5港元，对应2026年预测市盈率约 24.1倍。该行指出，医脉通是中国领先的医师平台，用户覆盖全国88%的执业医师，形成以医师为中心 的B2B细分市场，可与聚焦消费者的同业形成互补，预料其轻资产及高利润率模式支持2025至2027年收 入及经调整净利润年均复合增长17%及15%，看好其净现金水平、高利润率前景及介乎50%至60%潜在 派息比率。 ...

智通财经APP获悉，大华继显发布研报称，首次给予医脉通(02192)"买入"评级，目标价13.5港元，对应 2026年预测市盈率约24.1倍。该行指出，医脉通是中国领先的医师平台，用户覆盖全国88%的执业医 师，形成以医师为中心的B2B细分市场，可与聚焦消费者的同业形成互补，预料其轻资产及高利润率模 式支持2025至2027年收入及经调整净利润年均复合增长17%及15%，看好其净现金水平、高利润率前景 及介乎50%至60%潜在派息比率。 ...

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: 2026年1月31日 狀態: 重新提交 致：香港交易及結算所有限公司 公司名稱: 醫脈通科技有限公司 呈交日期: 2026年2月5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) | 02192 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | 本月底法 ...

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: 2026年1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: 醫脈通科技有限公司 呈交日期: 2026年2月4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) | 02192 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD ...

Summary of Medical Platform Conference Call Company Overview - **Company**: 医脉通 (Yiliao Tong) - **Industry**: Online medical platform for healthcare professionals in China - **User Base**: Over 7 million registered users, with more than 88% being licensed physicians, indicating a high penetration rate within the Chinese medical community [2][3] Key Insights User Engagement and Growth - Monthly active users reached 2.78 million in the first half of 2025, showcasing strong engagement [2] - The platform has covered 506 products, with an average revenue contribution of approximately 1 million RMB per product, indicating significant growth potential [2][10] AI Integration and Product Development - 医脉通 has integrated AI technology into its products, enhancing user experience and efficiency. Daily usage frequency increased by over 20% due to upgrades in clinical guidelines and disease knowledge databases [7][8] - AI services for pharmaceutical companies, such as content generation and review, have started generating revenue, although customer demand is still maturing [7][8] Market Potential - The online precision marketing market for pharmaceuticals is estimated to have around 3,000 applicable products, with a potential growth space of approximately 30 times compared to current levels [4][10] - The company aims to leverage its understanding of physician needs to optimize marketing strategies and enhance service offerings [4][11] Competitive Landscape - 医脉通 differentiates itself through its comprehensive service offerings, including research, content creation, and strategy planning, which are tailored to meet the specific needs of pharmaceutical companies [11][12] - The company has a unique advantage due to its extensive industry experience and understanding of pharmaceutical client needs, allowing it to capture a larger share of marketing budgets [12] Financial Position and Future Plans - As of mid-2025, the company holds approximately 3.1-3.2 billion RMB in cash and cash equivalents, with total assets around 4.6-4.7 billion RMB (approximately 5 billion HKD) [20] - Funds will be allocated for business development, including acquisitions and R&D investments, particularly in post-approval clinical research [20] Customer Base and Expansion - The typical clients include multinational pharmaceutical companies, biotech firms, and traditional pharmaceutical companies, reflecting a diverse customer structure [16] - The company plans to expand its client base further, especially with the rise of domestic biotech firms [16] Comparison with Competitors - 医脉通's business model is compared to OpenEvidence, which primarily relies on advertising. In contrast, 医脉通 offers a more comprehensive service suite, including academic promotion [13] - The company utilizes a self-developed medical model and has a low advertisement loading rate due to limited pharmaceutical budgets, indicating room for growth as budgets increase [14] Future Outlook - While specific forecasts for 2025 and 2026 are not available, the company remains optimistic about its growth trajectory based on current market dynamics and user engagement [21]

Summary of Medical Industry Conference Call Company Overview - **Company**: 医脉通 (Yiliao Tong) - **Industry**: Medical Technology and AI Applications in Healthcare Key Points and Arguments Business Model and Financial Performance - 医脉通 has a strong business model with a projected operating net profit margin of 21% by 2025, exceeding 20% even after excluding interest income, which supports ongoing investment in technology and personnel training [2][6] - The company anticipates AI-related revenue to begin reflecting in the second half of 2025, primarily from pharmaceutical companies paying for medical content generation and review services, which are part of their marketing budgets [2][7] AI Applications and Product Offerings - 医脉通 has developed various AI applications, including clinical guidelines, disease knowledge bases, and medical literature websites, with plans to launch an AI intelligent Q&A tool and a comprehensive intelligent agent [2][5] - The company utilizes large model technology to enhance the efficiency and precision of academic promotion content for pharmaceutical companies, offering services charged based on usage [2][5][8] Competitive Advantages - 医脉通's advantages in the AI application field include rich medical information resources, extensive data on Chinese doctors' behaviors, and a strong commercialization capability [3] - The company focuses on helping pharmaceutical companies with precise marketing strategies by analyzing doctor profiles and developing targeted academic promotion strategies [3][10] Market Trends and Challenges - The industry is experiencing a slowdown in growth, particularly due to healthcare cost control measures leading to cautious marketing budget allocations by pharmaceutical clients [13] - Despite competition from other AI tools targeting clinical doctors, 医脉通 maintains a focus on aiding pharmaceutical companies, particularly in precise marketing [9] Future Outlook - The company plans to expand its sales personnel to cover more clients and medical products, with a focus on increasing the number of cooperative products to drive revenue growth [16][17] - 医脉通 aims to enhance user engagement through its AI products, ensuring that doctors find value in the platform, which is crucial for maintaining a competitive edge [10][19] Revenue Generation and Client Engagement - Revenue generation is primarily based on the number of cooperative products, with a significant portion of income coming from products in the early stages of market entry [15][16] - The company employs a points reward system to encourage doctors to engage with the platform, enhancing user retention and interaction [12] Strategic Partnerships and Future Developments - 医脉通 is open to potential collaborations with large model companies to enhance product offerings and address technical gaps [20] - The company is focused on providing comprehensive solutions that quantify the effectiveness of academic promotions, which is key to increasing client acceptance and budget allocation [17][18] Additional Important Insights - The average selling price (ASP) of products and the overall financial situation for 2025 have not been disclosed, but the market is expected to become healthier and more compliant, with an increase in the number of innovative drugs approved in China [12] - The shift of marketing budgets from in-hospital to out-of-hospital settings, driven by e-commerce platforms, may impact the marketing strategies of pharmaceutical companies, but 医脉通's focus remains on in-hospital education [14]

Core Viewpoint - The company, 医脉通 (02192), announced the issuance of a total of 930,000 ordinary shares on January 5, 2026, as part of its pre-IPO share option plan adopted on March 29, 2021 [1] Group 1 - The company will issue 700,000 ordinary shares to two directors exercising their share options [1] - An additional 230,000 ordinary shares will be issued to one employee exercising their share options [1]

智通财经APP讯，医脉通(02192)发布公告，2026年1月5日，根据本公司于2021年3月29日采纳的首次公 开发售前购股权计划向行使购股权的本公司两位董事于2026年1月5日发行70万股普通股;根据本公司于 2021年3月29日采纳的首次公开发售前购股权计划向行使购股权的本公司一位员工于2026年1月5日发行 23万股普通股。 ...

此外，根据公司于2021年3月29日采纳的首次公开发售前购股权计划向行使购股权的公司一位员工于 2026年1月5日发行23万股普通股。 格隆汇1月5日丨医脉通(02192.HK)发布公告，根据公司于2021年3月29日采纳的首次公开发售前购股权 计划向行使购股权的公司两位董事于2026年1月5日发行70万股普通股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 醫脈通科技有限公司 呈交日期： 2026年1月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 02192 | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發 ...