EF001 EF001 免責聲明 | 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 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 醫脈通科技有限公司 | | 股份代號 | 02192 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月25日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.1166 RMB | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.1277 HKD | | 匯率 | 1 RMB ...

Financial Performance - Medlive Technology Co., Ltd. reported a revenue of RMB 312,035,000 for the six months ended June 30, 2025, representing a year-on-year increase of 28.2% compared to RMB 243,443,000 in 2024[2]. - The gross profit for the same period was RMB 183,948,000, reflecting a 24.9% increase from RMB 147,329,000 in the previous year[2]. - The adjusted net profit under non-Hong Kong Financial Reporting Standards was RMB 166,738,000, a 6.9% increase from RMB 156,048,000 in the previous year[2]. - Net profit increased from RMB 152.7 million for the six months ending June 30, 2024, to RMB 160.4 million for the same period in 2025, with a net profit margin of 51.4%[9]. - Revenue for the six months ending June 30, 2025, was approximately RMB 312.0 million, representing a year-over-year growth of 28.2%[9]. - Revenue increased by approximately 28.2% from RMB 243.4 million for the six months ended June 30, 2024, to approximately RMB 312.0 million for the same period in 2025, primarily driven by growth in precision marketing and enterprise solutions[29]. - The group’s net profit increased by approximately 5.0% from RMB 152.7 million for the six months ended June 30, 2024, to approximately RMB 160.4 million for the same period in 2025, with a net profit margin of approximately 51.4%[42]. Client and User Growth - The number of medical clients for precision marketing and enterprise solutions increased to 191, up from 158 in the same period last year, indicating a growth of 20.9%[4]. - The average monthly active users rose to 2.78 million, compared to 2.50 million in the previous year, marking an increase of 11.2%[4]. - The number of clients covered by the precision marketing and enterprise solutions increased by 20.9% year-over-year, from 158 clients in the first half of 2024 to 191 clients in the first half of 2025[10]. - The number of products covered by the precision marketing solution rose by 32.4% year-over-year, from 336 products in the first half of 2024 to 445 products in the first half of 2025[10]. - Paid click-throughs increased from 5.98 million in the first half of 2024 to 7.69 million in the first half of 2025[10]. - The company has over 7 million registered users on its platform, with more than 4 million being practicing physicians, representing 88% of the total practicing physicians in China[6]. Product and Service Development - The company launched several AI-driven products, including MedSeeker, MedPaper, and MedAssister, aimed at enhancing clinical decision-making and research efficiency for physicians[7]. - The precision digital marketing demand is expected to continue growing sustainably, supported by favorable policies and technological advancements in the healthcare industry[5]. - The company has established a high-end GPU computing cluster to enhance model inference efficiency while ensuring data security[7]. - The clinical case database launched in April 2023 includes 5,000 high-quality clinical cases covering over 20 key departments[16]. - The number of clinical guidelines on the platform increased to 33,000, with an addition of over 1,800 new guidelines[16]. - The AI content review module reduced the content review cycle for pharmaceutical clients from three days to two hours[13]. - The company expanded its disease knowledge base with 1,700 disease entries and integrated the MedSeeker intelligent Q&A feature, enhancing clinical decision support for physicians[17]. - The company added over 3,200 Chinese drug instructions and dynamically updated more than 1,200 drug information entries, surpassing a total of 38,000 Chinese drug instructions[17]. Financial Management and Investments - The group held cash and cash equivalents of approximately RMB 2,942.5 million, a decrease from RMB 3,844.7 million as of December 31, 2024[47]. - The group’s debt investments amounted to RMB 1,474.7 million as of June 30, 2025, with expected annual returns ranging from 4.53% to 5.50%[48]. - The group plans to continuously purchase financial products upon maturity of existing investments to maximize returns on unutilized funds[49]. - The total liabilities related to debt investments increased significantly to RMB 966,261,000 as of June 30, 2025, compared to RMB 440,374,000 at the end of 2024[84]. - The net proceeds from the global offering, approximately HKD 4,677 million, are allocated for business expansion, technology investment, and strategic acquisitions[94]. - As of June 30, 2025, approximately RMB 900 million of the unutilized proceeds from the global offering has been used for purchasing financial products[96]. Corporate Governance - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[98]. - The board will continue to review and monitor the company's practices to maintain high standards of corporate governance[98]. - The company has adopted the "Standard Code of Conduct for Directors' Securities Transactions" as per the Listing Rules Appendix C3, confirming compliance by all directors during the reporting period[99]. - An Audit Committee has been established, consisting of three independent non-executive directors, with Ms. Wang Shan as the chairperson, confirming adherence to applicable accounting principles and regulations[100]. - The board of directors includes executive directors Tian Liping, Tian Lixin, Tian Lijun, and Zhou Xin, along with non-executive directors Chai Wu Ying Er and Jin Se Yi Xian, and independent non-executive directors Ye Lin, Ma Jun, and Wang Shan[103]. Research and Development - Research and development expenses increased to RMB 41,074,000, up 33.8% from RMB 30,675,000 in the prior period[76]. - The total employee cost for the six months ended June 30, 2025, was approximately RMB 98.8 million, an increase of 19.3% from RMB 82.8 million in 2024, primarily due to an increase in sales and platform development personnel[56]. - Capital expenditures for the six months ended June 30, 2025, were approximately RMB 25.1 million, compared to RMB 18.5 million in the same period of 2024, mainly for the acquisition of a 60% stake in Beijing Focus Innovation Technology Co., Ltd.[53]. - The company plans to enhance its medical knowledge solutions with an allocation of HKD 280.7 million, with expected utilization by December 2027[96]. - Investment in technology and R&D capabilities includes HKD 467.7 million for talent recruitment and expert collaboration, with a projected timeline for completion by December 2027[96].

（股份代號：2192） 董事會會議日期 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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Medlive Technology Co., Ltd. 醫脈通科技有限公司 （於開曼群島註冊成立的有限責任公司） 醫脈通科技有限公司 董事長兼首席執行官 田立平 香港，二零二五年八月八日 於本公告日期，董事會包括執行董事田立平女士、田立新先生、田立軍先生及周欣女士； 非執行董事槌屋英二先生及金色一賢先生；以及獨立非執行董事葉霖先生、馬軍醫師及王珊 女士。 醫脈通科技有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司 將於二零二五年八月二十五日（星期一）舉行董事會會議，藉以（其中包括）考 慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業績， 並考慮派發中期股息（如有）。 承董事會命 ...

金融界8月5日消息，上证指数高开高走，中证港股通医疗商业与服务综合指数 (港股通医疗商业， 931966)报1701.32点。 数据统计显示，中证港股通医疗商业与服务综合指数近一个月上涨10.64%，近三个月上涨12.75%，年 至今上涨22.94%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证港股通综合指数调整样本时，样本随之进行 相应调整。若中证港股通综合指数样本有特殊事件发生，导致其行业归属发生变化，指数样本进行相应 调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆、停牌等情形的处理， 参照计算与维护细则处理。 本文源自：金融界 作者：行情君 从指数持仓来看，中证港股通医疗商业与服务综合指数十大权重分别为：京东健康（16.57%）、阿里 健康（14.32%）、国药控股（13.85%）、平安好医生（11.27%）、上海医药（6.64%）、医脉通 （6.0%）、锦欣生殖（5.1%）、海吉亚医疗 ...

机构：中金公司 研究员：冯喜鹏/赵丽萍/张琎/肖楷 盈利预测与估值 我们预计公司25~26 年non-IFRS EBIT 分别为1.83 亿元、2.32 亿元，CAGR为34%。考虑到公司利润稳 定产出，且在手现金亦有望贡献业务角度价值，我们综合行业水平给予2025 年40x 的EV/EBIT 估值， 并单独考虑现金价值，得到目标价17.5 港币（14%上行空间），给予跑赢行业评级。 风险 投资亮点 药企对线上医疗营销投入意愿可能波动；竞争加剧致订单降价风险；医师用户流失风险；新业务发展不 及预期风险；流动性风险；行业政策波动风险；与 M3 合作不畅及利益冲突风险。 首次覆盖医脉通（02192）给予跑赢行业评级，目标价17.50 港元，基于相对估值法，对应估值倍数40x 的2025 年EV/EBIT，公司是第三方数字医师平台行业翘楚。理由如下： 医疗产业营销端迎来升级，第三方医师平台有望脱颖而出。传统医药营销活动多以线下方式为主，疫情 扰动、医疗行业集中整顿等因素令药企对线上医疗营销业态关注度提升。根据弗若斯特沙利文数据及我 们测算，2023 年泛数字医疗营销投入占药企营销投入比重约9%（vs 2018年不足 ...

Group 1 - The core viewpoint of the report is that the third-party digital physician platform industry is expected to thrive, with the company being a leader in this sector, supported by stable profit generation and cash reserves [1][2] - The report projects that the company's non-IFRS EBIT will reach 183 million yuan and 232 million yuan in 2025 and 2026 respectively, with a CAGR of 34% [1] - The digital marketing investment in the healthcare industry is expected to grow significantly, with the proportion of digital marketing in pharmaceutical marketing rising from less than 1% in 2018 to approximately 9% in 2023, and the market size potentially exceeding 10 billion yuan by 2030 [2] Group 2 - The company has developed a strong brand identity through its professional clinical and research software applications, achieving a registered physician user base of over 4 million by 2024, which represents an 88% penetration rate among practicing physicians in China [3] - The company is expanding its digital medical marketing services to pharmaceutical clients, with a projected CAGR of 33% in the number of cooperative products with pharmaceutical companies from 2022 to 2024 [3] - The company is well-positioned to balance the needs of its physician user base with commercial opportunities, creating a strong competitive barrier through user loyalty and value creation [3]

Financial Performance - Revenue for 2024 reached RMB 558,455,000, a 35.5% increase from RMB 412,004,000 in 2023[16] - Gross profit for the year was RMB 327,222,000, up 30.2% from RMB 251,335,000 in 2023[16] - Profit attributable to owners of the parent increased to RMB 315,146,000, representing a 30.1% rise compared to RMB 242,301,000 in 2023[16] - The Group's net profit for the year ended December 31, 2024, rose to RMB 330.3 million, a 31.2% increase from RMB 251.8 million in 2023, with a net profit margin of 59.1%[44] - The adjusted net profit for the year ended December 31, 2024, was RMB 323.6 million, with an adjusted net profit margin of 57.9%, maintaining a leading position in the industry[44] - The Group's gross profit margin was approximately 58.6% for the year ended December 31, 2024, slightly down from 61.0% for the year ended December 31, 2023[104] - The net profit margin decreased by 2.0 percentage points from 61.1% for the year ended December 31, 2023 to 59.1% for the year ended December 31, 2024[122][124] User Engagement and Platform Growth - In 2024, the number of registered physician users on the Medlive platform exceeded 7 million, with over 4 million licensed physicians, accounting for 88% of the total licensed physicians in China[34] - The average monthly active users (MAUs) of the Medlive platform reached 2.65 million in 2024, indicating a solid foundation for developing precision marketing solutions[34] - As of the end of 2024, the Medlive platform registered over 7 million physician users, with more than 4 million being practicing physicians, representing 88% of the total practicing physicians in China[36] - The average monthly active users on the Medlive platform increased to 2.65 million in 2024, indicating a rise in user engagement[36] Technological Innovation and AI Integration - The introduction of innovative tools such as AI Q&A system and AI diagnosis and treatment map significantly enhanced diagnostic efficiency and safety[20] - AI-assisted writing tools improved medical content generation efficiency by 60%[20] - The self-developed large model for medical vertical domain has been approved by the Cyberspace Administration of China, enhancing the Group's credibility in AI research and development[37] - The Group's AI-driven solutions include precision marketing, medical knowledge solutions, and intelligent patient management solutions, catering to diverse needs of platform participants[47] - The AI-assisted writing tool has proven to improve the efficiency of medical content writing by 60%[42] - The Group's core strategy focuses on "horizontal specialization and deep cultivation + vertical full-cycle extension" to leverage AI technology and big data analysis[73] Revenue Streams and Market Recognition - Revenue from precision marketing and corporate solutions increased by 37.5% to RMB512.5 million in 2024, up from RMB372.7 million in 2023[48] - Revenue from medical knowledge solutions grew by 10.8% to RMB17.9 million in 2024, compared to RMB16.1 million in 2023[57] - Revenue from intelligent patient management solutions increased by approximately 21.0% from approximately RMB23.2 million in 2023 to approximately RMB28.0 million in 2024, mainly due to the initial success of the single-disease patient management platform[99] - The Group's revenue increased by approximately 35.5% from approximately RMB412.0 million for the year ended December 31, 2023, to approximately RMB558.5 million for the year ended December 31, 2024, primarily due to the revenue increase from precision marketing and corporate solutions[93] Cost and Expense Management - The Group's cost of sales increased by approximately 43.9% from approximately RMB160.7 million in 2023 to approximately RMB231.2 million in 2024, primarily due to business growth leading to higher costs[103] - Selling and distribution expenses increased by approximately 2.0% from RMB32.8 million for the year ended December 31, 2023 to RMB33.4 million for the year ended December 31, 2024, mainly due to higher bonus payments to sales staff[109][111] - Administrative expenses rose by approximately 21.5% from RMB144.5 million for the year ended December 31, 2023 to RMB175.6 million for the year ended December 31, 2024, primarily due to increased research and development costs[110][112] Strategic Initiatives and Future Plans - The company aims to empower healthcare through technology and drive value with data, aligning with the ongoing transformation in China's healthcare industry[19] - The Group plans to continue selectively pursuing strategic investments and acquisitions to enhance technological capabilities and expand its customer base[155] - The Group aims to expand its services across China through specialized ecosystem construction empowered by AI and intelligent database construction by 2025[26] - The Group intends to continue financing its expansion and operations using cash generated from operating activities and net proceeds from the Global Offering[135] Human Resources and Management - The total staff cost for the year ended December 31, 2024, was approximately RMB 190.8 million, an increase from approximately RMB 159.2 million for the year ended December 31, 2023, primarily due to increased headcount in sales and platform development[168] - The Group had a total of 747 full-time employees as of December 31, 2024, with 187 in content management, 235 in platform operation and customer service, 178 in research and development, 66 in general and administration, and 81 in sales and marketing[168] - The Group provides orientation and ongoing in-house training to enhance employee skills and productivity, along with performance-based bonuses and share option schemes to align interests with the Company[169] - The Company has adopted pre-IPO and post-IPO share option schemes, as well as a share award scheme to incentivize employees and senior management[170] Research and Development - The Group's clinical research service capability was expanded, covering core aspects such as clinical trial design and data management[54] - The establishment of a postdoctoral research workstation marks a new stage for the Group in integrating industry, university, and research in medical AI technology innovation[43] - The Group aims to construct a clinical results database based on Medlive's large model to support drug research and development[76] Market Expansion and Customer Engagement - The Group will expand its coverage of pharmaceutical and medical device company users, particularly in innovative drugs and medical devices[83] - The focus will be on developing comprehensive solutions that include medical strategy, market strategy, and multi-channel digital strategy to meet the needs of pharmaceutical and medical device companies[84] - The Group will enhance customer loyalty and willingness to invest in digital marketing by leveraging its online professional physician platform[86]

医脉通 20250325 摘要 Q&A 2024 年一脉通的业绩表现如何？ 一麦通帮助 MNC 药企自动化生成所需医学内容。例如，当心血管领域营养指南 需要综合总结时，以前需要人工从零开始寻找并总结指南，而现在通过基于 AI 大模型 SaaS 模块服务系统，可以减少 50%的人工成本支出。这种自动化生成方 2024 年，一脉通实现收入 5.58 亿元，同比增长 35.5%。核心业务继续保持快速 扩张态势，精准营销及企业解决方案收入同比增长 37.5%，达到 5.13 亿元。在 • 医脉通 2024 年营收稳健增长，净利润达 3.3 亿元，经调整后为 3.24 亿元， 经营相关净利润同比增长 36.3%，经营相关净利润率达 21.3%，同时行政和 销售开支占比均有所下降，显示出良好的盈利能力和费用控制。 • 医脉通自主研发的医学垂直领域大模型通过国家网信办备案，标志着其 AI 技术实力获得权威认可。该模型结合自然语言处理、计算机视觉等技术， 依托海量医学数据训练，提升内容准确性和可溯源性，并已应用于智慧医 学助理、临床决策等产品。 • 截至 2024 年底，医脉通平台注册用户超过 700 万，其中职业医生超过 ...

Financial Performance - Medlive Technology Co., Ltd. reported a revenue of RMB 558,455,000 for the year ended December 31, 2024, representing a year-on-year increase of 35.5% compared to RMB 412,004,000 in 2023[2]. - The company's net profit for the year was RMB 330,301,000, reflecting a growth of 31.2% from RMB 251,760,000 in the previous year[2]. - The adjusted net profit under non-Hong Kong Financial Reporting Standards was RMB 323,600,000, a 19.4% increase from RMB 271,093,000 in the previous year[2]. - The net profit margin for the year ending December 31, 2024, was 59.1%, maintaining a high level[14]. - The company's gross profit rose by approximately 30.2% from RMB 251.3 million to RMB 327.2 million, with a gross margin of about 58.6%[43]. - The pre-tax profit for the group in 2024 was RMB 340,474,000, an increase from RMB 253,132,000 in 2023, representing a growth of 34%[117]. - The total comprehensive income for the year ended December 31, 2024, was RMB 387.9 million, compared to RMB 314.8 million in 2023, reflecting a 23.2% increase[79]. - The company's revenue increased by approximately 35.5% from RMB 412.0 million for the year ended December 31, 2023, to approximately RMB 558.5 million for the year ending December 31, 2024[36]. User Engagement and Client Growth - The average monthly active users increased to 2.65 million in 2024, up from 2.40 million in 2023, indicating a growth of approximately 10.4%[6]. - The number of medical clients for precision marketing and enterprise solutions rose to 228 in 2024, compared to 182 in 2023, marking a growth of 25.3%[6]. - The number of paid clicks increased to 13.3 million in 2024, up from 9.7 million in 2023, indicating a growth of 37.1%[6]. - The number of clients covered by the precision marketing and enterprise solutions increased by 25.3% from 182 in 2023 to 228 in 2024[15]. - The number of products covered by the precision marketing solution rose from 386 in 2023 to 506 in 2024, a growth of 31.1%[15]. Revenue Breakdown - The revenue from precision marketing and enterprise solutions reached RMB 512,532,000, accounting for 91.8% of total revenue, with a year-on-year growth of 37.5%[4]. - Revenue from precision marketing and enterprise solutions rose by about 37.5% from RMB 372.7 million to RMB 512.5 million, driven by user growth and engagement, with paid clicks increasing from approximately 9.7 million to 13.3 million[37]. - Revenue from medical knowledge solutions grew by approximately 10.8% from RMB 16.1 million to RMB 17.9 million, attributed to an expanded user base[39]. - Revenue from intelligent patient management solutions increased by approximately 21.0% from RMB 23.2 million to RMB 28.0 million, reflecting the effectiveness of the disease management platform[40]. - Revenue from the smart patient management solution grew by 21.0% to RMB 28.0 million for the year ending December 31, 2024, compared to RMB 23.2 million in 2023[26]. Research and Development - The company has developed an AI-driven medical vertical model, which has been recognized by the National Internet Information Office, enhancing its technical capabilities in AI research and development[10]. - The AI question-and-answer system launched by the company allows for natural language interaction and can extract key information from vast medical data, improving user experience for physicians[11]. - The group established a postdoctoral research workstation, marking a new stage in the integration of industry, academia, and research in medical AI technology innovation[13]. - The group's research and development expenses for 2024 were RMB 64,581,000, compared to RMB 54,255,000 in 2023, marking an increase of 19%[110]. Strategic Plans and Investments - The company aims to deepen the application of AI in the medical field, focusing on innovative solutions that enhance clinical decision-making and patient management[9]. - The company plans to leverage its platform and financial advantages to explore strategic partnerships and acquisitions to integrate industry resources[34]. - The company plans to expand its coverage of drug and medical device clients, focusing on digital transformation trends in the industry[33]. - The company has not made any significant acquisitions or major investments during the year ended December 31, 2024, but plans to continue strategic investments and acquisitions that align with existing solutions[70]. Financial Position and Cash Management - As of December 31, 2024, the group held cash and cash equivalents of approximately RMB 3,844.7 million, down from RMB 4,358.3 million as of December 31, 2023[61]. - The group has no short-term or long-term bank borrowings as of December 31, 2024, except for lease liabilities totaling approximately RMB 22.6 million[64]. - The group plans to continue utilizing cash generated from operating activities and net proceeds from the global offering for expansion and business operations[59]. - The company has experienced delays in project implementation due to the pandemic, pushing back the timeline for utilizing IPO proceeds by approximately two to three years[140]. Shareholder Returns - The proposed final dividend for 2024 is RMB 13.66 per share, up from RMB 12.48 per share in 2023, which is an increase of 9.4%[117]. - The company proposed a final dividend of RMB 0.1366 per share, which is equivalent to HKD 0.1480 per share, pending shareholder approval[136]. Other Financial Metrics - The total number of issued shares increased to 732,876,000 in 2024 from 726,962,500 in 2023, reflecting a growth of 0.7%[129]. - The basic earnings per share for the year ended December 31, 2024, was RMB 43.23, up from RMB 33.56 in 2023[77]. - Basic and diluted earnings per share for 2024 were calculated based on a profit attributable to ordinary shareholders of RMB 315,146,000, compared to RMB 242,301,000 in 2023, reflecting a year-over-year increase of 30.1%[120].

各位投资者大家早上好，我是招商医药分析师方秋实。然后和我一起在线的还有我们的首 席梁光凯和联席首席许菲菲。今天我们非常荣幸的邀请到了一脉通的投关总监胡总，来与 各位进行 1 个小时左右的交流。那医脉通它是国内最领先的专业的医师平台。然后之前其 实也在 AI 领域做了非常多的布局，包括 23 年接入了 OpenAI，以及现在接入的是包括公 司它也有自研的一个 AI 医生的一个 GLP 的产品推出。所以先麻烦胡总这边简单的开场介 绍一下公司的一个商业模式，经营的近况，以及在 AI 领域的布局。 传递，我们想要做的事情就是把医药代表对于医生学术教育的这一部分内容，我们搬到线 上来去实现，通过数字化的方式完成。 谢胡总。 发言人 3 这个月活数量的日活跃用户数（DAU）的提升，也是在于我们通过不断的去挖掘医生的需 求，给到他相应的满足他需求的这些内容也好，产品工具也好。所以这个收获了很多医生 的认可。同时我们也是嵌入到了医生众多的日常高频次的场景当中去。你比如说我们有覆 盖了医生参会，对这个场景我们有会务通的这样一个小程序，那么医生参加中华医学会的 所有会议，都可以通过我的这个平台来完成。我有覆盖了医生日常临床诊疗科 ...