Core Insights - The 2025 Summer Davos Forum will be held in Tianjin from June 24-26, focusing on the theme of "Entrepreneurial Spirit in the New Era" [1] Group 1: AI in Healthcare - AI technology can significantly enhance the quality of medical diagnosis and treatment by integrating years of patient medical history into a visual timeline, allowing doctors to better understand patient conditions [3] - The AI decision support system can provide multiple treatment suggestions for complex cases, aiding doctors in making more accurate clinical decisions [3] - Clinical trial costs have been reduced by 30%-40% due to the integration of AI and data platforms, which can automate many previously manual processes [3] Group 2: Industry Challenges and Opportunities - The healthcare industry is challenging to navigate, with recent market and policy changes prompting the company to adopt a cautious approach to commercialization [4] - The recent activity in the secondary market for innovative drugs reflects a valuation correction, recognizing China's potential as a research-driven market [4] - The Chinese biopharmaceutical ecosystem is expected to grow, with more companies pursuing international collaborations and contributing to global healthcare [4] Group 3: Future Outlook - Future healthcare scenarios envision the integration of historical medical data with wearable devices, providing a comprehensive understanding of individual health and 24/7 personalized health advice through AI [5] - AI is expected to significantly lower new drug development costs, helping more drugs avoid the "orphan drug" dilemma [5] - Insurance coverage is anticipated to expand, with initiatives like the company's "Hui Min Bao" providing coverage for a wide range of patients, including those with pre-existing conditions [5]

Group 1 - The core viewpoint is that Yidu Technology is becoming a key target for public funds due to its "AI + healthcare" dual-driven strategy, with significant stock price increases reflecting market recognition of its AI healthcare layout [1][2] - Public funds have been intensively increasing their positions in Yidu Technology, with notable allocations such as 8.84% by Ping An Medical Selected Fund and a complete shift by Yinhua Medical Health Fund towards AI healthcare stocks [2][3] - The commercialization of AI in healthcare is accelerating, with Yidu Technology's technology demonstrating significant value in chronic disease management, drug development, and clinical decision support, supported by government policies [3][5] Group 2 - As the AI healthcare trend rises, public funds are beginning to explore underrepresented stocks, with Yidu Technology leading in stock price increases since April, indicating growing institutional interest [4] - Institutions are optimistic about the long-term potential of Yidu Technology, which aligns with the trend of integrating AI into the pharmaceutical industry, positioning it as a benchmark in the Hong Kong AI healthcare sector [5]

Summary of the Conference Call for Yidu Technology Industry Overview - National policies and local government support are accelerating the commercialization of AI in healthcare, particularly in ICU settings, where AI-assisted diagnosis has been included in medical service pricing projects, promoting the development of medical AI [2][4] - There is a significant difference in the application of AI in drug development versus diagnostic services, with diagnostic services advancing more rapidly and already being applied in pre-diagnosis, diagnosis, and post-diagnosis stages, enhancing efficiency and accuracy [2][5] Company Insights - Yidu Technology's main business includes big data platforms and solutions (for hospitals and regulatory agencies), life sciences solutions (for pharmaceutical companies), and health management platforms (for public health insurance), having served numerous top hospitals and pharmaceutical clients [2][10] - The company has connected its DeepSeek technology to 420 hospitals, with over 50% being top-tier hospitals [6] - Yidu Technology has launched a hardware-software integrated AI platform, compatible with mainstream chips and open-source large models, which has been implemented in over 20 hospitals and is expected to boost revenue [3][16] Financial Performance and Projections - The company operates on a fiscal year ending March 31, with expectations to break even in fiscal year 2026 or 2027, driven primarily by the big data platform [3][17] - The gross margin remains stable at around 40%, with good expense control, but the company has not yet achieved profitability [17] - The big data platform and solutions are expected to be the main growth drivers, while life sciences solutions are projected to recover in fiscal years 2026 to 2027 [18] Key Business Metrics - The big data platform has covered 2,800 hospitals and accumulated over 800 specialized disease databases, serving more than 40 health commission agencies [11] - The life sciences solutions segment serves 71 pharmaceutical companies, with a retention rate exceeding 100% for top clients [12] - The health management platform has reached 24 million users, providing a solid customer base for future C-end business development [14] AI Technology Impact - The company has processed and analyzed data from over 1.1 billion patient visits and 5.5 billion authorized medical records, ranking first in specific scenarios such as medical knowledge Q&A and medical language understanding [15] - The integration of DeepSeek into its framework and partnerships with major companies like Huawei and ByteDance help maintain industry leadership and expand the product ecosystem [15] Valuation and Target Price - The initial coverage uses a price-to-sales (PS) valuation method, with a target price of HKD 77 per share, based on a PS ratio of 77.7, and a buy rating assigned [19]

Summary of Conference Call Notes Company Overview - The company discussed is Yidu Technology, a pioneering innovator in the AI healthcare industry with a focus on deepening its expertise over the past decade [1][2]. Key Points and Arguments Industry and Data - Yidu Technology has accumulated 5.5 billion high-quality medical records, covering over 1.1 billion patient visits, which is a significant asset in the Chinese healthcare landscape where data is not typically available post-discharge [1][20]. - The company has developed a comprehensive disease knowledge graph that encompasses all known diseases, supported by various specialized datasets and models [2][19]. Product and Application - The company offers a range of products, including a project management platform and an AI middle platform, which have seen accelerated project orders and implementations since the Chinese New Year, with over 20 projects currently in progress [3][4]. - The AI middle platform integrates multiple open-source models and has already been implemented in several hospitals, demonstrating its practical application in real-world settings [3][10]. Market Position and Competition - Yidu Technology is positioned as a key player in the AI healthcare market, with a belief that the market is still in its early stages and not yet saturated with competition [8][24]. - The company emphasizes that its competitive edge lies in its extensive data accumulation, algorithmic depth, and application scenarios, which are superior to many competitors in the field [20][33]. Financial Performance and Growth - The company anticipates a 10% annual growth in paid services, with a current coverage of 2,800 hospitals, including 105 top-tier hospitals and over 40 regulatory government clients [4][29]. - There is an expectation of improved financial performance and profitability sooner than previously guided, with a focus on enhancing the gross margin through product mix adjustments [29][30]. Collaboration and Partnerships - Yidu Technology has established a deep partnership with Huawei, leveraging their chip technology and exploring further collaboration opportunities in the healthcare sector [6][7]. - The company is also exploring partnerships with various hospitals and government projects, indicating a robust pipeline of collaborative opportunities [9][16]. Challenges and Future Outlook - The company acknowledges challenges in expanding into lower-tier hospitals due to budget constraints but sees potential for future growth as technology costs decrease and demand for intelligent healthcare solutions increases [41][43]. - There is a strong belief that the AI healthcare market will continue to grow, driven by policy support and increasing hospital budgets for technology investments [16][17]. Miscellaneous Insights - The company has noted a significant increase in project budgets from hospitals and government clients, with some budgets rising from millions to tens of millions [16][17]. - Yidu Technology's AI capabilities are designed to assist in various clinical scenarios, including complex cases, showcasing the versatility and depth of its technology [12][36]. Conclusion Yidu Technology is positioned as a leader in the AI healthcare sector, with a strong foundation of data, innovative products, and strategic partnerships. The company is optimistic about future growth, driven by increasing demand for intelligent healthcare solutions and supportive policies.

医渡科技 20250320 摘要 • 医渡科技构建了核心算法引擎——医渡引擎，通过深度挖掘数据价值，截 至 2024 年 9 月 30 日，已处理分析 51 亿份医疗记录，覆盖 10 亿人次，数 据量远超行业平均水平，并深度介入全国前 150 家顶级研究型医院中的 105 家，确保数据质量和算法精准度。 • 公司业务涵盖大数据平台与解决方案（面向医院和政府，项目制，百万至 千万级）、生命科学解决方案（覆盖全球前二十大国际药企中的 16 家，聚 焦核心用户，收入留存比例超 117%）以及健康管理平台与解决方案（覆盖 四省十二市，如北京和深圳），实现全场景覆盖。 • 2025 年春节后，医院对 AI 需求激增，医渡科技的模型调用开源模型并在 东南大学开发专业肝病 AI 医生，获钟南山院士认可。与中山肿瘤医院联合 开发 120 个新应用场景，AI 中台提供五层代码工具链，医生可定制专属 AI agent，30 秒内生成专用场景 AI 助手。 • 医疗数字化效能显著提升，训练资源利用率提高 25%，关键任务准确率提 高 5%-20%，上线周期缩短 50%。千万级别订单增多，但多数医院预算未达 标，公司根据预算调整产品 ...

医渡科技在 AI 医疗行业的业务进展和未来规划是什么？ 医渡科技在 AI 医疗行业深耕近十年，已接入 105 家顶级研究型医院，累计 55 亿份真实医疗数据。这些高质量数据在患者流动和疾病知识图谱方面展现了巨 大价值。公司业务分为三大板块：面向医院和政府的大数据平台与解决方案、 面向药企的生命科学解决方案，以及健康管理平台与解决方案。第一板块主要 通过项目制为医院和监管机构提供智能化平台，如去年推出的 AI 中台及全面数 据库等产品，ASP 从百万级提升至千万级。第二板块围绕药品和器械全生命周 期提供智能化解决方案，涵盖临床开发设计到上市后营销。第三板块则包括慢 病管理、商业险、惠民保险等健康管理服务，目前惠民保业务覆盖四省十二市， • 医渡科技业务涵盖大数据平台与解决方案（面向医院和政府）、生命科学 解决方案（面向药企）以及健康管理平台与解决方案。AI 中台等产品 ASP 提升至千万级，惠民保业务覆盖四省十二市，活跃用户超 2,400 万。 • 医渡科技与华为合作推出深圳一体机，但因医院需求差异大，销售未达预 期。公司采用多种底层技术框架，适配不同芯片，以满足各类医疗场景需 求，并持续优化算法引擎。 • 公 ...

医渡科技 摘要 Q&A 一度科技在 AI 医疗赛道中相比同行的最大优势是什么？公司成立的初衷和目标 是什么？ 在当前的医疗环境中，数据质量是推动大模型功能进化的关键因素。高质量医 疗数据获取难度较大，美国疾病数据可以交易，而中国所有数据都不出院，这 限制了模型性能提升。许多通用类大模型虽然尝试应用于 AI 医疗，但由于缺乏 临床真实数据，对疾病理解有限。一度科技过去十年深耕该赛道，从最早基于 Transformer 架构的小模型发展到现在的大模型，累计了 55 亿份真实医疗数据。 公司未来在研发投入和垂直产品发布节奏方面如何把控？ 目前一度科技的大模型已经能够完全赋能各个业务，但我们仍将持续投入，以 拓展更多应用场景并保持技术领先地位。预计每年研发投入约 8,000 万至 1 亿 元，其中一半用于算力方面，另一半用于人工成本。这种持续高研发和高投入 是必然的，以确保公司在 AI 医疗领域保持竞争优势并推动行业变革。 相较于传统的医疗信息化，医疗 AI 是否可以更直接地为病患带来益处？具体有 哪些方面能够让病患和医生受益？ 过去十年是医疗信息化建设的过程，而未来十年将是向医疗智能化发展的过程。 大模型作为多任务 ...

Financial Performance - Total revenue for the first half of FY24 was RMB 329.4 million, a decrease of 7.6% compared to RMB 356.5 million in FY23[11]. - Gross profit for the first half of FY24 was RMB 117.4 million, down 13.8% from RMB 136.2 million in FY23[11]. - The company's loss narrowed to RMB 56.4 million, a year-on-year reduction of 29.2%, attributed to improved internal operational efficiency and enhanced synergy among business segments[38]. - Revenue decreased by 7.6% from RMB 356.5 million for the six months ended September 30, 2023, to RMB 329.4 million for the six months ended September 30, 2024[94]. - Revenue from life sciences solutions decreased by 15.0% from RMB 170.2 million to RMB 144.6 million, primarily due to challenging external conditions[95]. - Revenue from health management platform solutions decreased by 12.4% from RMB 58.4 million to RMB 51.1 million, mainly due to changes in product mix[95]. - Overall gross profit decreased from RMB 136.2 million to RMB 117.4 million, with gross margin declining from 38.2% to 35.6%[98]. - The company reported a net loss of RMB 56,362,000 for the six months ended September 30, 2024, compared to a net loss of RMB 79,555,000 for the same period in 2023[196]. Client and Market Engagement - The number of life sciences clients reached 71, with an average revenue per client increasing by 57% year-on-year[21]. - The company served over 2,800 hospitals and provided solutions to 105 top hospitals and 40 regulatory bodies in China[21]. - The revenue retention rate for the top 10 clients was 117.45%, indicating strong customer loyalty[21]. - Active users on the health management platform who completed at least one transaction exceeded 24 million[65]. - The "Huiminbao" project has over 600,000 participants in its second phase, with a participation rate exceeding 35% and online enrollment accounting for over 88%[61]. Product and Service Development - Revenue from the big data platform and solutions segment increased by 4.5% to RMB 133.7 million, while the life sciences solutions segment saw a decline of 15.0% to RMB 144.6 million[11]. - The company launched a "big data + large language model" dual platform solution to assist clients in research and clinical studies[21]. - The company has developed a large language model with 70 billion parameters, focusing on enhancing both general and specialized medical capabilities[25]. - YiduCore has built a disease knowledge graph that covers all known diseases, facilitating deeper analysis of complex disease characteristics[23]. - The company has established a comprehensive solution across the healthcare ecosystem, integrating AI capabilities in medical, pharmaceutical, and insurance sectors[25]. Operational Efficiency - Operating loss improved by 30.7% to RMB 54.3 million, compared to a loss of RMB 78.3 million in the same period last year[11]. - Sales and marketing expenses decreased by 30.1% to RMB 72.4 million, representing 22.0% of revenue, down from 29.1% in the previous period[106]. - Administrative expenses decreased by 3.7% to RMB 57.2 million, with the percentage of revenue increasing from 16.7% to 17.4%[107][108]. - R&D expenses decreased by 9.6% from RMB 103.6 million to RMB 93.7 million, attributed to reduced employee benefits and expenses[101]. - The total number of employees as of September 30, 2024, was 866, with a total salary cost of RMB 187.7 million, down from RMB 262.5 million in the previous period[115]. Corporate Governance and Shareholder Information - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[140]. - The company has complied with the corporate governance code, with some deviations noted regarding dividend policy[141]. - The company has a total of 418,565,575 shares held by Ms. Gong and Mr. Xu, representing 39.42% of the equity[134]. - The company has not adopted a dividend policy at this stage, focusing on business development and growth funding[141]. - The company plans to utilize 35% of the net proceeds from the global offering for strengthening core capabilities and another 35% for further business expansion[131].

Summary of Conference Call Records Company and Industry Overview - The conference call discusses a company operating in the healthcare and medical technology sector, focusing on data-driven solutions for hospitals, research institutions, and government agencies. The company emphasizes its advancements in AI and big data applications in healthcare. Core Points and Arguments - The company has provided over 100 sports programs to Chinese sports hospitals, with liabilities exceeding $28 million as of September 30, 2020, indicating financial challenges due to the pandemic [1] - The company has developed a large model for medical applications, achieving extensive use in healthcare, pharmaceuticals, and health insurance sectors, showcasing a decade of experience in creating integrated solutions [2] - A private data model is being constructed for hospital clients, enhancing their data capabilities through customized services, which is crucial for improving regional healthcare services [3] - The large model aids in drug development, enhancing efficiency and safety in clinical trials, indicating a significant role in the pharmaceutical industry [4] - The company provides comprehensive intelligent healthcare services, from health consultations to intelligent medical examinations, improving patient care and operational efficiency [5] - Revenue from the health management platform decreased by 12.4%, attributed to ongoing adjustments in product offerings, while gross margins varied across different segments [6] - Operating expenses as a percentage of revenue have decreased, reflecting improved operational efficiency, with adjusted selling expenses dropping from 27% to 22% [7] - The company maintains a strong cash reserve of approximately RMB 3.74 billion, with a focus on stock buybacks and financial stability [8] - The big data platform generated RMB 134 million in revenue, a 7.5% increase, indicating growth in data-driven solutions for healthcare [9] - The company has participated in over 20 significant medical research projects, enhancing its reputation in clinical research and data analysis [11] - The company has implemented health management solutions in major Chinese cities, contributing to public health initiatives and demonstrating industry leadership [12] - Revenue from biological science solutions decreased by 15%, but the company focuses on high-quality customer engagement and improving client retention rates [13] - The company has made significant advancements in clinical research, completing 368 studies and achieving a 57% increase in pricing for high-demand indications [14] - The integration of AI in health management solutions has improved efficiency, with over 85% of customer interactions being handled by AI, significantly enhancing service delivery [17] - The company aims to provide personalized health management experiences through advanced AI technologies, targeting over 5 million users with tailored health services [18] Other Important but Possibly Overlooked Content - The company emphasizes the importance of data quality and security in healthcare, positioning data as a key driver of the data economy [3] - The integration of AI and big data platforms is seen as a way to enhance the usability of medical data and improve decision-making processes in healthcare settings [10] - The company is focused on maintaining a competitive edge in the healthcare sector by continuously innovating and improving service offerings [9][11]

Financial Data and Key Metrics Changes - The total revenue for the first half of the fiscal year 2025 was RMB 329 million, a decrease of 7.6% compared to the same period last year [5] - The adjusted EBITDA for existing business management shifted from a loss of RMB 890,000 in the same period last year to a profit of RMB 2.732 million, marking the best performance in historical terms [6] - The net loss narrowed from RMB 79.56 million in the same period last year to RMB 56.36 million, a reduction of 29.2% [6] Business Line Data and Key Metrics Changes - Revenue from the big data platform and solutions increased by 4.5% year-on-year [6] - Revenue from life sciences solutions decreased by 15.0% due to external environmental challenges [6] - Revenue from health management platform and solutions declined by 12.4% as the company focused on product portfolio adjustments [6] Market Data and Key Metrics Changes - The company has established a strong presence in the healthcare sector, providing data-driven solutions to regulatory agencies and policymakers across 30 cities and provinces [11] - The company has successfully implemented benchmark projects in major Chinese cities, enhancing its market leadership [12] Company Strategy and Development Direction - The company is focusing on AI-driven solutions across multiple business scenarios, including healthcare, pharmaceuticals, and health insurance [2] - The strategy includes developing public and private versions of AI models tailored for different user needs, enhancing user innovation and platform diversity [2][3] - The company aims to leverage its data governance capabilities to drive the data economy, particularly in healthcare [3] Management's Comments on Operating Environment and Future Outlook - Management believes that the current stock price is significantly undervalued and has engaged in stock buybacks to support the share price [8] - The company is optimistic about its future growth prospects, particularly in the healthcare sector, driven by its innovative AI solutions [8] Other Important Information - The company has accumulated a significant amount of medical data, which is crucial for its algorithmic models and applications [9] - The company has a strong client base in the life sciences sector, with 71 clients, including 16 of the top 20 multinational pharmaceutical companies [13] Q&A Session Summary Question: What are the company's future growth strategies? - The company plans to enhance its AI capabilities and expand its applications in healthcare, pharmaceuticals, and insurance sectors, focusing on user-driven solutions [2][3] Question: How does the company view its current stock valuation? - Management believes the stock is undervalued and has initiated buybacks to support the share price, indicating confidence in future performance [8] Question: What are the key challenges faced in the life sciences segment? - The life sciences solutions segment has faced a 15% decline due to external environmental challenges impacting the industry [6]