从业务板块看，大数据平台和解决方案（AI for Medical）板块表现稳健，收入达人民币1.53亿元，同比 增长14.6%。该板块客户覆盖持续扩大，已服务于127家中国知名医院及44个监管机构和政策制定者。 生命科学解决方案（AI for Life Science）板块收入达1.38亿元，公司在该领域保持着高客户黏性，在头 部20家跨国药企中，客户覆盖率达17家，报告期内支持了多个具有重大临床价值的项目。受行业政策利 好的影响，健康管理平台和解决方案（AI for Care）板块收入同比激增30.3%至人民币6667万元，报告 期内，医渡科技连续三年主运营的"深圳惠民保"参保人数再创新高，突破615万人。 分析认为，医渡科技本财年上半年在营收稳步增长的同时，亏损大幅收窄、现金流显著改善，印证了其 战略聚焦与精细化运营的成效。在AI医疗行业从技术构建迈向体系化赋能的新周期中，其充裕的现金 储备和全链路生态布局，为其持续创新并最终实现可持续盈利提供了关键支撑。 在全球医疗人工智能产业进入规模化落地的关键阶段，AI医疗企业医渡科技（02158）交出了一份彰显 业务韧性与盈利质量提升的半年成绩单。根据其11月27 ...

Core Insights - Yidu Technology (02158) reported a revenue of approximately 358 million yuan for the six months ending September 30, 2025, representing a year-on-year growth of 8.7% [1] - Gross profit reached about 134 million yuan, up 14.2% year-on-year, while the loss for the period narrowed to 15.76 million yuan, a 72% improvement compared to the previous year [1] Revenue Breakdown - The big data platform and solutions segment generated revenue of 153 million yuan, an increase of 14.6% year-on-year, primarily driven by expanded business opportunities due to policy support [1] - The health management platform and solutions segment reported revenue of 66.6 million yuan, reflecting a 30.3% year-on-year increase, mainly due to changes in the product mix [1] Technological Advancements - YiduCore, the company's core algorithm engine, continued to advance the development and training of large language models in the medical vertical, utilizing over 500 billion high-quality tokens for training [1] - The model processed and analyzed over 1.3 billion patient visits and nearly 7 billion authorized medical records, creating a dataset system covering more than 98 specific diseases [1] Industry Engagement - During the reporting period, the company provided solutions to 127 top hospitals in China and 44 regulatory bodies and policymakers, covering over 10,000 hospitals cumulatively [2] - The company leveraged "data elements × AI technology" to solidify its data intelligence foundation and accelerate the scaling of intelligent applications [2] Client and Market Position - The number of life sciences clients served by the company reached 88, with 17 out of the top 20 multinational pharmaceutical companies as clients [2] - The health management platform maintained a leading position in core cities, serving as the main operating platform for "Shenzhen Huiminbao" for three consecutive years and "Beijing Huiminbao" for five years [2] User Engagement - The "Shenzhen Huiminbao" insurance volume reached a new high during the reporting period, with the number of insured individuals surpassing 6.15 million, cumulatively serving over 18 million people in three years [2] - The number of active users who completed at least one transaction on the health management platform exceeded 22 million [2]

Core Viewpoint - The AI medical company Yidu Tech (02158) has demonstrated business resilience and improved profitability in its interim results for the fiscal year 2026, with significant revenue growth and a substantial reduction in losses [1][2] Financial Performance - Total revenue reached RMB 358 million, representing an 8.7% increase compared to the same period last year [1] - Losses decreased sharply by 72%, nearing breakeven [1] Business Segments - The AI for Medical segment generated revenue of RMB 153 million, a year-on-year increase of 14.6%, with a customer base expanding to 127 well-known hospitals and 44 regulatory bodies [1] - The AI for Life Science segment reported revenue of RMB 138 million, maintaining high customer loyalty with a coverage rate of 17 out of the top 20 multinational pharmaceutical companies [1] - The AI for Care segment saw a revenue surge of 30.3% to RMB 66.67 million, with the "Shenzhen Huimin Insurance" program reaching over 6.15 million insured individuals [1] Strategic Focus - The company’s strategic focus and refined operations have led to steady revenue growth, significant loss reduction, and improved cash flow [2] - The ample cash reserves and comprehensive ecosystem layout support ongoing innovation and the pursuit of sustainable profitability in the evolving AI medical industry [2]

Group 1 - The company Yidu Technology (医渡科技) reported interim results for the six months ending September 30, 2025, with revenue of approximately 358 million yuan, an increase of 8.7% year-on-year; gross profit was about 134 million yuan, up 14.2% year-on-year; and the loss narrowed to 15.76 million yuan, a decrease of 72% year-on-year [1] - The big data platform and solutions segment generated revenue of 153 million yuan, a year-on-year increase of 14.6%, primarily benefiting from expanded business opportunities driven by policy support [1] - The health management platform and solutions segment reported revenue of 66.6 million yuan, a year-on-year increase of 30.3%, mainly due to changes in the product mix [1] Group 2 - YiduCore, the company's core algorithm engine, continued to advance the research and training of large language models in the medical vertical during the reporting period, training on over 500 billion high-quality tokens and analyzing nearly 7 billion authorized medical records from over 1.3 billion patient visits, creating a dataset system covering more than 98 specific diseases [2] - The model won the "Best Paper Award" and the championship in the "Medical NLP Code Auto-Generation Evaluation" at the 11th China Health Information Processing Conference (CHIP 2025) and also secured first place in the medical health track at the 2025 "Data Element ×" competition in Jiangxi [2] - As an important ecological partner in the national artificial intelligence application pilot base in Beijing's medical field, YiduCore achieved large-scale deployment across medical, pharmaceutical, and health insurance sectors through a "one base, multiple applications" model, fully implementing a comprehensive solution across "medicine - pharmaceuticals - insurance - patients" [2] Group 3 - During the reporting period, the company provided solutions to 127 top hospitals in China and 44 regulatory agencies and policymakers, covering over 10,000 hospitals in total [3] - The company utilized a dual-driven approach of "data elements × AI technology" to solidify its data intelligence foundation and accelerate the large-scale application of intelligent solutions [3] - The large model technology assisted multiple hospitals in upgrading their data governance and research platforms, with clinical research expanding into oncology, respiratory, and traditional Chinese medicine disciplines, while the doctor Copilot product matrix achieved full coverage of the diagnosis and treatment process, with over 50,000 uses in a single hospital [3]

Group 1 - The company reported total revenue of RMB 358.1 million for the six months ending September 30, 2025, representing a year-on-year growth of 8.7% [1] - Revenue from the big data platform and solutions increased by 14.6%, while revenue from the health management platform and solutions grew by 30.3%, driven by policy support and expanded business opportunities [1] - The company's loss narrowed to RMB 15.8 million, a decrease of 72.0% year-on-year, indicating improved operational efficiency and cost control [1] Group 2 - The core algorithm engine, YiduCore, advanced the development of large language models in the medical vertical, utilizing over 500 billion high-quality tokens and analyzing nearly 7 billion authorized medical records [2] - YiduCore won the championship in the "Medical NLP Code Automatic Generation Evaluation" and the "Best Paper Award" at the 11th China Health Information Processing Conference (CHIP 2025) [2] - The company provided solutions to 127 top hospitals in China and 44 regulatory agencies, covering over 10,000 hospitals, and supported significant upgrades in data governance and research platforms [3] Group 3 - The health management platform maintained a leading position in core cities, serving as the main operating platform for "Shenzhen Huimin Insurance" for three consecutive years and "Beijing Huimin Insurance" for five years [3] - The number of insured individuals under "Shenzhen Huimin Insurance" exceeded 6.15 million, with a cumulative service of over 18 million people in three years, reflecting increasing brand loyalty [3] - Active users on the health management platform who completed at least one transaction surpassed 22 million [3]

Core Insights - The company reported total revenue of RMB 358.1 million for the six months ending September 30, 2025, representing an 8.7% year-on-year increase, driven by significant growth in its big data and health management platforms [1] - The company narrowed its losses to RMB 15.8 million, a 72.0% reduction compared to the previous year, while cash flow from operating activities saw a 56.0% year-on-year decrease in net outflow [1] - YiduCore, the company's core algorithm engine, has made significant advancements in developing large language models for the healthcare sector, processing over 13 billion patient records [2] Financial Performance - Total revenue reached RMB 358.1 million, with big data platform revenue increasing by 14.6% and health management platform revenue growing by 30.3% [1] - The company’s loss for the period was reduced to RMB 15.8 million, indicating improved operational efficiency [1] - Cash reserves totaled RMB 2.0993 billion, reflecting a strong liquidity position [1] Technological Advancements - YiduCore has trained its large language model using over 500 billion high-quality tokens and has built a dataset covering more than 98 specific diseases [2] - The company won multiple awards for its medical NLP capabilities, including first place in the healthcare track at the "Data Elements ×" competition [2] Market Engagement - The company provided solutions to 127 top hospitals and 44 regulatory bodies, covering over 10,000 hospitals in total [3] - The number of life sciences clients reached 88, with 17 out of the top 20 multinational pharmaceutical companies as clients [3] - The health management platform has maintained a leading position in core cities, with over 6.15 million insured under the "Shenzhen Hui Min Bao" program [3]

Revenue Performance - For the six months ended September 30, 2025, the total revenue reached RMB 358.1 million, representing an 8.7% year-over-year increase[6]. - Revenue from the big data platform and solutions segment was RMB 153.2 million, up 14.6% compared to RMB 133.7 million in the same period last year[6]. - The health management platform and solutions segment saw a significant growth of 30.3%, with revenue increasing to RMB 66.7 million from RMB 51.2 million[6]. - Revenue for the reporting period reached RMB 138.3 million, a decrease of 4.4% year-on-year[20]. - Revenue increased by 8.7% from RMB 329.4 million for the six months ended September 30, 2024, to RMB 358.1 million for the six months ended September 30, 2025, driven by growth in the big data platform and health management solutions segments[32]. - Revenue from the big data platform and solutions segment rose by 14.6% from RMB 133.7 million to RMB 153.2 million, benefiting from expanded business opportunities due to policy support[32]. - Revenue from the health management platform and solutions segment surged by 30.3% from RMB 51.1 million to RMB 66.6 million, primarily due to changes in the product mix[32]. - Customer contract revenue for the six months ended September 30, 2025, was RMB 358,105 thousand, an increase of 8.3% compared to RMB 329,448 thousand for the same period in 2024[68]. Profitability and Loss - Gross profit for the period was RMB 134.0 million, reflecting a 14.2% increase from RMB 117.4 million in the previous year[6]. - Gross profit increased from RMB 117.4 million to RMB 134.0 million, with gross margin improving from 35.6% to 37.4%[34]. - Operating loss narrowed to RMB 15.7 million, a 71.0% improvement from a loss of RMB 54.3 million in the same period last year[6]. - Period loss reduced by 72.0% from RMB 56.4 million to RMB 15.8 million[41]. - Net loss for the period was RMB 15,760 thousand, a substantial reduction from RMB 56,362 thousand in the previous year[68]. - The company reported a basic and diluted loss per share of RMB 0.01 for the six months ended September 30, 2025, compared to RMB 0.04 in the same period of 2024[69]. Cash Flow and Financial Management - The net cash outflow from operating activities decreased by 56.0% year-over-year, indicating improved cash management[8]. - Cash and cash equivalents decreased from RMB 3,309.1 million to RMB 2,099.3 million as of September 30, 2025[42]. - Other income for the six months was RMB 80,916 thousand, slightly down from RMB 82,937 thousand in 2024[68]. - Total operating expenses, including cost of sales, sales and marketing expenses, administrative expenses, and R&D expenses, amounted to RMB 442,731,000 for the six months ended September 30, 2025, slightly up from RMB 435,455,000 in 2024[84]. User Engagement and Market Reach - The active user base on the health management platform exceeded 22 million, with over 615,000 participants in the "Shenzhen Hui Min Bao" insurance program[10]. - The "Shenzhen Huiminbao" program reached over 6.15 million participants, a historical high, with cumulative claims exceeding 390,000[24]. - Active users on the health management platform exceeded 22 million as of September 30, 2025[27]. Research and Development - The company has focused on breakthroughs in AI model development for the medical vertical, investing in a medical large language model with 70 billion parameters, trained on over 500 billion high-quality tokens[12]. - The AI-driven patient recruitment agent based on medical record understanding has significantly improved the efficiency of clinical trial recommendations and data utilization[14]. - The company has developed a lightweight application model that closely matches the performance of larger parameter models, reducing hardware computational requirements[12]. - The company has established a solid partnership network with key medical institutions and research organizations, enhancing its "AI + Medical Insurance" capabilities[21]. Awards and Recognition - The company has been recognized with industry awards, including first prize in the medical health track at the "Data Element X" competition and the best paper award at the CHIP 2025 conference[13]. Corporate Governance and Future Plans - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the reporting period[55]. - The board of directors does not recommend the distribution of an interim dividend for the six months ended September 30, 2025[67]. - The company has no major investments or capital asset plans for the future as of September 30, 2025[46].

健康管理平台和解决方案（HMPS）新增河北和广州两地"惠民保"业务。 机构：光大证券 研究员：付天姿/王贇 事件：近期公司在AI 医疗创新领域取得多项进展，包括深度参与北京市医疗领域国家人工智能应用中 试基地、中标III 期临床研究项目、新增河北和广州两地"惠民保"业务。 深度参与中试基地建设，以核心技术共筑AI 医疗创新高地。9 月12 日，公司作为北京市医疗领域国家 人工智能应用中试基地的核心生态伙伴，深度参与平台建设与场景创新，推动多项标杆项目落地：开发 区域级受试者招募AI智能体，全面提升受试者招募效率与精准度，解决临床研究受试者招募难、招募 慢的核心痛点，已在6 个项目中落地验证；开发北京市AI 应用插件程序，以统一入口方式整合集成多 AI 应用，大幅减轻医疗机构用户操作和系统集成负担。2025 年8 月，国务院发布《关于深入实施"人工 智能+"行动的意见》，文件指出，要优化应用发展环境，布局建设一批国家人工智能应用中试基地。 而后，上海、北京、广州、浙江相继宣布启动医疗领域国家人工智能应用中试基地，我们认为公司基于 医疗大模型技术将深度受益。 生命科学解决方案（LSS）中标III 期临床研究项目， ...

Investment Rating - The report maintains a "Buy" rating for Yidu Technology (2158.HK) [4] Core Insights - Yidu Technology has made significant advancements in AI medical innovation, including deep involvement in the National AI Application Pilot Base in Beijing and winning a Phase III clinical research project [1][2] - The company has expanded its health management platform and solutions by launching "Hui Min Bao" insurance services in Hebei and Guangzhou, enhancing its service reach [3] - Revenue and profit forecasts have been adjusted downward due to slower-than-expected progress in the AI digital therapy business, but the long-term market share is expected to improve [4] Summary by Sections AI Medical Innovation - Yidu Technology is a core partner in the National AI Application Pilot Base in Beijing, focusing on building a "data-algorithm-scenario" closed-loop for AI medical innovation [1] - The company has developed AI recruitment agents to improve clinical trial participant recruitment efficiency, successfully implemented in six projects [1] Clinical Research Projects - The company won a Phase III clinical research project for SMR001 eye drops, valued at approximately RMB 55.82 million, which is expected to enhance its market share in the long term [2] Health Management Solutions - The launch of "Hui Min Bao" in Hebei and Guangzhou has attracted over 200,000 participants on the first day, with the company serving over 40 million users across multiple provinces [3] Financial Forecasts - Revenue forecasts for FY2026 and FY2027 have been reduced by 19.4% and 24.9% to RMB 797 million and RMB 896 million, respectively, while FY2028 revenue is projected at RMB 1.007 billion [4][5] - The net profit forecast for FY2026 and FY2027 has been adjusted to -RMB 85 million and -RMB 36 million, with a positive net profit of RMB 8 million expected in FY2028 [4][5]

Core Insights - The three principles proposed by the founder of Yidu Technology, Ms. Gong Rujing, emphasize that AI should not replace doctors, should remain contextually relevant, and should not abandon inclusivity in healthcare [1][9] - The forum held in Kuala Lumpur gathered global investment leaders and industry experts to discuss the future of AI in healthcare [1] Group 1: AI in Healthcare - Ms. Gong Rujing highlighted that there is no "universal AI," but rather precise solutions that fit into workflows, emphasizing the need for high-quality medical data and seamless integration into the entire diagnostic and treatment process [3][4] - Yidu Technology's "AI Medical Brain" YiduCore has processed over 6 billion medical records, establishing a robust foundation for AI applications in healthcare [4] - The company has developed over 1,000 intelligent agents covering various clinical needs, significantly improving efficiency and standardization in areas like oncology [4][6] Group 2: Inclusivity in Healthcare - The ultimate mission of AI in healthcare is to provide accessible and affordable health services to everyone, as stated by Ms. Gong Rujing [6] - Yidu Technology has participated in the development of health insurance projects across multiple provinces, offering insurance products with annual premiums as low as 100 yuan, benefiting millions [6][7] - The company has served over 40 million insured users, demonstrating the social equity driven by technology [6] Group 3: Globalization and Localization - Ms. Gong Rujing emphasized that globalization in AI healthcare should not be a mere replication of solutions but should involve "technology generalization + local adaptation" to create value with local partners [8] - Yidu Technology has implemented localized projects, such as the BruHealth digital health platform in Brunei, covering over 60% of the population [8] - The company is also involved in Singapore's "MIC@Home" project, supporting remote monitoring and management of discharged patients [8]