Financial Performance - Revenue for the fiscal year ending March 31, 2023, was RMB 804.7 million, a decrease of 35.0% year-over-year, primarily due to delays in project bidding, on-site implementation, and customer acceptance caused by the prolonged impact of COVID-19[18] - The company's annual loss decreased to RMB 632.4 million, down 17.5% year-over-year, with adjusted net loss narrowing to RMB 448.7 million, a 22.2% decrease[18] - Adjusted net loss decreased by 22.2% year-on-year, and net cash outflow from operating activities decreased by 41.9% year-on-year[10] - Revenue decreased by 35.0% from RMB 1,237.2 million in FY2022 to RMB 804.7 million in FY2023, primarily due to declines in the Big Data Platform and Solutions segment and Life Science Solutions segment[37] - Big Data Platform and Solutions revenue decreased by 50.1% from RMB 444.9 million in FY2022 to RMB 221.9 million in FY2023, mainly due to delays in customer bidding, on-site implementation, and acceptance caused by the prolonged impact of COVID-19[37] - Life Science Solutions revenue decreased by 29.6% from RMB 359.4 million in FY2022 to RMB 252.9 million in FY2023, primarily due to delays in on-site implementation and delivery caused by COVID-19[37] - Health Management Platform and Solutions revenue decreased by 22.4% from RMB 424.9 million in FY2022 to RMB 329.9 million in FY2023, mainly due to product structure adjustments[37] - Gross margin improved from 32.3% in FY2022 to 34.1% in FY2023, with the Health Management Platform and Solutions segment showing a significant increase from 27.7% to 40.7% due to product structure adjustments[40] - R&D expenses decreased by 7.1% from RMB 368.7 million in FY2022 to RMB 342.5 million in FY2023, but R&D expenses as a percentage of revenue increased from 29.8% to 42.6%[43] - Operating loss decreased by 17.9% from RMB 767.4 million in FY2022 to RMB 630.0 million in FY2023[44] - Annual loss decreased by 17.5% from RMB 766.4 million in FY2022 to RMB 632.4 million in FY2023[46] - Adjusted net loss for the fiscal year ended March 31, 2023, was RMB 448.7 million, compared to RMB 577.0 million in the previous fiscal year[47][48] - Cash and cash equivalents, term deposits, margin bank deposits, restricted bank balances, and deposits totaled RMB 3,522.0 million as of March 31, 2023, down from RMB 3,732.1 million in the previous year[50] - The company's wholly-owned subsidiary, Marvelous Panda Inc., invested $40.0 million in the YD Capital I L.P. fund, representing 40% of the fund's commitments, with RMB 557,748.0 already contributed as of March 31, 2023[51] - The company sold 20% of its issued shares in EVYD Technology Limited for $55.0 million, increasing its "other reserves" by RMB 316.6 million and "non-controlling interests" by RMB 59.9 million[52] - The company's investment commitments as of March 31, 2023, were RMB 284.0 million, primarily related to the remaining capital contributions to the YD Capital I L.P. fund[57] - Total payroll costs for the fiscal year ended March 31, 2023, were RMB 777.7 million, down from RMB 982.5 million in the previous fiscal year[59] - The company recorded a foreign exchange loss of RMB 84.6 million for the fiscal year ended March 31, 2023, compared to RMB 6.6 million in the previous fiscal year[55] Business Segments and Solutions - The company's life science solutions segment covers 16 out of the top 20 global MNC clients, with 17 out of the top 20 revenue-generating clients being listed companies[6] - The company's public health solutions can cover all 40 infectious diseases defined by the Chinese Center for Disease Control and Prevention[6] - The company's diabetes digital therapy product, based on its self-developed technology, has been approved by the US FDA and the Hainan Provincial Drug Administration[6] - The company's big data platform and solutions segment launched a new generation of hospital scenario intelligent solutions, upgrading the full-disease database platform and the YiduEywa 2.0 data center[6] - The company's network covers over 800 hospitals and 1,500 healthcare institutions, with 26 billion+ medical records processed and analyzed[7] - The company's knowledge graph covers over 90,000 medical topics and 10,000+ diseases, with disease models established in over 70 disease areas[7] - The company's epidemic response and prediction algorithms have been validated in 23 provinces and cities[7] - YiduCore has processed over 3.4 billion medical records covering more than 800 million patients, with a hospital network covering over 1,500 hospitals[13] - The company's knowledge graph covers over 10,000 diseases, and its specialized disease database spans more than 70 disease areas[13] - The company has served a cumulative total of 204 real-world research projects as of March 31, 2023[14] - The company's self-developed epidemic judgment algorithm has been validated in 23 provinces and cities across China[15] - The company's YiduEywa2.0, a next-generation data intelligence platform, has been deployed in leading hospitals in Central and Southern China[11] - The company's real-world research platform for a high-lipidemia project saved approximately 10% of research costs and reduced the project timeline to 2 years[15] - The company's public health intelligent monitoring and early warning solution covers all 40 infectious diseases defined by the China CDC[15] - The company's health management platform had 20 million active users who completed at least one transaction as of March 31, 2023[20] - YiduCore's medical knowledge graph covers over 90,000 medical topics and more than 10,000 diseases, supporting mapping for nearly 10 medical standard terminologies[21] - The company's diabetes digital therapy product received FDA approval and was also approved by the Hainan Provincial Medical Products Administration in China[16] - The company served 4 provinces and 12 cities in China's urban insurance programs, with over 90% of users located in the top 15 GDP-ranked provincial regions as of March 31, 2023[16] - The company provided solutions to 88 top-tier research hospitals and 34 regulatory agencies and policymakers in China as of March 31, 2023[20] - YiduCore has established disease models in over 70 disease areas and can accurately identify more than 15,000 medical semantic fields[21] - The company's big data platform and solutions segment revenue was RMB 221.9 million, a 50.1% decrease compared to the previous fiscal year due to COVID-19-related delays in project bidding, implementation, and customer acceptance[24] - The company increased its total number of top-tier research hospital clients by 6 to 88 and added 8 regulatory and policymaker clients, bringing the total to 34 as of March 31, 2023[24] - The company launched YiduEywa2.0, a next-generation data center platform, to support hospital digital transformation and research output acceleration[25] - The company secured a contract exceeding RMB 10 million for a multi-center clinical research support platform at a top-tier hospital in Central China[25] - The company collaborated on the release of China's first standardized dataset for liver cirrhosis, improving data quality and integration of clinical resources[22] - The company published 15 disease-specific standardized datasets in collaboration with experts and authoritative institutions as of March 31, 2023[22] - The company's epidemic response and prediction algorithms have been validated in 23 provinces and cities across China[22] - The company's Life Science Solutions segment revenue was RMB 252.9 million, a year-on-year decrease of 29.6% as of March 31, 2023[31] - The company has conducted 255 clinical studies, including 204 prospective and retrospective real-world studies, as of March 31, 2023[31] - The company's intelligent clinical trial management services cover 174 clinical trial institutions as of March 31, 2023[31] - The company has 167 active clients, including 154 core pharmaceutical, biotech, and medical device clients as of March 31, 2023[31] - The revenue retention rate of the company's top 10 clients is 94.1% as of March 31, 2023[31] - The company organized 18 live-streaming events, attracting over 4,000 clinical researchers, as of March 31, 2023[31] - The company's Life Science Solutions team has an average of 8 years of experience across clinical research, data science, and AI as of March 31, 2023[32] - The company developed a digital solution for the COVID-19 drug Xiannuoxin®, accelerating its market launch[29] - The company won the "Best Partner" award for its role in the development of Xiannuoxin®[29] - The company's real-world evidence services helped a multinational client's drug for eosinophilic granulomatosis with polyangiitis (EGPA) gain inclusion in China's national medical insurance catalog[30] - Health management platform and solutions revenue decreased by 22.4% YoY to RMB 329.9 million due to product structure adjustments[33] - The company's "Huiminbao" business has expanded to 4 provinces and 12 cities, covering over 90% of users in China's top 15 GDP-ranked provincial regions[33] - The 2023 "Beijing Universal Health Insurance" saw a 14% YoY increase in participants, reaching 3.5 million, while "Jiangsu Yihui Insurance No. 1" grew 58% YoY to 5.08 million participants[33] - Over 85% of beneficiaries in the "Beijing Universal Health Insurance" utilized fast claim services, significantly reducing claim processing time[34] - The company's diabetes digital therapy product received FDA approval and was also approved by the Hainan Provincial Medical Products Administration in China[34] - Active users on the health management platform reached 20 million by March 31, 2023[34] - The company plans to expand its regional coverage and enhance product offerings in the health management sector[36] - The company aims to strengthen its "YiduCore" technology to improve product iteration efficiency and deepen disease research[35] - The company will focus on increasing high-quality customer penetration and repurchase rates across business segments[35] - The company is exploring international market opportunities and strategic partnerships to enrich its ecosystem[35] Technology and Innovation - The company's adjusted net loss is defined as the annual loss plus (i) share-based compensation expenses and (ii) net foreign exchange losses[5] - The company's knowledge graph covers over 90,000 medical topics and 10,000+ diseases, with disease models established in over 70 disease areas[7] - The company's epidemic response and prediction algorithms have been validated in 23 provinces and cities[7] - Over half of the company's employees have medical backgrounds, and nearly one-third have AI/data technology experience[8] - The company's order backlog as of March 31, 2023, was RMB 916.5 million, a year-on-year increase of 45.8%[10] - YiduCore has processed over 3.4 billion medical records covering more than 800 million patients, with a hospital network covering over 1,500 hospitals[13] - The company's knowledge graph covers over 10,000 diseases, and its specialized disease database spans more than 70 disease areas[13] - The company has served a cumulative total of 204 real-world research projects as of March 31, 2023[14] - The company's self-developed epidemic judgment algorithm has been validated in 23 provinces and cities across China[15] - The company has obtained over 800 patents and was awarded the title of "National Intellectual Property Advantage Enterprise" in 2022[12] - The company's YiduEywa2.0, a next-generation data intelligence platform, has been deployed in leading hospitals in Central and Southern China[11] - The company's real-world research platform for a high-lipidemia project saved approximately 10% of research costs and reduced the project timeline to 2 years[15] - The company's public health intelligent monitoring and early warning solution covers all 40 infectious diseases defined by the China CDC[15] - YiduCore has processed and analyzed over 800 million patients' 3.4 billion medical records, covering more than 1,500 hospitals as of March 31, 2023[20] - YiduCore's medical knowledge graph covers over 90,000 medical topics and more than 10,000 diseases, supporting mapping for nearly 10 medical standard terminologies[21] - The company's diabetes digital therapy product received FDA approval and was also approved by the Hainan Provincial Medical Products Administration in China[16] - The company served 4 provinces and 12 cities in China's urban insurance programs, with over 90% of users located in the top 15 GDP-ranked provincial regions as of March 31, 2023[16] - The company provided solutions to 88 top-tier research hospitals and 34 regulatory agencies and policymakers in China as of March 31, 2023[20] - YiduCore has established disease models in over 70 disease areas and can accurately identify more than 15,000 medical semantic fields[21] - The company's cash outflow from operating activities narrowed by 41.9% year-over-year[20] - The company's big data platform and solutions segment revenue was RMB 221.9 million, a 50.1% decrease compared to the previous fiscal year due to COVID-19-related delays in project bidding, implementation, and customer acceptance[24] - The company increased its total number of top-tier research hospital clients by 6 to 88 and added 8 regulatory and policymaker clients, bringing the total to 34 as of March 31, 2023[24] - The company launched YiduEywa2.0, a next-generation data center platform, to support hospital digital transformation and research output acceleration[25] - The company secured a contract exceeding RMB 10 million for a multi-center clinical research support platform at a top-tier hospital in Central China[25] - The company collaborated on the release of China's first standardized dataset for liver cirrhosis, improving data quality and integration of clinical resources[22] - The company published 15 disease-specific standardized datasets in collaboration with experts and authoritative institutions as of March 31, 2023[22] - The company's epidemic response and prediction algorithms have been validated in 23 provinces and cities across China[22] - The company won first prize in the Beijing Healthcare Data Innovation Application Competition, showcasing its AI capabilities[23] - The company was recognized as a "National Intellectual Property Advantage Enterprise" in 2022, highlighting its innovation and IP management strengths[23] - The company participated in building Wuhan's public health emergency command system, recognized as a replicable digital health demonstration case[26] - The company's Life Science Solutions segment revenue was RMB 252.9 million, a year-on-year decrease of 29.6% as of March 31, 2023[31] - The company has conducted 255 clinical studies, including 204 prospective and retrospective real-world studies, as of March 31, 2023[31] - The company's intelligent clinical trial management services cover 174 clinical trial institutions as of March 31, 2023[31] - The company has 167 active clients, including 154 core pharmaceutical, biotech, and medical device clients as of March 31, 2023[31] - The revenue retention rate of the company's top 10 clients is 94.1% as of March 31, 2023[31] - The company organized 18 live-streaming events, attracting over 4,000 clinical researchers, as of March 31, 2023[31] - The company's Life Science Solutions team has an average of 8 years of experience across clinical research, data science, and AI as of March 31, 2023[32] - The company developed a digital solution for the COVID-19 drug Xiannuoxin®, accelerating its market launch[29] - The company won the "Best Partner" award for its role in the development of Xiannuoxin®[29] - The company's real-world evidence services helped a multinational client's drug for eosinophilic granulomatosis with polyangiitis (EGPA) gain inclusion in China's national medical insurance catalog[30] - Health management platform and solutions revenue decreased by 22.4% YoY to RMB 329.9 million due to product structure adjustments[33] - The company's "Huiminbao" business has expanded to 4 provinces and 12 cities, covering over 90% of users in China's top 15 GDP-ranked provincial regions[33] - The 2023 "Beijing Universal Health Insurance" saw a 14% YoY increase in participants, reaching 3.5 million, while "Jiangsu Yihui Insurance No. 1" grew 58% YoY to 5.08 million participants[33] - Over 85% of beneficiaries in the "Beijing Universal Health Insurance" utilized fast claim services, significantly reducing claim processing time[34] - The company's diabetes digital therapy product received FDA approval and was also approved by the Hainan Provincial Medical Products Administration in China[34] - Active users on the health management platform reached 20 million by March 31, 2023[34] - The company plans to expand its regional coverage and enhance product offerings in the health management sector[36] - The company aims to strengthen its "YiduCore" technology to improve product iteration efficiency and deepen disease research[35] - The company will focus on increasing high-quality customer penetration and repurchase rates across business segments[35] - The company is exploring international market opportunities and strategic partnerships to enrich its ecosystem[35] - Revenue decreased by 35.0% from RMB 1,237.2 million in FY2022 to RMB 804.7 million in FY2023, primarily due to declines in the Big Data Platform and Solutions segment and Life Science Solutions segment[37] - Big Data Platform and Solutions revenue decreased by 50.1% from RMB 444.9 million
医渡科技(02158) - 2023 - 年度财报