医渡科技(02158) - 2025 - 年度财报

Company Information This section provides essential corporate information, including registration details and contact points Core Financial and Operational Data FY2025 Performance Overview In FY2025, the company's total revenue decreased to RMB 715 million, but annual loss significantly narrowed to RMB 135 million, a 38.9% reduction year-on-year, with improved operating efficiency and expanding YiduCore capabilities Financial Performance Summary | Indicator | FY2024 | FY2025 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Revenue | RMB 807.1 million | RMB 715.0 million | -11.4% | | Annual Loss | RMB 221 million | RMB 135 million | -38.9% | | Net Cash Flow from Operating Activities | -RMB 326 million | -RMB 249 million | +23.8% | Revenue by Business Segment | Business Segment | FY2024 Revenue (RMB million) | FY2025 Revenue (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Big Data Platform and Solutions | 313.6 | 345.9 | +10.3% | | Life Science Solutions | 324.0 | 247.1 | -23.8% | | Health Management Platform and Solutions | 169.5 | 122.0 | -28.0% | - The company's operating expenses as a percentage of revenue continuously decreased from 105% in FY2023 to 66% in FY2025, indicating significant improvement in operational efficiency[12] YiduCore Core Operating Metrics | YiduCore Core Operating Metrics | Data | | :--- | :--- | | Authorized Medical Records Processed | 6 billion+ items | | Patient Visits Covered | 1.15 billion+ | | Professional Training Tokens | 500 billion+ | | Top-tier Hospitals Covered | 110 institutions | | Hospital Network Covered | 4,000+ institutions | | Active Life Science Clients | 132 clients | | Active Health Management Platform Users | Over 24 million people | Chairman's Statement Chairwoman Gong Yingying emphasized the company's steadfast 'focus' strategy, leveraging its core AI engine YiduCore to deepen AI applications across healthcare, pharmaceuticals, and insurance, significantly narrowing losses despite revenue decline - The company firmly executes its “focus” strategy, building core competitive barriers through a reinforced “data-algorithm-scenario” closed loop[18] Financial Highlights | Financial Indicator | FY2025 Amount | Year-on-Year Change | | :--- | :--- | :--- | | Total Revenue | RMB 715.0 million | -11.4% | | Annual Loss | RMB 135.2 million | -38.9% (Best in historical comparable period) | | Net Cash Outflow from Operating Activities | Not Applicable | Narrowed by 23.8% year-on-year | - The core engine YiduCore has cumulatively processed 6 billion medical records for 1.15 billion patient visits and continues to invest in large model R&D, building full-stack capabilities from underlying computing power to multi-parameter model deployment[19] - The company focuses on three core areas: Big Data Platform and Solutions (AI for Medical), Life Science Solutions (AI for Life Science), and Health Management Platform and Solutions (AI for Care)[21][22][23] Business Review Provides a comprehensive overview of the company's operational performance across its key business segments and strategic initiatives Financial Highlights For the fiscal year ended March 31, 2025, total revenue was RMB 715 million, a 11.4% decrease, with mixed segment performance, but annual loss significantly narrowed by 38.9% to RMB 135 million Financial Indicators (RMB thousand) | Financial Indicator (RMB thousand) | FY2025 | FY2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 714,979 | 807,076 | (11.4%) | | — Big Data Platform and Solutions | 345,888 | 313,634 | 10.3% | | — Life Science Solutions | 247,112 | 324,044 | (23.7%) | | — Health Management Platform and Solutions | 121,979 | 169,398 | (28.0%) | | Gross Profit | 239,182 | 339,445 | (29.5%) | | Operating Loss | (134,149) | (219,919) | (39.0%) | | Annual Loss | (135,223) | (221,242) | (38.9%) | - The Board does not recommend the payment of a final dividend for the fiscal year ended March 31, 2025[28] YiduCore Core Technology Platform YiduCore, the company's 'AI medical brain', serves as the core algorithm engine and technological foundation, with continuous investment in medical vertical large language models and extensive data processing capabilities - YiduCore forms the company's core competitive barrier through a closed loop of “data-driven algorithms, algorithm-empowered scenarios, and scenario-feedback data”[33] YiduCore Technical Indicators | YiduCore Technical Indicators | Data/Achievements | | :--- | :--- | | Training TOKEN Corpus | 500 billion+ | | Model Parameter Versions | 8B, 13B, 70B, 100B | | Medical Records Processed | 6 billion items (covering 1.15 billion patient visits) | | Disease Knowledge Graph | Basically covers all known diseases | | Specialized Disease Databases | Covers over 90 disease types | | Computing Power Adaptation | First in China's medical field to adapt to full-chain domestic and international high-end chips | | Authoritative Evaluation | Ranked first in the National Health Commission's triage and navigation evaluation | - The AI mid-end platform based on YiduCore has been deployed in dozens of top-tier Grade A tertiary hospitals nationwide, and has built an “AI clinical assistant” tool embedded in doctors' diagnostic processes, significantly improving diagnostic efficiency[36] Big Data Platform and Solutions (AI for Medical) This segment provides data intelligence platforms and solutions to hospitals and regulatory bodies, achieving RMB 345.9 million in revenue, a 10.3% year-on-year increase, with core product upgrades and widespread AI mid-end deployment Key Metrics | Indicator | Data | | :--- | :--- | | Revenue for the Reporting Period | RMB 345.9 million | | Year-on-Year Growth | 10.3% | | Top-tier Hospital Clients | 110 institutions | | Regulatory Agency Clients | 44 institutions | - Core products have been fully upgraded, with AI Mid-end 2.0 deployed in over 30 Grade A tertiary hospitals within three months of its launch, which can reduce medical record writing time from 5 minutes to 30 seconds[37] - The company collaborated with top experts (e.g., Academician Teng Gaojun's team) to jointly launch China's first intelligent agent for liver cancer diagnosis and treatment, realizing the digitalization and widespread accessibility of top expert diagnostic capabilities[38] Life Science Solutions (AI for Life Science) This segment provides intelligent support for the entire drug and medical device R&D lifecycle, with RMB 247.1 million in revenue, a 23.7% year-on-year decrease, but gross margin improved by 1.4 percentage points to 33.5% Key Metrics | Indicator | Data | | :--- | :--- | | Revenue for the Reporting Period | RMB 247.1 million | | Year-on-Year Change | -23.7% | | Gross Margin | 33.5% (up 1.4 percentage points year-on-year) | | Top 20 Client Revenue Retention Rate | 87.51% | | Multinational Pharmaceutical Client Coverage | Serves 16 of the global Top 20 | - The self-developed i-series solution matrix covers clinical development, research design, and commercialization prediction, driving “cost reduction, speed-up, and quality improvement” in drug R&D[40] - Significant progress was made in oncology and ophthalmology, winning multiple Phase III clinical trial projects, including an ophthalmology project exceeding RMB 50 million[43][44] Health Management Platform and Solutions (AI for Care) This segment offers AI-powered health management solutions, generating RMB 122.0 million in revenue, a 28.0% year-on-year decrease, primarily due to product mix changes, while consolidating 'Huiminbao' business and expanding active user base Key Metrics | Indicator | Data | | :--- | :--- | | Revenue for the Reporting Period | RMB 122.0 million | | Year-on-Year Change | -28.0% | - Core business involves “Huiminbao” project operations, with continuous operation of “Shenzhen Huiminbao” for three consecutive years (6.09 million participants in 2024) and “Beijing Huiminbao” for four consecutive years (over 15 million cumulative participants)[46] - AI technology empowers insurance operations, improving claims processing efficiency by 50%-70% compared to traditional methods, with over 85% of customer service tasks handled by AI intelligent customer service[47] - As of March 31, 2025, the number of active users who completed at least one transaction on the health management platform exceeded 24 million[50] Business Outlook The company's future strategy focuses on four key directions: continuous investment in YiduCore, deepening research in core diseases, enhancing customer experience through AI, and enriching the ecosystem via strategic collaborations - Big Data Platform and Solutions will strengthen the “one horizontal, one vertical” strategy, horizontally expanding hospital networks and application scenarios, and vertically deepening research in key disease areas[52] - Life Science Solutions will continue to iterate i-series intelligent solutions, focusing on the generation and application of Real-World Evidence (RWE), and expanding its high-quality customer base[53] - Health Management Platform and Solutions will increase active users through diversified channels and explore new models for AI-powered health management services[53] Management Discussion and Analysis Provides management's perspective on the company's financial performance, liquidity, and capital resources, highlighting key drivers and trends Financial Performance Analysis In FY2025, total revenue decreased by 11.4% to RMB 715 million, primarily due to declines in life science and health management solutions, but operating and annual losses significantly narrowed by 39.0% and 38.9%, respectively, driven by reduced operating expenses Financial Performance (RMB million) | Item | FY2024 (RMB million) | FY2025 (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 807.1 | 715.0 | -11.4% | | Cost of Sales and Services | 467.6 | 475.8 | +1.7% | | Gross Profit | 339.4 | 239.2 | -29.5% | | Gross Margin | 42.1% | 33.5% | -8.6pp | | Sales and Marketing Expenses | 208.9 | 139.2 | -33.4% | | Administrative Expenses | 171.3 | 146.4 | -14.6% | | Research and Development Expenses | 232.9 | 186.5 | -19.9% | | Operating Loss | 219.9 | 134.1 | -39.0% | | Annual Loss | 221.2 | 135.2 | -38.9% | - The percentage of each operating expense to revenue decreased: sales and marketing expenses from 25.9% to 19.5%, administrative expenses from 21.2% to 20.5%, and R&D expenses from 28.9% to 26.1%[59][61][63] Liquidity and Capital Resources As of March 31, 2025, the company maintained ample cash reserves totaling RMB 3.309 billion, primarily funded by shareholder contributions and IPO proceeds, with a net cash position and improved capital gearing ratio Cash and Cash Equivalents (RMB million) | Indicator (RMB million) | March 31, 2024 | March 31, 2025 | | :--- | :--- | :--- | | Cash and cash equivalents, time deposits, etc | 3,409.9 | 3,309.1 | - The company committed to investing USD 40 million in fund YD Capital I L.P. in October 2022, with USD 6.6 million invested as of March 31, 2025, leaving an outstanding investment commitment of RMB 249 million[68][77] - As of March 31, 2025, the Group had 823 employees, with product R&D and technical personnel accounting for the largest proportion at 326 employees; total remuneration costs for the fiscal year significantly decreased to RMB 417.6 million from RMB 566.3 million in the previous fiscal year[78] Report of the Directors Details the board's activities, corporate governance practices, and compliance with regulatory requirements, including related party transactions and key business relationships Continuing Connected Transactions and Contractual Arrangements Due to foreign investment restrictions in China's value-added telecommunications services, the company controls relevant businesses and derives economic benefits through contractual arrangements with its Variable Interest Entities (VIEs) and their registered shareholders - To circumvent foreign investment restrictions, the company controls Variable Interest Entities (VIEs) through contractual arrangements, thereby gaining actual control and economic benefits from their operations[92] VIE Financial Contribution | Consolidated Affiliated Entity (VIE) Financial Contribution | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue Contribution to Group's Total Revenue | 66.5% | 80.5% | | Total Assets as Percentage of Group's Total Assets | 15.2% | 15.6% | - Contractual arrangements primarily include exclusive business cooperation agreements, exclusive call option agreements, equity pledge agreements, and powers of attorney, ensuring the Wholly Foreign-Owned Enterprise (WFOE) controls VIEs and obtains all their profits[103][108][109][111] Major Customers and Suppliers Customer and supplier concentration remained reasonable during the reporting period, with the largest customer contributing 11.7% of total revenue and the largest supplier accounting for 12.4% of total purchases Customer Concentration | Customer Concentration | Percentage of Total Revenue | | :--- | :--- | | Largest Customer | 11.7% | | Top Five Customers | 36.1% | Supplier Concentration | Supplier Concentration | Percentage of Total Purchases | | :--- | :--- | | Largest Supplier | 12.4% | | Top Five Suppliers | 33.1% | Directors and Senior Management This section details the professional backgrounds and achievements of the company's Board of Directors and senior management, including recent changes in executive director appointments - Board member changes: Dr. Yan Jun resigned as Executive Director on January 27, 2025, and Dr. Xie Li was appointed as Executive Director on the same day, bringing extensive experience in real-world research and health economics to the Board[150][151][158] Environmental, Social and Governance Report Outlines the company's commitment and performance in environmental protection, social responsibility, and corporate governance, guided by its 'Tech for Good' philosophy ESG Philosophy and Strategy Yidu Tech's ESG strategy centers on 'Tech for Good', focusing on environmentally friendly green healthcare, socially responsible technology, and sustainable corporate governance, with the Board actively promoting ESG initiatives - The company's ESG strategy is built on three pillars: environmentally friendly green healthcare, socially responsible technology for good, and sustainable corporate governance[178][179][180] - In FY2025, the company received multiple ESG recognitions, including “Excellent Compliance Management Team” and “ESG Integrated Governance Benchmark Enterprise” awards[184][186] Sustainable Development Management The company established a three-tier ESG governance structure and a three-line-of-defense risk management system, identifying key ESG issues through materiality assessment to guide strategy and disclosure - The company established a three-tier ESG governance structure, with the Board making decisions, the ESG working group organizing, and functional departments executing[191][193] - The company identified 8 highly material ESG issues, including technology development and innovation, protection of customer privacy and data security, and compliance risk management[213][214] Employee Development and Rights The company is committed to building an inclusive workplace with a higher proportion of female employees, offering comprehensive talent development programs, and ensuring employee rights with 100% feedback resolution rate Employee Diversity and Composition (FY2025) | Employee Diversity and Composition (FY2025) | Data | | :--- | :--- | | Total Number of Employees | 823 people | | Percentage of Female Employees | 55.7% (458 people) | | Total Employee Turnover Rate | 25.39% | Employee Training (FY2025) | Employee Training (FY2025) | Data | | :--- | :--- | | Average Training Hours for Female Employees | 18.61 hours | | Average Training Hours for Male Employees | 8.83 hours | | Training Coverage for Full-time Entry-level Employees | 93.12% | | Training Coverage for Full-time Mid-level Management | 96.88% | Product Quality and Data Security The company excels in product innovation, with its medical large model topping MedBench evaluations, and maintains a robust information security management system with multiple certifications, ensuring data security and intellectual property protection - Yidu Tech's large model topped the MedBench evaluation list in May 2024 and ranked first in the National Health Commission's triage and navigation scenario competition in September of the same year[311][312] - The company has established a comprehensive data security and privacy protection system, obtaining multiple authoritative information security management system certifications, including ISO27001 and ISO27701 (Privacy Information Management)[352][355] Intellectual Property Data (2025) | Intellectual Property Data (2025) | Quantity | | :--- | :--- | | Domestic Registered Patents | 1,108 items | | Overseas Registered Patents | 101 items | | Total | 1,209 items | Environmental Management and Performance The company integrates climate risks and opportunities into its core strategy, achieving significant emission reductions through green office practices and energy efficiency, with a year-on-year decrease in Scope 2 GHG emissions Greenhouse Gas Emissions (tonnes of CO2 equivalent) | Greenhouse Gas Emissions (tonnes of CO2 equivalent) | FY2024 | FY2025 | | :--- | :--- | :--- | | Scope 1 (Direct) | 2.44 | 7.32 | | Scope 2 (Indirect) | 1,010.88 | 993.34 | | Total (Scope 1+2) | 1,013.32 | 1,000.66 | Resource Consumption | Resource Consumption | FY2024 | FY2025 | | :--- | :--- | :--- | | Total Water Consumption (cubic meters) | 3,008.6 | 3,998.96 | | Non-hazardous Waste Generated (kilograms) | 3,162.00 | 2,761 | Other Information Presents additional disclosures including details on share schemes and the utilization of proceeds from the global offering Share Schemes The company operates pre-IPO share option and post-IPO share award schemes, with 21,303,744 unexercised options under the pre-IPO plan and 12,595,500 shares awarded under the post-IPO plan during the reporting period - The post-IPO share option scheme was terminated on August 25, 2023, but options granted before termination remain exercisable[426] - During the reporting period, 12,595,500 shares were granted under the post-IPO share award scheme, with 839,905 awards revoked and 4,428,244 awards lapsed[422] Use of Proceeds from Global Offering Of the RMB 3.825 billion net proceeds from the global offering, RMB 2.885 billion has been utilized as of March 31, 2025, with the remaining funds' expected utilization delayed due to macroeconomic uncertainties Use of Proceeds (RMB million) | Purpose | Allocation Ratio | Net Proceeds (RMB million) | Unutilized as of March 31, 2025 (RMB million) | | :--- | :--- | :--- | :--- | | Strengthening Core Capabilities | 35% | 1,339 | 239 | | Further Business Expansion | 35% | 1,339 | — | | Strategic Partnerships, Investments, and Acquisitions | 20% | 765 | 701 | | Working Capital and General Corporate Purposes | 10% | 382 | — | - Due to the volatile macroeconomic environment, the expected full utilization of net proceeds for “strengthening core capabilities” and “strategic partnerships, investments, and acquisitions” has been delayed to March 31, 2026, and March 31, 2030, respectively[442] Corporate Governance Report This report details the company's corporate governance practices, confirming compliance with the Corporate Governance Code, with a noted deviation regarding the absence of a dividend policy to retain funds for business development - The company complies with the Corporate Governance Code, with the sole deviation being the absence of a dividend policy, aimed at retaining funds for business development[446][496] - The Board has three committees: Audit, Remuneration, and Nomination, whose composition and responsibilities comply with the Corporate Governance Code requirements[468] - The Board confirms its responsibility for risk management and internal control systems, having reviewed their effectiveness during the reporting period and deeming them effective and adequate[490][492] Independent Auditor's Report PricewaterhouseCoopers issued an unmodified audit opinion, affirming the fair presentation of the consolidated financial statements, while highlighting key audit matters related to revenue recognition for bundled contracts and expected credit loss assessment for trade receivables - The auditor issued an unmodified opinion, stating that the financial statements are true and fair[519] - Key Audit Matter 1: Revenue recognition for bundled contracts in the Big Data Platform and Solutions segment, due to significant management judgment involved in identifying performance obligations and allocating transaction prices[525][528] - Key Audit Matter 2: Assessment of expected credit losses for trade receivables and contract assets, due to significant management judgment and estimation involved in applying the simplified expected credit loss model[527][532][534] Consolidated Financial Statements Presents the company's complete consolidated financial statements, including the income statement, balance sheet, and cash flow statement, providing a detailed view of financial performance and position Consolidated Statement of Comprehensive Income For the year ended March 31, 2025, the company recorded RMB 715 million in revenue, an 11.4% year-on-year decrease, but significantly narrowed its annual loss to RMB 135 million from RMB 221 million in the prior year Consolidated Statement of Comprehensive Income (RMB thousand) | Item (RMB thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | 714,979 | 807,076 | | Gross Profit | 239,182 | 339,445 | | Operating Loss | (134,149) | (219,919) | | Loss for the Year | (135,223) | (221,242) | | Loss Attributable to Owners of the Company | (117,788) | (194,944) | | Loss Per Share (RMB) | (0.11) | (0.19) | Consolidated Statement of Financial Position As of March 31, 2025, total assets were RMB 4.689 billion, slightly lower than the prior year, with a significant increase in non-current assets and a stable equity base Consolidated Statement of Financial Position (RMB thousand) | Item (RMB thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 4,689,112 | 4,824,198 | | Non-current Assets | 722,140 | 390,124 | | Current Assets | 3,966,972 | 4,434,074 | | Total Liabilities | 711,370 | 732,205 | | Total Equity | 3,977,742 | 4,091,993 | Consolidated Statement of Cash Flows For the year ended March 31, 2025, net cash used in operating activities narrowed to RMB 249 million, with net cash generated from investing activities at RMB 117 million, resulting in a net decrease in cash and cash equivalents of RMB 112 million Consolidated Statement of Cash Flows (RMB thousand) | Item (RMB thousand) | FY2025 | FY2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (248,814) | (326,383) | | Net Cash Generated from Investing Activities | 116,708 | 466,903 | | Net Cash Generated from Financing Activities | 20,043 | 82,208 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (112,063) | 222,728 | | Cash and Cash Equivalents at Year-End | 1,316,397 | 1,407,620 | Notes to the Consolidated Financial Statements (Selected) These notes provide detailed accounting policies and financial data breakdowns, covering revenue recognition, segment information, trade receivables, and share-based compensation, offering deeper insights into the financial figures - Note 5 Segment Information shows that the Big Data Platform and Solutions segment was the only one to achieve revenue growth, increasing by 10.3% year-on-year[686] - Note 21 Trade Receivables indicates an increased proportion of receivables over 1 year old, with impairment provisions rising from RMB 170 million to RMB 205 million[741][745] - Note 30 Share-based Payment Expenses significantly decreased to RMB 6.705 million in the current fiscal year from RMB 58.71 million in the previous fiscal year[781] Financial Summary This section summarizes key financial data for the past five fiscal years (2021-2025), showing a revenue decline after peaking in FY2022, but a continuous narrowing of operating and annual losses for three consecutive years, indicating improving profitability Financial Summary (RMB thousand) | Item (RMB thousand) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 867,036 | 1,237,200 | 804,700 | 807,076 | 714,979 | | Operating Loss | (453,286) | (767,398) | (630,049) | (219,919) | (134,149) | | Loss for the Year | (3,694,817) | (766,360) | (632,361) | (221,242) | (135,223) | | Total Assets | 5,249,894 | 4,722,810 | 4,911,508 | 4,824,198 | 4,689,112 | | Total Equity | 4,752,188 | 4,007,466 | 4,156,151 | 4,091,993 | 3,977,742 |