讯飞医疗科技(02506) - 2025 - 中期业绩

Financial Highlights The company's financial performance for the six months ended June 30, 2025, shows significant revenue growth of 30.26% to RMB 298.55 million and a substantial reduction in net loss by 38.48% to RMB 82.28 million Financial Highlights for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB '000) | 2024 (RMB '000) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 298,552 | 229,205 | 30.26% | | Gross Profit | 153,868 | 121,198 | 26.96% | | Loss Before Tax | (100,134) | (163,289) | (38.68)% | | Loss for the Period | (82,276) | (133,738) | (38.48)% | | Net Loss Attributable to Owners of the Parent | (74,086) | (129,653) | (42.86)% | Management Discussion and Analysis This section provides an in-depth analysis of the company's operational performance, financial position, and strategic initiatives for the reporting period Industry Overview and Core Technologies Driven by national policies and large model breakthroughs, the medical AI industry is booming, with the company's domestically trained 'iFlytek Spark Medical Large Model' maintaining a leading edge in key technologies and applications - The company launched iFlytek Spark Medical Large Model X1, based on deep reasoning technology, as the only medical deep reasoning large model trained with fully domestic computing power, outperforming GPT-4o and DeepSeek R1 in several key metrics[10] Key Capability Enhancements of iFlytek Spark Medical Large Model | Capability Metric | March 2025 (X1) | July 2025 (Upgraded) | | :--- | :--- | :--- | | General Practice Assisted Diagnosis Accuracy Rate | 94.0% | 95.0% | | Health Consultation Answering Rate | 89.0% | 91.5% | | Physical Examination Report Interpretation Accuracy Rate | - | 86.3% | | Hospital Cardiology Primary Diagnosis Accuracy Rate | 90.1% | 91.2% | - In the first half of 2025, the company's total R&D investment (including R&D expenses and development expenditures) was RMB 134.2 million, accounting for 44.9% of total revenue for the reporting period[17] - The company maintains multiple advantages in industry implementation, including massive professional knowledge data accumulation, fully self-developed large model technology, systematic innovative AI capabilities combining general and specialized applications, a robust technology implementation and service assurance system, and a firm commitment to fully localized hardware and software solutions[16][18] Business Review In the first half of 2025, total revenue grew 30.3% to RMB 298.6 million, with gross profit up 27.0% to RMB 153.9 million, driven by strong growth in regional and grassroots solutions Revenue and Gross Profit Breakdown by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 Revenue (RMB '000) | Revenue Share | YoY Growth | 2025 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Grassroots Solutions | 83,812 | 28.1% | 52.3% | 50.6% | | Regional Solutions | 57,625 | 19.3% | 178.1% | 25.9% | | Hospital Solutions | 52,862 | 17.7% | -10.0% | 61.5% | | Patient Management Services | 104,253 | 34.9% | 10.1% | 61.4% | | Total | 298,552 | 100.0% | 30.3% | 51.5% | - The company's business is closely aligned with its mission of 'AI Assistant for Every Doctor, AI Health Assistant for Everyone,' upgrading its business classification into four major segments to empower government regulation, hospital efficiency, and personal health management through AI[23] Grassroots Solutions Driven by 'Smart Doctor Assistant,' this business saw revenue grow 52.3% to RMB 83.8 million, covering over 75,000 grassroots medical institutions with enhanced AI diagnostic accuracy - As of June 30, 2025, Smart Doctor Assistant covered 697 districts and counties nationwide, serving over 75,000 grassroots medical institutions[25] Key Operational Data for Smart Doctor Assistant | Metric | Cumulative Data | | :--- | :--- | | AI Assisted Diagnosis Suggestions | Over 1.01 billion times | | Standardized Electronic Medical Records Generated | Over 390 million copies | | Valuable Medical Records with Corrected Diagnoses | Over 1.763 million cases | | Unreasonable Prescriptions Identified | Over 110 million copies | - For the six months ended June 30, 2025, Grassroots Solutions recorded revenue of RMB 83.8 million, a 52.3% year-on-year increase, accounting for 28.1% of total revenue[26] Regional Solutions This business achieved a strong 178.1% revenue growth to RMB 57.6 million, primarily due to the widespread adoption of AI infectious disease prevention and control solutions across multiple provinces - For the six months ended June 30, 2025, Regional Solutions recorded revenue of RMB 57.6 million, a 178.1% year-on-year increase, accounting for 19.3% of total revenue, primarily driven by the application of AI infectious disease prevention and control solutions in multiple provinces[29] - AI Medical Insurance Solutions have covered 3,236 medical institutions in 86 counties, with an average detection rate of unreasonable expenditures reaching 3.9%, ranking among the industry leaders[28] Hospital Solutions Revenue for this segment decreased by 10.0% to RMB 52.9 million, as large model updates temporarily slowed application promotion, yet the 'three-in-one' smart hospital solution is deployed in over 500 hospitals - For the six months ended June 30, 2025, Hospital Solutions recorded revenue of RMB 52.9 million, a 10.0% year-on-year decrease, accounting for 17.7% of total revenue[31] - The AI medical record quality control system increased medical record quality inspection coverage from less than 5% with traditional manual sampling to 100% full coverage driven by AI[31] - iFlytek Spark Medical Large Model has been implemented in over 20 leading hospitals nationwide and has established deep collaborations with top medical institutions such as Sichuan Huaxi Hospital and Shandong Qilu Hospital[30] Patient Management Services As the largest revenue source, this segment grew 10.1% to RMB 104.3 million, driven by AI post-diagnosis patient management, imaging cloud, and the 'iFlytek Xiaoyi' app, which surpassed 24 million downloads - For the six months ended June 30, 2025, Patient Management Services recorded revenue of RMB 104.3 million, a 10.1% year-on-year increase, accounting for 34.9% of total revenue[37] - As of June 30, 2025, the iFlytek Xiaoyi APP downloads exceeded 24 million, with over 140 million AI consultations completed and a user satisfaction rate of 98.0%[36] - In the first half of 2025, the number of offline partner stores for smart hearing aids expanded from 227 to 380, representing a 67.4% increase[37] Financial Review Total revenue increased by 30.3%, with gross margin stable at 51.5%, while net loss significantly narrowed by 38.5% to RMB 82.3 million, supported by increased bank borrowings Operating Performance Analysis Revenue growth was driven by grassroots and regional solutions, with gross profit increasing 27.0% to RMB 153.9 million, while effective cost control led to a 38.5% reduction in net loss - Gross margin slightly decreased from 52.9% in the prior year to 51.5%, showing minimal fluctuation[40] - Selling expenses increased by 16.7% year-on-year to RMB 102.1 million, primarily due to higher staff costs and advertising expenses; R&D expenses decreased by 15.4% year-on-year to RMB 114.5 million, mainly due to reduced share option and intangible asset amortization[43][45] Reconciliation of Non-IFRS Measures | Metric (RMB '000) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Loss for the Period | (82,276) | (133,738) | | Add: Equity-settled share-based payments | 16,099 | 28,632 | | Add: Listing expenses | — | 18,735 | | Adjusted Net Loss for the Period | (66,177) | (86,371) | Liquidity and Capital Resources As of June 30, 2025, the company held RMB 743.9 million in cash, with net cash outflow from operations of RMB 169.2 million, leading to an increase in bank borrowings and a debt-to-asset ratio of 60.4% Condensed Cash Flow Statement (For the Six Months Ended June 30) | Item (RMB Million) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (169.2) | (134.1) | | Net Cash Used in Investing Activities | (24.2) | (7.8) | | Net Cash From Financing Activities | 260.6 | 101.4 | | Cash and Cash Equivalents at End of Period | 743.9 | 102.0 | - Bank borrowings increased from RMB 244.8 million at the end of 2024 to RMB 513.5 million as of June 30, 2025[59] - The debt-to-asset ratio (total liabilities/total assets) increased from 52.8% at the end of 2024 to 60.4% as of June 30, 2025[60] Outlook and Human Resources The company will pursue a 'top-tier technology, grounded application' strategy, focusing on leading AI medical technology and serving government, hospitals, and patients, supported by 928 employees and a total staff cost of RMB 167.6 million - The company will steadfastly implement its 'top-tier' (maintaining globally leading AI medical technology) and 'grounded' (focusing on critical social needs, serving GBC clients) development strategies[68] - As of June 30, 2025, the Group had 928 full-time employees, a slight increase from 911 at the end of 2024[69] - For the six months ended June 30, 2025, total staff remuneration and welfare expenses amounted to RMB 167.6 million[71] Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, including the income statement, statement of financial position, and selected notes, reflecting revenue growth and reduced losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the reporting period, revenue reached RMB 298.6 million, a 30.3% increase, with gross profit at RMB 153.9 million, up 27.0%, leading to a narrowed loss of RMB 82.28 million Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (RMB '000) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Revenue | 298,552 | 229,205 | | Gross Profit | 153,868 | 121,198 | | Loss Before Tax | (100,134) | (163,289) | | Loss and Total Comprehensive Expenses for the Period | (82,276) | (133,738) | | Loss Attributable to Owners of the Company | (74,086) | (129,653) | | Basic Loss Per Share (RMB) | (0.61) | (1.14) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets were RMB 2,323 million, total liabilities RMB 1,402 million, and net assets RMB 921 million, with increases in both assets and liabilities driven by trade receivables and bank borrowings Summary of Condensed Consolidated Statement of Financial Position | Item (RMB '000) | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 466,982 | 408,745 | | Current Assets | 1,855,774 | 1,681,192 | | Total Assets | 2,322,756 | 2,089,937 | | Current Liabilities | 1,157,438 | 1,000,289 | | Non-current Liabilities | 244,653 | 102,806 | | Total Liabilities | 1,402,091 | 1,103,095 | | Net Assets | 920,665 | 986,842 | Notes to the Financial Statements (Selected) These notes detail revenue breakdown by business line and type, highlighting a major customer contributing over 10% of total revenue, and provide an aging analysis of trade receivables and payables Disaggregation of Revenue from Contracts with Customers (By Business Line) | Business Line (RMB '000) | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Grassroots Solutions | 83,812 | 55,042 | | Regional Solutions | 57,625 | 20,722 | | Hospital Solutions | 52,862 | 58,727 | | Patient Management Services | 104,253 | 94,714 | | Total | 298,552 | 229,205 | - During the reporting period, revenue from Customer A was RMB 39.03 million, accounting for 13.1% of total revenue, making them a major customer[89][90] Other Information This section covers the company's corporate governance, compliance, and the utilization of IPO proceeds, confirming adherence to governance codes and the review of interim financial statements by auditors Corporate Governance and Compliance The company maintains high corporate governance standards, complying with all applicable code provisions of the Listing Rules, with its interim financial statements reviewed by Deloitte Touche Tohmatsu - The company complied with the applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2025[103] - The Group's interim financial statements have been reviewed by its auditor, Deloitte Touche Tohmatsu, in accordance with Hong Kong Standard on Review Engagements 2410[105] - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[108] Use of Proceeds from Listing The company, listed in December 2024, had net IPO proceeds of approximately HKD 507.1 million, with HKD 75.7 million utilized for operations, R&D, and product upgrades, and the remaining HKD 431.4 million planned for use by end of 2026 Use of Proceeds from Listing and Utilization (HKD Million) | Item | Planned Percentage | Utilized During Reporting Period | Unutilized at Period End | | :--- | :--- | :--- | :--- | | Investment in R&D, Strengthening Core Capabilities | 32.3% | 12.0 | 152.0 | | Upgrading and Developing Products | 26.6% | 9.1 | 125.9 | | Strengthening Commercialization Capabilities | 24.7% | 5.5 | 119.6 | | Potential Acquisitions | 6.4% | — | 32.3 | | Working Capital and Others | 10.0% | 49.1 | 1.6 | | Total | 100% | 75.7 | 431.4 |