Core Viewpoint - Northeast Securities maintains an "overweight" rating on Yidu Tech (02158), highlighting significant improvements in market penetration in the medical intelligence sector and record-high gross margins for its self-developed i-series solutions during the fiscal year 2025 [1] Group 1: Market Penetration and Client Base - As of March 31, 2025, the company's big data platform serves 110 top hospitals in China and 44 regulatory agencies, covering over 4,000 hospitals [1] - The Copilot product matrix has been deployed in over 30 tertiary hospitals within three months, creating a complete closed loop of "data governance - intelligent training - scenario implementation," significantly enhancing market penetration in the medical intelligence field [1] - The life sciences segment has served 132 clients, with a revenue retention rate of 87.51% among the top 20 clients, 16 of which are multinational pharmaceutical companies [1] Group 2: Financial Performance and Competitive Edge - The self-developed i-series solutions cover the entire lifecycle of drug development, including clinical development, research design, and commercial risk assessment, with gross margins reaching 33.5%, a historical high, showcasing the company's core competitiveness in pharmaceutical R&D intelligence [1] - The company has been the main operating platform for "Shenzhen Huimin Insurance" for three consecutive years, with 6.09 million insured individuals in 2024, and has operated "Beijing Huimin Insurance" for four years, accumulating over 15 million insured instances [1] - The platform has over 24 million active users, all of whom have completed at least one transaction, indicating strong user reach and market acceptance of health management services, laying a solid foundation for future commercialization [1]