智云健康（09955.HK）获“年度转型先锋奖”：AI驱动战略升级，P2M模式打开成长新空间

Core Insights - The article highlights that Zhiyun Health (09955.HK) won the "Annual Transformation Pioneer Award" for its outstanding performance in strategic transformation, business restructuring, and sustainable growth [1][4] - The award recognizes companies that achieve high-quality development and create long-term value through proactive changes in a dynamic market environment [1] Strategic Focus and Financial Transformation - Zhiyun Health has shifted from a scale expansion model to a focus on "AI SaaS + P2M" for high-quality growth [4] - The company has divested non-core businesses, such as medical supplies, to concentrate resources on digital chronic disease management, marking a strategic focus rather than mere contraction [5] Financial Performance - In the first half of 2025, Zhiyun Health reported a 20.3% year-on-year revenue growth after excluding the impact of divested businesses, demonstrating resilience in core business growth [6] - The gross margin reached 37.1%, an increase of over 16 percentage points year-on-year, indicating a successful shift from scale-driven to quality-driven business [6] - The company achieved a historic positive operating cash flow of 28.65 million yuan, marking its first positive cash flow since listing, validating its high-value strategy [7] AI SaaS + P2M Dual-Engine Model - Zhiyun Health has developed a dual-engine model of "AI SaaS + P2M," which enhances its business transformation and provides a sustainable core momentum [9] - The company's SaaS systems cover over 2,700 hospitals and nearly 270,000 pharmacies, establishing a vast digital service network that supports data accumulation and patient insights [10] - The P2M model generated 260 million yuan in revenue in the first half of 2025, a 142.1% year-on-year increase, and has become a profitable growth driver [11] Technological Advancements - The company continues to explore core technologies, with its self-developed "Zhiyun Medical Brain" and various AI models enhancing operational efficiency and aiding in diagnosis and research [12] - The integration of advanced AI technology is crucial for the effective operation of the dual-engine model and building long-term competitive barriers [12] Future Outlook - With the recognition of the "Annual Transformation Pioneer Award," Zhiyun Health has successfully transitioned from a digital service provider to a chronic disease management ecosystem re-builder [14] - The company aims to solidify its leading position in digital chronic disease management while leveraging technology to reconstruct medical value and empower the future of the industry [14]