Core Viewpoint - The AI medical market has significant potential, and iFlytek Medical Technology (02506) possesses a self-developed foundational large model, continuously enhancing its performance ceiling. The company is the most prominent player in the AI medical sector, benefiting from policy incentives and national projects, warranting ongoing attention [1]. Group 1: Shareholder Actions - Major shareholders, including the parent company iFlytek Co., Ltd. and key investors, voluntarily extended the lock-up period for their shares by one year until December 29, 2026, committing not to reduce their holdings during this period. As of the announcement date, these shareholders collectively held 52,758,395 H-shares, accounting for 68.25% of the total H-share capital and 72.86% of the total share capital [2]. - The voluntary extension of the lock-up period reflects the high recognition of the company's future development by key stakeholders, indirectly confirming the AI medical strategy and long-term growth potential. The high shareholding ratio of core shareholders helps stabilize market growth expectations and supports stock prices positively [3]. Group 2: Technological Advancements - In March 2025, the company launched the "iFlytek Spark Medical Model X1," the only medical deep reasoning model fully trained using domestically produced computing power. In real-world testing, its general auxiliary diagnosis accuracy reached 94.0%. By July 2025, the model's capabilities were upgraded, with the general auxiliary diagnosis accuracy improving to 95.0%, health consultation response rate to 91.5%, and major cardiovascular diagnosis accuracy to 91.2%. The model significantly outperformed international counterparts like OpenAI o3 and DeepSeek R1 in key medical tasks [4]. - The deep integration of the self-developed "Spark" model provides the company with a strong technological barrier, ensuring data security and autonomous control, which are critical for government and large public hospitals. This creates a significant entry advantage in the G-end and B-end markets [4]. Group 3: Market Outlook and Financial Projections - The integration of AI in healthcare is a clear direction for policy growth, with the company positioned to benefit as a leading player. Despite traditional medical IT investments facing pressure, the government emphasizes using AI to enhance grassroots diagnosis and optimize resource allocation, as outlined in various policy documents [5]. - Revenue forecasts for the company are projected at 930 million yuan, 1.21 billion yuan, and 1.58 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-sales ratios of 8.5x, 6.5x, and 5x [5].