Investment Rating - Buy (Maintained) [1] Core Views - YiduCore empowers full-scenario solutions, driving continuous profitability with adjusted EBITDA of RMB 27 million in FY1H25 [1] - Revenue declined by 7.6% YoY to RMB 329 million, primarily due to lower income from Life Science Solutions (LSS) and Health Management Platform and Solutions (HMPS) segments [1] - Gross margin decreased by 2.6pct to 35.6%, mainly due to changes in product mix [1] - Net loss attributable to shareholders narrowed to RMB 43 million from RMB 76 million in the same period last year [1] Business Segment Performance Big Data Platform Solutions (BDPS) - Revenue increased by 4.5% YoY to RMB 134 million, driven by YiduCore's full-scenario solutions [1] - Gross margin decreased by 7.8pct to 37.4% due to product mix changes [1] - YiduCore analyzed over 5.5 billion medical records from 1.1 billion patients and covered more than 2,800 hospitals [1] - The company launched a "Big Data + Large Language Model" dual-middle platform solution, focusing on a 70-billion-parameter model for medical vertical applications [1] Life Science Solutions (LSS) - Revenue decreased by 15.0% YoY to RMB 145 million, but gross margin improved by 1.9pct to 29.7% [1] - The top 20 multinational pharmaceutical companies are clients, with a customer retention rate of 117.45% [1] - The company's clinical trial solutions address industry pain points such as long timelines, high costs, and low success rates in drug development [1] Health Management Platform and Solutions (HMPS) - Revenue decreased by 12.4% YoY to RMB 51 million, with gross margin declining by 5.4pct to 47.8% [1] - The company maintained its leading position in "Huiminbao" business in core Chinese cities, with over 90% of users located in the top 15 GDP-ranked provinces [1] - The "Happy Health Tech" mini-program, integrated with the "Huiminbao" platform, was launched to enhance claims efficiency [1] Financial Forecasts and Valuation - Revenue forecasts for FY25-27 were revised downward by 11.0%/17.4%/23.3% to RMB 810/919/1,029 million due to underperformance in LSS and HMPS segments [1] - Adjusted EBITDA is expected to remain profitable, with net profit attributable to shareholders forecasted at RMB -187/-82/12 million for FY25-27 [1] - The "Buy" rating is maintained, supported by YiduCore's AI medical brain and full-scenario solutions [1] Financial Highlights - Total revenue for FY1H25 was RMB 329 million, with a gross profit of RMB 117 million [1] - Operating loss narrowed to RMB 228 million from RMB 630 million in FY2023 [3] - Net cash position stood at RMB 2,937 million as of FY2025E [5] - Free cash flow improved to RMB -362 million in FY2025E from RMB -751 million in FY2024 [7]
医渡科技：2025财年中期业绩点评报告：经调整EBITDA持续盈利，YiduCore赋能全场景解决方案落地