Core Insights - The company, known for its pioneering work in medical AI, has launched the "ShuKunkun" multimodal healthcare model and Digital Human 4.0 technology platform, aiming to transform the entire medical ecosystem from imaging diagnosis to hierarchical treatment [1][3]. Company Development - Since the introduction of the world's first coronary CTA product in 2017, the company has developed over 100 digital doctor products and obtained 17 Class III NMPA certifications, significantly innovating the diagnostic paradigm in radiology [3]. - The "ShuKunkun" model, which can analyze images, understand text, and apply clinical logic, is a key component of the company's strategy to evolve AI from a supportive tool to a core driver of the diagnostic ecosystem [3][4]. Technological Capabilities - The "ShuKunkun" model has demonstrated superior diagnostic accuracy, outperforming human doctors in complex liver disease diagnoses during an industry competition [3][4]. - The model integrates knowledge, reasoning, and experience, enabling it to assist doctors in making informed clinical decisions by processing various types of medical data [4]. Application Scenarios - The Digital Human 4.0 platform supports 12 core workflows in imaging, enhancing efficiency in hospitals by reducing report writing time by 50% and accelerating research data processing [4][5]. - The company has introduced an AI solution for ultrasound that supports comprehensive body examinations and has improved computational power by 50% [5]. Collaborative Initiatives - The company is collaborating with hospitals to implement the model across various departments, providing comprehensive patient management and operational support [5]. - A "Digital Doctor Intelligent Team" has been established to enhance the efficiency of chronic disease management and integrate medical prevention at the grassroots level [5]. Hardware Innovations - The company has developed AI-native hardware that allows seamless deployment across different healthcare settings, from top-tier hospitals to community clinics [6]. - A partnership with Huawei has led to the creation of a medical model computing machine that optimizes computational resources for AI applications [6]. Future Directions - The company has initiated the "ShuKunkun Model Open Co-construction Plan," inviting industry partners to collaboratively build a medical AI ecosystem [6]. - The Digital Human 4.0 platform is envisioned as an open platform that integrates AI across the entire healthcare chain, contributing to the Healthy China strategy [6].

持续推动医疗影像领域变革。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 数坤科技 日前在 CMEF 上亮相了升级后的 "数坤坤" 多模态医疗健康大模型 （以下简称"数坤坤"大模型） 。 依托这一前沿大模型，数坤科技推出了数字人体 4.0技术平台以及平台之上被"数坤坤"大模型全面赋 能升级后的数智影像、数智超声、数智医院、数智基层解决方案，和一系列加载了"数坤坤"能力的AI 原生硬件。 数坤科技创始人、董事长毛新生 表示， 数字人体 4.0将带动医疗健康产业升级进入新阶段，希望通 过数字化的人体，让所有的医生在为病人服务时能拥有跟今天完全不同的智能化手段。数坤在大模型 本身以及模型应用方面，都走在全世界的前列。 作为医疗垂类大模型， "数坤坤"已经可以识别出CT、MR、DR、X-ray、钼靶以及超声等模态的影 像数据，深刻理解患者的生化检查、诊断报告、既往病史和现病史等文本信息。同时，在学习了公域 这种创新模式相当于为医生配备了处理繁琐工作的 "智能助手"，显著提升诊疗效率与质量；同时为 患者提供24小时在线的"专属医生"，实现个性化的健康管 ...

Group 1 - Shenzhen People's Hospital, Shukun Technology, and Huawei have formed a deep collaboration to deploy the DeepSeek-R1 model and the "Shukun Kun" multi-modal healthcare model, enhancing the hospital's medical and research capabilities [3] - The platform equipped with DeepSeek and "Shukun Kun" medical models will provide comprehensive research support, enabling rapid construction of multi-modal databases and offering data analysis tools for researchers [5] - The global first peritoneal dialysis model was launched by Shenzhou Medical and Sun Yat-sen University First Affiliated Hospital, utilizing advanced DHC+DeepSeek dual-engine architecture for precise understanding and processing of complex information in the field [7] Group 2 - Yingxi Intelligent has deployed its first bipedal humanoid robot named "Supervisor" in its AI-driven fully automated drug discovery laboratory, aimed at enhancing laboratory operations [10] - The innovative implantable neurostimulation system by Boruikang has passed the review by the National Medical Products Administration, marking a significant advancement in medical technology [12] - The commercial production base for small nucleic acid drugs by Zhaowei Technology has officially commenced operations, featuring advanced equipment and a total designed capacity of 48 production lines [20] Group 3 - Zhengxu Bio's self-developed base editing drug CS-101 has successfully treated a Malaysian patient with beta-thalassemia, marking another significant achievement in gene editing therapy [23] - The OCT intravascular imaging catheter developed by Weiguang Medical has received registration approval for dual indications, enhancing diagnostic efficiency in coronary and carotid artery diseases [26] - The first platelet-related cell new drug XJ-MK-002 has been granted orphan drug designation by the FDA for treating congenital thrombocytopenia, showcasing innovation in rare disease treatment [28] Group 4 - The new generation PI3Kα inhibitor JYP0035 capsule has received approval for clinical trials, aimed at treating PIK3CA mutated, HR-positive, HER2-negative breast cancer, indicating strong R&D capabilities [30] - The first domestically developed antibacterial fishbone suture line has been approved by the NMPA, representing a breakthrough in surgical materials [43] - The flexible ultrasound probe project led by Suzhou Nolaisheng Technology has been approved as a national key research and development project, highlighting advancements in ultrasound technology [39]

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Views - The company's revenue and profit growth for 2024 exceeded Bloomberg consensus expectations, driven by increases in product sales and advertising revenue [7]. - The company has strengthened its self-operated advantages and enhanced the competitiveness of its online platform and instant retail business, achieving complementary advantages across three business models [7]. - The daily average transaction amount reached 1,164.74 million HKD, with over 1.84 million active users by the end of 2024 [7][8]. Financial Performance Summary - For 2024, the company reported revenue of 582 billion RMB, a year-on-year increase of 8.6%, with a gross profit of 133 billion RMB and a gross margin of 22.9% [5][10]. - Adjusted operating profit was 2.6 billion RMB, corresponding to an operating margin of 4.5%, while adjusted net profit reached 4.8 billion RMB, reflecting a year-on-year growth of 15.9% [5][10]. - The company expects revenues of 660 billion RMB in 2025, 741 billion RMB in 2026, and 820 billion RMB in 2027, with adjusted net profits of 4.5 billion RMB, 4.9 billion RMB, and 5.4 billion RMB respectively [9][10]. Market Position and User Engagement - The company has expanded its online medical insurance payment capabilities, significantly enhancing user conversion rates and reducing medication costs for users [7]. - The AI health assistant "KangKang" has served over 30 million users, achieving a problem-solving rate of 70% [8].

Investment Rating - The report does not explicitly state an investment rating for the industry [5] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.06%, underperforming compared to the Wind All A index (2.43%) and the CSI 300 index (1.39%). The AI + healthcare sector experienced a significant rebound [10][11] - Key sectors that performed well include in vitro diagnostics (4.45%), active pharmaceutical ingredients (2.08%), and hospitals (1.85%). Conversely, offline pharmacies (-0.59%) and medical devices (-0.08%) saw declines [10][11] - The government work report emphasized strengthening basic medical and health services, implementing a health-first development strategy, and promoting the coordinated development of healthcare, medical insurance, and pharmaceuticals [12][14] - On March 8, Huawei announced the establishment of a healthcare division, aiming to integrate its expertise in 5G, cloud computing, and edge computing to develop AI-assisted diagnostic solutions [12][14] Weekly Market Review - The pharmaceutical and biotechnology sector increased by 1.06%, lagging behind the Wind All A index (2.43%) and the CSI 300 index (1.39%). The AI + healthcare direction showed a notable rebound [10] - The top-performing sub-sectors included in vitro diagnostics (4.45%), active pharmaceutical ingredients (2.08%), and hospitals (1.85%), while offline pharmacies (-0.59%) and medical devices (-0.08%) were the worst performers [10][11] - The top three gaining stocks were Hotgen Biotech (38.63%), Berry Genomics (34.39%), and Anbiping (25.72%), while the top three losing stocks were Jiangsu Wuzhong (-14.34%), ST Sansheng (-9.83%), and Baile Tianheng-U (-9.44%) [12][14] Industry News and Key Company Announcements - The government work report highlighted the need to enhance basic medical services and improve the healthcare system, including reforms in public hospitals and drug procurement policies [12][14] - Huawei's new healthcare division aims to leverage its technological strengths to accelerate the development of medical AI models for clinical applications [12][14] - On March 8, Ausgen announced that the FDA accepted its new drug application for AUKONTALS, a treatment for amyotrophic lateral sclerosis, with a decision expected by October 23, 2025 [12][14] - CloudTop announced the successful administration of its mRNA personalized cancer vaccine EVM16 in a clinical trial, marking a significant milestone in its development [12][14]