Core Viewpoint - The company held its 2024 annual performance briefing, where it engaged with investors and addressed various inquiries regarding its business strategies and performance metrics. Group 1: Company Performance - In 2024, the company achieved total revenue of 1.349 billion yuan, representing a year-on-year growth of 16.93% [6] - The net profit attributable to shareholders was 113 million yuan, an increase of 11.54% year-on-year [6] - The company's proprietary drug business generated 283 million yuan in revenue, marking a 44.31% increase compared to the previous year [6][7] Group 2: Business Strategy - The company is focused on a management-style medical strategy, which has led to a revenue growth of 25%-30% in its pharmaceutical and medical services sectors [4] - The company aims to enhance its digital health management services, covering the entire patient lifecycle, to improve drug sales and patient compliance [4][7] - The company plans to optimize its liver disease patient management system in response to the "Healthy China 2030" initiative [4] Group 3: Market Position and Future Outlook - The domestic market accounted for 36.72% of revenue, while the international market contributed 63.28% in 2024 [4] - The company is committed to becoming a professional and international management-style medical group, focusing on liver cancer screening and management [4][7] - The company anticipates that the market for its products will enter a rapid growth phase following the approval of the MASH indication by the FDA [4][8] Group 4: Product and Service Development - The company has developed a full-cycle management solution for liver disease, integrating screening, diagnosis, and treatment [4][7] - The FibroScan Go and box products have been installed in 651 units globally, becoming new revenue growth points for the company [7] - The company is enhancing its marketing strategies for its proprietary drugs and expanding its e-commerce channels to sustain high growth rates [6][7]

Core Insights - The article highlights the continuous progress and strategic partnerships of Yidu Technology in the AI healthcare sector, including collaborations with major hospitals and participation in industry conferences [1][3][5] Group 1: Strategic Partnerships and Collaborations - Yidu Technology has established a comprehensive strategic partnership with Beijing Friendship Hospital to co-build a clinical research smart laboratory, focusing on the application of large model technology in medical research [1] - The company collaborated with Peking University Cancer Hospital to develop the "CACA Guideline Assistant," an AI tool that integrates authoritative treatment guidelines with hospital systems to enhance clinical decision-making [17] - Yidu Technology has been the main operator of the "Shenzhen Huiminbao" insurance program for three consecutive years, serving over 34 million insured users across multiple provinces [17] Group 2: Industry Engagement and Recognition - Yidu Technology was recognized as the only AI healthcare company in the "Best IR Hong Kong Company" category at the 8th New Fortune Best IR Awards, reflecting its strong governance and investor relations [19] - The company actively participated in various high-profile industry conferences, sharing insights on how AI can empower public health and improve clinical trial processes [3][5][9] Group 3: Technological Innovations - Yidu Technology showcased its AI-driven solutions for clinical trials at the Future XDC New Drug Conference, emphasizing its end-to-end intelligent research ecosystem [5] - The company reported a significant increase in patient recruitment accuracy for clinical trials, achieving over three times improvement through its self-developed medical large model [13] - The establishment of the "AI Middle Platform" aims to address challenges in hospital smart applications, facilitating a comprehensive digital transformation in healthcare [15] Group 4: Market Position and Future Outlook - Yidu Technology's core advantages in AI healthcare have been recognized by multiple securities firms, with ratings ranging from "Buy" to "Outperform the Market," indicating strong growth potential [22] - The company is positioned to benefit from the increasing adoption of AI technologies in Chinese hospitals, supported by government initiatives [22]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [1] Core Insights - The pharmaceutical industry is experiencing continuous differentiation, with innovative drugs, raw materials, and CXO services performing well [3][4] - In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [3][71] - The first quarter of 2025 saw revenues of 601.7 billion yuan, a year-on-year decrease of 5.3%, and a net profit of 50.5 billion yuan, down 6.4% [3][71] Summary by Sections Innovative Drugs - In 2024, innovative drug companies generated revenue of 47.53 billion yuan, a year-on-year increase of 68.4, indicating strong momentum [3] - Domestic biotech companies are transitioning from R&D to commercialization, leading to significant revenue growth [3] Chemical Drugs - Chemical drug companies achieved revenue of 399.64 billion yuan in 2024, a year-on-year increase of 0.73%, with net profit rising by 13.25% [3] - The first quarter of 2025 saw revenues of 98.12 billion yuan, a year-on-year decline of 4.47% [3] Medical Devices - In 2024, the medical device sector generated revenue of 221.51 billion yuan, a year-on-year increase of 1.32%, but net profit fell by 13.22% [3] - The first quarter of 2025 reported revenues of 51.7 billion yuan, down 4.89% year-on-year [3] Biological Products - Blood products in 2024 generated revenue of 24.18 billion yuan, down 1.4%, while net profit increased by 14.47% [3] - Vaccine companies faced significant declines, with revenues dropping 45.3% in 2024 [3] Traditional Chinese Medicine - Traditional Chinese medicine saw revenues of 343.75 billion yuan in 2024, a decline of 4.1%, with net profit down 18.8% [3] Raw Materials - The raw materials sector achieved revenue of 122.58 billion yuan in 2024, a year-on-year increase of 7.9%, with net profit rising by 38.33% [3] Pharmaceutical Commerce - In 2024, pharmaceutical commerce companies generated revenue of 1.02531 trillion yuan, a year-on-year increase of 0.8%, but net profit fell by 13% [6] Medical Services - Medical service companies reported revenue of 77.66 billion yuan in 2024, down 2.0%, with net profit declining by 39.5% [6] CXO & Research Services - The CXO and research services sector generated revenue of 96.62 billion yuan in 2024, a year-on-year decrease of 3.92%, with net profit down 25.6% [6]

Investment Rating - Investment rating: Buy (maintained) [2][8] Core Views - The company is facing short-term pressure on performance in 2024, but is increasing R&D investment to build long-term advantages [2][6] - The company reported a revenue of 744 million yuan in 2024, a slight decrease of 0.17% year-on-year, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][9] - The company is focusing on the rehabilitation sector, which has significant long-term potential, while experiencing short-term profit pressure due to rising expense ratios [6][9] Financial Performance Summary - 2024 revenue: 744 million yuan (yoy -0.17%); net profit: 103 million yuan (yoy -54.68%); non-recurring net profit: 89.97 million yuan (yoy -55.90%) [6][11] - Q4 2024 revenue: 237 million yuan (yoy +16.74%); net profit: 29.53 million yuan (yoy -38.45%); non-recurring net profit: 25.54 million yuan (yoy -35.06%) [6][11] - Q1 2025 revenue: 186 million yuan (yoy +10.02%); net profit: 22.95 million yuan (yoy -41.26%); non-recurring net profit: 18.71 million yuan (yoy -48.72%) [6][11] Expense and Profitability Metrics - Sales expense ratio: 28.91% (yoy +6.10pct); management expense ratio: 8.10% (yoy +2.60pct); R&D expense ratio: 20.45% (yoy +6.12pct) [6][9] - Gross margin: 67.42%, down 1.20 pct year-on-year; net margin: 13.83%, down 16.82 pct year-on-year [6][9] R&D Investment and Future Outlook - R&D investment in 2024 was 152 million yuan, an increase of 42.41% year-on-year, accounting for 20.45% of total revenue [6][9] - The company has established multiple R&D centers and is focusing on advanced technologies such as brain-machine interfaces and rehabilitation robotics [7][9] - Revenue projections for 2025-2027 are 848 million yuan, 972 million yuan, and 1.121 billion yuan, with growth rates of 14.1%, 14.6%, and 15.3% respectively [8][11] Earnings Per Share and Valuation - Expected EPS for 2025-2027: 0.94 yuan, 1.21 yuan, and 1.57 yuan, with corresponding P/E ratios of 38x, 29x, and 23x [9][11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's performance is under short-term pressure in 2024, but increased R&D investment is expected to build long-term advantages [2][6] - The company reported a revenue of 744 million yuan in 2024, a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][9] - The company is focusing on the rehabilitation sector, which has significant long-term potential despite short-term profit pressures due to rising expense ratios [6][9] Financial Performance Summary - In 2024, the company achieved a revenue of 744 million yuan, with a year-on-year change of -0.17% [6][11] - The net profit attributable to shareholders was 103 million yuan, reflecting a year-on-year decline of 54.68% [6][11] - The company’s gross margin was 67.42%, down 1.20 percentage points year-on-year, and the net margin was 13.83%, down 16.82 percentage points year-on-year [6][11] - R&D expenses increased by 42.41% year-on-year to 152 million yuan, representing 20.45% of total revenue [6][11] Revenue Breakdown - Revenue from rehabilitation therapy equipment was 504 million yuan, up 9.85% year-on-year [6][9] - Revenue from rehabilitation training equipment was 165 million yuan, down 19.89% year-on-year [6][9] - Revenue from rehabilitation assessment equipment was 27.62 million yuan, down 21.92% year-on-year [6][9] Future Projections - Revenue projections for 2025, 2026, and 2027 are 848 million yuan, 972 million yuan, and 1.121 billion yuan, respectively, with growth rates of 14.1%, 14.6%, and 15.3% [8][11] - Net profit projections for the same years are 151 million yuan, 194 million yuan, and 251 million yuan, with growth rates of 46.5%, 28.8%, and 29.3% [8][11] - The expected EPS for 2025, 2026, and 2027 are 0.94 yuan, 1.21 yuan, and 1.57 yuan, respectively [8][11]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **AI in Healthcare** industry, highlighting the acceleration of AI medical orders and projects since the release of DeepSeek R1 in February 2024, marking a new growth phase for AI-enabled healthcare solutions [1][2]. Core Insights and Arguments 1. **Acceleration of AI Medical Orders**: - As of Q1 2025, over **100 hospitals** have deployed large models and related applications, with the release of WiNGPT2.8 based on DeepSeek [1]. - AI-related medical orders reached **488 million yuan** in 2024, representing a **106% year-over-year increase**. In Q1 2025, new AI medical contracts signed amounted to **139 million yuan**, showing a **211% year-over-year growth** [1]. - In 2024, there were **31 new IT orders** worth **580 million yuan**, and in Q1 2025, **8 new IT orders** were recorded, including AI large model deployments [1]. 2. **AI Medical Data Processing**: - By the end of 2024, the company's AI medical brain, YiduCore, processed over **5 billion medical records**, covering more than **1 billion patients** and serving **102 top hospitals** [1]. - The company provided AI digital solutions to over **80 hospitals** and produced over **3 million** pathology AI-assisted diagnostic reports, with "Di'an Smart Inspection" serving over **8,000 medical institutions** and **40,000 medical personnel** [1]. 3. **Trends and Policy Catalysts**: - The rapid iteration and innovation of domestic AI large models, such as DeepSeek, Alibaba's Qwen3, and Tencent's Turbo S, are crucial for driving AI applications across industries, potentially initiating a new IT construction cycle [1]. - The Ministry of Industry and Information Technology, along with six other departments, issued the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)" on April 24, emphasizing the need for AI empowerment in the pharmaceutical industry [2]. Additional Important Insights - The call suggests monitoring several companies involved in AI healthcare, including: - **Neusoft, Jiahe Meikang, Yidu Technology, Chuangye Huikang, Jiuyuan Yinhai, Guoxin Health, and Langma Information** for AI in healthcare [2]. - **AI in Pharmaceuticals**: Jingtai Holdings and Yingshi Intelligent (in IPO stage) [2]. - **AI in Health Management**: Meinian Health, Alibaba Health, JD Health, iFlytek Medical Technology, and Loxin Medical [2]. - **AI in Diagnostic Assistance**: Dian Diagnostics, Rundat Medical, Kingmed Diagnostics, BGI (medical group coverage), and Anbiping [2]. - **AI Digital Doctor Platforms**: Yimai Tong [2].

4月29日，迈瑞医疗发布年报，2024年实现营业收入367.26亿元，同比增长5.14%；实现归母净利润116.68亿元，同比增长0.74%；实现扣非归母净利润114.42 亿元，同比微增0.07%；基本每股收益为9.63元/股。 2024年，迈瑞医疗拟向全体股东每10股派发现金红利5.60元（含税）。 2024年，迈瑞医疗业绩增长驱动因素包括：国内医疗新基建释放需求，全院级数智化整体解决方案优势凸显，助力医院提升运营效率与诊疗质量。同时，海 外市场高端客户突破加速，拉动国际业务收入占比提升。 分业务看，2024年生命信息与支持业务收入为135.57亿元，同比下降11.11%，占比36.9%，受地方财政资金紧张及医疗专项债发行规模下降影响，国内监护 仪、除颤仪等产品市场规模下滑；体外诊断业务收入为137.65亿元，同比增长10.82%，占比37.48%，成为第一大业务板块；医学影像业务收入为74.98亿 元，同比增长6.60%，占比20.41%，国内超声设备市场虽因资金紧张而规模下滑。 财报显示，2024年12月，迈瑞发布启元重症医疗大模型在垂直领域AI突破。该模型已在国内顶级医疗机构实现临床应用，通过整合患 ...

Group 1 - The core viewpoint of the report is that Yidu Technology (医渡科技) is a leading player in the AI healthcare sector in China, receiving an "outperform" rating with a target price of HKD 6.75 [1] - Yidu Technology has developed a robust algorithm engine, YiduCore, which has processed over 5.5 billion medical records, significantly surpassing its competitors [2] - The company's AI-driven solutions have been validated through various assessments, ranking first in multiple standardized evaluations, indicating its technological and medical knowledge advantages [2] Group 2 - The Chinese government's increasing support for AI in healthcare is expected to accelerate industry growth, with new guidelines encouraging the use of AI in medical practices [3] - Yidu Technology is positioned to benefit directly from the trend of hospitals adopting AI technologies, having developed its own core hospital management system [3] - The company has successfully implemented its AI solutions in nearly 30 top medical institutions across China, showcasing its capability to drive deep applications in the healthcare sector [3]

Financial Performance - The company achieved total revenue of 1.742 billion yuan in 2024, a decrease of 7.61% year-on-year, primarily due to a decline in agency product and testing service income [3] - Self-produced products generated revenue of 837 million yuan, remaining stable compared to the previous year [3] - Net profit attributable to shareholders was 258 million yuan, a year-on-year increase of 0.56% [3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was 220 million yuan, an increase of 12.67% year-on-year [3] Strategic Focus - The company will continue to implement a strategy centered on in vitro diagnostic instruments and products, aiming for collaborative development between diagnostic products and services [3] - Plans to enhance product variety and quality through continuous technological innovation and product research and development [3] Market Challenges - The in vitro diagnostic industry is facing pressure due to national medical insurance cost control and centralized procurement, impacting short-term performance [9][19] - The company aims to strengthen refined management, implement large-scale production, and optimize the supply chain to improve operational efficiency and market share [10][19] International Expansion - In 2024, the company participated in major overseas exhibitions, expanding its business to six new countries and regions [12] - Plans to accelerate product international market registration and certification, establishing an "International Trade Center" in Shenzhen to enhance international sales capabilities [13] Technological Development - The company is focusing on automation, precision medicine, and personalized diagnostics as key trends in the in vitro diagnostic industry [11][15] - Ongoing investment in R&D to enhance product performance and develop new products in the fields of biochemistry, mass spectrometry, and precision lipid testing [15][16] Future Outlook - The company anticipates that the aging population and increasing life expectancy in China will continue to drive growth in the in vitro diagnostic industry [11] - The company is committed to adapting to industry changes and enhancing its competitive position through strategic adjustments and technological advancements [19]

Core Insights - Yidu Technology (2158.HK) has been recognized as one of the "Best IR Hong Kong Companies" by New Fortune, marking the second time the company has received this award and highlighting its governance, investor relations management, and long-term value [2][4] Group 1: Award Recognition - The award reflects the deep recognition from the capital market and investment community regarding the company's governance capabilities and investor relations management [2][4] - Yidu Technology is the only company in the AI medical sector to be included in this prestigious list [2] Group 2: Evaluation Process - The selection process involved an objective quantitative assessment, narrowing down from 326 candidates to the top 60% for final evaluation [4] - A diverse jury composed of regulatory representatives, professional analysts, institutional investors, financial media, and experts conducted the final voting [4] Group 3: Investor Relations Management - Since its listing in Hong Kong in 2021, Yidu Technology has prioritized investor relations through various activities such as performance briefings, technology open days, and investor days [5] - The company has maintained strong communication channels, including investor hotlines and emails, to provide timely updates on business progress [5] Group 4: Technological Innovation - Yidu Technology is a leading player in China's AI medical field, driven by its core algorithm engine, "YiduCore," which has processed over 5.5 billion medical records [5][6] - The company has established an ecosystem covering 2,800 hospitals, leading the market in research business share and real-world research [5] Group 5: Future Outlook - The recent award underscores the strategic foresight of Yidu Technology's dual-driven approach of technological and capital value [6] - As AI medical technology transitions from validation to large-scale commercialization, the company aims to continue driving intelligent upgrades in the medical field, creating long-term value for shareholders and society [6]