Core Insights - The company has successfully partnered with Jiangsu Provincial Medical Insurance Bureau, Shijiazhuang Health Commission, and Jinshui District Health Commission in Zhengzhou, achieving a total cooperation amount exceeding RMB 20 million [1] - This collaboration highlights the company's technological strength and service capabilities in the medical digitalization field, transitioning from single hospital cooperation to regional comprehensive services [1] - The company's large model services have evolved from application system output to core model capability output, providing deep technical support for the intelligent and refined upgrade of the medical insurance industry [1] Industry Developments - The company has been addressing traditional management inefficiencies and weak collaboration in the medical system through technological empowerment, enhancing medical quality and safety control effectiveness [2] - In addition to deep cooperation with numerous top-tier hospitals, the company is promoting the integration of large models with clinical operations in district hospitals, accelerating the upgrade of service and management intelligence [2] - The company plans to align with national strategies, using technological innovation as a driving force to deepen its focus on the medical health intelligence sector and continuously expand its business boundaries [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 UNISOUND AI TECHNOLOGY CO., LTD. 本公告乃由雲知聲智能科技股份有限公司（「本公司」）自願作出，旨在知會本公司股東 及潛在投資者有關本公司的最新業務發展情況。 近日，本公司憑藉醫療領域專家級大模型「山海‧知醫大模型」的領先技術優勢，大數據 治理等全棧服務能力，以及對醫保行業政策法規、業務特點的深刻理解，成功牽手江蘇 省醫保局、石家莊市衛健委和鄭州市金水區衛健委，在醫保垂直大模型、區域醫療質量 管理與醫院信息智能化建設等領域達成深度合作，總合作金額超過人民幣2,000萬元。 以上合作既彰顯了本公司在醫療數智化領域的技術實力與服務能力，實現了醫療大模 型應用場景從單一場景延伸至全流程管理體系，從單點醫院合作升級為區域化整體服 務，同時，也標誌著本公司大模型服務已從應用系統輸出，全面進階為更底層、更核心 的模型能力輸出，為醫保行業智能化、精細化升級提供深度技術支撐。 自深度服務於我 ...

针对上述提问，万达信息回应称："感谢您对万达信息的关注。万达信息垂类大模型聚焦医疗健康领 域，可运用于辅助医疗和公共卫生等多个场景。精准健康认知计算系统——灵素融入OCR和大模型能 力，可以提供多项检后健康管理智能服务，包括体检报告的识别检测、报告解读及健康干预。白泽晓医 疗大模型结合医疗公卫、健康管理等服务需求，在实时知识问答、事件与病历内容理解、多模态病历生 成、辅助诊疗决策及专病健康管理等各类应用场景创新赋能，有面向B端和C端的应用，目前已在多家 医院试点使用。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 有投资者在互动平台向万达信息提问："近期阿里旗下的蚂蚁阿福热度很高，成为下载榜前列，公司医 疗大模型与蚂蚁阿福水平相比如何？是否通过中国人寿嵌入其app或者单独也推出一个面向大众的 app？" 来源：市场资讯 ...

Core Insights - The company has launched a new medical large model version "Shanhai·Zhi Medical Model 5.0," which integrates a dual-core product system of "medical text large model + medical multimodal large model" to enhance capabilities in text processing, intelligent agent collaboration, and multimodal perception [1] - The medical large model is designed to simulate clinical thinking for complex reasoning, enabling precise diagnostic differentiation and evidence-based decision-making [1] - The company achieved top scores in the MedBench 4.0 evaluation system, securing first place in all three technical paradigms of medical large models, showcasing its industry-leading capabilities [2] Product and Technology - The medical large model encompasses diverse functions such as medical knowledge Q&A, clinical task planning, and image analysis, making it one of the most comprehensive medical AI technology support systems in the industry [1] - The model has been trained using vast amounts of high-quality medical data and proprietary knowledge bases, achieving industry-leading performance in core tasks like medical knowledge Q&A and information extraction [1] - Continuous learning, knowledge graph enhancement, and evidence alignment training are employed to minimize medical hallucinations, ensuring the authenticity and verifiability of the output [1] Market Application - The medical large model has been successfully implemented in numerous top-tier hospitals, demonstrating its practical value and adaptability to clinical requirements [2] - Collaborations with top-tier hospitals for technical validation in high-demand clinical auxiliary diagnosis scenarios highlight the model's alignment with industry standards and clinical needs [2]

Core Insights - The report highlights that the Chinese internet healthcare market is in a rapid expansion phase, with an overall scale exceeding 100 billion yuan in 2024, driven significantly by AI precision medicine, which is projected to reach 35.1 billion yuan in 2024 and grow to 76 billion yuan by 2028 [2][7] - The integration of "Internet + Healthcare" and AI technology into clinical practices is being propelled by continuous policy improvements, creating a new ecosystem for personalized and comprehensive health management [2][7] - Key challenges for the industry include data security compliance and algorithm reliability, which are critical for future development [2][8] Market Performance Overview - During the week of December 15-19, the pharmaceutical sector saw positive returns in four sub-industries, with the pharmaceutical commercial sector leading at +4.94%, followed by medical devices at +1.16%. Conversely, the biopharmaceutical and chemical pharmaceutical sectors recorded declines of -0.67% and -1.74%, respectively [2][9] - The valuation levels for the biopharmaceutical sector were the highest at 85.17 times, while the pharmaceutical commercial sector had the lowest at 21.86 times [2][9] Industry Trends and Developments - The report notes that the AI-driven healthcare model has entered a stage where large models are prevalent, with approximately 220 medical models supporting multi-modal data integration and personalized health management as of September 2025 [7] - The demand for healthcare services is shifting from online consultations to proactive health management, driven by an aging population and the prevalence of chronic diseases, which is boosting out-of-hospital services [7] - Leading companies like Alibaba Health and Ping An Good Doctor dominate the market, while emerging firms like Ark Health are focusing on chronic disease management through an "AI + H2H" model [7] Regulatory and Compliance Landscape - The industry faces strict regulatory constraints regarding data security and privacy, with laws such as the Personal Information Protection Law imposing compliance requirements on data collection and usage [8] - The report emphasizes the need for cross-institutional collaboration to build an ecosystem that addresses challenges such as algorithm reliability and resource allocation disparities [8]

Core Insights - The health industry in China, valued at 20 trillion yuan, is undergoing a critical digital and intelligent transformation driven by increasing demand and an aging population [4][19] - The competition has shifted from a focus on traffic acquisition to a battle for user trust and mental engagement, with a consensus that future leaders will be those capable of integrating medical ecosystems [4][12] - AI is becoming a key driver in the healthcare sector, with predictions of explosive growth in the AI medical market, expected to rise from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, reflecting a compound annual growth rate of 43.1% [19] Industry Trends - The healthcare sector is moving towards a model that emphasizes data, content, and service professionalism, marking a transition from simple online consultations to comprehensive health management [12][11] - Major players like Ant Group and JD Health are leveraging their ecosystems to provide integrated health services, while companies like Ping An Good Doctor are focusing on synergizing health services with insurance offerings [15][16] - The emergence of AI in healthcare is reshaping service delivery, with applications extending from basic consultations to full-cycle health management, addressing the needs of both consumers and healthcare providers [6][21] Company Strategies - Ant Group's AI health application, now branded as "Ant Aifu," has evolved into a comprehensive health service platform, enhancing user engagement through a three-dimensional service model [14][15] - JD Health is building a closed-loop ecosystem that integrates medicine, pharmacy, and health management, enhancing user experience and retention [15][16] - Ping An Good Doctor is integrating health management services with its insurance products, significantly increasing user engagement and value [16][28] Challenges and Opportunities - The healthcare industry faces significant challenges, including high investment costs, long cycles, and slow returns, necessitating a focus on sustainable commercialization paths [7][27] - Companies must navigate the complexities of integrating AI into real-world medical scenarios while ensuring compliance with regulatory standards and maintaining user trust [23][30] - The competition is intensifying as companies strive to differentiate their offerings and establish brand loyalty in a rapidly evolving market [13][30]

Core Viewpoint - Hangzhou Quanzhen Medical Technology Co., Ltd. has completed a B+ round financing of several tens of millions, led by PwC Capital, with the funds aimed at deepening the research and development of its core product, the "Quanzhen Medical Large Model and Clinical Application," and expanding into overseas markets [1][13]. Company Overview - Quanzhen Medical, founded in Hangzhou, is one of the earliest innovative companies in China focusing on the post-training and clinical application of medical large models, with a mission to "enhance doctors' capabilities through AI" [2]. - The founder, Dr. Xue Chong, has a dual background as a clinical doctor and AI researcher, which provides a deep understanding of AI's value in healthcare, emphasizing that AI should assist rather than replace doctors [4]. Product and Technology - The flagship product, "Quanzhen Tong (Trizen AI)," is the first intelligent medical record and clinical assistance system for doctors in China, featuring automatic medical record generation, clinical decision support, and patient service [6]. - The system significantly improves medical record writing efficiency by over 65% and supports various types of medical documents, with accuracy and logical language superior to similar products in the industry [6][10]. - Quanzhen Medical is expanding its product from a single medical record tool to a comprehensive "AI Doctor Assistant" platform, covering the entire process from pre-diagnosis to follow-up [6]. Technical System - Since 2023, Quanzhen Medical has established a complete "foundation-model-application" technical system, focusing on post-training methods tailored for medical scenarios [7]. - The system utilizes localized large model deployment, compressing general models into medical-specific models with parameters ranging from 1 billion to 10 billion, enhancing response speed and reducing inference costs [10]. - The company has developed a multi-dimensional training system, including supervised fine-tuning, reinforcement learning, and generative adversarial networks, significantly reducing common issues like "hallucinations" and misjudgments in medical large models [10][11]. Industry Trends - The global medical AI sector continues to heat up, with companies like Abridge and Open Evidence seeing rising valuations, driven by the need for valuable medical large models to be deeply integrated into real "diagnostic processes" [12]. - Quanzhen Medical exemplifies this trend by focusing on the practical application of AI in clinical settings, aiming to provide world-class intelligent solutions [12].

Core Insights - The event "2025 Shenzhen International High-Performance Medical Device and Innovative Pharmaceutical Exhibition Hong Kong Station" focuses on the theme "Innovative Drugs and Devices, Collaborative Win-Win" and aims to deepen cross-border cooperation in the pharmaceutical and medical device sectors between Shenzhen and Hong Kong [1] Group 1: Event Overview - The event is guided by multiple health and regulatory bodies from Shenzhen and Hong Kong, featuring a "conference + exhibition" model to explore cutting-edge technology trends and collaborative development measures [1] - Over 300 representatives from more than 120 enterprises, universities, and research institutions participated, showcasing significant medical devices and innovative pharmaceutical products [4] Group 2: Expert Contributions - Notable experts shared insights on various topics, including the application prospects of infrared fluorescence imaging in precision medicine and global trends in digital healthcare [2] - The discussions highlighted the importance of industry-academia-research collaboration for innovation [2] Group 3: Collaborative Achievements - A series of landmark collaborative achievements were announced, including the launch of the GCOG precision treatment clinical trial and the establishment of a collaborative platform for international clinical trials in the Greater Bay Area [3] - Several partnerships were formed in key areas such as cell gene therapy and drug development, aiming to create a "research-application" integration platform and an international service network [3] Group 4: Innovation Showcase - The event featured high-performance medical devices such as surgical robots and automated immunoassay analyzers, demonstrating the industrial strength and innovative vitality of the Shenzhen-Hong Kong region [4] Group 5: Future Development - The forum focused on themes like cell and gene therapy and opportunities in innovative drug and device development, providing intellectual support for industry growth [5] - The event serves as a model for soft connectivity in the Greater Bay Area's pharmaceutical and medical device industry, promoting a new model of industrial linkage between Shenzhen and Hong Kong [5]

Core Viewpoint - In the context of ongoing adjustments in the Hong Kong stock market, Yidu Tech (02158) has demonstrated its intrinsic value and management confidence through a series of solid buyback operations and significantly improved interim performance [1] Group 1: Buyback Operations - On December 9, Yidu Tech announced a buyback of 345,000 shares at a price of HKD 5.15 per share, totaling approximately HKD 1.78 million [1] - The company has implemented buybacks for five consecutive trading days, accumulating around 1.42 million shares with a total expenditure exceeding HKD 7.3 million [1] Group 2: Financial Performance - For the interim report of the fiscal year 2026, Yidu Tech reported total revenue of RMB 358 million, representing a year-on-year growth of 8.7% [1] - The adjusted EBITDA for existing business reached approximately RMB 54 million, doubling compared to the same period last year, with the company nearing breakeven on its financial statements, achieving this milestone about a year ahead of management's original expectations [1] Group 3: Market and Industry Trends - According to Guosen Securities, the short-term adjustment in the Hong Kong stock market provides space for recovery in 2026, with the US dollar index expected to weaken in early 2026, benefiting the valuation recovery of emerging markets [1] - The AI sector remains a key focus for 2026, driven by the need for accelerated domestic hardware production and the anticipation of more AI applications, with companies increasingly utilizing AI to enhance labor productivity [1] Group 4: Company Positioning in AI Healthcare - Yidu Tech operates in the AI healthcare sector, which is one of the most barrier-rich and demand-driven core scenarios in the "AI empowering various industries" landscape [1] - The company's medical large model technology has entered a new phase of "multiple blooming and large-scale implementation," evidenced by three dimensions: deep application in over 30 top-tier hospitals, significant accuracy improvements in TNM staging assessment, and the integration of expert clinical experience through digital avatars of doctors [1]

Core Insights - Hippocratic AI, an AI healthcare startup, has achieved a valuation of $3.5 billion (approximately 249 billion RMB) after raising $126 million in its latest funding round, marking a doubling of its valuation in less than a year [2][3] - The company focuses on developing non-diagnostic AI solutions to address global healthcare resource shortages, with applications in patient communication, information collection, and follow-up [2][12] Funding and Growth - Since its inception in May 2023, Hippocratic AI has completed multiple funding rounds, raising over $400 million in total [3] - The latest funding round (C round) took place in November 2025, raising $126 million, led by prominent investors including Andreessen Horowitz and General Catalyst [5] - The company has established partnerships with over 50 large healthcare systems and pharmaceutical companies across six countries, completing over 115 million clinical patient interactions without safety issues [7][18] Product and Technology - Hippocratic AI's core technology is a medical-specific large language model named Polaris, designed to ensure safety and practicality in patient interactions [12] - The company has launched a "Healthcare AI Agent App Store," allowing healthcare professionals to create and customize AI applications without programming knowledge, with over 1,000 non-diagnostic medical scenarios covered [17] - The AI agents have demonstrated high reliability, achieving a clinical evaluation accuracy rate of 99.38%, significantly surpassing the average of 81% for registered nurses in the U.S. [15] Market Position and Strategy - The company targets non-diagnostic patient communication tasks, such as pre-operative preparation and chronic disease management, effectively replacing traditional medical call centers [17] - The business model operates on a usage-based SaaS subscription, with costs approximately one-fourth of traditional human services, and high patient satisfaction ratings [17] - The global AI healthcare market is transitioning from concept to value realization, with a focus on addressing specific, measurable problems that meet regulatory requirements [21]