Summary of the Conference Call for 亚辉龙 Company Overview - **Company**: 亚辉龙 (YHLO) - **Industry**: In Vitro Diagnostics (IVD) Key Financial Performance - **2024 Total Revenue**: 1.772 billion CNY, up 26.13% YoY - **2025 Q1 Revenue**: 418 million CNY, down 3.13% YoY - **Non-COVID Related Revenue (2024)**: 1.672 billion CNY, up 24.11% YoY - **Non-COVID Related Revenue (2025 Q1)**: 345 million CNY, up 1.09% YoY - **Overseas Non-COVID Related Revenue Growth**: 64.78% in 2024, 46.53% in 2025 Q1 [2][3] Profitability Metrics - **2024 Gross Margin**: 65.15%, up 8.58 percentage points YoY - **2025 Q1 Gross Margin**: 58.87%, down 2.9 percentage points YoY - **Chemical Luminescence Reagent Gross Margin**: 81.75% in 2024, down 1.2 percentage points YoY [2][5] Expense Management - **2024 Sales Expenses**: Increased by 9.94% - **2024 R&D Expenses**: Increased by 6.16%, R&D expense ratio at 16.74% - **2025 Q1 Sales Expenses**: Increased by 52% - **2025 Q1 Management Expenses**: Increased by 176% - **2025 Q1 R&D Expenses**: Decreased by 20.78% [2][6] Product Performance - **Automated Chemical Luminescence Immunoassay Analyzer Revenue (2024)**: 1.522 billion CNY, up 30.27% - **Overseas Revenue for Analyzers**: Increased by 69.1% [2][7] Installation and Market Coverage - **2024 New Installations of Self-produced Analyzers**: 2,662 units, with overseas growth of 80.56% - **Total Installations by 2025 Q1**: Over 11,340 units - **Coverage of Medical Institutions**: Over 6,090 domestic medical institutions, with a 70% coverage rate in top-tier hospitals [3][10][8] Innovations and R&D - **AI Medical Innovations**: Development of an AI-based indirect immunofluorescence ANA interpretation system with 91.3% accuracy and a false negative rate below 0.3% [12][13] - **Diabetes Management Platform**: Collaboration with Jiangsu Provincial People's Hospital to enhance diabetes diagnosis efficiency [14] Market Challenges and Strategies - **IVD Industry Pressures**: Challenges from DRG implementation, inspection mutual recognition, and healthcare cost control policies [17] - **Response to DRG Policy**: Adjusting strategies to maintain stable growth despite reduced testing volumes [18][19] Future Outlook - **Overseas Business Growth**: Expected to maintain over 50% growth in 2025 Q1, with a focus on non-US markets [15][36] - **Long-term Goals**: Aim to become a leading domestic brand in the immunodiagnostics field within five years and a global leader in ten years [38] Regulatory and Market Dynamics - **Impact of Tariff Policies**: Potential for increased domestic brand adoption due to tariff impacts on imports [20][30] - **Drug Centralized Procurement**: Implementation across provinces, providing opportunities for domestic brands [31] Conclusion - **Strategic Focus**: Emphasis on innovation, market expansion, and maintaining competitive advantages through AI and product development in the IVD sector [21][22][24]

Summary of Yuyue Medical's Conference Call Company Overview - **Company**: Yuyue Medical - **Industry**: Medical Devices Key Financial Performance - **2024 Revenue**: 78.37 billion CNY, a decrease of 24.12% year-on-year [2] - **Q1 2025 Revenue**: 24.36 billion CNY, an increase of 9.17% year-on-year; net profit of 6.25 billion CNY, down 5.26% [2][3] - **Gross Margin**: Approximately 50% for 2024 [2][6] - **R&D Expenses**: 5.47 billion CNY in 2024, up 25% year-on-year [2][6] - **Cash Dividends**: 8.02 billion CNY in 2024, representing 44% of net profit [2][6] Business Segment Performance - **Blood Glucose Management and POCT Solutions**: Revenue of 10.30 billion CNY, up 40.20% year-on-year [5] - **Home Health Testing Solutions**: Revenue of 15.64 billion CNY, down 0.41% [5] - **Respiratory Treatment Solutions**: Revenue of 25.97 billion CNY, showing a decline but recovering post-pandemic [5] - **Emergency Solutions**: Revenue of 2.39 billion CNY, up 34% [5] Strategic Initiatives - **International Expansion**: - 2024 overseas sales revenue increased by 30%, accounting for 12% of total revenue [2][7] - Significant progress in Southeast Asia and Europe, with plans for further team development [2][15] - **R&D and Product Development**: - New products include CT4 and CT5 blood glucose monitoring systems and third-generation sleep apnea machines [4][8] - Plans to launch wearable devices focusing on medical-grade testing [10][13] - **AI Integration**: - Launched AI software for health-related queries and partnered with Deepseek and Tencent for AI model development [4][9][22] Market Trends and Challenges - **Domestic Market Recovery**: Gradual recovery in domestic consumption, with online sales showing significant growth [16][17] - **Impact of DRG Cost Control Policies**: Minimal impact on clinical instruments and rehabilitation segments due to established market positions [19] - **Competition**: Facing competition from both domestic and international players, with a focus on maintaining quality and brand value [31][35] Future Outlook - **Growth Projections**: Confidence in achieving double growth in the next four to five years, with potential for accelerated growth through strategic acquisitions [36][37] - **Product Pipeline**: Upcoming products include portable oxygen machines and advanced monitoring devices, aiming to enhance market competitiveness [10][24][27] Additional Insights - **ESG Commitment**: Released the first ESG report with an MSCI ESG rating of A, indicating strong governance practices [4][8] - **Wearable Device Strategy**: Focus on medical-grade wearable devices, differentiating from consumer electronics [27][28] This summary encapsulates the key points from Yuyue Medical's conference call, highlighting financial performance, strategic initiatives, market trends, and future outlook.

Group 1: AI Redefining Healthcare - AI is transforming traditional medical practices, moving from manual operations to automated processes [3][5][9] - The shift from paper-based records to electronic medical records (EMR) and hospital information systems (HIS) is crucial for efficiency [7][23] - AI technologies like large language models and surgical robots enable goal-driven autonomous decision-making [9][19] Group 2: AI Collaboration with Healthcare Professionals - AI enhances collaborative decision-making between AI systems and doctors, improving diagnostic accuracy and patient care [13][19] - The integration of AI in clinical workflows allows for real-time interaction and decision support [16][21] - AI-driven tools facilitate the generation and quality control of medical records, ensuring compliance with standards [19][64] Group 3: Technological Advancements and Models - The latest model, WiNGPT2.8-32B, was developed starting January 2023, focusing on enhancing medical AI capabilities [39][40] - The model's training includes over 2.27 million instruction data points, improving its performance in medical contexts [44][48] - Advanced quantization techniques (AWQ and GPTQ) are employed to optimize model efficiency and performance [55] Group 4: Data Management and Security - The Model Context Protocol (MCP) standardizes interactions between large models and external data, enhancing data security [26][27] - AI systems are designed to minimize hallucinations and ensure the accuracy of generated medical information [25][66] - The integration of blockchain technology is proposed for maintaining transparency and accountability in AI-driven healthcare [23] Group 5: Practical Applications and Outcomes - AI applications have been successfully implemented in various clinical scenarios, including surgical assistance and patient management [72][73] - The use of AI in blood management and preoperative assessments has shown potential for improving patient outcomes [70][72] - Continuous feedback mechanisms are established to refine AI models based on user interactions and preferences [48][51]

来源：环球网 2025年4月24日，中国科大校友企业心之声联合北京大学健康医疗大数据国家研究院正式发布全球首个 生命体征大模型——DeepLife，突破性地实现了对家用医疗器械、可穿戴设备全场景生命体征数据的直 接解析，为用户提供呼吸、循环、神经、消化、泌尿、内分泌、生殖、运动、免疫等9大系统的实时风 险评估与个性化健康管理服务，标志着AI医疗从辅助诊疗迈向主动健康守护的新时代，真正实现"24小 时在线的AI家庭医生" 。 突破性技术：能直接"理解"生命体征数据的大模型 DeepLife的核心优势在于其对生命体征数据的直接理解和分析能力。通过与多种家用医疗器械和可穿戴 设备的无缝对接，DeepLife能够"理解"包括心电、脑电、PPG、呼吸、血氧、血压、血糖等在内的多种 健康数据，并基于个性化数据进行健康状态分析和趋势预测。 并且，DeepLife突破了传统医疗体系的局限，不仅能够对单一健康指标进行解析，还能对人体"九大系 统"进行整体健康风险分析。目前，DeepLife已覆盖ICD-10国际疾病分类中的1859种疾病风险预测，后 续版本将逐步扩展至更多疾病种类。通过"AUROC受试者工作特征曲线下面积"评测 ...

解宝妈之急，补医生之缺。 文 ｜ 海若镜 封面来源 ｜ AI生成 今春，AI儿科医生是AI医疗圈的热门议题之一。 3月，北京儿童医院牵手百川智能，发布了国内首个儿科医学大模型，推出基层和专家两个版本"AI儿科医生"；4月，重医儿童医院联合左手医生，推 出"儿科AI家庭医生"，以及适配大模型应用的儿科循证知识库。 这两家顶级儿童医院迅速下场之外，还有多家医院正在应用AI儿科产品的路上。 现实中，儿科医生荒、儿童就医难等困境存在已久。因为儿童难以准确诉说病情，儿科又被称为"哑巴儿科"，医生仅能凭借有限沟通、查体等诊断病 情；儿童用药的品种有限，剂量也多靠医生酌情使用；再加上儿科又是"小全科"，培养一位优秀的儿科医生至少要八到十年。 借助AI大模型的"聪明大脑"，能否弥补儿医需求的巨大缺口？ 除了让AI服务医生、提高诊疗效率，医生调教后的AI能否直接服务患者？ AI儿科医生，有可能成为"医疗AI杀手级应用"吗？ AI儿科家医：解宝妈之急 一位健康的年轻女性成为妈妈后，往往要面对很多突如其来的医疗护理问题，如新生儿黄疸、肠胀气、湿疹、过敏等。 左手医生创始人兼CEO张超也表达了相似的看法，他归纳认为： "AI医生的竞 ...

" 一家三甲医院顶级专科和一家大厂，拥抱AI医疗的决心。 " 作者丨洪雨欣 编辑丨陈彩娴 "DeepSeek 一上线，行业有个声音是医生以后可能就没饭吃了。" 近期在一场公开活动中，上海交通大学医学院附属仁济医院（下简称"仁济医院"）副院长、泌尿科学科带头人薛蔚说道。这番话的另一面，是传统医疗机构对 新一代AI技术的价值重估。 2025 年开年，DeepSeek掀起了大模型领域的新走向，将行业落地的算力、算法门槛都大幅降低，使得AI与产业融合开始爆发，医疗就是其中的热门场景之 一。一时间，涌入了更多参赛者。有以腾讯、华为、京东、蚂蚁为代表的头部大厂，也有商汤、讯飞这样的科技巨头。 一方面，医疗行业需要AI：医患比例不平衡，使医院增效需求明显，分级诊疗的推进，也需要快速缩小各级机构诊断能力的差别。当前，先进模型在医学问答 测试中的部分表现已经超越全科医生水平。 另一方面，AI也需要医疗：AI医疗上限还远未到达，专才大模型得靠高质量医疗数据的调教，需要行业进一步合理利用数据、驱动创新发生。 在仁济医院，更早一步的探索已经显露出阶段性成果： 基于蚂蚁医疗大模型开发的仁济医院泌尿外科智能体（简称"RJUA智能体"）， ...

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and a notable rise in the Hang Seng Healthcare ETF, reflecting positive market sentiment and growth potential in the healthcare sector [3][4]. Group 1: Market Performance - As of April 25, 2025, the HSHCI rose by 1.77%, with notable gains from stocks such as Yidu Tech (10.15%) and WeDoctor (7.05%) [3]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.68%, marking its fifth consecutive rise, with a latest price of 0.50 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated an 8.50% increase [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 1.57% during the trading session, with a transaction volume of 183 million yuan [3]. - The ETF's average daily trading volume over the past month was 2.072 billion yuan, ranking first among comparable funds [3]. Group 3: Policy and Industry Outlook - On April 24, 2025, the Ministry of Industry and Information Technology and six other departments issued a notice on the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)," aimed at enhancing the integration of AI and new information technologies within the pharmaceutical industry [3]. Group 4: Fund Performance and Metrics - The Hang Seng Healthcare ETF has seen a net asset growth of 715 million yuan over the past year, ranking in the top third among comparable funds [4]. - As of April 24, 2025, the ETF's net value increased by 41.16% over the past year, with a maximum monthly return of 28.34% since inception [4]. - The ETF's Sharpe ratio was reported at 1.34, indicating strong risk-adjusted returns [5]. Group 5: Valuation and Holdings - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, which is below 92.78% of the historical data over the past year, indicating a low valuation [5]. - The top ten weighted stocks in the HSHCI account for 57.54% of the index, with companies like BeiGene and WuXi Biologics being significant contributors [5].

智通财经4月25日电，早盘塞力医疗涨停，泓博医药、思创医惠涨超10%，创业慧康、朗玛信息、贝瑞 基因、卫宁健康、润达医疗等跟涨。消息面上，工信部等七部门关于印发《医药工业数智化转型实施方 案（2025—2030年）》提出，到2027年，医药工业数智化转型取得重要进展，以数智技术驱动的医药全 产业链竞争力和全生命周期质量管理水平显著提升。 AI医疗概念盘初活跃 塞力医疗涨停 ...

4月23日下午，创新医疗管理股份有限公司(以下简称"创新医疗")2024年度现场业绩说明会在杭州召 开。2024年，受医保结算政策调整的影响，创新医疗下属医院的医疗业务毛利率出现下滑，门诊量、住 院量同比有所增长，但经营业绩下降。 创新医疗总裁马建建表示，公司下属医院顺应宏观政策的变化趋势，通过加强供应链管理、统筹院内医 疗资源配置、开展自费医疗项目等方式，确保下属医院的持续稳定健康运营。 作为以综合医疗服务为主业的公司，近年来，创新医疗把握医疗行业智能化趋势，通过投资脑机接口项 目与AI医疗大模型等前沿领域，持续深化在医疗科技赛道的布局，这一前瞻性部署获得了资本市场的 高度关注，在年度业绩说明会上，公司管理层重点展示了全诊AI医疗大模型项目、博灵脑机项目的最 新进展与成果。 AI医疗助力医生效率及诊疗质量提升 2024年8月，创新医疗宣布以自有资金对杭州全诊医学科技有限公司(以下简称"全诊医学")进行投资， 持有全诊医学20.5532%的股权。此次战略投资正是基于创新医疗对AI医疗应用前景的认可。 "由于医疗领域的独特性、专业性和复杂性，大模型需要深入理解医疗的专业知识和场景需求，这为行 业构筑了高壁垒，" ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, with total revenue of 1.834 billion yuan, a decrease of 5.35% year-on-year, and a net profit attributable to shareholders of 162.11 million yuan, down 26.75% year-on-year [8] - The company is focusing on six major medical fields and has seen strong performance in overseas markets, with overseas revenue reaching 1.098 billion yuan, an increase of 14.54% [8] - The introduction of innovative products, such as the i500 wet blood gas analyzer, has significantly improved testing efficiency and patient experience [8] - The company has adjusted its net profit forecasts for 2025-2026 due to short-term pressures from domestic procurement, with expected net profits of 203 million yuan and 254 million yuan respectively [8] Financial Summary - Total revenue forecast for 2024 is 1.834 billion yuan, with a projected increase to 2.020 billion yuan in 2025 and 2.226 billion yuan in 2026 [1][9] - The net profit attributable to shareholders is expected to decline to 162.11 million yuan in 2024, with a recovery to 202.85 million yuan in 2025 and 253.60 million yuan in 2026 [1][9] - The earnings per share (EPS) is projected to be 0.28 yuan in 2024, increasing to 0.35 yuan in 2025 and 0.44 yuan in 2026 [1][9] - The company maintains a high gross margin of 58.34% in Q1 2025, despite rising raw material costs [8]