Core Viewpoint - The report from CICC maintains the revenue forecasts for Yidu Tech (02158) for FY2026 and FY2027, while adjusting the net profit forecasts for FY2026 and FY2027 from -45.69 million to 0.41 million and from 0.41 million to 5.457 million respectively, due to effective cost control [1] Group 1 - The revenue for the first half of FY2026 was in line with expectations, with a reported income of 360 million, representing a year-on-year growth of 8.7%, and a significant reduction in net loss by approximately 72% compared to the same period last year [2] - The company is leveraging "data elements × AI technology" to build a medical AI infrastructure, with revenue from big data platforms and solutions increasing by 14.6% to 153 million, driven by policy support and business opportunities [3] - The health management platform and solutions saw a year-on-year revenue increase of 30.3% to 66.67 million, with the Shenzhen health insurance project surpassing 6.15 million insured individuals by 2025, marking a historical high [3] Group 2 - The company is focused on business optimization, with an improvement in overall gross margin by 1.8 percentage points to 37.4%, and a significant reduction in net loss to 15.76 million, a 72% decrease year-on-year [4] - Cash flow management has improved, with net cash outflow from operating activities reduced by 56% year-on-year [4]

Core Insights - Yidu Technology (02158) reported a revenue of approximately 358 million yuan for the six months ending September 30, 2025, representing a year-on-year growth of 8.7% [1] - Gross profit reached about 134 million yuan, up 14.2% year-on-year, while the loss for the period narrowed to 15.76 million yuan, a 72% improvement compared to the previous year [1] Revenue Breakdown - The big data platform and solutions segment generated revenue of 153 million yuan, an increase of 14.6% year-on-year, primarily driven by expanded business opportunities due to policy support [1] - The health management platform and solutions segment reported revenue of 66.6 million yuan, reflecting a 30.3% year-on-year increase, mainly due to changes in the product mix [1] Technological Advancements - YiduCore, the company's core algorithm engine, continued to advance the development and training of large language models in the medical vertical, utilizing over 500 billion high-quality tokens for training [1] - The model processed and analyzed over 1.3 billion patient visits and nearly 7 billion authorized medical records, creating a dataset system covering more than 98 specific diseases [1] Industry Engagement - During the reporting period, the company provided solutions to 127 top hospitals in China and 44 regulatory bodies and policymakers, covering over 10,000 hospitals cumulatively [2] - The company leveraged "data elements × AI technology" to solidify its data intelligence foundation and accelerate the scaling of intelligent applications [2] Client and Market Position - The number of life sciences clients served by the company reached 88, with 17 out of the top 20 multinational pharmaceutical companies as clients [2] - The health management platform maintained a leading position in core cities, serving as the main operating platform for "Shenzhen Huiminbao" for three consecutive years and "Beijing Huiminbao" for five years [2] User Engagement - The "Shenzhen Huiminbao" insurance volume reached a new high during the reporting period, with the number of insured individuals surpassing 6.15 million, cumulatively serving over 18 million people in three years [2] - The number of active users who completed at least one transaction on the health management platform exceeded 22 million [2]

Group 1 - The company reported total revenue of RMB 358.1 million for the six months ending September 30, 2025, representing a year-on-year growth of 8.7% [1] - Revenue from the big data platform and solutions increased by 14.6%, while revenue from the health management platform and solutions grew by 30.3%, driven by policy support and expanded business opportunities [1] - The company's loss narrowed to RMB 15.8 million, a decrease of 72.0% year-on-year, indicating improved operational efficiency and cost control [1] Group 2 - The core algorithm engine, YiduCore, advanced the development of large language models in the medical vertical, utilizing over 500 billion high-quality tokens and analyzing nearly 7 billion authorized medical records [2] - YiduCore won the championship in the "Medical NLP Code Automatic Generation Evaluation" and the "Best Paper Award" at the 11th China Health Information Processing Conference (CHIP 2025) [2] - The company provided solutions to 127 top hospitals in China and 44 regulatory agencies, covering over 10,000 hospitals, and supported significant upgrades in data governance and research platforms [3] Group 3 - The health management platform maintained a leading position in core cities, serving as the main operating platform for "Shenzhen Huimin Insurance" for three consecutive years and "Beijing Huimin Insurance" for five years [3] - The number of insured individuals under "Shenzhen Huimin Insurance" exceeded 6.15 million, with a cumulative service of over 18 million people in three years, reflecting increasing brand loyalty [3] - Active users on the health management platform who completed at least one transaction surpassed 22 million [3]