但以往的AI医疗项目更多是聚焦在西药、医疗机构数字化建设。 近年来AI医疗项目掀起的赴港上市热潮，缔造了种种"第一股"神话。 从"AI制药第一股"晶泰控股（2228.HK）到"医疗大模型第一股"讯飞医疗科技（2506.HK）。 如今，AI的风正在吹向传统中医。 近期向港交所递交IPO申报材料的问止中医，核心业务正是通过自研的"中医大脑"AI辅助诊疗系统提供咨询及处方服务，收入已足具规模。 2022年至2024年，问止中医的收入分别为0.62亿元、1.89亿元和2.36亿元，同期净亏损分别为1.54亿元、1.94亿元和0.45亿元。 但AI中医仍面临着诸多争议。 问止中医官网广告 AI中医治癌？ 问止中医的核心业务是中医医疗服务，报告期内贡献了超8成收入。 2022年至2024年，该业务分别创收0.5亿元、1.67亿元和2.11亿元。 问止中医的中医医疗服务主要涵盖线上、线下的中医咨询、处方、治疗及随访服务。 问止中医计划通过中医大脑降低对名医的依赖，实现低成本的中医诊所经营，甚至还打出了"辅助医师、速成名医"的广告。 事实上，"中医大脑"并未获得药监局的医疗器械批件，实际效用待考。 不仅如此，问止中医的主要诊 ...

Core Viewpoint - The integration of AI into traditional Chinese medicine (TCM) is attracting significant investment, with a total of 1.2 billion yuan raised in 85 financing events in 2024, highlighting AI TCM as a key investment target in the primary market [6][15]. Group 1: AI TCM Development - Various academic and corporate entities are actively developing AI TCM models, with notable projects including the "Sunsimiao" model from East China University of Science and Technology, which is based on 100,000 high-quality TCM data [11]. - The "Zhongsi" model from Sun Yat-sen University boasts 34 billion parameters and incorporates over 3.8 million medical instruction data, combining the strengths of historical TCM figures [11]. - The "Shuzhi Qihuang" model developed by East China Normal University includes over 80,000 TCM prescriptions and 1,000 ancient texts, serving over 10,000 users [11]. Group 2: Investment Landscape - Notable investments in the AI TCM sector include a Series A2 round led by BlueRun Ventures and ZhenFund for Wenzhi TCM Technology, which aims to become the first AI TCM stock listed in Hong Kong [13]. - Other companies like Guiyuantang Bio and Wuzheng Intelligent have also secured millions in funding for their AI TCM projects, indicating a growing interest in this niche [14]. Group 3: Market Potential - The market size for AI TCM is projected to grow from 2 billion yuan in 2020 to 15 billion yuan by 2025, and is expected to exceed 140 billion yuan by 2027, showcasing its lucrative potential [15]. - Major tech companies like Huawei, Alibaba, Tencent, and Baidu are also exploring AI applications in TCM, indicating a broader industry trend [16]. Group 4: Challenges and Limitations - Current AI algorithms struggle to translate the intangible aspects of TCM, such as "qi" and "yin-yang," into replicable models, suggesting a need for a human-AI collaborative approach [26]. - The high costs associated with developing large AI models pose a significant barrier, with many companies hesitant to invest heavily in TCM AI due to the relatively small market size [30]. - For instance, Wenzhi TCM, despite being a leading company in the AI TCM sector, has only allocated a small portion of its revenue to R&D, raising concerns about its long-term sustainability [29].

Core Viewpoint - The article emphasizes that AI will not replace traditional Chinese medicine (TCM) but rather enhance the capabilities of TCM practitioners who can effectively utilize AI tools [6][21]. AI in Traditional Chinese Medicine - AI has the potential to assist in diagnosing and treating patients by providing reference prescriptions based on symptoms, as demonstrated by tools like DeepSeek [4][5]. - The consensus among industry professionals is that the future of TCM lies in practitioners who can leverage AI rather than AI replacing practitioners [6][21]. Current Applications of AI in TCM - Young TCM doctors reported limited use of AI during face-to-face consultations, primarily utilizing it for administrative tasks like creating teaching materials and work summaries [9]. - AI is seen as a tool for analyzing complex cases and expanding diagnostic thought processes, particularly in Western medicine contexts [10]. Challenges in AI Implementation - The complexity of TCM's theoretical framework poses challenges for AI, as it requires structured data for effective training, which is often lacking [11]. - AI struggles with the "four diagnostic methods" (observation, listening, inquiry, and pulse-taking) essential in TCM, leading to potential misdiagnoses [12]. Future Directions for AI in TCM - AI can improve patient-doctor matching by assessing TCM practitioners' capabilities and guiding patients to suitable doctors based on their symptoms [17]. - In the diagnostic and treatment phases, AI can assist in analyzing patient information and drafting medical documents, allowing doctors to focus more on patient interaction [18]. AI's Role in Enhancing TCM Practice - The development of AI tools aims to elevate the diagnostic capabilities of TCM, with products like AI-assisted consultation and digital representations of renowned TCM practitioners being explored [19]. - AI can also facilitate patient follow-ups and health management, enhancing the overall patient experience [20]. Conclusion - The article concludes that the integration of AI into TCM is not about replacement but about collaboration, where AI acts as a supportive tool for practitioners to improve their practice and patient outcomes [21].