今年年初，国产大模型DeepSeek横空出世，并在医疗体系内掀起了巨大声浪。行业里几乎每天都有不 同医院官宣接入DeepSeek大模型的消息发布，从最初的"全省首家"到后来的"全市80多家二级以上公立 医院全部接入"。据不完全统计，3个多月时间里，国内已有上千家医院完成DeepSeek大模型在院端的本 地化部署。 在众多医院的官方报道中，院端接入DeepSeek大模型后，能够全面提升传统AI的能效，应用场景主要 集中在预问诊、临床辅助诊断、影像分析、个性化治疗及院内流程优化等环节。比如上海华山医院就曾 披露称，在DeepSeek深度融入医院的核心信息系统后，高峰期患者的排队时长减少了40分钟，患者满 意度提升了近10个百分点。 但一段时间后，以DeepSeek为代表的大语言模型在医院进行本地化部署的价值正在被重新评估。随着 DeepSeek大模型在医院的不断普及，困惑、失望甚至质疑的声音也逐渐多了起来。 在《健闻咨询》的采访中，很多医院在实际使用中遇到了"模型用不起来，算力闲置，错误太多，临床 反馈不敢用"等问题。某头部三甲医院的信息科主任更是直言，为了接入DeepSeek，医院光硬件就花了 300万元，但落 ...

信息化作为医共体发展的重要支撑，对于提升医疗服务效率、优化医疗资源配置具有重要意义。由脉景 承建的浙江省龙游县中医院县域(医共体)中医智能化信息系统项目，对县域中医医疗信息壁垒、中医医 共体数据交互通道、中医药智能处方、中医辅助诊断、共享中药房等问题进行了数智化升级与创新。目 前龙游县中医院县域(医共体)中医智能化信息系统已全面建成，成为全国中医医共体标杆样板。 该系统的全面上线，形成以龙游县中医院为龙头，乡镇卫生院(社区卫生服务中心)为枢纽，村卫生室为 网底，"智医、智药、智学、智管"标准一体化、互联互通的中医药医共体云平台，构建全面、高效、智 能的中医医疗健康服务体系，提升中医药服务的可及性，让基层老百姓足不出户就能享受"名中医、好 中药"，为促进县城全民健康谋福祉。 在中医智能化信息系统的支撑下，我们看到了与以往不同的场景。专业、炫酷的大屏"智慧中医"驾驶 舱，覆盖全域医疗机构分布统计看板、医生接诊分布统计看板、门诊/住院患者分布统计看板、中医药 处方看板、疾病病种统计看板、中医治疗方法统计看板等场景，县域各医疗机构间的信息通道和交互壁 垒被打破，各项数据实时集成上传，依托汇聚的真实、有效、可用的生产数 ...

Financial Performance - The company achieved operating revenue of 336.80 million yuan, a year-on-year increase of 48.11% [2] - Net profit attributable to shareholders reached 11.45 million yuan, up 313.82% year-on-year [2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 3.30 million yuan, reflecting a year-on-year increase of 120.29% [2] Future Growth Drivers - The company will align its operations with the national "14th Five-Year" strategic plan, focusing on cybersecurity and expanding integrated information solutions [2] - Continuous enhancement of research and production capabilities, along with strengthening the sales system to improve cash collection [2] - Emphasis on internal control systems to ensure compliance and exploring innovative business models to transition from customized to standardized products [2] Industry Outlook - The cybersecurity sector is increasingly recognized as a national strategic priority, supported by relevant laws and policies that foster rapid industry growth [3] - The medical informationization market in China is expected to grow, with opportunities in regional medical information systems and AI applications [3] - The company aims to enhance its core competitiveness and expand its market share in the medical informationization sector [3] Business Expansion Plans - In 2025, the company will focus on cybersecurity and integrated information solutions, while actively developing medical AI products targeted at hospitals [3] - The company is confident in achieving its performance targets set at the beginning of the year [3]

Core Viewpoint - In 2024, Madi Technology faced significant revenue decline primarily due to challenges in the photovoltaic business, leading to a total revenue of 464 million yuan, a year-on-year decrease of 24.93%, and a net profit attributable to shareholders of -279 million yuan [1] Financial Performance - The photovoltaic segment's revenue dropped sharply by 44.04%, contributing to a gross margin decline [1] - The software and information technology services segment generated 232 million yuan in revenue, down 10.92%, with a gross margin of 72.50% [1] - The medical services segment achieved 61.6 million yuan in revenue, an increase of 8.83%, with a gross margin of 39.57% [1] - The photovoltaic business reported a revenue of 168 million yuan, with a gross margin of -77.83% [1] Technological Innovation - Madi Technology made significant advancements in technology, launching a comprehensive smart operating room solution integrating IoT, big data, AI, and digital twin technology [2] - The company established a low-altitude economy innovation center and developed an autonomous AED drone rescue solution [2] - Collaborations with various tech firms aim to enhance medical service robots and create a 5G+ IoT critical care solution [2] Industry Outlook - The medical informationization sector is projected to grow rapidly, with the market expected to exceed 140 billion yuan by 2030 [2] Future Strategy - After divesting the photovoltaic business, Madi Technology reported a net profit of 23.6 million yuan in Q1 2025, a year-on-year increase of 138.55% [3] - The company plans to focus on medical informationization, enhancing platform, regional, and intelligent upgrades, and integrating AI technology into products [3][4] - Madi Technology aims to develop a product system combining software platforms, smart hardware, and algorithm engines, targeting areas like smart surgery and elderly care [4]

Group 1 - The core business of the company is providing Clinical Information Management Systems (CIS) and overall solutions for clinical informationization, with a focus on advanced technologies like mobile internet, IoT, and big data [2] - The company's flagship product, the DoCare series, serves critical areas such as operating rooms, intensive care units, pre-hospital emergency care, and in-hospital emergency services, covering over 2,400 medical institutions nationwide, including nearly 1,200 tertiary hospitals [2] - The company has achieved significant recognition, including being named a national high-tech enterprise and receiving multiple awards for its innovative products and contributions to digital healthcare [2] Group 2 - For Q1 2025, the company reported a revenue of 63.34 million yuan, a year-on-year decrease of 43.13%, while net profit increased by 138.55% to 23.60 million yuan, with a gross margin of 66.10% [3] - The company's stock closed at 14.88 yuan, up 1.78%, with a latest price-to-book ratio of 5.54 and a total market capitalization of 4.557 billion yuan [1] - The company is actively exploring the application of cutting-edge technologies such as 5G, IoT, and AI in low-altitude economic sectors, including emergency rescue services using helicopters and drones [2]

Group 1: Company Performance - The company achieved a revenue of 218 million CNY in 2024, with a net profit attributable to shareholders of -26.49 million CNY [4] - In Q1 2025, the company reported a revenue of 39.57 million CNY, representing a year-on-year growth of 30.01%, while the net profit was -5.94 million CNY, a year-on-year increase of 28.00% [4] Group 2: Market and Policy Impact - Overseas market revenue accounted for 3.08% of total revenue in 2024, with products installed in over 40 countries, primarily in Southeast Asia [4] - The company is leveraging policy opportunities for the renovation of old hospital wards, with projects currently underway at several hospitals, including Shanghai First People's Hospital and Hainan Medical University [2] Group 3: Future Growth Drivers - The company focuses on the smart communication interaction system for hospitals, having served 80 top hospitals in China, and aims to enhance R&D capabilities to support smart hospital construction [4] - The rapid development of technologies such as artificial intelligence and the Internet of Things is being integrated into the company's third-generation ward interaction system, creating five typical application scenarios [4] Group 4: Industry Outlook - The digital healthcare and medical informationization sectors are becoming core topics in national policies, with increasing government support for domestic alternatives in the medical industry [5] - The implementation of the State Council's plan for large-scale equipment updates is expected to accelerate industry demand [5]

Core Viewpoint - The company is experiencing short-term pressure on its performance, with a focus on cost reduction and efficiency improvement to enhance operational quality [2] Financial Performance - In Q1 2025, the company reported revenue of 345 million yuan, a year-on-year decrease of 30.24%, and a net profit attributable to shareholders of 5.29 million yuan, down 68.18% [1] - For the full year 2024, the company achieved revenue of 2.782 billion yuan, a decline of 12.05%, and a net profit of 88 million yuan, down 75.45% [1] Profitability Metrics - In Q1 2025, the gross margin and net margin were 34.46% and -0.97%, respectively, showing an increase of 0.75 percentage points and a decrease of 2.28 percentage points year-on-year [2] - For 2024, the gross margin and net margin were 41.68% and 1.80%, reflecting a decline of 3.32 percentage points and 8.24 percentage points year-on-year [2] Business Segments - The healthcare information technology segment generated revenue of 2.445 billion yuan in 2024, a decrease of 14.17%, accounting for 87.88% of total revenue [3] - The "Internet + Healthcare" segment showed growth, with revenue of 337 million yuan in 2024, up 7.83%, representing 12.11% of total revenue [3] Product Development - The WiNEX product has entered the mass delivery phase, supporting internet operations and international adaptation, with 75 core business systems achieving multilingual support [4] - The company is enhancing its AI capabilities with the release of WiNGPT2.8 and WiNEX Copilot2.1, deploying AI applications to over 20 users by the end of 2024 [5] Future Outlook - The company anticipates continued optimization of its organizational structure and personnel, with expectations for improved profitability driven by the demand for the new WiNEX product [2] - Revenue projections for 2025-2027 are estimated at 3.036 billion yuan, 3.343 billion yuan, and 3.715 billion yuan, with net profits of 305 million yuan, 374 million yuan, and 452 million yuan, respectively [5]

Core Viewpoint - The sale of 100% equity in Yihui Technology by Sichuang Medical to Shanhai Digital for approximately 299.6 million RMB marks a strategic shift for Sichuang Medical, allowing it to divest from its underperforming smart healthcare business and focus on the commercial intelligence sector [1][2]. Group 1: Company Strategy - The primary objective of the transaction is to concentrate resources and funding on the commercial intelligence business, which is expected to optimize the company's business structure and promote high-quality development [1][2]. - After the sale, Yihui Technology will no longer be included in the consolidated financial statements, which is anticipated to improve the company's financial condition and performance metrics [1][3]. - The commercial intelligence business is based on EAS and RFID research and production, providing deep IoT solutions across various industries, with a strong market position in both EAS and RFID sectors [2]. Group 2: Financial Impact - In the period from January to October 2024, Yihui Technology reported revenues of 111 million RMB and a net loss of 316 million RMB, significantly dragging down the overall performance of Sichuang Medical [1]. - The divestiture is expected to enhance asset quality and profitability, as well as increase working capital reserves, thereby supporting the company's focus on commercial intelligence [1][2]. Group 3: Market Position and Future Outlook - The strategic support from state-owned enterprises is crucial for the development of the smart healthcare sector, highlighting the importance of national strategic technology forces [2]. - The transaction is viewed as a positive move that will not compromise the integrity of the company's operations but rather enhance profitability and long-term shareholder value [3].

一、市场指数 与成交额 ：缩量反弹，沪指收于 3300 点之下 今日， A 股三大指数延续震荡格局。截至收盘，上证指数 3295.06 点，下跌 0.07% ；深证 成指上涨 0.39% ，创业板指表现最强，涨幅 0.59% 。两市成交额合计 1.1 万亿元，市场交 投情绪趋于平淡。 从资金面看，央行今日开展 6000 亿元中期借贷便利（ MLF ）操作，净投放 5000 亿元流动 性，为市场注入信心。叠加中央汇金一季度增持沪深 300ETF 的稳定作用，市场下行风险被 有效对冲。 二、领涨板块：电力、 AI 医疗与算力概念活跃 电力板块：煤价下行叠加容量电价机制优化，火电企业盈利预期改善。华银电力、西昌电力等 涨停，机构预计 4 月全社会用电量增速或达 4.5%-5.5% 。 AI 医疗与算力概念：受工信部等七部门《医药工业数智化转型实施方案》推动， AI 医疗板块 活跃，塞力医疗、创业慧康等涨幅居前。算力产业链同步反弹，拓维信息、鸿博股份涨停，国 产算力需求激增成为长期增长逻辑。 四、 总结 当前市场仍处于震荡筑底阶段， 同时 政策托底与流动性宽松为结构性行情提供支撑 。期待 5 月出现新的行情。 欢迎大 ...

Financial Performance - The company reported a basic earnings per share of -0.0600 yuan for Q1 2025, an improvement of 25% compared to -0.0800 yuan in Q1 2024, but a decline from 0.0500 yuan in Q1 2023 [1] - The net profit for Q1 2025 was -0.06 billion yuan, showing a 25% improvement from -0.08 billion yuan in Q1 2024, but a decrease from 0.04 billion yuan in Q1 2023 [1] - The operating revenue increased by 33.33% to 0.4 billion yuan in Q1 2025 from 0.3 billion yuan in Q1 2024, but decreased from 0.59 billion yuan in Q1 2023 [1] - The return on equity was -0.54% in Q1 2025, an improvement from -0.72% in Q1 2024, but a decline from 1.17% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 2.7582 million shares, accounting for 7.1% of the circulating shares, with a decrease of 1.2615 million shares compared to the previous period [1] - Notable changes in the top shareholders include the entry of Zhao Yongzhang, Chen Liping, and Chu Yazhou, while Sun Chengli, Zhou Lei, and Zhao Chen exited the top ten shareholders [2] Dividend Policy - The company has decided not to distribute dividends or transfer shares in this period [3]