The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Shanghai Synyi Medical Technology Co., Ltd. 上海森億醫療科技股份有限公司 (the "Company") (A joint stock company incorporated in t ...

Core Insights - HEALWELL AI Inc. has announced the global launch of AmadeusAI, which integrates with its DARWEN™ AI technology to enhance healthcare providers' capabilities in patient identification and data analysis [2][3] - The AmadeusAI platform is designed to improve clinical workflows by transforming clinical data into actionable insights, thereby enabling faster identification of at-risk patients and better population health management [2][3][4] Company Update - The integration of Orion Health's Amadeus platform with HEALWELL's AI technology marks a significant milestone, allowing healthcare providers to gain deeper insights from both structured and unstructured clinical data [2][3] - AmadeusAI is now available as an upgrade for existing Amadeus customers, highlighting the strategic benefits of the Orion Health acquisition [3][6] Product Features - AmadeusAI includes the SMARTSuite of AI tools, which consists of SMARTSearch, SMARTSummary, and SMARTIdentify, aimed at streamlining clinical workflows and enhancing patient care [3][4] - SMARTSearch allows clinicians to retrieve information using natural language across various records, while SMARTSummary synthesizes fragmented patient data into concise narratives [4] - SMARTIdentify focuses on proactive patient cohort identification and risk stratification, shifting care from reactive to preventive [4] Market Position - HEALWELL's AmadeusAI has been deployed in various healthcare systems globally, including the NHS in the UK and health networks in Canada, New Zealand, and Australia, serving over 150 million patients [5][6] - The company is actively engaging with health systems to explore proof-of-value opportunities for its AI components, aiming to demonstrate the efficiency and outcome improvements enabled by integrated AI [6]

Core Viewpoint - Tempus AI has demonstrated significant growth since its IPO, with a stock price increase from $37 to $74, reflecting a 2x gain, and has a strong growth trajectory supported by expanding market opportunities [2] Group 1: Key Growth Drivers - The expansion of the AI-driven healthcare market is a primary growth driver for Tempus AI [3] - Revenue diversification and scaling through multiple revenue streams, including diagnostic testing and AI-powered software solutions, enhance financial stability [5] - Strategic partnerships with pharmaceutical companies for clinical trial optimization and biomarker discovery strengthen market position [3][5] Group 2: Financial Outlook and Valuation - Current trading metrics show Tempus at a 14x trailing revenue multiple, with projected revenue growth from $952 million to approximately $2.5 billion by 2028, indicating a 2.6x increase [6] - Valuation scenarios suggest potential stock prices of $104, $130, and $156 under conservative, base, and optimistic cases respectively, reflecting upside potentials of 41%, 75%, and 110% [10] - The company’s operational leverage is expected to improve as it scales, leading to declining marginal costs and increasing revenue per customer [5] Group 3: Market Position and Competitive Landscape - Tempus is positioned as a leader in precision medicine, utilizing AI to analyze clinical and molecular data [5] - The global healthcare analytics market is rapidly expanding, with increasing institutional adoption of digital transformation [5] - Competitive pressures from established players like IBM Watson Health and Google Health, as well as emerging AI startups, pose ongoing challenges [10] Group 4: Risks and Considerations - Elevated valuation multiples may normalize as the company matures, with comparable healthcare AI peers trading at 8-12x revenue [7] - Heavy reliance on pharmaceutical partnerships increases exposure to industry cycles and potential regulatory changes [10] - The company faces risks related to technology obsolescence, data privacy concerns, and scaling challenges as it seeks to sustain growth [10]

Core Insights - HEALWELL AI Inc. reported a record revenue growth of 645% in Q2-2025, achieving quarterly revenue of $40.5 million compared to $5.4 million in Q2-2024, primarily driven by the acquisition of Orion Health [4][7][8] - The company achieved its first positive Adjusted EBITDA of $1.9 million in Q2-2025, a significant improvement from an Adjusted EBITDA loss of $3.7 million in Q2-2024, reflecting strong operational fundamentals [4][7][8] - HEALWELL's strategy is focused on becoming a pure-play software and services company, divesting its clinical research and patient services business units to enhance its AI and data science offerings [3][4][5] Financial Highlights - Revenue for Q2-2025 was $40.5 million, a 645% increase from $5.4 million in Q2-2024, with the Healthcare Software business experiencing a 1,064% year-over-year increase [4][7][13] - Gross Profit reached $21.3 million in Q2-2025, up 764% from $2.5 million in Q2-2024, resulting in a Gross Margin of 52.5%, compared to 45.2% in Q2-2024 [7][8][13] - The company had $19 million in cash as of June 30, 2025, an increase from $9.4 million at the end of 2024, positioning it well for future growth and acquisitions [5][7] Business and Operational Highlights - The acquisition of Orion Health, completed on April 1, 2025, is expected to contribute approximately $100 million in annual SaaS and services revenue, enhancing HEALWELL's global reach and customer base [4][7][8] - HEALWELL's AI segment achieved revenues of $5.1 million in the first half of 2025, representing a 223% year-over-year growth [8] - The company has identified several potential tuck-in M&A opportunities as part of its growth strategy [3][4] Strategic Initiatives - HEALWELL is focusing on integrating its AI solutions into public and private health systems, leveraging existing customer bases to accelerate adoption [3][4] - The company officially entered the U.S. healthcare market on June 11, 2025, launching AI-enabled tools targeting health systems and life sciences organizations [7][8] - The Board of Directors is exploring strategic alternatives for the clinical research and patient services business units to streamline operations and focus on high-margin software and services [4][5]

Core Insights - Tempus AI has experienced significant stock price fluctuations since its IPO in June 2024, with a notable initial drop followed by substantial gains [4][5]. - The company has shown a 56% increase in stock value for early investors and a 51% increase for those who invested one year ago [6]. Company Performance - Tempus AI shares debuted at $40 but fell 29% in the first week of trading [4]. - The stock reached a peak closing price of $89.44 on February 14, 2025, marking a 124% increase from its opening price [5]. - As of now, an investment of $1,000 made one year ago is valued at $1,510 [6]. Market Context - The enthusiasm for artificial intelligence has positively impacted many stocks, including Tempus AI, although it took time for investors to show interest post-IPO [2]. - Traditional valuation metrics are not applicable due to the company's unprofitability, but a price-to-sales ratio of approximately 10 is considered reasonable given its market potential [7].

Core Insights - Abridge AI Inc. is raising $300 million in a new funding round led by Andreessen Horowitz, bringing its valuation to $5.3 billion, nearly doubling from $2.75 billion earlier this year [2][5] - The company focuses on using AI to transcribe medical conversations, addressing inefficiencies in healthcare documentation and reducing administrative burdens on physicians [5][7] - Abridge has raised over $400 million in total venture capital, with significant interest from investors in AI applications that enhance professional productivity [5][11] Company Overview - Founded in 2018, Abridge faced initial challenges but gained traction following advancements in generative AI, particularly with the emergence of tools like ChatGPT [5][8] - The CEO, Shiv Rao, a former cardiologist, emphasizes the importance of reducing the time doctors spend on documentation, which can be as much as two hours daily [7][12] - Abridge's early investors include notable firms such as IVP, Elad Gil, Spark Capital, Bessemer Venture Partners, and Union Square Ventures [6] Market Dynamics - Despite a cautious approach to AI adoption in many sectors, large healthcare systems are rapidly signing contracts with Abridge, indicating a shift in procurement behavior [12] - The company has announced new healthcare system clients almost weekly since early 2024, showcasing a significant acceleration in demand [12][15] - Hospitals have praised Abridge's software as transformative, with executives describing it as "life-changing" and a major paradigm shift in their profession [15]

Core Insights - Abridge AI Inc. is a healthcare AI startup focused on transcribing medical conversations using artificial intelligence, currently raising $300 million in a funding round led by Andreessen Horowitz, which values the company at $5.3 billion [1][2] - The recent funding round nearly doubled Abridge's valuation from $2.75 billion earlier this year, highlighting the tech industry's growing interest in AI solutions that enhance efficiency in healthcare [2] Company Overview - Abridge, founded in 2018, initially faced challenges and skepticism regarding the effectiveness of AI tools in healthcare, but has since gained significant traction following advancements in generative AI technologies [7][12] - The company has raised over $400 million in venture capital, attracting investors eager to support applications that enhance the utility of language models for professionals [7][12] Market Demand and Adoption - Abridge addresses the issue of administrative burden on doctors, who spend up to two hours daily on documentation, contributing to burnout and attrition in the profession [9] - Despite cautious adoption of AI tools in many sectors, large healthcare systems are rapidly signing contracts with Abridge, with the company announcing new clients almost weekly since early 2024 [13] Product and Technology - Abridge offers a transcription product that can be downloaded for free on smartphones, which forms the basis for its large language model (LLM) [12] - The company has trained its virtual transcription product on thousands of doctor-patient conversations, giving it a competitive edge in the market [13] Investor Interest - Early investors in Abridge include notable firms such as IVP, Elad Gil, Spark Capital, Bessemer Venture Partners, and Union Square Ventures [8] - The company's leadership, particularly CEO Shiv Rao, is recognized for combining medical expertise with entrepreneurial vision, which has attracted significant investor interest [11][12]

Core Viewpoint - Tempus AI is positioned as a significant player in the healthcare AI sector, with expectations for long-term growth and profitability despite a slow start in 2024 [3][4]. Company Overview - Tempus AI utilizes AI technology to enhance patient testing and assist physicians in making timely diagnoses and treatment plans [3]. - The company boasts the world's largest clinical and molecular data database, which supports personalized patient care [4]. - The platform is widely adopted by various healthcare providers, including cardiologists, oncologists, research centers, and pharmaceutical companies [4]. Market Potential - The healthcare sector is projected to grow at a nearly 40% CAGR over the next five years, indicating a substantial opportunity for AI integration [4]. - Institutional buying has been strong, with nearly $2.3 billion in shares purchased by institutions by the end of February 2025, representing about 25% of the market cap [6]. Financial Performance - Recent Q4 results showed revenue and earnings fell short of consensus estimates, but growth is accelerating due to client acquisitions [7]. - The company has a high client retention rate of 140%, suggesting that clients are increasing their service usage significantly after onboarding [8]. - Revenue growth is expected to accelerate to a hyper 79% in 2025, with profitability anticipated by 2026 [8]. Analyst Ratings and Stock Performance - The current 12-month stock price forecast for Tempus AI is $60.55, with a moderate buy rating based on 12 analyst ratings [9]. - Short interest in the stock has been significant, approaching 25% at the end of January, which may impact market volatility [10]. - Following the 2025 guidance update, the stock price has realigned with a more realistic valuation, trading at $58.50, down over 35% from recent highs [12].