8月27日，智云健康(09955.HK)发布2025半年度业绩公告。今年上半年，智云健康经营性现金流首次转 正至2865万元，在以AI驱动的P2M战略转型下，实现毛利率大幅提升至49.9%，P2M解决方案收入同比 增长高达142.1%。三大关键指标印证了公司聚焦AI 驱动、深耕高价值业务的战略转型全面兑现。 盈利结构显著优化，经营性现金流首次转正 这份中期财报的核心价值，正体现在智云健康财务数据对"转型成效"的直观印证上。上半年公司收入结 构持续优化，各项核心财务指标均释放出积极信号。在同口径对比下，公司实现营业收入8.9亿元，同 比增长20.3%，毛利率提升4.2个百分点至49.9%，经调整的净亏损在调整口径下较去年同期收窄23.3%。 同口径的比较剔除了剥离和计划剥离的子公司对公司业绩的影响，真实反映了公司的经营情况。 尤为亮眼的是，智云健康经营性现金流首次转正，达2865万元，相较去年同期的净流出1.95亿元，实现 了从"负"到"正"的根本性转变。这一突破标志着公司商业模式已具备可持续的现金创造能力，公司正在 向现金流更加稳健、盈利能力持续增强的发展目标稳步迈进。 AI赋能业务突破，P2M解决方案收入翻 ...

Core Insights - Zhiyun Health (09955) reported a 20.3% year-on-year increase in revenue to 890 million yuan for the first half of the year [1] - Adjusted gross margin improved by 29.3 percentage points to 49.9%, while net loss narrowed by 23.3% [1] - Operating cash flow turned positive for the first time in history, with a net inflow of 28.65 million yuan compared to a net outflow of 195 million yuan in the same period last year [1] Revenue Breakdown - P2M solution revenue reached 260 million yuan, achieving a profit and a year-on-year growth of 142.1% [1] - The company has launched six core products and has eight new products in the pipeline [1] Technological Advancements - The AI dual model (ClouD GPT/DTx) has completed the data-monetization loop, and the gestational diabetes solution has been published in an international journal [1] - The company's SaaS has covered over 2,700 hospitals and nearly 270,000 pharmacies [1] Strategic Outlook - Management indicated plans to accelerate the commercialization of P2M solutions to solidify its position as a leader in chronic disease digitalization [1]

Core Insights - Zhiyun Health (09955) reported a 20.3% year-on-year increase in revenue to 890 million yuan for the first half of the year [1] - Adjusted gross margin improved by 29.3 percentage points to 49.9%, while net loss narrowed by 23.3% [1] - Operating cash flow turned positive for the first time in history, with a net inflow of 28.65 million yuan compared to a net outflow of 195 million yuan in the same period last year [1] Revenue Breakdown - P2M solution revenue reached 260 million yuan, marking a significant year-on-year growth of 142.1% [1] - The company has launched six core products and has eight new products in the pipeline [1] Technological Advancements - The AI dual model (ClouD GPT/DTx) has completed the data-monetization loop, and the gestational diabetes solution has been published in an international journal [1] Market Presence - The company's SaaS has covered over 2,700 hospitals and nearly 270,000 pharmacies [1] - Management indicated plans to accelerate the commercialization of P2M solutions to solidify its position as a leader in chronic disease digitalization [1]