Financial Data and Key Metrics Changes - For the first three quarters of 2025, total revenue reached CNY 2.57 billion, a year-on-year increase of 23.1, while net profit attributable to ordinary shareholders was approximately CNY 410 million, rising 51.9% compared to the same period last year [1] - The company reported total revenue of CNY 975 million for the third quarter, marking a year-on-year growth of 38.4 [13] - Operating profit for the quarter was nearly CNY 114 million, reflecting a substantial year-over-year increase of 329.8%, with net profit attributable to ordinary shareholders reaching CNY 158 million, up 60.1% year-over-year [15] Business Line Data and Key Metrics Changes - The insurtech business achieved an operating profit of about CNY 180 million in the quarter, a year-on-year increase of 44.3% [1] - Insurance-related revenue reached approximately CNY 870 million, increasing by 44.8% year-on-year and 17.8% quarter-on-quarter, with an operating profit margin of 20.3% [4] - Profiling service fees stood at around CNY 65.66 million, remaining stable year-on-year, while digital clinical trial solutions contributed over CNY 31.85 million, with a year-on-year increase of 31.3% [14] Market Data and Key Metrics Changes - As of September 30, 2025, the cumulative registrations for the medical profiling platform reached approximately 485 million, with a total of CNY 71.2 billion raised for 3.61 million patients [9] - The digital clinical trial solution income in the third quarter reached CNY 31.85 million, marking a 31.3% year-on-year increase [12] Company Strategy and Development Direction - The company is focused on leveraging advancing AI technologies to drive integration and innovation across operations, aiming for sustainable long-term growth [4] - The launch of Waterdrop C-Point AI, a low-code AI platform, is intended to empower employees to build and deploy tailored solutions for various tasks, supporting growth in both insurance and non-insurance areas [2] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding full-year revenue and profit guidance, emphasizing the importance of AI in enhancing operational efficiency and decision-making [4] - The company highlighted its commitment to sustainable development and creating value for society through its various initiatives [2] Other Important Information - The company has filed 69 patent applications centered on large language models, including nine international filings, indicating a strong focus on innovation [2] - As of the end of November 2025, the company had repurchased approximately 58.1 million ADS in the open market, totaling $113 million [3] Q&A Session Summary Question: What are the key drivers of growth in the insurance business? - The insurance business maintained significant growth momentum, with optimized real-time identification capabilities and enhanced integration of data links among advertising, operation, and risk control systems [4] Question: How is the company addressing operational efficiency? - The deployment of AI across various services has significantly improved operational efficiency, with AI medical insurance experts boosting productivity and response times [7][8]

近期，中国内地领先的医疗健康行业数据赋能商——倍通数智开曼控股有限公司（以下简称"倍通数 智"）正式向港交所递交上市申请文件，拟于主板挂牌。公司凭借其首创的渠道数据直连（DDI）解决 方案及深厚的数据积累，在行业中占据重要地位。然而，仔细审视其招股书，在亮眼业绩与行业前景背 后，倍通数智的上市之路亦面临一系列显著的风险与挑战，主要集中在行业依赖、数据合规、客户集 中、研发投入等几方面。 核心优势与市场地位 招股书显示，该公司是中国内地医疗健康行业领先的数据赋能商，以海量数据资产和行业知识库为核 心，构建了医疗健康行业全要素智能数据平台，覆盖产品全生命周期并实现医药流通领域全渠道整合。 根据弗若斯特沙利文报告，倍通数智于2009年在中国内地医药及医疗器械行业内首创渠道数据直连 （DDI）解决方案，该模式提升了数据准确性、加强了可追溯性，并支持渠道监管和合规管理。报告还 显示，按2024年收入计，倍通数智在中国内地医药及医疗器械企业第三方渠道数字化服务提供商中排名 第二。 公司近三年业绩保持稳健增长，于往绩记录期间（2022年、2023年、2024年以及截至2025年前六个 月），倍通数智的收入分别为2.21亿元 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 据港交所12月2日披露，倍通数智开曼控股有限公司(倍通数智)递表港交所主板，建银国际为其独家保 荐人。招股书显示，倍通数智是中国医疗健康行业领先的数据赋能商。公司以海量数据资产与行业专业 知识库为核心，构建了医疗健康行业全要素智能数据平台，借助公司经验证的、可拓展的业务模式，以 及行业协同能力，实现医疗健康行业产品全生命周期覆盖和医药流通领域全渠道无缝整合。 ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $60 million, down 4% year-over-year, but at the high end of guidance [4][17] - Adjusted EBITDA was $18.9 million, representing a margin of 32%, which was $2 million above the high end of guidance [4][21] - Unlevered free cash flow for the trailing 12 months was approximately $51 million [5][21] - Adjusted net income was $9.7 million, resulting in $0.07 of non-GAAP earnings per share [17][24] Business Line Data and Key Metrics Changes - Subscription revenues were $58.2 million, also down 4% year-over-year, but showed stabilization quarter-over-quarter [18] - Professional services revenue showed modest growth and was largely in line with expectations [18] - Total customer count remained steady at approximately 2,400, with enterprise customer count increasing to 520, the highest level since Q3 of the previous year [5][6] Market Data and Key Metrics Changes - Renewal rates showed year-over-year improvement, although it remains early to determine if this trend is durable [6][18] - Deferred revenue was $92 million, up 7% year-over-year, indicating a positive trend in customer commitments [22] Company Strategy and Development Direction - The company is focusing on four strategic pillars: differentiated data, seamless integrations, customer success, and digital partnerships [7][12] - There is an emphasis on enhancing data quality and expanding data sources to improve competitive positioning [7][8] - The company is investing in digital engagement and partnerships to drive future growth [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting pressures on renewals but also improvements in operational metrics [54][56] - The company expects Q4 revenue to be between $59-$60 million, reflecting a decrease of 4%-5% compared to the same period last year [24] - For the full year, revenue guidance has been raised to $239-$240 million, indicating a 5% decline year-over-year [25] Other Important Information - The company has repurchased approximately 2 million shares for about $9 million, with $49 million remaining under the share repurchase authorization [22] - The integration of data into customer workflows is seen as critical for improving retention rates [10][11] Q&A Session Summary Question: Competitive takeaway regarding the medical device company - Management noted that there is strength in new logo acquisition and that competitive wins are becoming more common due to the quality of their data and integration capabilities [27][28] Question: Importance of new claims data - Management emphasized that claims data is crucial for product positioning and customer needs, with expectations for incremental growth from new data sources [29][30] Question: Changes in pharma clients' budget allocation - No notable changes were observed in budget allocation among biopharma clients, despite tighter budget constraints [32] Question: Improvements in downsell pressure - Management confirmed that downsell pressure remains isolated within the life sciences space, but renewal rates are improving [34][35] Question: Factors driving agency activations - The effectiveness of data in driving targeted marketing campaigns is leading to increased activations from agencies [37][39] Question: Future growth algorithm - Management indicated that future growth will be driven by both new customer acquisition and expansion within existing customers [46][49] Question: Expectations for renewals in December and January - Management acknowledged the significance of the upcoming renewal period and expressed cautious optimism based on recent improvements [54][58]

Economic Performance - In the past five years, five economic indicators in Pudong have surpassed the "trillion" mark, with three leading industries nearing half of the city's total [1] - By 2024, Pudong's GDP is projected to reach 1.78 trillion yuan, 1.34 times that of 2020, accounting for 32.9% of the city's total [2] - The total industrial output value is expected to be 1.32 trillion yuan, 1.27 times that of 2020, making up 33.6% of the city's total [2] - The total revenue from the service industry is anticipated to be 1.25 trillion yuan, 1.61 times that of 2020, representing 21.2% of the city's total [2] - The total import and export volume is projected to be 2.61 trillion yuan, 1.25 times that of 2020, accounting for 61.1% of the city's total [2] - Online retail sales are expected to reach 5.88 trillion yuan, 1.34 times that of 2020, making up 37.3% of the city's total [2] Industry Development - The three leading industries—integrated circuits, biomedicine, and artificial intelligence—achieved a scale of 832.3 billion yuan last year, accounting for 46% of the city's total, with an average annual growth rate of 11.7% over the past three years [3] - The proportion of strategic emerging industries in industrial output increased from 48.4% to 53.6% [2] Policy and Reform - Pudong has implemented three national strategic tasks with a landing rate of 93%, resulting in a series of innovative reforms and open results [4] - The "Systematic Opening Overall Plan" has seen 80 tasks largely implemented, with 77 pilot experiences replicated on a larger scale [4] - Key reforms include the first national pilot for importing remanufactured products and the implementation of localized management for imported medical device labels [4] Infrastructure and Urban Development - Pudong has invested 374.22 billion yuan in public welfare, maintaining a fiscal investment ratio of over 46% [6] - The "Five Rings" water system project aims to enhance ecological landscapes and urban functionality, covering an area of approximately 199.4 square kilometers and benefiting around 2.3 million residents [6] - The project includes the construction of new parks and green spaces, increasing the per capita park area to 13.4 square meters [6] Social Welfare and Community Development - The "Two Olds and One Village" renovation project has benefited 38,600 households, completing urban village transformations and improving living conditions [7]

Core Viewpoint - The establishment of a trusted data space in Guangzhou aims to enhance the integration and utilization of healthcare data, facilitating innovation in medical services and research while ensuring data privacy and security [1][2][3] Group 1: Data Products and Resources - The first batch of data products and high-quality datasets in Guangzhou includes five data products and 28 datasets related to various health conditions, such as pneumonia and liver cancer [1] - The projected outpatient volume for Guangzhou in 2024 is expected to reach 187 million, indicating significant potential in healthcare data resources [1] Group 2: Data Integration and Collaboration - The trusted data space connects hospitals, enterprises, and research institutions, establishing a data circulation mechanism to promote integrated governance and orderly flow of medical data [1][2] - Medical institutions are encouraged to share their data; for instance, a hospital has structured and anonymized seven specialized disease databases for integration into the trusted data space [2] Group 3: Data Utilization and Innovation - The trusted data space provides 100 petabytes of computing power to support algorithm training for hospitals, enabling innovation in general and specialized medical services [2] - Data from newborn jaundice cases is being utilized in collaboration with enterprises to validate and optimize algorithms for non-invasive jaundice testing [2] Group 4: Data Security and Privacy - The trusted data space implements privacy computing and audit mechanisms to ensure data does not leave the domain and its usage is traceable, addressing concerns about data misuse [2] - Each usage scenario requires a digital contract that specifies the purpose, permissions, and duration of data use, alleviating hospitals' concerns about potential data abuse [2] Group 5: Future Expansion Plans - The trusted data space currently covers 18 research hospitals in Guangzhou, with plans to expand its data resources and connect with at least 50 third-party data service providers and over 100 enterprises [3]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $59.2 million, down 7% year over year, but above the high end of guidance [5][21] - Adjusted EBITDA was $14.7 million, representing a 25% margin, which was well ahead of expectations [6][21] - Unlevered free cash flow for the trailing twelve months was $67.1 million, down 12% year over year, with a 91% conversion from adjusted EBITDA [27][28] Business Line Data and Key Metrics Changes - Subscription revenue declined 7% year over year, while Professional Services revenue grew by 9% in the quarter [23] - Adjusted gross profit was $47.1 million, down 11% from Q1 2024, with an adjusted gross profit margin of 79.5% [23] - Adjusted operating income was $12 million, down 35% from Q1 2024, with an adjusted EBITDA margin of 25% [26] Market Data and Key Metrics Changes - Renewal rates stabilized in Q1 at levels observed in the second half of 2024, but retention rates remain lower than desired [8][9] - New logo activity was solid across all end markets, indicating ongoing demand for differentiated actionable data [8] Company Strategy and Development Direction - The company is focusing on four strategic pillars: differentiated data, seamless integration, customer success, and digital engagement [9][18] - The goal is to improve retention rates and return to growth by enhancing the value proposition and performance across these areas [18] - The company is committed to managing costs while identifying additional ways to drive efficiencies [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational strategies despite economic uncertainties, aiming for sequential revenue growth in the near term [19] - The company is tightening its revenue guidance for 2025 to $234 million to $240 million, reflecting a 5% to 7% decline year over year [33] Other Important Information - The company repurchased approximately 5.6 million shares for a total of $21.2 million, leaving $77 million remaining under the existing authorization [29] - A goodwill impairment of $176.5 million was recorded due to stock price decline, which is a non-cash accounting charge [30] Q&A Session Summary Question: Can you elaborate on data integrations and their impact on retention? - Management indicated that data sharing and integration are crucial for enhancing customer retention, with a focus on facilitating data interactions through various platforms [37][39] Question: What is the agency strategy and its impact on the go-to-market motion? - The agency strategy is seen as applicable across all customer segments, aiming to leverage differentiated data to help customers activate their data effectively [41][43] Question: What is the expected timeframe for seeing growth inflection from operational changes? - Management expects to see signs of growth within the year as operational changes take effect, with a focus on aligning support functions and customer engagement [45][47] Question: How does the company plan to address churn and customer retention? - Management noted that while churn remains a challenge, stabilization is encouraging, and operational actions are expected to improve renewal rates later in the year [77][78] Question: What is the competitive environment like, especially against other pharma services companies? - Management acknowledged pressures in the Life Sciences sector due to macroeconomic factors but emphasized the company's focus on quality data as a competitive advantage [78][80]