格隆汇8月27日丨智云健康(09955.HK)公布中期业绩，总收入为人民币8.926亿元，由于公司进行业务重 组以重点打造高质量及可产生现金流的增长，毛利率由去年同期的20.6%大幅增加至37.1%。公司亦实 现经调整毛利率(非国际财务报告准则计量)为49.9%，其中不包括就出售及建议出售的若干子公司相关 存货所确认之减值亏损，并反映了公司的正常运营。 2025年上半年，公司重组业务模式，围绕核心人工智能能力，重点打造高质量及可产生现金流的增长。 相比单纯追求规模增长，公司目前以提供长期价值和提升财务弹性作为战略重心。具体而言，公司继续 专注于人工智能驱动的P2M战略，开展自营及第三方药品的精准营销，同时公司主动缩减战略相关性较 弱、盈利能力较低的医疗用品及耗材销售相关业务的规模。总体而言，通过从规模驱动模式转为质量驱 动模式，公司的业务模式更具韧性及可持续性。 值得注意的是，2025年度上半年，公司首次实现自2022年6月首次公开发售以来的经营活动现金流入净 额人民币2870万元，而2024年同期为经营活动现金流出净额人民币1.955亿元，这充分表明转型势在必 行。短期，转型将着重于P2M战略，以实现稳健的 ...

进入8月份，资本市场板块轮动节奏显著加快，AI医疗公司市场关注度快速攀升，大有赶超此前热门的创新药板块之势。 从资金动向来看，机构调仓路径已清晰显现。截至6月底，多只此前重仓创新药的医疗主题基金、科技主题基金，纷纷对创新药标的进行减持甚至清仓操 作，并将释放出的仓位转向AI医疗领域个股，成为推动板块热度升温的重要力量。 长城久嘉创新成长基金经理龙宇飞指出，当前AI医疗赛道内多家公司业绩正逐步走出低谷、迈向触底回升通道，在市场资金阶段性"高低切换"的逻辑下，部 分资金有望从前期涨幅较高的板块，分流至估值位置相对较低、且未来一两年存在明确业务突破预期的AI医疗标的，该领域仍有不少具备成长潜力的公司 值得深入挖掘。 在市场节奏变换下，智云健康于近日发布2025年中期财报，释放出盈利能力大幅改善的信号。 作为中国最大的慢病数字化管理解决方案提供商，公司此前主动推进战略优化，果断收缩战略相关性较弱、盈利能力偏低的医疗用品及耗材销售类增值业 务，同时完成旗下若干家子公司的处置工作，将核心资源全面聚焦于AI赋能的P2M（从患者到工业）高价值赛道。 如今，2.0战略转型已逐步显现成效，智云健康经营正迈向良性循环，在当前AI医 ...

Core Insights - By 2025, global ESG asset management is expected to exceed $50 trillion, indicating that responsible investment has become mainstream and ESG standards are evolving into a core engine for corporate value reconstruction [1] - Zhiyun Health (09955.HK) was awarded the "Golden Award · ESG Social Responsibility Excellence Enterprise" at the "Gelonghui Mid-term Strategy Summit 2025," highlighting its integration of commercial and social value [1] Group 1: Strategic Upgrades and Innovations - Zhiyun Health's achievements in ESG stem from its deep insights into the healthcare industry and continuous business innovation, particularly in the chronic disease management market, which has significant growth potential [4] - The company has implemented a dual-driven strategy of "AI SaaS + P2M," enhancing overall efficiency in the healthcare ecosystem and establishing a vast network covering 2,738 hospitals and 242,700 pharmacies across China [4][6] - The P2M model has generated total revenue of 320 million yuan and achieved net profit, validating its commercial viability [4] Group 2: Product Development and Market Expansion - Zhiyun Health's self-developed product, Tangjing® Dapagliflozin Tablets, achieved over 10 million yuan in revenue within two months of its launch, indicating strong market penetration potential [5] - The company has entered into exclusive cooperation with Clinect Pty Ltd to introduce a new injectable drug for pulmonary arterial hypertension, expected to maintain rapid growth over the next five years [6] Group 3: Social Responsibility and Community Engagement - The company has implemented a SaaS system that has issued 264 million online prescriptions, benefiting over 38 million users while reducing paper usage and energy consumption [9] - Zhiyun Health actively participates in community activities, such as the "Rural Medical" charity initiative, donating digital health management software and medical equipment to improve healthcare services in underserved areas [10][12] Group 4: Future Outlook and ESG Integration - The integration of technology and a mission for inclusivity positions Zhiyun Health as a leader in sustainable growth, demonstrating that ESG is not merely a moral obligation but a compass for value creation [12] - The company's focus on personalized and precise health management solutions aims to enhance patient quality of life while fulfilling its social responsibilities [6][12]