11月21日下午，由华夏时报社主办的"2025第五届华夏大健康产业发展暨康复服务大会"在北京成功举 行。本次大会以"智领健康未来"为主题，汇聚产业界、学术界、研究机构及投资方等多方代表，旨在整 合全链条资源，把脉行业趋势，探索发展路径。 现场设置了多场高水平圆桌对话，聚焦创新药、脑机接口、AI医疗、中医药转化等前沿议题，深入探 讨行业热点与突破方向。会议还集中发布并展示了一批具有示范意义与前瞻价值的创新典型案例，涵盖 赋能美好生活、ESG、创新药、中医药、生物科技、AI医疗、硬核科技与社会心理服务等八大类别，从 企业实践、技术应用、品牌建设与人物故事等多维度，展现了大健康领域的活力、深度与创新成果。 文/华夏大健康研究院 晶泰控股（2228.HK）是一家基于量子物理、人工智能赋能、机器人技术和大数据驱动的创新药物及新 材料研发平台。2015年由三位麻省理工学院博士后创立，公司利用"AI+机器人+数据"，打造了AI4S垂 直领域超级大模型，提供药物及材料科学研发解决方案及服务。晶泰为全球前20大国际药企中的17家提 供AI药物研发服务。特别地，晶泰加速了辉瑞新冠口服药paxlovid提前6个月上市；与DoveT ...

Core Viewpoint - In the context of ongoing adjustments in the Hong Kong stock market, Yidu Tech (02158) has demonstrated its intrinsic value and management confidence through a series of solid buyback operations and significantly improved interim performance [1] Buyback Operations - On December 9, Yidu Tech announced a buyback of 345,000 shares at a price of HKD 5.15 per share, amounting to approximately HKD 1.78 million [1] - The company has implemented buybacks for five consecutive trading days, totaling around 1.42 million shares and exceeding HKD 7.3 million in total buyback amount [1] Financial Performance - For the interim results of the fiscal year 2026, Yidu Tech reported total revenue of RMB 358 million, representing a year-on-year growth of 8.7% [1] - The adjusted EBITDA for existing business reached approximately RMB 54 million, doubling compared to the same period last year, with the company nearing breakeven on the accounting level, achieving this milestone about a year ahead of management's original expectations [1] Market and Industry Trends - According to Guosen Securities, the short-term adjustment in the Hong Kong stock market provides space for recovery in 2026 [1] - The US dollar index is expected to weaken in early 2026, benefiting the valuation recovery of emerging markets [1] - The AI sector remains a key focus for 2026, driven by the need for accelerated domestic hardware production and the anticipation of more AI applications [1] AI Medical Sector - Yidu Tech operates in the AI medical sector, which is one of the most barrier-protected and demand-driven core scenarios in the "AI empowering various industries" trend [1] - The company's medical large model technology has entered a new phase of "multiple blooming and large-scale landing," evidenced by three dimensions: 1. Deep application in well-known hospitals, with the AI middle platform implemented in over 30 top-tier hospitals, achieving nearly 1,000 high-frequency calls per day in a single hospital [1] 2. Significant improvement in the accuracy of the TNM staging assessment intelligent agent for key specialties [1] 3. Integration of expert wisdom through the digital twin of doctors, allowing broader service of clinical experience to patients [1]

Core Viewpoint - In the context of ongoing adjustments in the Hong Kong stock market, Yidu Tech (02158) has demonstrated its intrinsic value and management confidence through a series of solid buyback operations and significantly improved interim performance [1] Group 1: Buyback Operations - On December 9, Yidu Tech announced a buyback of 345,000 shares at a price of HKD 5.15 per share, totaling approximately HKD 1.78 million [1] - The company has implemented buybacks for five consecutive trading days, accumulating around 1.42 million shares with a total expenditure exceeding HKD 7.3 million [1] Group 2: Financial Performance - For the interim report of the fiscal year 2026, Yidu Tech reported total revenue of RMB 358 million, representing a year-on-year growth of 8.7% [1] - The adjusted EBITDA for existing business reached approximately RMB 54 million, doubling compared to the same period last year, with the company nearing breakeven on its financial statements, achieving this milestone about a year ahead of management's original expectations [1] Group 3: Market and Industry Trends - According to Guosen Securities, the short-term adjustment in the Hong Kong stock market provides space for recovery in 2026, with the US dollar index expected to weaken in early 2026, benefiting the valuation recovery of emerging markets [1] - The AI sector remains a key focus for 2026, driven by the need for accelerated domestic hardware production and the anticipation of more AI applications, with companies increasingly utilizing AI to enhance labor productivity [1] Group 4: Company Positioning in AI Healthcare - Yidu Tech operates in the AI healthcare sector, which is one of the most barrier-rich and demand-driven core scenarios in the "AI empowering various industries" landscape [1] - The company's medical large model technology has entered a new phase of "multiple blooming and large-scale implementation," evidenced by three dimensions: deep application in over 30 top-tier hospitals, significant accuracy improvements in TNM staging assessment, and the integration of expert clinical experience through digital avatars of doctors [1]

Core Insights - The founder and chairwoman of Yidu Tech, Gong Rujing, participated in two major Asia-Pacific industry events, discussing the transformative trends in healthcare and sharing the company's innovative practices in enhancing medical accessibility and efficiency through AI technology [1][3] Group 1: Future Trends in Healthcare - Three core trends in the healthcare industry over the next decade were identified: 1. Autonomous AI reshaping diagnostic and treatment models, transitioning healthcare from reactive treatment to predictive prevention, addressing the global shortage of medical resources [1] 2. Trustworthy data establishing a new national health infrastructure, enhancing public health alertness and emergency response capabilities, facilitating leapfrog development in health governance [1] 3. Social value becoming the core investment orientation, with capital increasingly focusing on solutions that ensure accessibility, clinical quality, and economic affordability in healthcare [1] Group 2: AI Applications and Innovations - Yidu Tech is promoting AI-enabled healthcare through various practical directions, including the establishment of a national-level digital health platform that empowers individuals, exemplified by the BruHealth platform in Brunei, which has reached approximately 550,000 users, covering nearly 86% of the population [4] - The introduction of Dr. Avatar, a digital twin of doctors, allows for remote consultations and follow-ups, while the Doctor Copilot integrates patient data to assist in decision-making and patient education, thereby alleviating the pressure on healthcare providers [6] - AI's value extends beyond clinical applications to the entire healthcare industry chain, enhancing research processes and payment systems, thereby improving overall operational efficiency [8] Group 3: Collaborative Efforts and Vision - The vision of a "trustworthy and inclusive" digital health system was widely recognized at the conferences, emphasizing the need for collaboration between public and private sectors to address healthcare resource disparities and efficiency bottlenecks [8] - Yidu Tech aims to deepen cross-border and cross-sector collaborations to realize the vision of making precision medicine accessible to everyone [8]

Summary of the Conference Call for Yidu Technology Company Overview - **Company**: Yidu Technology - **Industry**: AI in Healthcare and Life Sciences Key Points and Arguments Financial Performance - In the first half of FY 2026, Yidu Technology achieved a total revenue of RMB 358 million, with a significant improvement in operational efficiency and profitability, reaching breakeven a year ahead of schedule [2][3][12] - Operating cash outflow decreased by 56%, and the proportion of operating capital to revenue dropped by 72.7% [3][12] - Adjusted EBITDA doubled year-on-year, indicating strong growth resilience despite a challenging macro environment [3][12] Business Segments Performance - **AI for Medical**: Revenue increased by 14.6% year-on-year, with new orders growing by 19.7% [2][12][15] - **AI for Life Science**: New orders surged by 61.1%, although revenue slightly declined by 4%, showing signs of stabilization and recovery [2][12][15] - **AI for Care**: Revenue grew by 30.3%, with the expansion of the惠民保 (Huiminbao) service to 5 provinces and 13 cities, serving over 40 million insured individuals [2][19][20] Technological Advancements - Yidu Technology made significant breakthroughs in AI technology, including a large model that achieved a hallucination rate of less than 1% [4] - The company is actively involved in the construction of clinical trial bases and has developed a comprehensive AI platform to enhance hospital efficiency and clinical decision-making [4][6][22] Research and Development Contributions - The company supports over 3,000 research projects and has helped publish more than 500 high-level papers, with a total impact factor exceeding 3,000 [2][8][9] - Yidu Technology has established a robust medical knowledge graph covering over 100,000 medical entities and 98 major disease categories [2][7] Public Health Initiatives - Yidu Technology has contributed to public health by creating electronic health records for over 27 million residents and participating in the construction of regional medical big data platforms [9] Market Opportunities and Strategic Positioning - The company is well-positioned to benefit from government policies promoting AI in healthcare, with a focus on building high-quality data sets and clinical applications [24][25] - Yidu Technology has a strong pipeline of projects and partnerships with top hospitals, enhancing its competitive advantage in the market [24][25] Future Outlook - The management expects continued revenue growth across all business segments, with AI for Medical projected to grow by approximately 15% in FY 2026 [23] - The company plans to maintain a focus on high-quality clients and optimize customer experience while reducing operational costs [17][23] Stock Buyback and Capital Management - The company has repurchased over HKD 22 million worth of shares, indicating confidence in its intrinsic value and commitment to shareholder returns [4][23] Conclusion - Yidu Technology is positioned for sustainable growth in the AI healthcare sector, leveraging its technological advancements, strong market presence, and supportive government policies to drive future success [32][34]

Core Insights - The company, Yidu Tech (2158.HK), reported a healthy revenue growth of 8.7% year-on-year, reaching RMB 358 million for the first half of the 2026 fiscal year [1][4] - The adjusted EBITDA for existing business doubled compared to the same period last year, amounting to approximately RMB 54 million, indicating significant improvement in profitability and operational efficiency [1][7][10] - The company has entered a new phase of its large model technology, with deep applications in over 30 top-tier hospitals and a substantial increase in order amounts across its core segments [1][14] Revenue and Profitability - Total revenue for the reporting period was RMB 358 million, reflecting an 8.7% increase year-on-year [1][4] - Adjusted EBITDA for existing business reached approximately RMB 54 million, showing a significant improvement compared to the previous year [1][7] - The company is nearing breakeven in its financial statements, ahead of management's previous expectations by one year [1][10] Order Growth - The core business segments saw substantial growth in new order amounts, with the big data platform and solutions segment increasing by 19.7% year-on-year, and the life sciences solutions segment experiencing a remarkable 61.1% increase [1][9] Technological Advancements - The company’s large model technology has evolved into a stage of "multiple blooms and large-scale landing," evidenced by its deep application in top hospitals and high-frequency usage of its AI Copilot [1][14][22] - The accuracy of the TNM staging assessment AI has significantly improved, with T staging accuracy reaching 90% and N staging accuracy reaching 80% [1][20][21] Business Collaboration and Ecosystem - The company has established collaborations with top experts and hospitals, creating a digital twin of doctors to extend expert clinical experience to a broader patient base [1][14] - The company has been actively involved in health management, serving over 44 healthcare institutions and covering nearly 30 cities and provinces [1][28]

Core Insights - The core viewpoint of the article highlights the strong performance and growth of Yidu Tech (医渡科技) in the AI healthcare sector, with significant improvements in revenue and operational efficiency for the fiscal year 2026 [1]. Financial Performance - Total revenue reached RMB 358 million, representing an 8.7% year-on-year increase [2]. - Adjusted EBITDA for existing business doubled compared to the same period last year, amounting to approximately RMB 54 million [1][4]. - The company is nearing breakeven in its financial statements, ahead of previous management expectations by one year [1][6]. Business Growth - The company experienced robust growth in new orders, with the big data platform and solutions segment seeing a 19.7% increase, while the life sciences solutions segment achieved a remarkable 61.1% growth in new orders [1][5]. - The total order backlog exceeded RMB 400 million, with 63 new bids won during the reporting period [24]. Technological Advancements - The company’s large model technology has entered a new phase of "multi-point blooming and large-scale landing," evidenced by deep applications in over 30 top-tier hospitals and high-frequency usage of the AI Copilot by doctors [1]. - The accuracy of the TNM staging assessment AI has significantly improved, with T-stage accuracy rising from 58% to 90% and N-stage accuracy increasing from 62% to 80% [15]. Market Position and Collaboration - Yidu Tech has established a strong presence in the healthcare AI market, collaborating with top hospitals and experts to enhance clinical experience and patient services [1][10]. - The company has developed over 1,240 medical AI agents, covering the entire clinical process and significantly improving efficiency in medical record writing and data reporting [15]. Future Outlook - The management expressed confidence in the ongoing evolution of their AI models and the commercial success of their applications in research, diagnosis, and public health [1][9].

Core Insights - Yidu Technology reported a total revenue of RMB 358 million for the first half of the 2026 fiscal year, representing an 8.7% year-on-year growth, with adjusted EBITDA doubling to approximately RMB 54 million [1] - The company has seen significant growth in its core business segments, with new order amounts in the big data platform and solutions segment increasing by 19.7% and the life sciences solutions segment by 61.1% [1] - The management highlighted advancements in AI technology, with applications in over 30 top-tier hospitals and a significant increase in the accuracy of its TNM staging assessment tool [1][2] Business Segment Performance - The big data platform and solutions segment generated revenue of RMB 153 million, a 14.6% increase year-on-year, providing solutions to 127 top hospitals and 44 regulatory bodies [3] - The life sciences solutions segment achieved revenue of RMB 138 million, supporting the accelerated approval of several innovative drugs and gaining recognition in real-world research [4] - The health management platform and solutions segment reported revenue of RMB 66.67 million, a 30.3% increase, with significant participation in public health insurance projects and a notable rise in active users [5] Technological Advancements - YiduCore, the company's core algorithm engine, processed over 1.3 billion patient visits and nearly 7 billion authorized medical records, covering over 10,000 hospitals [1] - The company has successfully reduced the incidence of "hallucinations" in AI models to below 1% and improved the accuracy of its TNM staging assessment tool significantly [2] - Yidu Technology received industry recognition at the CHIP 2025 conference, winning awards for its advancements in medical NLP [2]

Core Insights - Yidu Technology (2158.HK) reported a total revenue of RMB 358.1 million for the six months ending September 30, 2025, representing an 8.7% year-on-year growth, with losses significantly narrowing by 72%, nearing breakeven [1] - The revenue growth was primarily driven by favorable policies that stimulated market demand, leading to a substantial increase in order volume [1] - The company effectively controlled operating costs through continuous optimization of internal operations and enhanced collaboration across business segments, improving resource utilization efficiency [1] - Cash outflow from operating activities decreased by 56% year-on-year, maintaining a robust cash reserve to seize future market opportunities and achieve high-quality growth [1] - Yidu Technology's AI technology made significant advancements, with its "AI Medical Brain" YiduCore processing and analyzing over 1.3 billion patient visits and nearly 7 billion authorized medical records, covering all known diseases in its disease knowledge graph and expanding its specialized disease database to 98 categories [1] Business Operations - Yidu Technology's large model innovation has been fully implemented across the "medical, pharmaceutical, insurance, and patient" scenarios [2] - The company has served 127 well-known hospitals, covering over 10,000 hospitals, with the "Doctor Copilot" being called nearly 1,000 times daily in a single hospital, reaching approximately 70% of healthcare personnel [2] - Collaborations with leading experts in fields such as cervical cancer, weight loss, and liver cancer have led to the development of a "digital twin" for doctors, enhancing patient service and refined management [2]

Core Insights - The three principles proposed by the founder of Yidu Technology, Ms. Gong Rujing, emphasize that AI should not replace doctors, should remain contextually relevant, and should not abandon inclusivity in healthcare [1][9] - The forum held in Kuala Lumpur gathered global investment leaders and industry experts to discuss the future of AI in healthcare [1] Group 1: AI in Healthcare - Ms. Gong Rujing highlighted that there is no "universal AI," but rather precise solutions that fit into workflows, emphasizing the need for high-quality medical data and seamless integration into the entire diagnostic and treatment process [3][4] - Yidu Technology's "AI Medical Brain" YiduCore has processed over 6 billion medical records, establishing a robust foundation for AI applications in healthcare [4] - The company has developed over 1,000 intelligent agents covering various clinical needs, significantly improving efficiency and standardization in areas like oncology [4][6] Group 2: Inclusivity in Healthcare - The ultimate mission of AI in healthcare is to provide accessible and affordable health services to everyone, as stated by Ms. Gong Rujing [6] - Yidu Technology has participated in the development of health insurance projects across multiple provinces, offering insurance products with annual premiums as low as 100 yuan, benefiting millions [6][7] - The company has served over 40 million insured users, demonstrating the social equity driven by technology [6] Group 3: Globalization and Localization - Ms. Gong Rujing emphasized that globalization in AI healthcare should not be a mere replication of solutions but should involve "technology generalization + local adaptation" to create value with local partners [8] - Yidu Technology has implemented localized projects, such as the BruHealth digital health platform in Brunei, covering over 60% of the population [8] - The company is also involved in Singapore's "MIC@Home" project, supporting remote monitoring and management of discharged patients [8]