资料显示，智云健康科技集团(09955.HK)成立于2014年,是中国领先的数字化慢病管理解决方案提供 商。公司自主研发的医院SaaS系统、药店SaaS系统以及先进的互联网医院平台为用户提供院内解决方 案、药店解决方案和个人慢病管理解决方案,覆盖了院内院外数字化慢病管理的全生命周期,目前已为全 国2700多家医院、逾21.9万家药房提供服务。集团打通产业链上下游,布局原研药、医学检验和病理诊断 等业务板块。同时,公司持续强化医学AI能力,推出智云医疗AI大模型,不断深化"数字技术+传统医疗"生 态建设的协同机制,致力于以数智化技术创新助力医疗行业转型升级。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，医疗保健设备和服务行业市盈率（TTM）平均值为-2.82倍，行业中值0.38倍。智云健康 市盈率-1.26倍，行业排名第99位；其他巨星医疗控股（02393.HK）为0.29倍、京玖康疗（00648.HK） 为0.38倍、医汇集团（08161.HK）为1.81倍、环球医疗（02666.HK）为5 ...

本报记者 李万晨曦 AI医疗再迎突破。6月30日，上海交通大学医学院附属瑞金医院（以下简称"瑞金医院"）携手华为技术 有限公司开源了RuiPath病理模型中核心的视觉基础模型。 智参智库特聘专家袁博对《证券日报》记者表示，此次开源也有助于加速AI在医疗行业应用加速落 地，通过开放数据标准、工具、评测数据集，解决源头数据处理、模型部署、应用开发、评测上线的一 系列实际困难，打通从模型到应用的"最后一公里"，为AI在医疗行业的商业化落地提供了实践。 弗若斯特沙利文预测，中国AI医疗市场规模将从2023年的88亿元增至2033年的3157亿元，年复合增长 率达43.1%。 浙大城市学院文化创意产业研究所秘书长、副教授林先平在接受《证券日报》记者采访时表示，短期来 看，病理大模型将推动AI医疗从辅助工具向全流程智能服务升级，多模态技术融合将催生更多高附加 值的商业产品。长期来看，人口老龄化加剧叠加医疗资源分布不均的矛盾，将持续催生远程诊疗、慢性 病管理等AI工具的刚性需求，AI医疗大规模应用前景可期。 企业寻求突破 在行业利好与政策红利的双重驱动下，AI医疗赛道热度不断攀升。Choice金融终端数据显示，近一个月 内 ...

报告显示：在碳减排方面，阿里巴巴自身运营净排量与价值链碳强度持续下降，带动平台生态减排同比增长77.6%；从一次平扫CT识别多种癌症、疾病， 到精准预测气象优化电网调度决策的气象大模型，AI正逐步成为阿里巴巴ESG价值关怀的重要内容，也开始提升ESG行动效率。 阿里巴巴CEO吴泳铭在ESG报告致信中写道："自从四年前确立ESG目标以来，公司持续推进ESG行动的决心没有变，不断完善内部组织与治理机制没有 变，ESG依然是一把重要标尺，度量和校准我们发展的质量。" （配图：阿里巴巴发布 2025年ESG报告） 登录新浪财经APP 搜索【信披】查看更多考评等级 6月26日，阿里巴巴集团发布《2025阿里巴巴ESG报告》（以下简称ESG报告）。这是阿里巴巴在完成香港联交所双重主要上市后，发布的第一份ESG报 告。 "人人三小时"十周年 公益嵌入业务设计 AI成ESG关键词 随着"AI驱动"战略的持续推进，阿里巴巴在提升AI技术能力的同时，持续关注技术向善，以AI为代表的技术能力，正成为协助社会解决问题的重要工 具。 技术开源是其中最大亮点。2024年，阿里巴巴在斯坦福大学的《2025年人工智能指数报告》中被评为重要模 ...

今天分享的是：高盛：中国生成式AI应用的商业变现之路（英文） 高盛：中国生成式AI应用的商业变现之路总结 高盛在2025年6月11日发布的报告中，聚焦中国生成式AI应用的商业变现情况，从核心争论、进展、策略、用户案例及供应商优势等多方面展开分析。 关于人工智能软件的核心争论聚焦于货币化、护城河与知识产权、用户案例和成本这四个方面。软件供应商已开始对人工智能软件收费，同时在商业化与新 用户扩展之间寻求平衡。中国多种人工智能模型的涌现降低了训练和推理成本及计算能力需求，随着本地人工智能基础设施的扩展，成本仍有进一步下降空 间，这将使更多用户能够使用AI技术。 在AI货币化进展方面，消费级单款AI应用的月活跃用户已突破1000万，付费比率在3%到13%之间。企业级方面，单款AI软件的企业客户数量今年目标约 1000家。虽然今年人工智能软件的收入贡献仍较低，范围在个位数到十几之间，但软件供应商将AI视为未来几年的关键增长驱动力，同时人工智能基础模 型的API令牌费用持续下降。 AI定价策略上，面向消费者的AI工具定价为每年20到200美元，由于多模态内容成本更高，人工智能创作工具的定价高于AI生产力工具。企业级AI应 ...

Company Overview - Yunzhisheng, established in 2012, focuses on IoT artificial intelligence with proprietary intellectual property, initially starting with smart voice technology and later proposing the "cloud-end-chip" architecture to reduce AI deployment costs [1] - The company shifted from consumer hardware to enterprise solutions in 2016 and began its large model transformation journey in 2021, emphasizing the development and application of the "Shanhai Model" [1] - Its products cover smart living (home, automotive, etc.) and smart healthcare, serving over 500 partners [1] IPO Information - IPO date: June 20-25, 2025, with listing on June 30 [2] - Offering price: HKD 165-205 per share, with an entry fee of HKD 4,141.35 (20 shares) [2] - Fundraising amount: Up to HKD 320 million, with a free float of approximately HKD 210 million after cornerstone investors [2] - Green shoe option: 15% over-allotment (234,140 shares), with CICC as the stabilizing agent [2] - Cornerstone investors include SensePower Management Limited and others, accounting for 32.86% [2] - Sponsors: CICC and Haitong [2] - Margin ratio: 22 times [2] Financial Performance - Revenue: 80% from living AI solutions, with the remainder from medical AI solutions, primarily from domestic sources [3] - Living business shows steady growth with a 3-year CAGR of +24%, with key clients including major insurance groups and Shenzhen Metro [3] - AI chip sales increased from 12.8 million in 2022 to 36 million in 2024 [3] - Medical business is the fastest-growing segment with a 3-year CAGR of +32%, increasing client base to 166 in 2024 [3] - Gross margin stable around 40% over three years, slightly declining to 39% in 2024 due to increased procurement costs and lower client retention [4][5] Research and Development - R&D expenditure slightly decreased in 2023 but significantly increased to HKD 370 million in 2024, maintaining a high ratio of 39% [5] - The R&D team comprises 70% of total employees, with a growing reliance on external outsourcing for R&D [5] - The company has accumulated 512 patents and launched the "Shanhai Model" with 60 billion parameters in 2023 [8] Competitive Advantages - As the only unicorn in the AI voice sector, Yunzhisheng has differentiated itself with the "Shanhai Model" and automotive-grade chip technology [7] - The AI solutions market in China is projected to grow at a CAGR of 36.7% from 2024 to 2030 [7] - The company has a diverse product matrix across various sectors, including smart living and healthcare [9] - Customer concentration has decreased, with the largest clients contributing less to total revenue over the years [10] Investment Risks - Financial risks associated with major clients, particularly Shimao Group, which has faced liquidity issues [11] - High accounts receivable and credit risks, with receivables exceeding 50% of total assets [12] - Declining growth in living AI projects and customer retention in the medical sector [13] - Increased competition in the AI market, with a low market share of 0.6% [14] - Continuous operating losses and negative cash flow, raising sustainability concerns [15]

依托联影集团高性能的软硬件技术平台与资源优势，联影智能已成为一家能够提供多场景、多疾病、全 流程、一体化智能解决方案的医疗AI企业，以AI赋能临床、科研及设备，覆盖院级管理、医疗创新生 态、工作流优化、精准诊疗、个人健康管理等多个AI应用场景，以高端全维医疗AI创新，推动生命健 康大同。 联影智能汇聚了一批海内外顶尖医疗AI人才，公司总部位于上海，目前已在北京、武汉、成都、深 圳、美国波士顿设立子公司/分支机构，并计划在西安等地组建研发团队。截至目前，联影智能已完成 10+ AI平台、100+ AI应用研发，落地全国三千余家医院，贯穿诊疗全流程；承担、参与国家、省市及 地方各类科技项目共计80余项；累计发表科研论文400+篇。 此次 A 轮融资的完成，将推动技术创新和产品落地的双线提速。 技术方面，联影智能将进一步加大在医疗大模型、智能体等前沿方向的研发投入，加速 AI 技术在医疗 领域的深度创新与应用拓展，推动医疗智能化水平迈向新阶；产品方面，联影智能将继续优化产品服务 体系，加快市场拓展步伐，推动技术创新的临床转化与落地，让更多医疗机构和患者受益于领先的医疗 AI 解决方案。 据联影智能官方公众号，近日， ...

Core Viewpoint - Yunzhisheng, a leading AI solution provider in China, is attempting its fourth IPO after five years, facing significant financial challenges including a cumulative loss of 1.2 billion yuan over three years and a cash flow crisis that necessitates the IPO for survival [1][2]. Financial Performance - The company's revenue is projected to grow from 601 million yuan in 2022 to 939 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 23%, while net losses are expected to increase from 375 million yuan to 454 million yuan, resulting in a loss rate of 48.4% [1]. - As of the end of 2024, the company has only 156 million yuan in cash, which, given an operational cash outflow of 319 million yuan, is insufficient for more than five months of operation [1]. Market Position and Competition - Yunzhisheng holds a market share of 5.8% in lifestyle AI and 2.3% in medical AI, ranking third and fourth respectively, but is significantly behind leading competitors like iFlytek, which has a 22.9% market share in medical AI, ten times greater [2]. - The competitive landscape is challenging, with major players like Baidu and Alibaba leveraging their ecosystem advantages to squeeze out smaller players [2]. Business Model Challenges - The company's business model is characterized by high customization costs and low technical barriers, leading to structural contradictions that contribute to ongoing losses [2]. - R&D expenses account for 30%-40% of revenue, with over 56% of these costs directed towards third-party outsourcing, indicating a weakness in core technology accumulation [2]. Customer Dynamics - The core revenue sources are lifestyle and medical AI customized solutions, which accounted for 78.8% and 21.2% of revenue in 2024, respectively. However, customer growth has stagnated, with only 38 new lifestyle AI clients over three years and a long-term stable count of 166 medical AI clients [3]. - Customer retention has declined sharply, with retention rates dropping from 70.4% to 53.3%, indicating a lack of customer loyalty despite high investment [3]. Financial Health and Risks - The company faces low efficiency in capital turnover, with accounts receivable reaching 559 million yuan, nearly 60% of revenue, and an average turnover period of 283 days, significantly exceeding the industry average of 188 days [3]. - The financial strain is exacerbated by a single client risk, as evidenced by a 26.3 million yuan bad debt provision due to the default of a real estate client [3].

通过以上举措，厦门市卫健委基层服务能力稳步提升，群众"扎堆挤三甲""看病难"等现象有所缓解；群 众就医体验感受逐步提升，减少重复检查超10万例，节约费用超1200万元。"信用就医"模式为患者单次 就医平均减少排队时间35分钟。 厦门以办好群众身边事的整治项目为突破口，学习教育取得初步成效，全市313所中小学供餐、配餐满 意度测评结果显示，满意以上占比达94.5%；各区大力推动解决村集体资产租金拖欠问题，已收回拖欠 款约2000万元；在"美丽厦门 智慧健康"公众号推出个人统一门诊预交金在线退款功能，改变了原先需 要现场办理的模式，受到群众普遍欢迎。（记者薛志伟） 在"学""查"基础上，厦门以"改"为要，高质量抓实整改整治。聚焦群众可感可及，从查摆问题清单内基 层反映比较集中的问题中，确定"缓解基层村居接待压力"等3项基层和群众反映突出的问题作为重点整 治项目，主动研究谋划涉及养老、校园餐、物业、医保等6项办好群众身边事的整治项目。 医疗卫生领域是群众最关切的民生问题之一，也是此次整治项目涉及的领域。厦门市卫健委针对"持续 优化医疗便民服务"，从资源下沉、智慧医疗、科技赋能等3个方面列出7项具体工作措施。在资源下 ...

今年上半年，医疗AI大模型成为各家医院争相布局的热门赛道。截至目前，包括上海中山、瑞金、仁 济在内的头部三甲医院都高调发布了心血管、病理、泌尿科等不同疾病领域的AI模型，而为这些大模 型提供软件和算力支持的企业也逐渐浮出水面。记者从采访中了解到，为AI医疗大模型买单的头部三 甲医院并不多，而通过公开信息搜索，记者发现，动辄投入数百万元预算采购医疗大模型的大部分都为 地方政府的采购项目。常州市第一人民医院已于今年上半年先后启动两项公开招标，采购AI医疗大模 型平台，整体预算接近1000万人民币。业内人士告诉第一财经记者，AI医疗模型已经在诸如病理等垂 直领域展现出应用潜力，但在更通用的大语言模型(LLM)的应用部署方面，还面临诸多挑战。(第一财 经) ...

Financial Reports - JD Health reported Q1 2025 revenue of 16.645 billion yuan, a year-on-year increase of 25.5% [7] - Alibaba Health achieved a revenue of 30.598 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 13.2% [8] - New Oxygen Group's Q1 revenue was 297 million yuan, a year-on-year decline of 6.6% [9] E-commerce in Healthcare - JD Health signed a strategic cooperation agreement with China National Pharmaceutical Group to launch two new drugs, marking a new phase of collaboration in the pharmaceutical industry [10] - Yonghe Medical and Meituan Health announced a deepened cooperation focusing on online product upgrades and consumer rights protection [11] - Lei Yun Shang and Meituan Health upgraded their digital cooperation, integrating online and offline medical services [12] Internet Healthcare - Light Health Group's AIcare technology stack received industry recognition at the Future Medical and Pharmaceutical 100 Strong Conference [15] - Alibaba's Damo Academy and Meinian Health signed a strategic cooperation to promote multi-cancer screening using AI technology [16] - Ping An Health and Leksin Medical reached a cooperation agreement to explore innovative paths in smart healthcare [17] Official Releases - The first digital therapy payment policy in China was released by Hainan Province, effective June 1 [20] - The "Quality Management Specification for Online Sales of Medical Devices" was published, set to take effect on October 1 [21] - The Ministry of Industry and Information Technology and six other departments issued the "Implementation Plan for the Digital Transformation of the Pharmaceutical Industry (2025-2030)" [22] User Rights Protection - A report identified 52 apps, including Yipoo and Health World, that violated user rights, as part of a national initiative to protect personal information [19]