12月22日，在格隆汇主办的"科技赋能·资本破局"线上分享会上，备受关注的"金格奖"年度卓越公司评 选结果正式揭晓。智云健康（09955.HK）凭借在战略转型、业务重构与可持续增长方面的突出表现， 荣获"年度转型先锋奖"。该奖项旨在表彰那些在动态变化的市场环境中，通过主动变革实现高质量发 展、创造长期价值，并对产业升级产生积极影响的领先企业。 智云健康的获奖，不仅是对其财务状况与战略执行力的肯定，更是对其以AI赋能慢病管理、以P2M（从 患者到工业）模式重塑行业价值链的转型路径的高度认可。 在AI医疗日益成为市场主线的今天，智云健康提供了一个鲜活案例：一家企业如何通过"做减法、聚主 业、强技术"，走出了一条良性增长与可持续转型之路。 | 2025年度卓越公司评选榜单 | | | --- | --- | | 公司名称 | 公司代码 | | 灿谷 | CANG.US | | 华兴资本控股 | 01911.HK | | 华赢集团 | AXG.US | | 汇通达网络 | 09878.HK | | 晋景新能 | 01783.HK | | 智云健康 名不力究院 | 09955.HK 56隆汇 | 战略聚焦与财务蜕变：转 ...

"年度转型先锋奖"不仅关注企业的成长速度，更看重其在动态环境中的战略定力与主动应变能力。智云健康近年的转型历程，正是这种能 力的集中体现。公司果断告别了过去以"规模扩张"为主导的发展模式，全面转向以"AI SaaS+P2M"为核心的高质量、高价值成长轨道。 其一，以"做减法"实现战略聚焦。 为将资源集中于数字化慢病管理这一核心赛道，智云健康果断剥离了战略关联弱、盈利能力较低的医疗用品及耗材销售等非核心业务，并 完成相关子公司的处置。这次业务"瘦身"，并非简单的收缩，而是一次清醒的战略聚焦，为发力高壁垒、高毛利的核心业务扫清道路，使 战略主线愈加清晰。 其二，财务数据印证转型"含金量"。 12月22日，在格隆汇主办的"科技赋能·资本破局"线上分享会上，备受关注的"金格奖"年度卓越公司评选结果正式揭晓。智云健康 （09955.HK）凭借在战略转型、业务重构与可持续增长方面的突出表现，荣获"年度转型先锋奖"。该奖项旨在表彰那些在动态变化的市 场环境中，通过主动变革实现高质量发展、创造长期价值，并对产业升级产生积极影响的领先企业。 智云健康的获奖，不仅是对其财务状况与战略执行力的肯定，更是对其以AI赋能慢病管理、以P ...

Core Viewpoint - The company, Zhiyun Health, reported a significant transformation in its business model, focusing on high-quality, cash-generating growth rather than mere scale expansion, leading to improved financial metrics and operational cash flow [1][2]. Financial Performance - Total revenue for the company reached RMB 892.6 million, with a substantial increase in gross margin from 20.6% in the previous year to 37.1% [1]. - Adjusted gross margin (non-IFRS) was reported at 49.9%, excluding impairment losses related to certain subsidiaries [1]. - The company achieved a net cash inflow from operating activities of RMB 28.7 million for the first half of 2025, a turnaround from a cash outflow of RMB 195.5 million in the same period of 2024 [2]. Strategic Focus - The company is implementing a P2M (Patient-to-Medication) strategy driven by artificial intelligence, emphasizing long-term value and financial resilience [1][2]. - The strategic shift involves reducing the scale of low-profitability medical supplies and consumables, focusing instead on precision marketing for self-operated and third-party pharmaceuticals [1]. Market Penetration - As of June 30, 2025, the company has installed chronic disease management SaaS in 2,774 hospitals, covering 40% of the top 100 hospitals and over 20% penetration in tertiary hospitals [3]. - The company has also installed pharmacy SaaS in 269,360 pharmacies, representing approximately 40% of the total number of pharmacies in China [3]. - The company has issued over 1 billion prescriptions through its internet hospital platform over the years [3].

Core Viewpoint - The AI healthcare sector is gaining significant market attention, surpassing the previously popular innovative drug sector, driven by institutional fund reallocations towards AI medical stocks as they show potential for growth and recovery [1][2]. Financial Performance - Zhiyun Health reported a substantial improvement in profitability in its mid-2025 financial report, with a revenue of 889 million yuan, reflecting a year-on-year increase of 20.3% when adjusted for comparable periods [5][6]. - The adjusted gross margin reached 49.9%, up 4.2 percentage points year-on-year, indicating a significant enhancement in the company's core business profitability [5][6]. - The company achieved its first positive operating cash flow of 28.65 million yuan, marking a shift towards a positive operational cycle [8]. Strategic Transformation - Zhiyun Health's strategic shift towards AI-enabled high-value sectors is showing results, with a focus on subscription solutions and P2M (Patient to Industry) solutions, which now account for 77.5% of gross profit [6][9]. - The company has successfully implemented a dual-architecture strategy centered on "AI SaaS + P2M," enhancing operational efficiency across various healthcare scenarios [9][12]. Market Position and Growth Potential - The company has established a strong presence in both hospital and pharmacy sectors, with its SaaS solutions covering 2,774 hospitals and nearly 27,000 pharmacies, translating to significant service volume and market leadership [12][13]. - The P2M solution revenue reached 260 million yuan, a year-on-year increase of 142.1%, driven by the growth of proprietary products and strategic partnerships with pharmaceutical companies [13][25]. Industry Trends and Policy Support - The AI healthcare sector is experiencing a favorable policy environment, with recent government initiatives promoting the integration of AI in healthcare, which aligns with Zhiyun Health's strategic focus [21][22]. - The demand for AI in clinical settings is increasing, with nearly half of doctors in primary and secondary hospitals having used AI clinical decision support systems, indicating a shift towards AI as a necessary tool in healthcare [23][25]. Long-term Vision - Zhiyun Health aims to leverage its accumulated healthcare data for monetization, creating a comprehensive ecosystem that connects all stakeholders in the healthcare process, thus enhancing its long-term growth potential [25][26].