收入止跌回升 医渡科技第二和第三季度毛利1.34亿元，毛利率由35.6%升至37.4%，归属母公司净亏损1460.2万元，每 股亏损0.01元，已接近盈亏平衡。 分业务看，大数据平台和解决方案当期收入1.53亿元，同比增加14.6%；生命科学解决方案收入1.38亿 元，小幅下降4.4%；健康管理平台和解决方案收入0.67亿元，增长30.3%。医渡科技表示，大数据平台 板块增长主要受益于政策驱动下业务机会扩大，而生命科学板块受医药行业周期波动影响略有下滑；健 康管理板块的高增速则源于产品组合调整和惠民保等保险项目放量。 营收增长同时，医渡科技成本费用增幅受控。公司当期销售及服务成本2.2408亿元，同比增长5.6%，低 于收入增速。三项期间费用合计1.684亿元，与上年同期基本持平，占收入比重由67.8%降至61.1%。其 中研发开支8，478.5万元，同比减少9.5%，公司称，主要因为外部技术和咨询服务费用削减，体现聚焦 核心研发投入的策略。 截至9月30日，医渡科技现金及现金等价物、定期存款和受限制资金合计约20.993亿元，较财年初减少 约12亿元。其中主要由于公司将部分资金转投按摊余成本计量的长期投资（ ...

"数据要素×AI技术"双轮驱动，搭建医疗AI基础设施 2026财年上半年，大数据平台和解决方案收入同比增长14.6%至1.53亿元，主要受益于政策推动所带来 的业务机会扩大，公司重点投入70B参数规模的医疗大语言模型，AI中台支撑多个医院及医美场景的创 新应用落地，并与头部医院探索AI数字分身等领域的合作。生命科学解决方案上半年收入小幅下滑 4.4%至1.38亿元，公司推动AI技术深度融入临床试验全流程，截至2025年9月30日，头部20家跨国药企 中，有17家是医渡的客户。健康管理平台和解决方案上半年收入同比增长30.3%至6,667万元，惠民保项 目服务5省13市，其中深圳惠民保2025年参保人数突破615万，创历史新高。 坚定业务聚焦，减亏趋势持续 2026财年上半年，公司毛利率呈现改善趋势，总体毛利率同比提升1.8个百分点至37.4%，大数据平台和 解决方案毛利率同比提升5.1个百分点至42.5%。公司持续优化内部运营、强化各业务板块协同，上半年 净亏损缩窄至1,576万元，亏损幅度同比收窄72%。在现金流方面，通过加强资金管理和使用效率，公 司上半年经营活动现金流净流出同比缩减56%。 中金发布研报 ...

Core Viewpoint - The report from CICC maintains the revenue forecasts for Yidu Tech (02158) for FY2026 and FY2027, while adjusting the net profit forecasts for FY2026 and FY2027 from -45.69 million to 0.41 million and from 0.41 million to 5.457 million respectively, due to effective cost control [1] Group 1 - The revenue for the first half of FY2026 was in line with expectations, with a reported income of 360 million, representing a year-on-year growth of 8.7%, and a significant reduction in net loss by approximately 72% compared to the same period last year [2] - The company is leveraging "data elements × AI technology" to build a medical AI infrastructure, with revenue from big data platforms and solutions increasing by 14.6% to 153 million, driven by policy support and business opportunities [3] - The health management platform and solutions saw a year-on-year revenue increase of 30.3% to 66.67 million, with the Shenzhen health insurance project surpassing 6.15 million insured individuals by 2025, marking a historical high [3] Group 2 - The company is focused on business optimization, with an improvement in overall gross margin by 1.8 percentage points to 37.4%, and a significant reduction in net loss to 15.76 million, a 72% decrease year-on-year [4] - Cash flow management has improved, with net cash outflow from operating activities reduced by 56% year-on-year [4]

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][3] - The company has achieved near breakeven in its financial statements, ahead of management's previous expectations by one year [1] Business Growth - The core business segments showed strong growth, with new order amounts in the big data platform and solutions segment increasing by 19.7%, and the life sciences solutions segment seeing a remarkable 61.1% increase [3] - The company’s AI technology has been implemented in over 30 top-tier hospitals, with the Doctor Copilot achieving nearly 1,000 daily calls per hospital [3] YiduCore Developments - 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 [3] - The accuracy of the TNM staging assessment for tumors improved significantly, with T-stage accuracy rising from 58% to 90% and N-stage accuracy from 62% to 80% [4] Industry Recognition - The company received accolades at the 11th China Health Information Processing Conference (CHIP 2025), winning the championship in "Medical NLP Code Automatic Generation Evaluation" and the "Best Paper Award" [5] Business Segments Performance - The AI for Medical segment generated RMB 153 million in revenue, a 14.6% increase year-on-year, providing solutions to 127 top hospitals and 44 regulatory bodies [6] - The AI for Life Science segment achieved RMB 138 million in revenue, supporting the accelerated approval of several innovative drugs [7] - The AI for Care segment reported revenue of RMB 66.67 million, a 30.3% increase, with significant participation in health insurance projects across multiple provinces [8] Health Management Initiatives - The company's diabetes digital therapy expanded to multiple regions, managing nearly 100,000 patients, with a 27.04% increase in fasting blood sugar compliance [9] - The active transaction user count on the health management platform exceeded 22 million [9] Future Outlook - The company aims to deepen the integration of large model technology with real-world scenarios, leveraging its cash reserves and operational efficiency to capture future market opportunities [9]

作为集团的核心算法引擎，YiduCore在报告期内持续推进医疗垂直领域大语言模型的研发与训练，基于 超过5000亿高质量Token语料开展训练，处理分析了超13亿患者人次的近70亿份经授权医疗记录，构建 了覆盖逾98个专病的数据集体系。 医渡科技公布截至2025年9月30日止六个月的中期业绩，公司收入同比增长8.7%，达到3.581亿元人民 币。其中，大数据平台和解决方案收入同比增长14.6%，健康管理平台和解决方案收入同比增长 30.3%。 ...

Summary of the Conference Call for Yidu Technology Industry Overview - National policies and local government support are accelerating the commercialization of AI in healthcare, particularly in ICU settings, where AI-assisted diagnosis has been included in medical service pricing projects, promoting the development of medical AI [2][4] - There is a significant difference in the application of AI in drug development versus diagnostic services, with diagnostic services advancing more rapidly and already being applied in pre-diagnosis, diagnosis, and post-diagnosis stages, enhancing efficiency and accuracy [2][5] Company Insights - Yidu Technology's main business includes big data platforms and solutions (for hospitals and regulatory agencies), life sciences solutions (for pharmaceutical companies), and health management platforms (for public health insurance), having served numerous top hospitals and pharmaceutical clients [2][10] - The company has connected its DeepSeek technology to 420 hospitals, with over 50% being top-tier hospitals [6] - Yidu Technology has launched a hardware-software integrated AI platform, compatible with mainstream chips and open-source large models, which has been implemented in over 20 hospitals and is expected to boost revenue [3][16] Financial Performance and Projections - The company operates on a fiscal year ending March 31, with expectations to break even in fiscal year 2026 or 2027, driven primarily by the big data platform [3][17] - The gross margin remains stable at around 40%, with good expense control, but the company has not yet achieved profitability [17] - The big data platform and solutions are expected to be the main growth drivers, while life sciences solutions are projected to recover in fiscal years 2026 to 2027 [18] Key Business Metrics - The big data platform has covered 2,800 hospitals and accumulated over 800 specialized disease databases, serving more than 40 health commission agencies [11] - The life sciences solutions segment serves 71 pharmaceutical companies, with a retention rate exceeding 100% for top clients [12] - The health management platform has reached 24 million users, providing a solid customer base for future C-end business development [14] AI Technology Impact - The company has processed and analyzed data from over 1.1 billion patient visits and 5.5 billion authorized medical records, ranking first in specific scenarios such as medical knowledge Q&A and medical language understanding [15] - The integration of DeepSeek into its framework and partnerships with major companies like Huawei and ByteDance help maintain industry leadership and expand the product ecosystem [15] Valuation and Target Price - The initial coverage uses a price-to-sales (PS) valuation method, with a target price of HKD 77 per share, based on a PS ratio of 77.7, and a buy rating assigned [19]