Core Insights - The 2025 Xiamen Industrial Development Conference recognized outstanding companies in various categories, with Cloud Wisdom (09678.HK) winning the "Technology Innovation Golden Bull Award" for its achievements in artificial intelligence [1][3]. Company Achievements - Cloud Wisdom was listed on the Hong Kong Stock Exchange on June 30, 2025, becoming the "first AGI stock on the Hong Kong Stock Exchange" [4]. - The company has developed a comprehensive technology system covering large models, intelligent computing platforms, multimodal interaction, and AI chips, showcasing its strong technical capabilities [4]. - Its self-developed "Shanhai Large Model" has excelled in multiple authoritative evaluations, ranking among the global top tier in general performance assessments and achieving high rankings in specialized medical evaluations [4]. Industry Recognition - The Golden Bull Award has been a prestigious recognition in China's capital market since its inception in 1999, focusing on companies demonstrating exceptional strength and foresight in innovation and industry transformation [3]. - The award this year particularly emphasized cutting-edge technology fields such as artificial intelligence, new energy, and biomedicine, highlighting the industry's acknowledgment of Cloud Wisdom's technological accumulation and innovation capabilities in AGI [3]. Strategic Collaborations - In 2025, Cloud Wisdom has made significant strides in international cooperation and regional expansion, signing memorandums of cooperation with the government of Vanuatu and other organizations, as well as establishing strategic partnerships with health authorities in Guangxi [7]. - These collaborations are expected to strengthen Cloud Wisdom's market expansion domestically and internationally, particularly in the healthcare sector [7]. Future Directions - As a pioneer in the industrialization of AGI technology in China, Cloud Wisdom aims to leverage this award to deepen its full-stack AI technology layout and promote the integration of artificial intelligence with the real economy [7]. - The company is committed to expanding its global cooperation network and enhancing the application of AI technology across various industries to better serve societal needs [7].

Core Insights - The Chinese government has set clear policy goals for the integration of AI in healthcare, aiming for full coverage of AI diagnosis and treatment at the grassroots level by 2030, indicating a strong growth trajectory for the medical AI sector [1] - Companies like Yunzhisheng are positioned to benefit significantly from these policies, leveraging their comprehensive AI capabilities across various healthcare applications [1][5] Industry Overview - The AI healthcare market in China was valued at 97.3 billion yuan in 2023 and is projected to reach 159.8 billion yuan by 2028, with a compound annual growth rate of 10.5% from 2022 to 2028 [6] - The transition from digitalization to intelligent healthcare is evident, with the industry moving into a 3.0 phase focused on smart healthcare, enhancing service quality and accessibility [6] Company Positioning - Yunzhisheng has established a robust AI product ecosystem, integrating AI technology, medical models, and knowledge graphs, which aligns with the long-term needs of the Chinese healthcare system [6][7] - The company has developed a full-stack AI service model, enabling rapid adaptation to various healthcare scenarios and supporting innovation [3][4] Competitive Advantages - Yunzhisheng's medical AI solutions have demonstrated significant efficiency improvements, such as an 80% increase in outpatient medical record entry efficiency and a 15% reduction in doctor consultation time [4] - The company has a strong foothold in the domestic market, having created SaaS platforms that effectively integrate and utilize medical data, positioning it as a key beneficiary of policy initiatives [4][5] Future Outlook - The medical AI sector is expected to experience substantial growth, with Yunzhisheng poised to capture a significant share of the emerging market due to its comprehensive product offerings and established industry presence [6][7] - The combination of favorable policies, market demand, and technological advancements will drive the growth of the medical AI industry, with Yunzhisheng's competitive edge likely to enhance its valuation [7]

Core Viewpoint - The company, Yunzhisheng (09678), has made significant progress in the commercialization of its foundational large model and intelligent agent platform, collaborating with well-known domestic enterprises to implement projects valued at nearly RMB 200 million, with delivery planned by the end of 2025 [1] Group 1 - The company has established deep cooperation with domestic partners to advance its foundational large model and intelligent agent projects [1] - The implementation of these projects is based on the company's proprietary computing scheduling platform, Shanhai large model, and Shouya Agent intelligent platform [1] - This progress signifies a solid step forward in the commercialization process of the company's foundational large model and intelligent agent platform [1] Group 2 - The advancements further validate the company's technological leadership in foundational large models and intelligent agent platforms [1] - The company plans to deepen its research and commercialization efforts in the smart living sector, leveraging its strong advantages [1]

Core Insights - The company, Yunzhisheng (09678.HK), has made significant progress in the commercialization of its foundational large model and intelligent agent platform [1] - The company has partnered with well-known domestic enterprises to implement projects valued at nearly RMB 200 million, utilizing its proprietary computing scheduling platform, Shanhai large model, and Shouya Agent intelligent platform [1] - The delivery of these projects is planned to be completed by the end of 2025, indicating a solid step forward in the commercialization process [1] Company Developments - The advancements signify the recognition of the company's technological leadership in foundational large models and intelligent agent platforms [1] - The company aims to further deepen its research and commercialization efforts in the smart living sector, leveraging its strong advantages [1]

Core Insights - The company, Yunzhisheng (09678), has made significant progress in the commercialization of its foundational large model and intelligent agent platform [1] - The company has partnered with well-known domestic enterprises to implement projects valued at nearly RMB 200 million, with delivery planned by the end of 2025 [1] - This advancement indicates the company's leading position in the technology of foundational large models and intelligent agent platforms [1] Summary by Categories Commercialization Progress - The company has achieved substantial progress in the commercialization of its foundational large model and intelligent agent platform [1] - The implementation of projects worth approximately RMB 200 million is underway, showcasing the company's ability to attract significant partnerships [1] Technological Leadership - The advancements signify further recognition of the company's technological leadership in foundational large models and intelligent agent platforms [1] - The company plans to deepen its research and commercialization efforts in the smart living sector, leveraging its strong advantages [1]

UNISOUND AI TECHNOLOGY CO., LTD. 雲知聲智能科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9678） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何 責任。 本公告乃由雲知聲智能科技股份有限公司（「本公司」）自願作出，旨在知會本公司股東 及潛在投資者有關本公司的最新業務發展情況。 本公司董事會（「董事會」）欣然宣佈，本公司基礎大模型和智能體平台商業化取得實質 性進展，近日與國內知名企業等合作夥伴深入合作，將基於自有知識產權的算力調度平 台、山海大模型以及獸牙Agent智能體平台，實現價值近人民幣2億元的基礎大模型和智 能體項目實施部署，計劃將於2025年底前完成交付。 該進展意味著本公司在基礎大模型和智能體平台商業化落地進程中邁出了堅實的一步， 同時也標誌著公司基礎大模型和智能體平台技術的領先性得到進一步認可。本公司將 在具備深厚優勢的智慧生活領域進一步深耕大模型和智能體的研發及商業化落地。 承董事會 ...

Core Insights - The company, Yunzhisheng (09678), has successfully won a bid for multiple AI capability platform projects with Beijing Friendship Hospital, marking a significant advancement in its smart healthcare technology and commercial application [1] Group 1: Project Details - The project utilizes the company's self-developed medical large model, multimodal data recognition and governance, and text reasoning technologies to create an intelligent service platform that hospitals can operate independently [1] - The platform integrates the hospital's knowledge base to form a specialized medical large model, breaking through traditional medical information construction models [1] Group 2: Operational Efficiency - The company has achieved unified management of multiple models and intelligent integration with business systems, significantly enhancing data value extraction and diagnostic efficiency in various scenarios such as wound image recognition, infection risk assessment, intelligent medical record generation, and follow-up management [1] - For instance, the outpatient medical record generation system at Beijing Friendship Hospital improved record entry efficiency by 80% and reduced consultation time by 15%, leading to a substantial increase in patient satisfaction [1] Group 3: Strategic Alignment - This project aligns with national policies promoting AI empowerment in healthcare, facilitating the transition from single-scenario intelligence to comprehensive digital solutions across the entire diagnostic and treatment process [1] - The company consolidates its leading position in healthcare intelligence competition, leveraging its advanced medical capabilities demonstrated in authoritative evaluations like MedBench and its experience covering over 30% of top-tier hospitals nationwide [1]

Core Insights - Cloud Wisdom (09678.HK) has been officially included in the Hang Seng Composite Index and the Hong Kong Stock Connect, reflecting strong market recognition of its capabilities in medical AI applications [1][3] - The inclusion was anticipated by Huatai Securities, which highlighted that Cloud Wisdom met the criteria for inclusion based on market capitalization (over HKD 40 billion), liquidity, and listing duration [3] - The company has established a three-layer technological framework that supports its growth, consisting of a robust AI infrastructure, a large medical model, and application solutions focused on healthcare and daily life [3][4] Company Performance - The medical AI solution has demonstrated significant efficiency improvements, with an 80% increase in medical record entry efficiency and a 15% reduction in doctor consultation time [4] - The adoption rate of generated medical records is as high as 98%, indicating strong acceptance in clinical settings [4] - The average revenue per medical client surged by 116.2% year-on-year to CNY 1.013 million, while revenue from insurance technology services skyrocketed by 1386.8% to CNY 9.963 million [6] Market Position - Cloud Wisdom ranks fourth in the Chinese market for medical AI solutions, with revenue from its large medical model growing by 457.4% in the first half of the year [6] - The rapid inclusion in the Hang Seng Index not only reflects confidence in the AI healthcare sector but also highlights the rarity of its combination of advanced technology and deep market applications [6] - The influx of funds from the Hong Kong Stock Connect is expected to accelerate Cloud Wisdom's expansion in smart healthcare and insurance technology sectors [6]

Core Insights - Company reported strong growth momentum in its first financial report since listing, with a revenue of 405 million RMB for the first half of 2025, representing a year-on-year increase of 20.2% [1] - The large model business experienced a remarkable revenue surge of 457% year-on-year, reaching nearly 100 million RMB, becoming the main driver of the company's performance [1][4] - Recent government policies align closely with the company's core business, providing robust support for future development [1][6] Business Growth Drivers - The core driver of the company's growth is the continuous technological upgrades and commercialization of the Shanhai large model [2] - The Shanhai model has undergone significant advancements since its upgrade to the GPT architecture in May 2023, integrating cutting-edge technologies such as retrieval-augmented generation and multi-modal fusion [2] - The model has achieved three major technological breakthroughs, enhancing its capabilities in mixed reasoning, multi-modal input, and context protocol integration [2] Revenue Breakdown - Daily life scenarios are the main revenue source, contributing 335 million RMB, accounting for 82.7% of total revenue [4] - The medical scenario generated 70 million RMB, representing 17.3% of total revenue, with significant growth quality [4] - The medical applications based on the Shanhai model have been successfully implemented in multiple healthcare institutions, improving service efficiency and quality [4] Policy Alignment - The company's business strategy is well-aligned with national policy directions, particularly the recent "Artificial Intelligence+" initiative [6] - The policy aims for deep integration of AI with six key sectors by 2027, emphasizing the importance of smart terminals and healthcare applications [6] - This policy environment creates vast growth opportunities for the company, leveraging its technological advancements and practical experience in the smart terminal and healthcare sectors [6] Future Outlook - The company plans to continue advancing its general large model foundation, expert-level models, and chip optimization technologies [8] - With dual support from technological development and policy backing, the company is expected to strengthen its core competitiveness and sustain positive performance [8]

Core Insights - The company Yunzhisheng, known as the "first AGI stock in Hong Kong," released its first interim performance report since its listing on June 30, 2025, showcasing strong stock performance and rising market valuation expectations, with a market capitalization of HKD 60 billion [3] - The latest interim report indicates a robust market attitude, with revenues of RMB 404.5 million for the first half of 2025, representing a year-on-year growth of 20.2%, driven significantly by its core large model business, which contributed nearly RMB 100 million [4][5] Financial Performance - Revenue for the first half of 2025 reached RMB 404.967 million, up 20.2% from RMB 337.048 million in the same period last year [5] - The cost of sales and services increased by 23.9% to RMB 274.125 million, while gross profit rose by 13.0% to RMB 130.842 million [5] - The company reported a loss of RMB 298.330 million, a 16.6% increase compared to the previous year's loss of RMB 255.758 million [5] Business Model Transformation - The revenue structure is undergoing a significant transformation, with the core business in daily life and healthcare showing stability, contributing approximately 83% of total revenue [9] - The self-developed "Shanhai Large Model" generated RMB 98.76 million, a substantial increase of 457.4% year-on-year, marking a shift from labor-intensive project-based services to technology-intensive platform/model services [11] Strategic Positioning - The company has established a comprehensive technology stack from foundational infrastructure to top-level application solutions, enhancing its competitive edge [12][14] - The strategic focus is on high-value, high-barrier verticals, particularly in healthcare and daily life, demonstrating significant customer stickiness and market demand [17] Alignment with National Strategy - The release of the national "Artificial Intelligence +" strategy aligns with the company's focus, emphasizing the integration of AI with economic and social development [6][22] - The company aims to develop industry-specific large models and intelligent agents, targeting L3-level AGI capabilities, which aligns with national goals for AI advancement [22][24] Future Outlook - The interim report suggests that Yunzhisheng is on the verge of a critical transformation, with the potential for a significant increase in the proportion of revenue from large model-related services, indicating a possible earlier-than-expected profitability turning point [25]