Core Viewpoint - The company is transitioning from a traditional IT product supplier to a cloud ecosystem enterprise that provides intelligent medical data services, driven by the need for efficiency in the healthcare industry [1][2]. Industry Transformation - The healthcare information industry is shifting from "system construction" to "data-driven value creation," focusing on long-term cloud services, data value extraction, and open ecosystem collaboration [2]. - The company has established a data-first advantage by forming strategic partnerships and accumulating extensive medical data, including over 1 million structured medical terms and relationships [2]. Product Development and Market Response - The company has developed the Hi-HIS management information system, which has seen a 200% increase in project deliveries in the first half of the year, with significant deployments in various regions [3]. - The MedCopilot intelligent assistant, built on the BsoftGPT model, significantly reduces documentation time and improves efficiency in clinical settings [4]. Technological Collaboration - The company is addressing challenges in computational power and high-quality medical data by collaborating with major tech firms and academic institutions to create a dynamic AI dataset [5][6]. - A joint laboratory with Zhejiang University aims to convert cutting-edge AI technologies into practical solutions for clinical problems, enhancing the synergy between research and application [6]. Future Aspirations - The company aims to deepen the integration of AI with clinical practices, enhance the value of medical data, and promote equitable healthcare through technology [7]. - The management emphasizes a structured talent development approach, ensuring a smooth transition of leadership and responsibilities across generations [7].

● 本报记者罗京 在张吕峥看来，医疗卫生行业具有高度的专业性，涉及大量的专业术语和复杂的医疗流程。要落地AI 应用需要积累大量的医疗变量需求，包括诊断、药品、治疗、护理等场景，以便构建能够理解和处理医 疗数据的AI模型。"公司基于BsoftGPT大模型服务平台开发的智能医生助手MedCopilot，已成为临床医 护的'智能副驾'。" 据介绍，MedCopilot围绕临床高频需求构建能力：在病历文书生成上，能自动抽取病程记录、检查报告 等信息，将出院小结撰写时间从30分钟压缩至5分钟；在医疗质控环节，实时提醒"诊断编码错误、手术 记录缺失"等问题，效率提升60%。"从数十家落地医院反馈看，医护人员终于能从繁琐文书中解脱，把 时间还给患者。"张吕峥说。 从早期推动医疗信息化联网，到如今向"智能云生态企业"转型，成立于1997年的创业慧康（300451）， 在医疗信息化行业已深耕近三十年，见证了行业从单机系统到网络化、从信息化到智能化的全过程。 "当前行业已进入全新的'效率竞争'阶段。"创业慧康董事长张吕峥近日接受中国证券报记者专访时表 示，公司始终以医疗业务痛点为导向，通过构建开放的云生态平台"慧康云3.0"，积 ...

● 本报记者 罗京 从早期推动医疗信息化联网，到如今向"智能云生态企业"转型，成立于1997年的创业慧康，在医疗信息 化行业已深耕近三十年，见证了行业从单机系统到网络化、从信息化到智能化的全过程。 "我们与全国数千家医疗机构共同成长，深刻理解医生、护士及管理者在临床一线的实际痛点。这种理 解使我们能够将数据转化为真正有价值的智能应用，比如公司自主研发的多态智联大型医疗机构（集 团）管理信息系统Hi-HIS，"张吕峥介绍。上半年，公司Hi-HIS系统的交付进度与市场认可度显著提 升，完成36个项目交付，同比增长200%，并在苏州、阿克苏等地实现大规模部署。 AI覆盖医疗信息化全业务链路 "当前行业已进入全新的'效率竞争'阶段。"创业慧康董事长张吕峥近日接受中国证券报记者专访时表 示，公司始终以医疗业务痛点为导向，通过构建开放的云生态平台"慧康云3.0"，积极布局AI和数据要 素，正从单纯的IT产品供应商转变为能够持续为医疗机构乃至医药、保险行业提供医疗数据智能服务的 云生态企业。 在张吕峥看来，医疗卫生行业具有高度的专业性，涉及大量的专业术语和复杂的医疗流程。要落地AI 应用需要积累大量的医疗变量需求，包括诊断 ...

Core Viewpoint - The company reported a significant decline in revenue and a shift to net loss in the first half of 2025, primarily due to project delays and the early-stage delivery cycle of new products, particularly Hi-HIS [1][2]. Financial Performance - The company achieved a revenue of 577 million yuan in H1 2025, a year-on-year decrease of 20.65% [1]. - The net profit attributable to shareholders was -81 million yuan, compared to a profit of 27 million yuan in the same period last year [1]. - In Q2 2025, revenue was 286 million yuan, down 18.48% year-on-year, with a net profit of -65 million yuan, reversing from a profit of 15 million yuan in Q2 2024 [1]. Cost and Margin Analysis - The gross margin for H1 2025 was 51.45%, a decrease of 2.76 percentage points year-on-year [2]. - The sales, management, and R&D expense ratios were 7.47%, 18.96%, and 25.96%, respectively, with year-on-year changes of -1.06, +3.5, and +6.95 percentage points [2]. - R&D investment reached 215 million yuan, accounting for 37.32% of revenue, an increase of 14.62 percentage points year-on-year [2]. Product Development and Innovation - The company upgraded its product from HuiKang Cloud 1.0 to 3.0, transitioning from basic cloud services to an intelligent ecosystem [2]. - AI technology has been integrated into products, with significant results from the pilot launch of the AI Patient Tracking System (APTS) [2]. - The company is actively expanding its business boundaries in the fields of medical internet and smart health insurance, with a 3% year-on-year increase in new smart health insurance projects [2]. Strategic Partnerships and Collaborations - The company established a joint laboratory with Zhejiang University to develop AI medical products, focusing on the "启真" medical model and APTS, which has been implemented in dozens of hospitals [4]. - The collaboration aims to create a closed-loop system of production, learning, research, and application, covering various medical scenarios [4]. Future Outlook and Valuation - The company maintains its revenue forecast for 2025-2027 at 1.607 billion, 1.821 billion, and 2.071 billion yuan, respectively [5]. - A target price of 7.26 yuan is set, based on a 7.0 times price-to-sales ratio for 2025, reflecting the early-stage promotion of the Hi-HIS product [5].