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（ ...

Core Viewpoint - The company maintains its revenue forecasts for fiscal years 2026 and 2027, while adjusting net profit estimates significantly upward due to cost control measures [1] Group 1: Financial Performance - For the first half of fiscal year 2026, the company's revenue reached 360 million yuan, reflecting an 8.7% year-on-year growth, which aligns with previous expectations [2] - The net loss for the same period narrowed significantly by approximately 72% compared to the previous year [2] - The adjusted net profit forecasts for fiscal years 2026 and 2027 are raised to 410,000 yuan and 5.457 million yuan, respectively, from previous estimates of -45.69 million yuan and 4.11 million yuan [1] Group 2: Business Segments and Growth Drivers - The revenue from the big data platform and solutions increased by 14.6% year-on-year to 153 million yuan, driven by policy support and expanded business opportunities [3] - The health management platform and solutions saw a 30.3% year-on-year revenue growth to 66.67 million yuan, with significant participation in the Huiminbao project across 5 provinces and 13 cities [3] - The life sciences solutions revenue slightly declined by 4.4% to 138 million yuan, as the company integrates AI technology into the entire clinical trial process [3] Group 3: Operational Efficiency - The overall gross margin improved by 1.8 percentage points to 37.4%, with the gross margin for the big data platform and solutions increasing by 5.1 percentage points to 42.5% [4] - The company reduced its net loss to 15.76 million yuan, continuing the trend of narrowing losses [4] - Operating cash flow net outflow decreased by 56% year-on-year due to enhanced cash management and efficiency [4]

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 company reported a stable total revenue of 358 million yuan for the first half of the 2026 fiscal year, reflecting a year-on-year growth of 8.7% [1] - Significant progress has been made in the "AI + Public Health" layout, with services covering nearly 30 provinces and cities, and 44 healthcare regulatory agencies [1] - The company has established 27 million resident health records, creating a solid public health service network [1] Financial Performance - The quality of earnings has significantly improved, with adjusted EBITDA doubling year-on-year to 54 million yuan, nearing breakeven on the financial statements [1] - The company achieved this financial milestone a year ahead of management expectations [1] - New orders in the big data platform and life sciences solutions segments grew by 19.7% and 61.1% respectively, providing ongoing momentum for future development [1] Strategic Positioning - The company is deeply involved in the construction of the National AI Application Center in the medical field in Beijing, highlighting its important role in national-level medical AI projects [1] - This strategic positioning aligns with the company's large model technology entering the "scale landing" phase, showcasing the integration of technological innovation with public service [1] - The report indicates that the company is effectively combining its technological advantages with public service needs, expanding the social value boundaries of medical AI while achieving commercial value [1]

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]

Financial Data and Key Metrics Changes - The company reported $43 billion in revenue for FY 2025, with a strong double-digit performance and a 10% comprehensive annual growth in revenue [17][23] - Adjusted EPS growth was noted at 12% annually, alongside a similar growth rate in free cash flow generation [23] Business Line Data and Key Metrics Changes - The largest end market for the company is pharmaceutical and biotech, with significant presence in academic, government diagnostics, healthcare, and industrial markets [18][20] - Over 80% of the company's revenue is derived from services and consumables, indicating a recurring revenue business model [20] Market Data and Key Metrics Changes - Approximately half of the company's business is in North America, with a quarter in Europe and the remainder spread across Asia Pacific and Latin America [20] Company Strategy and Development Direction - The company focuses on creating differentiated value for stakeholders, emphasizing sustainable value creation and corporate social responsibility [17][21] - The PPI business system has been in place for over two decades, providing a competitive advantage and enabling successful acquisitions [22] Management's Comments on Operating Environment and Future Outlook - The management expects a continuing recovery in end markets with an anticipated organic growth of around 3% to 4% [27] - The impact of tariffs and cuts to academic research funding is expected to be a headwind of about 1.5% on growth and earnings, although recent developments suggest a lessening impact [27][28] Other Important Information - The advisory resolution approving executive compensation was not approved, indicating shareholder concerns regarding executive pay [15][16] Q&A Session Summary Question: How does the Compensation Committee use the compensation actually paid total compensation figures in its calculation of the CEO target total compensation award for the upcoming year? - The compensation committee considers various factors including benchmarking information, company performance, and shareholder feedback to ensure alignment with compensation philosophy and strategic market positioning [25][26] Question: How will tariffs and cuts to academic research funding impact the company? - The management noted that tariffs and funding cuts are expected to be a headwind of about 1.5% on growth and earnings, but recent developments suggest a lessening impact [27][28]

导读： 瑞孚迪2025年Q1收入6.65亿美元，去年同期收入为6.50亿美元，同比增长2.28%。2025年Q1净利润4223.70万美元，去年同期净利润为2601.30万美 元，同比增长62.37%。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 近 日 ， 瑞 孚 迪 （ Re v v it y ） 发 布 2 0 2 5 年 一 季 度 财 报 。 2 0 2 5 财 年 第 一 季 度 收 入 6 . 6 5 亿 美 元 ， 去 年 同 期 收 入 为 6 . 5 0 亿 美 元 ， 同 比 增 长 2 . 2 8% 。 2 0 2 5财年第一季度净利润4 2 2 3 . 7 0万美元，去年同期净利润为2 6 0 1 . 3 0万美元，同比增长6 2 . 3 7%。 从业务板块来看，生命科学收入从去年同期的 3 . 3 6 5 亿美元增长 1% 至 3 . 4 0 4 亿美元。制药/生物技术领域的生命科学解决方案（LSD）实现 增长，学术/政府领域的 LSD 出现下滑。生命科学解决方案业务呈低个位数（LSD）下滑， 仪器业务下滑部 ...

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]