中证报中证网讯（记者 杨洁）8月20日，讯飞医疗科技发布2025年中期业绩报告。上半年，公司实现营 业收入2.99亿元，同比增长30.26%；毛利润为1.54亿元，同比增长26.96%。尽管依然亏损，但亏损有所 减少，归属于母公司所有者的净亏损为7409万元，同比减亏42.86%。 公司管理层表示，2025年上半年，国家出台多项支持性政策，促进人工智能技术与医疗行业的深度融 合，为公司在智慧医疗市场的拓展提供了有力的政策保障。公司通过不断升级AI诊疗助理和AI健康助 手产品，满足面向政府、医院、患者的多元化的需求，并在多个医疗场景中保持技术领先。 公司构建了覆盖政府端(G)、医院端(B)和消费端(C)的业务矩阵。具体看各项业务，上半年，政府端， 公司基层解决方案收入同比增长52.3%达到8381万元，截至2025年6月30日，核心产品"智医助理"已覆盖 全国697个区县、超7.5万个基层机构，累计完成超10.1亿次AI辅助诊断建议。区域解决方案收入大幅增 长178.1%至5763万元，AI传染病防控解决方案已在安徽、江西、浙江、陕西、湖南等多省规模应用。 医院端，医院解决方案在500余家等级医院落地，讯飞星火 ...

Core Viewpoint - The company reported a significant increase in revenue and gross profit for the first half of 2025, driven by advancements in AI healthcare technology and supportive national policies [1]. Financial Performance - The company achieved an operating income of 299 million yuan, representing a year-on-year growth of 30.26% [1]. - The gross profit reached 154 million yuan, with a year-on-year increase of 26.96% [1]. Industry Context - The company is positioned to benefit from the "Digital China" and "Healthy China" strategies, with national policies promoting the integration of AI in healthcare [1]. - The company leverages its leading position in core medical model technology and extensive product coverage across the country to capitalize on the accelerating growth of the AI healthcare industry [1]. Future Strategy - The company plans to continue focusing on its development strategy, utilizing policy advantages to drive technological breakthroughs and deepen application scenarios in medical models [1]. - The company aims to provide higher quality medical services to residents and more efficient diagnostic tools for doctors [1]. Technological Advancements - Since the launch of the Xunfei Spark Medical Model in 2023, the company has expanded its technological advantages and achieved breakthroughs in multiple fields [1]. - In July 2025, the Xunfei Spark Medical Model underwent further upgrades, enhancing its capabilities and maintaining industry leadership in key medical task scenarios [1].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 61.29 CNY, compared to the current stock price of 47.52 CNY [4]. Core Insights - The company is expected to achieve a revenue growth of 15%-20% and a net profit growth of 30%-50% in the first half of 2025 compared to the same period last year [1][2]. - The AI capabilities of the company continue to upgrade, particularly in the education sector, with significant enhancements in AI learning machines and smart blackboards [2][3]. - The company has established a comprehensive product system in smart education, serving over 1.3 billion teachers and students across 32 provinces in China [2][3]. Summary by Sections Financial Performance - The company anticipates a gross profit increase of over 600 million CNY in the first half of 2025, with total sales receipts reaching approximately 10.3 billion CNY, an increase of about 1.3 billion CNY year-on-year [1]. - The net cash flow from operating activities has grown by over 700 million CNY, representing a growth of approximately 50% compared to the previous year [1]. Product Development - The AI learning machine has undergone 16 major upgrades, including personalized test paper generation and one-on-one interactive tutoring capabilities [1][3]. - The AI blackboard has been widely adopted across 33 provincial-level administrative regions, empowering over 2.3 million teachers [3]. Market Position - The company’s AI hardware sales during the "618" shopping festival saw a year-on-year increase of 42%, with the AI learning machine maintaining the top sales position on major e-commerce platforms for three consecutive years [2]. - The company is recognized as a leader in the domestic AI industry, focusing on the commercialization of AI technologies across various sectors [10]. Future Projections - Revenue projections for the company are estimated at 28.34 billion CNY, 32.78 billion CNY, and 37.53 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits expected to reach 870.5 million CNY, 1.28 billion CNY, and 1.69 billion CNY in the same years [10][12].

Core Insights - The latest evaluation results from MedBench show that iFlytek's Spark Medical Model achieved a comprehensive score of 95.4, ranking first in various core capabilities such as complex medical reasoning, medical language understanding, and medical safety and ethics [1][2]. Group 1: Model Performance - iFlytek's Spark Medical Model scored 95.4, leading in complex medical reasoning and medical language understanding [1][2]. - Other models, such as the National Health model and DeepBlue-MR-v1, scored 94.9, indicating strong competition in the field [2]. - The evaluation system by MedBench covers five dimensions: medical language understanding, medical language generation, medical knowledge Q&A, complex medical reasoning, and medical safety and ethics [2]. Group 2: Technological Innovation - iFlytek Medical focuses on source technology innovation, having released the Spark Medical Model in 2023, which is the only medical model trained on fully domestic computing power [3]. - The model has made significant breakthroughs in evidence-based medical reasoning and health interaction, enhancing accuracy and professionalism in medical applications [3]. - iFlytek Medical aims to integrate AI technology deeply into medical scenarios, creating AI diagnostic assistants for doctors and health assistants for residents [3]. Group 3: Application and Collaboration - The Spark Medical Model is applied in over 74,000 grassroots medical institutions across 31 provinces, serving more than 220,000 grassroots doctors [3]. - iFlytek collaborates with over 500 top-tier hospitals to provide innovative smart service systems centered on patient management and medical quality improvement [3]. - The company is also developing specialized applications in collaboration with leading hospitals and research teams, focusing on specific medical fields [4]. Group 4: Future Directions - iFlytek Medical plans to drive high-quality development in the healthcare industry through breakthroughs in underlying technology and scenario-based innovation [4]. - The company is committed to deepening the integration of technology with clinical needs, exemplified by its partnerships with top hospitals to create benchmark applications in specialized fields [4].

Industry Overview and Core Value - AI in healthcare utilizes machine learning and computer vision to analyze medical data, aiming to enhance efficiency, reduce costs, and optimize patient experience [1][14] - The Chinese government has introduced policies to promote AI integration in healthcare, identifying 84 application scenarios [1][22] Development History and Market Size - The development of AI in healthcare in China can be divided into three phases: the nascent phase (1978-2015), the starting phase (2015-2021), and the exploratory phase (2021-present) [2][25] - The market size for AI healthcare in China is projected to reach 115.7 billion yuan by 2025 and 159.8 billion yuan by 2028, with a CAGR of 10.5% [2][39] Industry Chain and Segmentation - The AI healthcare industry chain includes upstream (data, algorithms, computing power), midstream (computer vision, NLP), and downstream (imaging, pharmaceuticals, health management) [3][43] - Key segments include: - AI Medical Imaging: Expected market size of approximately 7.45 billion yuan in 2024, growing to 23.57 billion yuan by 2026 [3] - AI Pharmaceuticals: Global market size projected at 2.994 billion USD in 2024 [3] - AI Health Management: Market size nearing 1.4 trillion yuan in 2024 [3] Challenges and Future Trends - Current challenges include insufficient data standardization, privacy protection, and high implementation costs [4] - Future trends involve: - Deepening technology integration, such as combining large models with multimodal technologies [4] - Promoting domestic production and self-control in hardware and algorithms [4] - Expanding application scenarios from hospitals to grassroots healthcare [4] - Policy-driven commercialization in areas like telemedicine and imaging recognition [4] Representative Company Layout - Key companies in the AI healthcare sector include: - Xiangsheng Medical: Portable ultrasound devices recognized internationally [5] - RunDa Medical: Integration of in vitro diagnostics with AI [5] - United Imaging: High-end imaging equipment with over 20% market share [5] - iFlytek Medical: Comprehensive coverage of the medical process with its large model [5]