在恒指继续上冲，热门概念股普遍上涨的背景下，"医疗大模型第一股"讯飞医疗（02506）却要用业绩来证明其投资价值。 智通财经APP了解到，近日讯飞医疗（02506）发布2025年上半年财报，收入继续保持高增长水平，期间营业收入2.99亿元，同比增长30%，延续了2022- 2024年复合增速24.7%的高增长态势。这主要得益于该公司的研发驱动，研发成果化以及GBC三端应用场景协同发力，多元驱动收入不断创新高。 另外，该公司的盈利能力显著改善，一方面毛利率保持稳定，期间稳居51.5%高位，另一方面运营效率持续优化，销售与管理费用率下降7.5个百分点，净亏 损率显著收窄至22%，同比改善15.5个百分点。 实际上，讯飞医疗围绕"每个医生的AI诊疗助理，每个人的AI健康助手"，基于业内领先的人工智能技术和深度的行业认知，打造了用AI赋能政府（G）、医 院（B）、患者（C）的AI诊疗助理产品族和AI健康助手产品族，并形成了GBC三大场景驱动的多元模式。 2025年上半年，政府端业绩表现抢眼，收入1.4亿元，同比增长87%，占比收入47.4%。其中基层解决方案收入同比增长52%，区域解决方案增长178%。医院 及患者端 ...

Group 1 - Company reported a revenue of 299 million RMB for the six months ending June 30, 2025, representing a year-on-year increase of 30.26% [1] - Gross profit reached 154 million RMB, with a year-on-year increase of 26.96% [1] - Research and development expenses amounted to 115 million RMB [1] Group 2 - The revenue growth was primarily driven by grassroots solutions, which saw a year-on-year increase of 52.3%, patient management services with a 10.1% increase, and regional solutions that surged by 178.1% [1] - In March 2025, the company launched the Xunfei Spark Medical Model X1, the only medical deep reasoning model trained using fully domestic computing power [2] - The model achieved a general auxiliary diagnosis accuracy rate of 94.0%, a specialist auxiliary diagnosis accuracy rate of 90.1%, and a health consultation response rate of 89.0%, all surpassing GPT-4o and DeepSeek R1 [2] - The company partnered with Huawei to introduce a fully domestic Xunfei Spark Medical Integrated Machine, which supports the X1 model and various open-source models, enhancing model collaboration and deployment [2] - The integrated machine includes a "one-stop" Spark Medical Intelligent Platform, offering 20 medical professional intelligent agents, improving medical knowledge capabilities by 30.0% and reducing model hallucination by 10.0% [2] - Targeted optimizations based on Huawei's Ascend hardware system improved the inference performance of the X1 model by 40.0% [2]

Summary of Conference Call Notes Company and Industry Overview - The conference call involved **iFlytek Medical**, a company specializing in AI-driven healthcare solutions, particularly in the field of medical big models and patient management systems [1][2]. Key Points and Arguments Financial Performance - In 2024, iFlytek Medical achieved a revenue of **734 million** (CNY), representing a **32% year-on-year growth**. Gross profit reached **404 million** (CNY), with a **28% increase** year-on-year [3][4]. - The revenue structure improved, with G-end revenue growing by **10%**, B-end (hospital services) revenue increasing by **103%**, and C-end (patient services) revenue rising by **57%** [4]. - Sales collections grew by **33%**, and operational cash flow improved by **57%** year-on-year. Accounts receivable at year-end stood at **930 million** (CNY), with **76%** from government and state-owned enterprises [5]. Technological Advancements - iFlytek Medical has developed the **X1 medical big model**, which has surpassed the capabilities of existing models like GPT-4O in medical applications. The model can achieve diagnostic accuracy comparable to that of a deputy chief physician [6][7]. - The company has integrated various data types (voice, images) into its model, enhancing its ability to provide comprehensive patient services [8]. - iFlytek Medical's big model has been trained on a vast dataset, creating a **data flywheel** effect that continuously improves its performance through real-world applications [19][21]. Market Position and Strategy - iFlytek Medical aims to leverage its AI capabilities to enhance healthcare delivery across G-end (government), B-end (hospitals), and C-end (patients) sectors, establishing a diversified product matrix [9][10]. - The company has established partnerships with top hospitals, enhancing its credibility and market reach. It has covered **31 provinces** and provided services to over **910 million** patients [10][11]. - The government has shown support for AI in healthcare, with policies promoting the application of big models in various sectors, which bodes well for iFlytek Medical's growth [10]. Challenges and Opportunities - The company faces competition from other AI healthcare providers but believes its proprietary technology and data capabilities give it a competitive edge [31][34]. - iFlytek Medical is focused on expanding its services in both urban and rural healthcare settings, addressing the need for balanced medical resource distribution [10][36]. - The company is also exploring opportunities in post-discharge patient management, which is becoming increasingly important as healthcare systems emphasize continuity of care [53][54]. Other Important Content - iFlytek Medical's AI solutions have been implemented in various hospitals, including **Qilu Hospital** and **Shandong Provincial Hospital**, demonstrating the practical application of its technology [15][16]. - The company has developed a comprehensive patient management system that includes follow-up care and personalized health plans, which has shown to reduce readmission rates significantly [55][56]. - iFlytek Medical's collaboration with **Huawei** focuses on providing computational power and data centers, enhancing its operational capabilities in the healthcare sector [43][44]. This summary encapsulates the key insights from the conference call, highlighting iFlytek Medical's financial performance, technological advancements, market strategies, and the challenges and opportunities it faces in the evolving healthcare landscape.