从业务板块看，院内解决方案和院外解决方案的毛利核心均来自高毛利的订阅及P2M解决方案，二者合计贡献整体毛利的77.5%，其中院内对应毛利率为 74.9%，院外达77.8%。高毛利占比的持续扩大，推动盈利水平跃上新台阶，凸显公司由"规模驱动"向"质量驱动"转型的显著成效。 8月27日，智云健康(09955)发布2025中期业绩公告。今年上半年，智云健康经营性现金流首次转正至2865万元，在以AI驱动的P2M战略转型下，实现毛利 率大幅提升至49.9%，P2M解决方案收入同比增长高达142.1%。三大关键指标印证了公司聚焦AI 驱动、深耕高价值业务的战略转型全面兑现。 盈利结构显著优化，经营性现金流首次转正 这份中期财报的核心价值，正体现在智云健康财务数据对"转型成效"的直观印证上。公司收入结构持续优化，各项核心财务指标均释放出积极信号。在同 口径对比下，公司实现营业收入8.9亿元，同比增长20.3%，毛利率提升4.2个百分点至49.9%，经调整的净亏损在调整口径下较去年同期收窄23.3%。同口 径的比较剔除了剥离和计划剥离的子公司对公司业绩的影响，真实反映了公司的经营情况。 | 主要财务数据 | | 1H25 ...

| | | 1H25 | 1H24 (同口径对比) | YoY % | 1H24 | 1 YoY % | | --- | --- | --- | --- | --- | --- | --- | | | 收入 | 8.9亿 | 7.4亿 | 20.3% | 21.2亿 | (58.0)% | | 0 -- | 毛利额1 (经调整) | 4.5亿 | 3.4亿 | 32.5% | 4.4亿 | 1.9% | | | 毛利率1 (经调整 | 49.9% | 45.7% | +4.2个百分点/ | 1 20.6% | +29.3个百分点 | | | 净亏损2(经调整) | (6,340)万 | (8,264)万 | (23.3)% | (3,290)万 | 92.7% | | | 经营性现金净流入 (流出) | 2.865万 | | l | (1.95)亿 | 首次经营性现 金流转正 | 智通财经APP获悉，8月27日，智云健康(09955)发布2025中期业绩公告。今年上半年，智云健康经营性现金流首次转正至2865万元，在以AI驱动的P2M战 略转型下，实现毛利率大幅提升至49.9%，P2M解决方案收入同比增长高达 ...

Core Insights - The emergence of the domestic AI model DeepSeek has sparked significant interest in the AI+ healthcare sector in China, with predictions of substantial industry growth by 2030 [1] - The AI healthcare market is expected to grow at an annual rate of 43% from 2024 to 2032, potentially reaching a market size of $491 billion [1] - The company Zhiyun Health is positioned as a leading provider of chronic disease management and healthcare solutions in Hong Kong, focusing on strategic upgrades and business optimization [1][2] Company Performance - Zhiyun Health reported total revenue of approximately 3.49 billion RMB, with a slight increase in gross margin to 24.7%, despite an expanded net loss due to the disposal of non-core businesses [2][4] - The company's core business, the hospital solution segment, has shown robust growth through its unique "Touch, Deploy, Commercialize" (AIM) model, with over 2,700 hospitals adopting its SaaS products [3][4] Strategic Initiatives - The "P2M" strategy has been implemented to enhance operational efficiency and optimize business structure, resulting in a significant increase in revenue from P2M solutions, which reached 320 million RMB, nearly doubling year-on-year [4][5] - The company has signed contracts with 45 pharmaceutical companies, with a total of 55 SKUs, indicating strong collaboration in the pharmaceutical sector [4] Market Environment - The healthcare industry is undergoing significant changes due to centralized procurement reforms, with price reductions of 20% to 30% expected for many common drugs, which may pressure traditional business models [2] - The AI+ healthcare market is projected to exceed 100 billion RMB by 2026, with a compound annual growth rate of over 30%, presenting a substantial growth opportunity for companies like Zhiyun Health [7] Technological Advancements - Zhiyun Health has developed two vertical models, ClouD GPT and ClouD DTx, which excel in patient interaction and medical research, contributing to a comprehensive digital chronic disease management service [7][8] - The integration of the DeepSeek-R1 model into the company's AI system aims to enhance chronic disease management efficiency by leveraging over 1 billion electronic medical records [8] Future Outlook - With ongoing policy support and technological innovation, the AI+ healthcare market in China is expected to thrive, providing a favorable environment for Zhiyun Health's growth [6][7] - The company's strategic focus on optimizing its business structure and enhancing its AI capabilities positions it well for sustained growth and increased market share in the evolving healthcare landscape [9]