近年以来，伴随着大数据、人工智能等新兴技术的兴起，科技的发展正在深刻地、全方位地重塑现代医 院的面貌，使其从传统的"治病"场所，向"预防、诊疗、康复、健康管理"全生命周期服务的智慧中心转 变。 就医流程上，智慧服务、提升就医体验和医院运营的智能化，也使得医院由患者"排队拥挤"到"高效、 透明、人性化"。而在香港市场中，医疗系统亦积极拥抱数字化转型，其核心目标是提升医疗服务效 率、改善患者体验，并促进粤港澳大湾区的医疗协作。 同时，得益于医疗IT项目"高定制化+长周期+强粘性"的特点，公司单个HIS项目周期通常为1-3年，维护 服务合同期限长达2-10年，维护费占项目总价的10%-15%，2025财年维护服务收入占比已达26%，成为 营收的重要组成部分。 | | | For the years ended March 31. | | | | --- | --- | --- | --- | --- | | | 2025 | | 2024 | | | Healthcare information technology solution service - over a period | | | | | | of t ...

近年以来，伴随着大数据、人工智能等新兴技术的兴起，科技的发展正在深刻地、全方位地重塑现代医 院的面貌，使其从传统的"治病"场所，向"预防、诊疗、康复、健康管理"全生命周期服务的智慧中心转 变。 就医流程上，智慧服务、提升就医体验和医院运营的智能化，也使得医院由患者"排队拥挤"到"高效、 透明、人性化"。而在香港市场中，医疗系统亦积极拥抱数字化转型，其核心目标是提升医疗服务效 率、改善患者体验，并促进粤港澳大湾区的医疗协作。 近日，总部位于香港的医疗IT服务提供商极高点有限公司Ultra High Point Holdings Limited(以下简称"极 高点")，向美国SEC更新招股书，股票代码UHP，冲刺纳斯达克上市。 不过，就盈利能力来看，公司的毛利润从2024年的326.96万美元增至2025年的403.14万美元，增长率为 23.3%，但毛利率却从2024年的44.6%降至2025年的42.4%，下降了约2.2个百分点。 与此同时，极高点的营业成本从2024财年约405.89万美元增加到547.33万美元，同比增长约34.9%，占 营收比例为57.58%，其中分包费用和硬件采购为大头。可见，在规模扩 ...

Core Insights - The medical information technology industry is undergoing significant consolidation, with major acquisitions signaling a shift in the market dynamics after a period of rapid growth [1][2][3] - The demand for medical IT solutions has decreased as most hospitals have met previous regulatory requirements, leading to a more cautious approach in project approvals and increased competition among firms [3][4][6] - The integration of AI and new technologies is expected to drive the next phase of growth in the medical IT sector, creating opportunities for companies that can adapt to changing market needs [9] Industry Trends - Recent acquisitions include the purchase of medical consulting firm Yice Medical Management by Xisoft Technology, indicating a trend where larger firms seek to enhance their service offerings by integrating complementary smaller companies [1][7] - The medical IT industry experienced a boom from 2018 to mid-2023, driven by regulatory support and technological advancements, but has since faced challenges due to market saturation and budget constraints in hospitals [2][3][8] - The push for digital transformation in hospitals has led to a demand for more comprehensive solutions that integrate various operational aspects, moving beyond simple IT services [4][6] Market Dynamics - The competitive landscape is shifting as smaller firms struggle to meet the new demands for standardized solutions, while larger firms are better positioned to capitalize on these changes through strategic acquisitions [6][8] - The focus on cost control and efficiency in hospitals has made it more challenging for medical IT companies to secure contracts, as decision-makers are now more cautious and selective [3][6] - The ongoing consolidation in the industry is expected to enhance the bargaining power of remaining firms and may lead to a more concentrated market structure [8][9]

Summary of the Conference Call for Chuangyue Huikang Company Overview - **Company**: Chuangyue Huikang - **Year**: 2024 - **Revenue**: 1.422 billion CNY - **Net Profit**: -192 million CNY - **Industry Contribution**: Medical industry accounted for 93.25% of revenue Key Financial Insights - Revenue decreased by 11.96% year-on-year, with a significant drop in net profit from 1.73 billion CNY to -192 million CNY [4][2] - Medical revenue from Corcept declined from 844 million CNY to 675 million CNY [4][2] - Public health sector orders dropped from 40% to approximately 30% of total orders due to insufficient fiscal funding [4][2] - Increased bad debt provisions by 70-80 million CNY negatively impacted net profit [4][2] Product and Project Developments - HIS system project contracts increased by 41% year-on-year, totaling 31 contracts [5][2] - Transition between old and new products extended delivery cycles, affecting product acceptance and payment timelines [5][2] - Plans to enhance the promotion of HealthFace products, with expectations for improved delivery cycles by the second half of the year [5][6] Collaborations and Partnerships - Collaboration with Philips is progressing well, although the promotion of Feiyuekang products did not meet expectations [7][2] - Future products will integrate into HealthSpace for easier client promotion [7][2] AI and Technology Advancements - Launched CDSS and other AI products, with over 20 clients in pilot programs and ten medical institutions completing applications post-Spring Festival [8][9] - Significant demand for AI solutions in the medical sector, with over ten hospitals having clear project implementations [10][2] - Collaboration with Zhejiang University to develop a medical large model, focusing on vertical industry knowledge integration and AR capabilities [11][2] Market Trends and Demand - Increased demand for AI in medical institutions, particularly for system upgrades and improvements [3][19] - Hospitals are preparing for new standards requiring AI functionalities, impacting existing module improvements [20][21] - The need for AI in hospitals is expected to influence project profit margins due to budget constraints [24][2] Future Directions - Plans to deepen AI integration into medical information systems over the next 5 to 10 years, focusing on algorithm development and data platform construction [14][2] - Emphasis on AR technology as a core component of medical processes rather than an auxiliary system [15][2] - Continued focus on enhancing diagnostic accuracy in grassroots medical settings through AI [28][2] Challenges and Strategic Responses - High costs associated with AI R&D and talent acquisition pose challenges, but partnerships with universities help mitigate these costs [22][2] - The company is adapting to budget constraints in hospitals, which may limit AI project funding [35][2] - The competitive landscape is shifting, with larger firms gaining market share while smaller companies struggle to survive [46][2] Conclusion Chuangyue Huikang is navigating a challenging financial landscape while making strides in AI and technology integration within the medical sector. The company is focusing on strategic partnerships, product development, and adapting to market demands to enhance its competitive position in the evolving healthcare landscape.