Core Viewpoint - The debate surrounding the integration of AI in the medical field highlights the contrasting perspectives on its role in enhancing clinical decision-making and training for young doctors, with concerns about the potential impact on clinical thinking and patient care [3][4][5]. Industry Overview - The AI medical sector is evolving, with a focus on knowledge empowerment and clinical evidence support for doctors, which is seen as a more attractive and controversial market compared to patient-facing applications [3][4]. - The number of physicians in China is projected to grow from 3.9 million in 2019 to 5.1 million by 2024, amidst an explosion of medical literature and clinical guidelines, indicating a need for AI to assist in evidence retrieval and alleviate disparities in healthcare resources [3][6]. Company Background - Shanghai Wanyi Medical Technology Co., Ltd. (Wanyi Medical) was founded in 2007 as a medical conference planning company and has transitioned into an AI medical solutions provider, launching the MedEvidence platform aimed at healthcare professionals [4][5]. - The company rebranded from "Wanyi Exhibition" to "Wanyi Medical" in 2020, seeking digital transformation due to the impact of the pandemic on in-person events [5][6]. Financial Performance - Wanyi Medical reported revenues of 239 million RMB and 271 million RMB for 2023 and 2024, respectively, with profits of 29.87 million RMB and 29.72 million RMB [10][11]. - The revenue structure is split approximately 50% between traditional academic event solutions (MedEvent) and digital education solutions (MedAssistant), with the latter's share increasing to 50.4% in the first nine months of 2025 [12][13]. Market Dynamics - The market for academic, educational, and research solutions in medicine is expected to grow from 66.8 billion RMB in 2019 to 97.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of 7.9%, and the AI-driven segment projected to grow at a CAGR of 34.8% from 2024 to 2030 [9][10]. - Despite the promising market growth, Wanyi Medical's AI platform, MedEvidence, has not yet generated revenue, indicating that its AI capabilities are still in the early stages of commercialization [10][14]. Competitive Landscape - Wanyi Medical positions itself in a fragmented market, claiming a leading advantage with nearly 300 million RMB in revenue, while its competitors primarily focus on digital services rather than AI-driven solutions [17][18]. - The company faces significant competition from larger internet firms that have more resources and technological capabilities, which could undermine Wanyi Medical's efforts to establish a strong foothold in the AI medical sector [22][23].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Healife Group Co., Ltd. 上海萬怡醫學科技股份有限公司 (the "Company") (A joint stock limited company incorporated in the People's ...