（来源：唐爱金团队研究） 本文来自信达证券研发中心2026年3月30日发布的《25年精准营销业务产品数量增速达29%，持续深化 AI应用布局》，欲了解具体内容，请阅读报告原文，唐爱金S1500523080002，章钟涛 S1500524030003。 事件：公司发布2025年业绩公告。2025年公司收入约为6.42亿元（同比+14.99%），经调整净利润约 3.42亿元（同比+5.7%），归母净利润约3.34亿元（同比+6.1%）。2025年公司拟派息人民币0.14元/股 （相当于0.163港元/股）。 点评：25年精准营销业务产品数量增速达29%，受利息下降影响公司利润增速慢于收入增速。 2）在应用层面，公司基于对医师核心需求场景的深入洞察，依托长期积累的医学与产品能力，结合 AI 应用能力，推出面向医师日常工作与学习的 AI 助手，形成"AI+医学"产品矩阵，诸如MedSeeker 辅助临 床决策，MedPaper 辅助学术科研，MedAssister 为医师提供智能化、个性化的知识订阅与策略推荐。面 向药械企业服务端，公司提供基于 AI 的数据挖掘与精准学术推广解决方案，持续提升学术内容触达与 转化效果 ...

机构：信达证券 研究员：唐爱金/章钟涛 深度融合AI 医学大模型，推动"横向专科化深耕+纵向全周期延伸"核心战略。1）在数据与模型训练方 面，公司已建立起覆盖超过 1000 万篇精选学术论文、数万份权威临床指南、药品说明书及大量学术会 议资料的高质量「金标数据」语料库，并经严格的医学术语标准化与结构化处理。2）在应用层面，公 司基于对医师核心需求场景的深入洞察，依托长期积累的医学与产品能力，结合 AI 应用能力，推出面 向医师日常工作与学习的 AI 助手，形成"AI+医学"产品矩阵，诸如MedSeeker辅助临床决策，MedPaper 辅助学术科研，MedAssister 为医师提供智能化、个性化的知识订阅与策略推荐。面向药械企业服务 端，公司提供基于 AI 的数据挖掘与精准学术推广解决方案，持续提升学术内容触达与转化效果。3） 在战略投资并购方面，公司围绕专业医师平台寻找高协同标的，通过投资并购与整合，统一数据与模型 运维体系，放大在医师资源、医学内容、临床研究、产品与用户运营方面的协同效应，巩固行业领先地 位。 盈利预测及投资评级：我们预计公司2026-2028 年营业收入分别约为7.43 亿元、8.68 ...

Core Insights - The company reported better-than-expected performance for 1H25, with revenue of 312 million yuan (+28.2% YoY) and net profit attributable to shareholders of 166 million yuan (+4.3% YoY) [1][2] - The growth in revenue is attributed to a rapid increase in the number of collaborative projects [1] Financial Performance - Non-IFRS EBIT for 1H25 reached 72.69 million yuan (+36.4% YoY), with a corresponding profit margin of 23.3% (+1.4 percentage points YoY) [1][2] - The gross margin for 1H25 was reported at 59.0% (-1.6 percentage points YoY), influenced by increased costs associated with digital marketing projects for pharmaceutical clients [2] Revenue Breakdown - Revenue by business segment for 1H25: Precision Marketing and Enterprise Solutions at 292 million yuan (+29.6% YoY), Medical Knowledge Solutions at 9.195 million yuan (+9.2% YoY), and Intelligent Patient Management Solutions at 10.46 million yuan (+11.5% YoY) [1] - Revenue by region for 1H25: Domestic revenue at 304 million yuan (+28.0% YoY) and overseas revenue at 77.55 million yuan (+37.5% YoY) [1] Client Engagement - The number of clients covered by Precision Education and Enterprise Solutions increased to 191 (+20.9% YoY), with a total of 445 projects (+32.4% YoY) [1] - The average number of collaborative projects per enterprise increased to approximately 2.3 in 1H25, compared to 2.1 in 1H24 [1] Dividend Policy - The company plans to distribute a dividend of 0.1166 yuan per share, with a total dividend payout of 85.615 million yuan, representing a payout ratio of approximately 55% [2] Product Development - The company launched AI products such as MedSeeker, MedPaper, and MedAssister, aimed at assisting physicians in clinical decision-making and improving research efficiency [3] - A new content generation module for pharmaceutical clients was introduced, which can reduce labor costs by 50% while ensuring content professionalism and compliance [3] Valuation and Forecast - The company maintains its target price at 17.5 HKD, based on a 39x EV/EBIT valuation for 2025, with a current trading multiple of approximately 28x [3]

Investment Rating - The report maintains an "Outperform" rating for Medlive Technology with a target price of HKD 15.00, reflecting a potential upside from the current price of HKD 14.07 [2][15]. Core Insights - Medlive Technology reported a revenue of RMB 310 million in H1 2025, representing a growth of 28.2%. The revenue from precision marketing and enterprise solutions was RMB 290 million, up 29.6%, driven by an increase in marketing products to 445 [3][11]. - The company launched several AI products, enhancing user engagement and increasing monthly active users to 2.78 million, a rise of 11.2% [13]. - The operational net profit margin improved to 23.3%, with an adjusted net profit of RMB 72.62 million, reflecting a growth of 36.2% [12]. Financial Performance Summary - Revenue projections for 2025 to 2027 are RMB 730 million, RMB 940 million, and RMB 1.23 billion, with consistent growth rates of 30% [5][14]. - The adjusted net profit forecast for the same period is RMB 320 million, RMB 350 million, and RMB 390 million, with growth rates of -1%, 7%, and 13% respectively [5][14]. - The gross profit margin is expected to remain stable at 58.6% across the forecast period [4][14]. Operational Efficiency - The company achieved a gross profit margin of 59.0% in H1 2025, with a combined improvement in sales, administrative, and R&D expense ratios by 2.3 percentage points [4][12]. - The net profit for H1 2025 was RMB 160 million, reflecting a 5.0% increase [4][12]. Market Position and Strategy - Medlive Technology is deepening collaborations with domestic pharmaceutical companies and enhancing its AI capabilities to strengthen its competitive position in the innovative pharmaceutical industry [5][15]. - The report highlights the importance of AI in driving user engagement and improving the efficiency of medical professionals [13][15].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company is a leader in the medical digital marketing sector, leveraging 29 years of data assets to create a unique AI+medical platform. It has over 7 million registered users, with 2.65 million monthly active users, providing a strong foundation for value-added services to pharmaceutical companies and patients [1][12]. - The digital marketing landscape is rapidly expanding, with the market size exceeding 3 billion RMB in 2023 and a CAGR of 33.5% from 2019 to 2023. The shift towards digital marketing is driven by the need for compliance and efficiency in the medical field [2][58]. - The company has successfully monetized its large physician user base, achieving a compound annual growth rate (CAGR) of 36.8% in revenue from precision marketing and enterprise solutions from 2018 to 2024 [3][26]. Summary by Sections 1. Company Overview - The company has established itself as a leading medical information service platform, with a focus on enhancing user experience through a diverse range of products. It has developed AI products like MedAssister and MedSeeker, supported by a vast database of medical literature [1][12]. - The user base includes over 4 million registered physicians, achieving an 88% coverage rate among practicing physicians in China [12][68]. 2. Digital Marketing Industry - The digital marketing sector is witnessing significant growth, with a market size of 3 billion RMB in 2023. The industry is characterized by a shift towards compliance and efficiency, making digital marketing a preferred choice for pharmaceutical companies [2][58]. - The company’s digital marketing solutions have shown a clear advantage over traditional methods, offering better compliance, cost-effectiveness, and time efficiency [2][45]. 3. AI Empowerment - The company is leveraging AI to enhance the effectiveness of its data assets, launching products that integrate extensive medical data to improve customer acquisition and content generation [4][66]. - The forecasted net profits for 2025, 2026, and 2027 are projected to be 322 million, 364 million, and 415 million RMB, respectively, with corresponding growth rates of 2.2%, 13.2%, and 13.8% [4][6]. 4. Financial Forecast and Valuation - The company’s revenue is expected to grow from 558 million RMB in 2024 to 1.092 billion RMB in 2027, with a CAGR of 35.5% from 2024 to 2027 [6][26]. - The projected P/E ratios for 2025, 2026, and 2027 are 26, 23, and 20, respectively, indicating a favorable valuation outlook [4][6].