医渡科技20260115

Summary of Medical Technology Conference Call Company Overview - Company: Medical Technology (医渡科技) - Industry: AI Healthcare Solutions Key Points Business Segments - Three Main Business Segments: 1. Big Data Platform and Solutions: Serves hospitals and government clients, includes AI middle platform and various products. Orders are project-based, with amounts ranging from millions to tens of millions [2][6] 2. AI for Life Science: Provides support to pharmaceutical companies, with 17 out of the top 20 global pharmaceutical companies as clients. Focuses on reducing R&D cycles and costs [2][6] 3. i for Care: Uses AI algorithms to assess health risks, optimizing insurance product design and claims services. Covers 5 provinces and 13 cities, with over 40 million insured individuals [2][6] Financial Performance - Revenue Growth: Expected revenue growth of 10%-15% for FY 2026, with the big data platform segment projected to grow by approximately 15% and health management by around 30% [4][12] - Current Orders: Approximately 800 million yuan in existing orders, exceeding total revenue for FY 2025. Expected to recognize 30%-40% of revenue from the big data segment and 40%-50% from health management within the next year [4][17] - Profitability: Anticipated to achieve breakeven in FY 2026, with a loss of about 15 million yuan reported as of September 30, 2025 [13] Operational Efficiency - Improved Efficiency: Significant operational efficiency improvements noted, with adjusted EBITDA and cash flow indicators showing continuous improvement [5] - Clinical Research Platforms: Platforms like iDataBase and iReview have increased efficiency by over 8 times and reduced costs by 40% [10] AI Applications - AI Diagnosis: Covers 127 top-tier hospitals, with average selling prices (ASP) in the million yuan range. Project-based fees with annual operational fees around 10% [7] - AI Agents: Development of various AI agents for cancer diagnosis and aesthetic medicine, significantly improving accuracy and research efficiency [7][10] Future Directions - Expansion Plans: Plans to develop more AI agents for different scenarios and collaborate with top principal investigators to replicate successful treatment methods [8][9] - International Market: Focus on Southeast Asia and Middle East markets, with a 2-3 year timeline for revenue contribution from new markets [25][26] Data and Technology - Data Sources: Data derived from over 10,000 hospitals, covering more than 1.3 billion patient visits, with a focus on high-quality data for rare diseases and cancer [18] - Algorithm Development: Core algorithm "易步康" is based on extensive data, enhancing disease understanding and precision [10] Cost Management - R&D Investment: Annual R&D spending of 80 million to 100 million yuan, primarily for computational power, with a focus on maintaining reasonable personnel costs [20][21] Market Trends - Hospital Procurement: Increased budget for AI construction and medical procurement expected in 2026, driven by policy support [23] - Health Management Products: Focus on government-backed health management projects, with plans to enhance C-end services through partnerships [11][24] Gross Margin Outlook - Margin Improvement: Expected steady increase in gross margin, primarily from the big data platform and clinical trial segments [28] Overall Outlook - Positive Future: The company is well-positioned in the commercialized AI healthcare sector, with ongoing product upgrades and technological advancements expected to drive future growth [29]