科技赋能医疗,创新驱动行业变革 4月29日,第八届新财富最佳IR港股公司获奖名单揭晓,医渡科技(2158.HK)成功获评,标志着资本市场及投 资界对其公司治理能力、投资者关系管理水平及长期价值的深度认可。这已是医渡科技第二次获评该奖 项,并且是AI医疗赛道唯一入选企业。 | 最佳IR港股公司(H股) | | | --- | --- | | 证券代码 | 证券简称 | | 01361.HK | 361度 | | 01070.HK | TCL电子 | | 02666.HK | 环球医疗 | | 03896.HK | 第四云 | | 02228.HK | 晶泰控股 | | 00135.HK | 昆仑能源 | | 00909.HK | 明源云 | | 01475.HK | 日清食品 | | 01530.HK | 三生制药 | | 06969 HK | 思摩尔国际 | | 02602.HK | 万物云 | | 09868.HK | 小鹏汽车-W | | 03800.HK | 协鑫科技 | | 09885.HK | 药师帮 | | 02158.HK | 医渡科技 | | 03709.HK | 赢家时尚 | | 01952 ...

截至2025年4月25日 09:35，恒生医疗保健指数(HSHCI)强势上涨1.77%，成分股医渡科技(02158)上涨10.15%，医脉通(02192)上涨7.05%，晶泰控股(02228)上 涨6.33%，云顶新耀-B(01952)，讯飞医疗科技(02506)等个股跟涨。恒生医疗ETF(513060)高开高走上涨2.68%，冲击5连涨。最新价报0.50元。拉长时间看， 截至2025年4月24日，恒生医疗ETF近1周累计上涨8.50%。 截至2025年4月18日，恒生医疗ETF近1年夏普比率为1.34。 回撤方面，截至2025年4月24日，恒生医疗ETF今年以来相对基准回撤0.45%，在可比基金中回撤最小。 费率方面，恒生医疗ETF管理费率为0.50%，托管费率为0.15%。 跟踪精度方面，截至2025年4月24日，恒生医疗ETF今年以来跟踪误差为0.042%，在可比基金中跟踪精度最高。 流动性方面，恒生医疗ETF盘中换手1.57%，成交1.83亿元。拉长时间看，截至4月24日，恒生医疗ETF近1月日均成交20.72亿元，居可比基金第一。 消息面上，4月24日，工业和信息化部等七部门关于印发《医药工业数智化 ...

截至发稿， 医渡科技(02158.HK)涨6.27%、景泰控股( 02228.HK)涨4.08%、 医脉通(02192.HK)涨 2.13%、 微创机器人-B(02252.HK)涨1.86%。消息方面，工信部等七部门印发《医药工业数智化转型实 施方案(2025-2030年)》提出，深化 人工智能赋能应用。支持相关单位建立医药大模型创新平台，协同 开展医药大模型技术产品研发、监管科学研究等，强化标准规范、科技伦理、应用安全和风险管理等规 则建设。 ...

投资逻辑 医疗作为最重要的 AI 应用场景之一，商业化进程持续提速，截至 24 年底，全国共有 46 家企业获得大健康相关算法备案。在诸多 AI+医疗场景中，AI+专科辅助诊断/影像识别更契合医院创收创誉 诉求，相关 IT 预算投入有望持续增长。我们认为对于医疗 IT 厂商 而言，开发专科 AI 诊疗产品的必要条件是：1）掌握丰富疾病数 据，与顶级医院或卫健机构长期合作共研；2）具备较强的医学数 据处理能力和大模型调优技术。 医渡科技是 AI+医疗领域头部公司，自成立起即合作顶尖医院进行 医学科研数据治理，相关经验积累形成 YiduCore 核心 AI 算法， 客户逐步拓展至药企、卫健委和医保端。 得益于多场景数据积累及较早进行 AI 布局，公司大模型能力行业 领先。截至 24 年 9 月，YiduCore 累计处理超 11 亿患者人次的 55 亿份医疗记录，在 MedBench、国家卫健委分导诊能力评测等 多 项 垂 类大 模 型标 准 化测 评 中排 名第 一 。公 司 积极 合 作 DeepSeek、华为、字节等厂商提升基座模型能力、丰富业务生态。 公司于 24 年下半年发布软硬结合、训推一体的 AI ...

Financial Performance - Total revenue for the first half of FY24 was RMB 329.4 million, a decrease of 7.6% compared to RMB 356.5 million in FY23[11]. - Gross profit for the first half of FY24 was RMB 117.4 million, down 13.8% from RMB 136.2 million in FY23[11]. - The company's loss narrowed to RMB 56.4 million, a year-on-year reduction of 29.2%, attributed to improved internal operational efficiency and enhanced synergy among business segments[38]. - Revenue decreased by 7.6% from RMB 356.5 million for the six months ended September 30, 2023, to RMB 329.4 million for the six months ended September 30, 2024[94]. - Revenue from life sciences solutions decreased by 15.0% from RMB 170.2 million to RMB 144.6 million, primarily due to challenging external conditions[95]. - Revenue from health management platform solutions decreased by 12.4% from RMB 58.4 million to RMB 51.1 million, mainly due to changes in product mix[95]. - Overall gross profit decreased from RMB 136.2 million to RMB 117.4 million, with gross margin declining from 38.2% to 35.6%[98]. - The company reported a net loss of RMB 56,362,000 for the six months ended September 30, 2024, compared to a net loss of RMB 79,555,000 for the same period in 2023[196]. Client and Market Engagement - The number of life sciences clients reached 71, with an average revenue per client increasing by 57% year-on-year[21]. - The company served over 2,800 hospitals and provided solutions to 105 top hospitals and 40 regulatory bodies in China[21]. - The revenue retention rate for the top 10 clients was 117.45%, indicating strong customer loyalty[21]. - Active users on the health management platform who completed at least one transaction exceeded 24 million[65]. - The "Huiminbao" project has over 600,000 participants in its second phase, with a participation rate exceeding 35% and online enrollment accounting for over 88%[61]. Product and Service Development - Revenue from the big data platform and solutions segment increased by 4.5% to RMB 133.7 million, while the life sciences solutions segment saw a decline of 15.0% to RMB 144.6 million[11]. - The company launched a "big data + large language model" dual platform solution to assist clients in research and clinical studies[21]. - The company has developed a large language model with 70 billion parameters, focusing on enhancing both general and specialized medical capabilities[25]. - YiduCore has built a disease knowledge graph that covers all known diseases, facilitating deeper analysis of complex disease characteristics[23]. - The company has established a comprehensive solution across the healthcare ecosystem, integrating AI capabilities in medical, pharmaceutical, and insurance sectors[25]. Operational Efficiency - Operating loss improved by 30.7% to RMB 54.3 million, compared to a loss of RMB 78.3 million in the same period last year[11]. - Sales and marketing expenses decreased by 30.1% to RMB 72.4 million, representing 22.0% of revenue, down from 29.1% in the previous period[106]. - Administrative expenses decreased by 3.7% to RMB 57.2 million, with the percentage of revenue increasing from 16.7% to 17.4%[107][108]. - R&D expenses decreased by 9.6% from RMB 103.6 million to RMB 93.7 million, attributed to reduced employee benefits and expenses[101]. - The total number of employees as of September 30, 2024, was 866, with a total salary cost of RMB 187.7 million, down from RMB 262.5 million in the previous period[115]. Corporate Governance and Shareholder Information - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[140]. - The company has complied with the corporate governance code, with some deviations noted regarding dividend policy[141]. - The company has a total of 418,565,575 shares held by Ms. Gong and Mr. Xu, representing 39.42% of the equity[134]. - The company has not adopted a dividend policy at this stage, focusing on business development and growth funding[141]. - The company plans to utilize 35% of the net proceeds from the global offering for strengthening core capabilities and another 35% for further business expansion[131].

Financial Data and Key Metrics Changes - The total revenue for the first half of the fiscal year 2025 was RMB 329 million, a decrease of 7.6% compared to the same period last year [5] - The adjusted EBITDA for existing business management shifted from a loss of RMB 890,000 in the same period last year to a profit of RMB 2.732 million, marking the best performance in historical terms [6] - The net loss narrowed from RMB 79.56 million in the same period last year to RMB 56.36 million, a reduction of 29.2% [6] Business Line Data and Key Metrics Changes - Revenue from the big data platform and solutions increased by 4.5% year-on-year [6] - Revenue from life sciences solutions decreased by 15.0% due to external environmental challenges [6] - Revenue from health management platform and solutions declined by 12.4% as the company focused on product portfolio adjustments [6] Market Data and Key Metrics Changes - The company has established a strong presence in the healthcare sector, providing data-driven solutions to regulatory agencies and policymakers across 30 cities and provinces [11] - The company has successfully implemented benchmark projects in major Chinese cities, enhancing its market leadership [12] Company Strategy and Development Direction - The company is focusing on AI-driven solutions across multiple business scenarios, including healthcare, pharmaceuticals, and health insurance [2] - The strategy includes developing public and private versions of AI models tailored for different user needs, enhancing user innovation and platform diversity [2][3] - The company aims to leverage its data governance capabilities to drive the data economy, particularly in healthcare [3] Management's Comments on Operating Environment and Future Outlook - Management believes that the current stock price is significantly undervalued and has engaged in stock buybacks to support the share price [8] - The company is optimistic about its future growth prospects, particularly in the healthcare sector, driven by its innovative AI solutions [8] Other Important Information - The company has accumulated a significant amount of medical data, which is crucial for its algorithmic models and applications [9] - The company has a strong client base in the life sciences sector, with 71 clients, including 16 of the top 20 multinational pharmaceutical companies [13] Q&A Session Summary Question: What are the company's future growth strategies? - The company plans to enhance its AI capabilities and expand its applications in healthcare, pharmaceuticals, and insurance sectors, focusing on user-driven solutions [2][3] Question: How does the company view its current stock valuation? - Management believes the stock is undervalued and has initiated buybacks to support the share price, indicating confidence in future performance [8] Question: What are the key challenges faced in the life sciences segment? - The life sciences solutions segment has faced a 15% decline due to external environmental challenges impacting the industry [6]

Investment Rating - Buy (Maintained) [1] Core Views - YiduCore empowers full-scenario solutions, driving continuous profitability with adjusted EBITDA of RMB 27 million in FY1H25 [1] - Revenue declined by 7.6% YoY to RMB 329 million, primarily due to lower income from Life Science Solutions (LSS) and Health Management Platform and Solutions (HMPS) segments [1] - Gross margin decreased by 2.6pct to 35.6%, mainly due to changes in product mix [1] - Net loss attributable to shareholders narrowed to RMB 43 million from RMB 76 million in the same period last year [1] Business Segment Performance Big Data Platform Solutions (BDPS) - Revenue increased by 4.5% YoY to RMB 134 million, driven by YiduCore's full-scenario solutions [1] - Gross margin decreased by 7.8pct to 37.4% due to product mix changes [1] - YiduCore analyzed over 5.5 billion medical records from 1.1 billion patients and covered more than 2,800 hospitals [1] - The company launched a "Big Data + Large Language Model" dual-middle platform solution, focusing on a 70-billion-parameter model for medical vertical applications [1] Life Science Solutions (LSS) - Revenue decreased by 15.0% YoY to RMB 145 million, but gross margin improved by 1.9pct to 29.7% [1] - The top 20 multinational pharmaceutical companies are clients, with a customer retention rate of 117.45% [1] - The company's clinical trial solutions address industry pain points such as long timelines, high costs, and low success rates in drug development [1] Health Management Platform and Solutions (HMPS) - Revenue decreased by 12.4% YoY to RMB 51 million, with gross margin declining by 5.4pct to 47.8% [1] - The company maintained its leading position in "Huiminbao" business in core Chinese cities, with over 90% of users located in the top 15 GDP-ranked provinces [1] - The "Happy Health Tech" mini-program, integrated with the "Huiminbao" platform, was launched to enhance claims efficiency [1] Financial Forecasts and Valuation - Revenue forecasts for FY25-27 were revised downward by 11.0%/17.4%/23.3% to RMB 810/919/1,029 million due to underperformance in LSS and HMPS segments [1] - Adjusted EBITDA is expected to remain profitable, with net profit attributable to shareholders forecasted at RMB -187/-82/12 million for FY25-27 [1] - The "Buy" rating is maintained, supported by YiduCore's AI medical brain and full-scenario solutions [1] Financial Highlights - Total revenue for FY1H25 was RMB 329 million, with a gross profit of RMB 117 million [1] - Operating loss narrowed to RMB 228 million from RMB 630 million in FY2023 [3] - Net cash position stood at RMB 2,937 million as of FY2025E [5] - Free cash flow improved to RMB -362 million in FY2025E from RMB -751 million in FY2024 [7]

Topic 1: Financial Performance - Revenue increased by 15% year-over-year, driven by strong sales in the Asia-Pacific region [1]. - Net profit margin improved to 12%, up from 10% in the previous quarter [2]. - Operating expenses rose by 8% due to increased marketing and R&D investments [3]. Topic 2: Market Expansion - The company successfully entered two new markets in Europe, contributing to a 20% increase in international sales [4]. - A new distribution center was opened in South America to support regional growth [5]. - Strategic partnerships were formed with local retailers in Southeast Asia to enhance market penetration [6]. Topic 3: Product Development - Launched three new products in the tech segment, which accounted for 25% of total revenue [7]. - R&D spending increased by 10% to accelerate innovation in the healthcare sector [8]. - A new line of eco-friendly products was introduced, receiving positive customer feedback [9]. Topic 4: Operational Efficiency - Implemented a new ERP system, reducing operational costs by 5% [10]. - Streamlined supply chain processes, resulting in a 15% reduction in delivery times [11]. - Employee training programs were expanded, leading to a 10% increase in productivity [12]. Topic 5: Risk Management - Identified potential risks in the supply chain due to geopolitical tensions and implemented contingency plans [13]. - Increased cybersecurity measures to protect against data breaches, with a 30% reduction in incidents [14]. - Conducted regular audits to ensure compliance with international regulations [15]. Topic 6: Sustainability Initiatives - Achieved a 20% reduction in carbon emissions through the adoption of renewable energy sources [16]. - Launched a recycling program that resulted in a 15% decrease in waste production [17]. - Committed to achieving net-zero emissions by 2030, with interim targets set for 2025 [18].

证券时报e公司讯，医渡科技(02158.HK)22日公告，其附属公司与总回报掉期对手方订立了一项最高股 本名义金额为8000万港元的总回报掉期交易，交易期限约为3年。 目的是为了对冲医渡科技未来股价升值的风险。 董事会认为，通过该交易可以有效降低因购买股份而产生的成本及现金流支出带来的风险，特别是在首 次公开发售后的股份奖励计划中可能面临的价格上升风险。 截至10月21日，医渡科技10月已回购308.94万股普通股，总计耗资约1087万港元。 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing the potential of its self-developed medical vertical large language model and the growth prospects of its Health Management Platform and Solutions (HMPS) segment [4] Core Views - The company achieved positive adjusted EBITDA for the first time in FY2024, reaching RMB 31 million, with a significant narrowing of net loss to RMB 195 million from RMB 628 million in the previous year [2] - The Big Data Platform Solutions (BDPS) segment saw a 41.4% YoY revenue increase to RMB 314 million, driven by the launch of new products and the acceleration of YiduCore's iteration [2] - The Life Science Solutions (LSS) segment grew 28.1% YoY to RMB 324 million, with a 151.1% revenue retention rate among top 10 clients and a 75.4% increase in average customer spending [2] - The HMPS segment revenue declined 48.7% YoY to RMB 170 million due to strategic business focus, but gross margin improved significantly by 17.4 percentage points [2] Financial Performance - FY2024 revenue reached RMB 807 million, a slight increase of 0.3% YoY, with gross margin improving by 8.0 percentage points to 42.1% [2] - The company forecasts FY2025 and FY2026 revenues of RMB 910 million and RMB 1.112 billion, respectively, with expectations to turn profitable in FY2027 with a net profit of RMB 12 million [2] - The BDPS segment's gross margin improved to 43.7%, while the LSS segment's gross margin increased significantly by 14.6 percentage points to 32.1% [2] Business Segments - BDPS: The segment benefited from the launch of a full-disease database platform and new YiduEywa series products, with the number of top hospital clients increasing by 14 to 102 [2] - LSS: The company secured multiple high-profile projects, including a Phase III clinical trial project with Sumitomo Pharma and several retrospective real-world studies for a multinational corporation [2] - HMPS: The company focused on the "Huimin Insurance" business, expanding its market penetration to 4 provinces and 12 cities, and successfully piloted a digital diabetes therapy in Hainan [2] Technology and Innovation - YiduCore, the AI medical brain, accelerated its iteration with the completion of 6B, 13B, and 70B parameter model training, and became the first medical company to adapt to high-end chips across the entire chain [2] - The company's self-developed large model has been approved by the National Internet Information Office, enhancing its capabilities in medical AI [2] Market Position and Strategy - The company's strategic focus on high-margin businesses and AI-driven solutions is expected to improve customer spending and operational leverage, leading to potential profitability in the medium term [2] - The LSS segment's ability to deliver high-quality clinical evidence and disease knowledge graphs positions it well for increased market share in the long term [2]