Summary of Medical Industry Conference Call Company Overview - **Company**: 医脉通 (Yiliao Tong) - **Industry**: Medical Technology and AI Applications in Healthcare Key Points and Arguments Business Model and Financial Performance - 医脉通 has a strong business model with a projected operating net profit margin of 21% by 2025, exceeding 20% even after excluding interest income, which supports ongoing investment in technology and personnel training [2][6] - The company anticipates AI-related revenue to begin reflecting in the second half of 2025, primarily from pharmaceutical companies paying for medical content generation and review services, which are part of their marketing budgets [2][7] AI Applications and Product Offerings - 医脉通 has developed various AI applications, including clinical guidelines, disease knowledge bases, and medical literature websites, with plans to launch an AI intelligent Q&A tool and a comprehensive intelligent agent [2][5] - The company utilizes large model technology to enhance the efficiency and precision of academic promotion content for pharmaceutical companies, offering services charged based on usage [2][5][8] Competitive Advantages - 医脉通's advantages in the AI application field include rich medical information resources, extensive data on Chinese doctors' behaviors, and a strong commercialization capability [3] - The company focuses on helping pharmaceutical companies with precise marketing strategies by analyzing doctor profiles and developing targeted academic promotion strategies [3][10] Market Trends and Challenges - The industry is experiencing a slowdown in growth, particularly due to healthcare cost control measures leading to cautious marketing budget allocations by pharmaceutical clients [13] - Despite competition from other AI tools targeting clinical doctors, 医脉通 maintains a focus on aiding pharmaceutical companies, particularly in precise marketing [9] Future Outlook - The company plans to expand its sales personnel to cover more clients and medical products, with a focus on increasing the number of cooperative products to drive revenue growth [16][17] - 医脉通 aims to enhance user engagement through its AI products, ensuring that doctors find value in the platform, which is crucial for maintaining a competitive edge [10][19] Revenue Generation and Client Engagement - Revenue generation is primarily based on the number of cooperative products, with a significant portion of income coming from products in the early stages of market entry [15][16] - The company employs a points reward system to encourage doctors to engage with the platform, enhancing user retention and interaction [12] Strategic Partnerships and Future Developments - 医脉通 is open to potential collaborations with large model companies to enhance product offerings and address technical gaps [20] - The company is focused on providing comprehensive solutions that quantify the effectiveness of academic promotions, which is key to increasing client acceptance and budget allocation [17][18] Additional Important Insights - The average selling price (ASP) of products and the overall financial situation for 2025 have not been disclosed, but the market is expected to become healthier and more compliant, with an increase in the number of innovative drugs approved in China [12] - The shift of marketing budgets from in-hospital to out-of-hospital settings, driven by e-commerce platforms, may impact the marketing strategies of pharmaceutical companies, but 医脉通's focus remains on in-hospital education [14]

Core Viewpoint - The AI healthcare sector in Hong Kong is experiencing a strong bullish trend, driven by clear industry trends and significant market demand for AI health solutions [1] Group 1: Market Performance - Alibaba Health has surged over 13%, leading the market with a cumulative increase of over 46% this month [1] - Other notable performers include Yidu Tech with a rise of over 9%, MicroPort Robotics up by 8.9%, and Ping An Good Doctor increasing by over 4% [1] - Additional companies such as Yimaitong, JD Health, and Gushengtang also saw gains [1] Group 2: Industry Drivers - The launch of Ant Group's AI health assistant "Antifufu" has seen monthly active users exceed 30 million, with daily inquiries surpassing 10 million, indicating strong demand in the health AI sector [1] - OpenAI's introduction of "ChatGPT Health" on January 8 further emphasizes the confidence of leading AI companies in the health AI market [1] Group 3: Market Forecast - Frost & Sullivan predicts that China's "AI + healthcare" market will grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% over the next decade [1] - Huafu Securities reports that the AI healthcare industry is entering a critical phase of commercialization, supported by national strategies and market demand [1] - The report highlights a closed-loop demand for AI applications, which will sustain the continuous development of the AI industry [1]

Core Viewpoint - The recent surge in Hong Kong's AI healthcare stocks is driven by a clear confirmation of industry trends, with significant growth in user engagement and market potential for AI applications in healthcare [1][3][6] Group 1: Stock Performance - Alibaba Health has seen a rise of over 15%, with a cumulative increase of over 49% in January [1][6] - Other notable performers include Yidu Tech (up over 9%), MicroPort (up over 8%), Ping An Good Doctor (up over 5%), and JD Health (up over 2%) [1][6] Group 2: Market Analysis - The launch of Ant Group's AI health assistant "Antifufu" has resulted in over 30 million monthly active users and over 10 million daily inquiries, indicating strong demand in the health AI sector [3][8] - OpenAI's introduction of "ChatGPT Health" further emphasizes the confidence of leading AI companies in the health AI market [3][8] Group 3: Market Forecast - Frost & Sullivan predicts that China's "AI + healthcare" market will grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1% over the next decade [3][8] - Huafu Securities reports that the AI healthcare industry is entering a critical phase of commercialization, supported by national strategies and market demand [3][8] Group 4: Industry Innovation - Huachuang Securities anticipates that advancements in AI model capabilities will lead to comprehensive integration of AI in the healthcare industry, driving technological innovation [3][8] - The reduction in computing costs is expected to accelerate investments in AI capabilities by leading companies in various healthcare segments, potentially leading to a period of robust industry growth [3][8]

Core Viewpoint - The AI healthcare concept stocks experienced significant gains in the afternoon trading session, indicating a positive market sentiment towards this sector [1][4]. Stock Performance Summary - Ark Health (06086) saw a remarkable increase of 52.74%, rising by 3.62 HKD [1][4]. - Crystal Tech Holdings (02228) rose by 5.17%, reaching a price of 13.62 HKD [1][4]. - Yimaitong (02192) increased by 4.94%, with a current price of 13.80 HKD [1][4]. - Alibaba Health (00241) experienced a gain of 2.52%, trading at 6.52 HKD [1][4]. - iFlytek Medical Technology (02506) saw a modest increase of 1.30%, priced at 109.10 HKD [1][4].

Group 1 - The core viewpoint of the news is that AI healthcare concept stocks are experiencing significant gains, driven by a partnership between Nvidia and Eli Lilly to invest $1 billion in a joint research lab to accelerate AI applications in the pharmaceutical industry [1][2] - Ark Health (06086) saw a rise of 30.8%, while other AI healthcare stocks like Medical Pulse (02192) and Crystal Technology Holdings (02228) also reported increases of 5.1% and 4.63% respectively [1] - The joint lab established by Nvidia and Eli Lilly aims to generate large-scale data and build AI models to enhance new drug development, with operations expected to start early this year [1] Group 2 - According to Fengzheng Securities, AI-driven healthcare is forming a new growth engine, with a positive outlook on the revolutionary potential of AI in pharmaceuticals, basic research, diagnosis, and health management [2] - Huafu Securities noted that the AI healthcare industry has entered a critical stage of commercialization, supported by national strategies and market demand, with a closed-loop demand for AI applications sustaining the sustainable development of the AI industry [2]

Core Viewpoint - The company, 医脉通 (02192), announced the issuance of a total of 930,000 ordinary shares on January 5, 2026, as part of its pre-IPO share option plan adopted on March 29, 2021 [1] Group 1 - The company will issue 700,000 ordinary shares to two directors exercising their share options [1] - An additional 230,000 ordinary shares will be issued to one employee exercising their share options [1]

智通财经APP讯，医脉通(02192)发布公告，2026年1月5日，根据本公司于2021年3月29日采纳的首次公 开发售前购股权计划向行使购股权的本公司两位董事于2026年1月5日发行70万股普通股;根据本公司于 2021年3月29日采纳的首次公开发售前购股权计划向行使购股权的本公司一位员工于2026年1月5日发行 23万股普通股。 ...

此外，根据公司于2021年3月29日采纳的首次公开发售前购股权计划向行使购股权的公司一位员工于 2026年1月5日发行23万股普通股。 格隆汇1月5日丨医脉通(02192.HK)发布公告，根据公司于2021年3月29日采纳的首次公开发售前购股权 计划向行使购股权的公司两位董事于2026年1月5日发行70万股普通股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 醫脈通科技有限公司 呈交日期： 2026年1月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 02192 | 說明 | 普通股 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 醫脈通科技有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02192 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.00001 | USD | | 500,000 | III. ...