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HONG KONG, June 30, 2024 /PRNewswire/ — Yidu Tech Inc. (“Yidu Tech” or the “Firm”, along with its subsidiaries and consolidated affiliated entities, the “Group”, HKEX: 2158) introduced its annual outcomes for the fiscal yr ended 31 March 2024 (“FY2024” or the “Reporting Interval”). The administration offered detailed explanations on the important thing efficiency highlights, improvement methods, and future outlook. Owing to the Firm’s “Focus” technique, Yidu Tech has seen additional enhancements in operational effectivity, profitability, and enterprise competitiveness.
The Company’s complete income in FY2024 was recorded at RMB 807.1 million, and gross revenue margin elevated to 42.1% from 34.1% year-on-year (“YoY”), representing a rise of 8.0 share factors, hitting an all-time excessive. Adjusted web loss narrowed from RMB448.7 million to RMB158.1 million, down 64.8% YoY, and money circulate continued to be optimized. Through the reporting interval, the Firm continued to put money into AI know-how, particularly within the improvement and commercialization of its proprietary massive language mannequin within the medical vertical discipline to take care of a number one place within the alternatives of the massive language mannequin period.
Through the outcomes convention, Yidu Tech’s administration acknowledged that excluding strategic investments in proprietary massive language mannequin, non-cash objects, and non-operating objects, the adjusted EBITDA for our present enterprise has achieved profitability, shifting from a RMB 327 million loss to a revenue of RMB 31.1 million for the primary time this fiscal yr. “It additional elaborated that this might be largely attributed to the consequences of the Firm’s well timed adoption of the ‘Focus’ technique. Within the face of latest alternatives for technological innovation and industrial upgrading pushed by generative AI know-how, the Firm seeks to additional play a number one function in innovation, speed up the commercialization of huge language fashions in healthcare, and supply safer, extra inclusive, and extra exact clever options for the whole medical ecosystem, with a purpose to create long-lasting worth for investors.”
Yidu Tech’s administration commented through the outcomes convention that the Firm’s working money outflow continues to enhance, and that it’s now not spending extensively on its operations. Over the previous three fiscal years, the Firm’s web working money outflow has decreased consecutively every year. In FY2022, the determine was recorded at RMB 639 million, in FY2023, it decreased to RMB 463 million, and in FY2024, it additional dropped to RMB 230 million. If this pattern continues, money circulate is anticipated to interrupt even within the new fiscal yr.
Administration added that as of market shut on June 27, the Firm’s P/B ratio has decreased to 1.06. Not together with the valuation of its home and worldwide companies, its market worth remains to be decrease than its fund reserves readily available. As such, administration believes that the Firm’s share worth remains to be severely undervalued. Notably, famend sovereign fund BIA has frequently elevated its shareholding of Yidu Tech by 21.50% over the previous two months. The administration is assured within the Firm’s long-term development potential and hopes to repeatedly create modern applied sciences and enhance returns to its shareholders.
Steady Improve of the “AI Medical Mind”, Breakthroughs in “Expertise + Software”
Over the previous yr, the Firm has continued to improve and iterate YiduCore, its “AI Medical Mind”, comprehensively strengthening its capabilities in processing effectivity, comprehension and reasoning capabilities, in addition to exact adaptation to advanced software situations. Through the reporting interval, the Firm has continued the event and coaching of huge language mannequin within the medical vertical discipline primarily based on 500 billion fine-trained Tokens, with mannequin coaching for 6B, 13B, and 70B parameters accomplished. Yidu Tech’s proprietary massive language mannequin has handed the deep synthesis service algorithm filings of Our on-line world Administration of China.
By way of knowledge, YiduCore has cumulatively processed and analyzed greater than 5 billion approved medical information from over 1 billion sufferers, protecting over 2,500 hospitals.
By way of algorithms, in Could 2024, within the MedBench analysis, an authoritative analysis platform launched by Shanghai AI Laboratory and Shanghai Digital Drugs Innovation Heart, Yidu Tech’s massive language mannequin ranked first in every of the three key dimensions of medical data Q&A, medical language understanding, and medical security and ethics, and achieved the very best total rating.
Along with technological breakthroughs, YiduCore’s industrial functions have additionally constantly increasing. By leveraging Yidu Tech’s massive language mannequin, the Firm has enhanced challenge sustainability and offered 24/7 well being administration companies to over 5 million customers.
Giant Language Mannequin Empowering a Complete Healthcare Ecosystem Resolution, Three Main Segments Progressing in Synergy
Pushed by the core applied sciences of YiduCore, the Firm’s three main enterprise segments are progressing in synergy, additional solidifying its outstanding market place.
Through the reporting interval, the income of the Firm’s Huge Information Platform and Options section reached RMB 313.6 million, representing a YoY enhance of 41.4%. As of 31 March 2024, the full variety of the Firm’s high hospital purchasers elevated by 14 to 102 as in comparison with the identical interval final yr, whereas the variety of regulator and policymaker purchasers elevated by 9 to 43.
Income from the Firm’s Life Sciences Options section amounted to RMB 324.0 million, representing a YoY enhance of 28.1%, with gross margin rising by 14.6 share factors to a historic excessive of 32.1%. As of 31 March 2024, the Firm achieved a 151.1% income retention price for its high 10 purchasers when it comes to income, with common transaction worth of consumers rising by 75.4% YoY. Amongst 20 of the highest multinational pharmaceutical firms (MNCs), 16 of them represent the Firm’s purchasers. By way of scientific analysis, the Firm has carried out 321 scientific analysis instances, together with scientific trials sponsored by pharmaceutical firms and investigator-initiated trials, in addition to 246 potential and retrospective actual world research (RWS).
Lastly, income from the Well being Administration Platform and Options section was recorded at RMB 169.5 million, with gross revenue margin hitting 58.1%, up 17.4 share factors YoY. Through the reporting interval, the Firm continued to extend its market penetration price of the federal government’s supplemental Medicare program, Hui Min Bao (æƒ æ°‘ä¿), as properly as cumulatively successful bids and serving 4 provinces and 12 cities, together with Jiangsu Province, Beijing, Shenzhen and many others. As of 31 March 2024, the variety of lively customers who’ve accomplished a minimum of one transaction on Yidu Tech’s well being administration platform elevated to almost 27.6 million.
The arrival of the massive language mannequin period has accelerated the popularization and penetration of synthetic intelligence within the healthcare business. As a number one firm in China’s AI medical business, Yidu Tech strives to grab any related market alternatives created by generative AI and huge language fashions by firmly investing and innovating on this area. On the identical time, the Firm may also proceed to consolidate its enterprise mannequin, enhance operational effectivity, and obtain sustainable enhancements in profitability and development, with a purpose to generate rising long-term, high-quality worth to stakeholders within the healthcare ecosystem.
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