Release of the company's medical model: On September 10, at the “CdX Good Doctor, Xiaohui”, a full-scene application of the company's medical model, was released at the “CdX Good Doctor and Little Hui” co-hosted by HUAWEI CLOUD and Runda Medical.

Strong data base advantage: Based on nearly 0.1 million pieces of data labeling and governance rules, Runda successfully created CDx (medical data base) through training on the HUAWEI Cloud Pangu model, so that medical care is no longer limited by data field design based on expert experience, and transforms all clinical text records into “fully structured data.” Currently, CDx can support nearly 100 dimensions of medical data such as tests, ultrasound, CT, nuclear magnetism, pathology, admission records, discharge records, and various medical instructions.

Simultaneous release of “2B+2C”: The company's big model solutions include “Good Doctor” medical assistant for the hospital side and “Xiaohui” health assistant for the C-side (hospital version+public version). Among them, “Good Doctor” provides functions such as clinical assistance, medical record generation, patient management, scientific research assistance, patient guidance, etc., and “Xiaohui” can provide functions such as condition analysis, department recommendation, and health guidance information. It can integrate data to form personal files and provide 24-hour comprehensive health management.

Multi-scenario implementation of applications: (1) Physical examination: Runda Medical and HUAWEI CLOUD joined hands to jointly launch the first domestic health management AI robot “Health Xiaomei” in August of this year; (2) Pharmacy: Runda Medical, HUAWEI CLOUD and Guangxi Liuyao Group officially launched the “Guizhong Pharmacy Smart Upgrade Plan” based on the comprehensive cooperation agreement already signed; (3) Smart testing:

Runda Healthcare and BioMérieux will focus on sepsis to create a smart microbial detection and management system; (4) Full-cycle health management: Runda and Taiping Financial launched the “Pink Ribbon Delivery Women's Care Program” to help women stay away from breast cancer.

AI promotes “equal health care”: There are widespread gaps and uneven distribution of medical resources. Along with social and economic development, increasing population aging trends, and rising residents' health awareness, the market demand for high-quality medical resources is rising rapidly.

Digital intelligence technology has attracted much attention as an important gripper for promoting new informatization and cultivating new quality productivity. With its strong capabilities, the company's medical model not only assists doctors' decisions and improves work efficiency, but can also improve the level of diagnosis and treatment in lower-level hospitals, promote “equal health care” (resource balance and precise medical treatment), and has broad application prospects.

Maintaining a “buy” rating: The company's profit declined in the first half of the year due to credit impairment. Considering that the company's customers are all level 2 or 3 public hospitals, the actual risk of bad debts is low, and it is expected that it will gradually ease in the second half of the year. Considering changes in demand due to the domestic medical macro environment, the company's 2024-2025 revenue forecast was lowered (estimated growth rate is 0% and 12%). The net profit for 2024-2025 is expected to be 0.36 billion yuan and 0.509 billion yuan (previously 0.552 billion yuan and 0.667 billion yuan), respectively, and a profit forecast for 2026 was given for the first time. The net profit to the mother is expected to be 0.61 billion yuan, corresponding to PE 24 times, respectively , 17x, and 14x.

Considering the drag of the company's accounts receivable impairment this year, compared to 2025, the biomedical index PE is 21 times higher than the company's 2025 PE, maintaining a “buy” rating.

Risk Warning: Increased market competition, R&D risks