First financial report of QINGSONG HEALTH (02661) since its listing: Embedding AI into the growth chain, allowing technology to truly achieve "landing".

In the year when AI has become a high-frequency word, more and more companies have started to discuss large models, intelligent bodies, and scenario applications. However, for the capital market, what is more important than "what is being said" is always "what is being achieved". On March 23, QINGSONG HEALTH Group (02661) released its full-year performance for 2025, providing a specific sample for the industry to observe. In 2025, the company achieved a revenue of 1.256 billion yuan, a year-on-year increase of 32.9%; health-related service revenue was 926 million yuan, a year-on-year increase of 50.2%, accounting for 73.7% of total revenue. Adjusted net profit was 92 million yuan, a year-on-year increase of 9.0%. From a numerical perspective, this is just a steady growth and structurally optimized annual report; however, if you further explore the value, you will find the truly notable aspects of this financial report: AI has already moved beyond the technical narrative level and entered the specific chain of content production, user operation, health services, and industrial synergy, directly participating in revenue composition. When AI is integrated into the revenue structure, the five core modules are grounded to build a moat together The most direct signal, in my opinion, comes from the change in customer structure. In 2025, pharmaceutical customers contributed 67.9% of QINGSONG HEALTH's revenue, compared to 55.3% the previous year. Revenue from pharmaceutical customers increased from 523 million yuan to 853 million yuan, a year-on-year increase of 63.2%, almost singlehandedly supporting the overall growth of the group. At the same time, revenue from insurance company customers remained relatively stable in absolute value, but its proportion decreased from 35.0% to 26.6%. What is the drive behind this change? The answer points directly to AI capability. Pharmaceutical companies are willing to pay QINGSONG HEALTH because it has a user base, with nearly 168.6 million registered users and about 63.8 million WeChat ecosystem fans. More importantly, QINGSONG HEALTH translates AI capabilities into services that pharmaceutical companies actually need - precise digital marketing to reach patient groups, large-scale health popularization content production, and digital tools covering the entire clinical research lifecycle. Digital marketing revenue for the full year was 713 million yuan, a year-on-year increase of 52.1%, accounting for 56.7% of the group's total revenue. The growth of this sector is not merely due to the accumulation of customers, but is directly related to the release of AI content production capacity. In 2025, the platform produced 163,331 digital marketing videos, a year-on-year increase of 55.2%; related content views increased by 238.1% compared to the previous year. The gross profit margin also increased from 10.3% to 13.6%, indicating that economies of scale and bargaining power are improving simultaneously. From a technological perspective, QINGSONG HEALTH's self-developed AIcare technology platform contains five core modules, which on the surface appear to be a set of capabilities, but in concrete business terms, they correspond to the real links that directly affect revenue. The i-Odin content creation engine had generated over 1.2 million pieces of health education content (including over 970,000 articles and over 260,000 videos) by the end of the period. The 238.1% increase in content views is supported by i-Odin's generative AI capacity, which is essential for scalable growth - a growth rate that cannot be achieved through manual editing. It directly corresponds to the 713 million yuan in digital marketing revenue. The i-Galaxy AI intelligent marketing platform has created over 910 feature tags, registered 23 invention patents and 2 software copyrights. It solves the most critical problem in the digital health industry: how to deliver content, products, and services more accurately to the right people in scenarios with large user bases, long service chains, and high demand differences. The i-Galaxy is the underlying data engine behind the 63.2% growth in revenue from pharmaceutical customers. The i-Phoenix enterprise service platform provides intelligent operations, risk control, and monitoring services to insurance partners. It directly supports 2.21 billion yuan in insurance technology service revenue and a gross profit margin of 97.0% - with almost no marginal costs, this is a typical AI technology service profit model, and it serves as the "backbone" of the group's profits. The i-Centaurus user platform supports AI health management services for comprehensive health service packages. In 2025, it reached 44,147 users, with 211,508 interactions, an increase of 26.3% and 52.8%, respectively, compared to the previous year. The corresponding revenue for the comprehensive health service package was 79.4 million yuan, with the gross profit margin increasing from 27.3% to 36.7%. The i-Magellanic medical digitization platform provides full lifecycle services covering research design, physician education, clinical research, and post-marketing research for pharmaceutical companies. The corresponding revenue for digital medical research support services was 41.7 million yuan, a year-on-year increase of 29.5%, and the gross profit margin jumped from 8.1% to 20.5%, with 46 projects initiated. These five modules correspond not to models demonstrated in a laboratory, but to real links in content, outreach, management, research, and operations that directly affect revenue. When their effects can already be tracked in the financial report, AI is no longer just a concept looming in the future, but has become a part of the current business. First embed AI into the business, then drive productization, and finally achieve a real sample Different from many companies in the market that are still in the "model demonstration" or "product trial" stage, QINGSONG HEALTH's AI development strategy is more clear and precise: it does not first create a standalone AI product and then look for landing scenarios; instead, it integrates AI into existing business, validates AI effects through business growth, and then promotes the productization and platformization of capabilities. This also explains why the release of Yuanfang and the MedClaw Collaboration Body can naturally connect with this financial report. In March 2026, QINGSONG HEALTH released the medical AI intelligent body Yuanfang (QSevidence) based on evidence-based medicine methodology, providing explainable, verifiable, and traceable medical decision support for real clinical scenarios for doctors. The simultaneous launch of the "YuanfangMedClaw Collaboration Body" combines Yuanfang with the OpenClaw multi-agent framework to cover evidence-based clinical decision support, multiple guideline consistency comparisons, case discussions, and research assistance scenarios, achieving a full closed-loop from task decomposition, evidence retrieval, guideline alignment, conclusion generation to process archiving. From a product perspective, this is a natural extension of the previous phase of AI implementation. The evidence provided by i-Odin, i-Galaxy, i-Centaurus, and i-Magellanic in the financial report demonstrates the validation of underlying capabilities; while Yuanfang and the MedClaw Collaboration Body begin to push these capabilities towards higher thresholds and higher value-density medical decision-making scenarios. For the capital market, this progressive relationship is more meaningful than simply launching an AI product. Because it indicates that QINGSONG HEALTH's AI has evolved continuously from content, marketing, user management, research assistance to medical intelligent bodies. The previous stage proved that AI can increase efficiency and drive revenue, while the later stage begins to answer the question of whether AI can become a product and service with more independent value. In the current market environment, it is not difficult to tell an AI "story", but it is challenging to turn AI into a business, revenue, and then a product. The significance of QINGSONG HEALTH's 2025 financial report lies in providing a real sample: when many companies are still talking about what AI will bring, QINGSONG HEALTH has already incorporated AI into the financial report, revenue structure, and the path towards productization in the next phase. It is worth mentioning that the financial safety margin of this company also provides substantial support for the above strategies. By the end of 2025, the group's cash and cash equivalents had increased to 862 million yuan, with no bank borrowings for the year, and net cash flow from operating activities remained at 82.089 million yuan. Approximately 502.3 million Hong Kong dollars in net proceeds from global issuance have not been utilized, and will be allocated towards improving technological capabilities, medical research, brand building, and other directions as planned in the prospectus. This means that from Yuanfang to a more wide-ranging exploration of AI productization, QINGSONG HEALTH has the "ammunition" in hand. If 2025 was the year when QINGSONG HEALTH integrated AI into its business, looking forward to 2026, with the launch of Yuanfang and the MedClaw Collaboration Body, this company is attempting to incorporate AI into more professional medical service scenarios. The real question the market cares about may not be about who mentioned AI first, but about who first turned AI into a verifiable reality.