New Stock News| Good Doctor's Cloud Healthcare Ventures into Hong Kong Stock Market: Three Core Businesses Support Revenue Growth, AI System Accelerates Implementation.

Recently, Haoyisheng Yun Medical submitted an application for listing on the Hong Kong Stock Exchange. The application materials show that the company's revenue for 2023, 2024, and 2025 are 3.065 billion yuan, 3.264 billion yuan, and 3.823 billion yuan respectively; with a year-on-year growth of approximately 17.1% in 2025. During the same period, the company's adjusted pre-tax profit for the period was 83.215 million yuan, 92.854 million yuan, and 101 million yuan, with a compound annual growth rate of over 10%. Based on the disclosed information, the company's revenue and adjusted pre-tax profit have continued to grow over the past three years. The business structure has become more diversified, aligning perfectly with the mission and vision of "empowering grassroots medical care". Specifically, the direct supply and distribution of pharmaceuticals remain the company's cornerstone; specialized disease treatment solutions have built a strong engine for revenue and profit growth; and the AI-related business sector has shown rapid growth, bringing immense possibilities. The three main businesses work together, with the primary business still providing the main revenue support According to the prospectus, the company currently has three mature business sectors centered around grassroots medical care, namely direct supply and distribution of pharmaceuticals, specialized disease treatment solutions, and diagnostic solutions. These three sectors work together to form the foundation of the company's revenue. Among them, the direct supply and distribution of pharmaceuticals remains the company's core source of revenue. The application materials show that in 2023, 2024, and 2025, the revenue from this business was 2.448 billion yuan, 2.527 billion yuan, and 3.028 billion yuan respectively, accounting for 79.9%, 77.5%, and 79.2% of total revenue. In 2025, the revenue from this sector increased by approximately 19.8%, still contributing nearly eighty percent to the company's overall revenue. Breaking it down further, within the direct supply and distribution of pharmaceuticals, the revenue from proprietary brand pharmaceuticals in 2025 was 2.027 billion yuan, and generic drugs revenue was 1 billion yuan, accounting for 53.0% and 26.2% of total revenue respectively. Specialized disease treatment solutions are the company's second-largest business. In 2023, 2024, and 2025, the revenue from this business was 507 million yuan, 667 million yuan, and 725 million yuan respectively, accounting for 16.5%, 20.4%, and 19.0% of total revenue. In terms of absolute size, this business has consistently grown over the past three years. In comparison, the revenue from diagnostic solutions is relatively small. In 2023, 2024, and 2025, the revenue was 101 million yuan, 69.529 million yuan, and 69.472 million yuan respectively, accounting for 3.3%, 2.1%, and 1.8% of total revenue. Overall, the company's revenue growth mainly comes from the expansion of direct supply and distribution of pharmaceuticals and specialized disease treatment solutions, with the main business foundation remaining stable. Changes in sales channel structure have made customers and sales channels more diversified According to the application materials, the revenue divided by sales channel includes direct sales and wholesale. The revenue from direct sales in 2023, 2024, and 2025 was 2.945 billion yuan, 2.851 billion yuan, and 2.966 billion yuan respectively, accounting for 96.1%, 87.3%, and 77.6% of total revenue; while the revenue from wholesale was 120 million yuan, 413 million yuan, and 856 million yuan respectively, accounting for 3.9%, 12.7%, and 22.4% of total revenue. In 2025, the revenue from wholesale increased by approximately 443 million yuan. Further breakdown shows that wholesale revenue is divided into direct wholesale customers and distributors, with revenues of 364 million yuan and 493 million yuan in 2025. From the data, the company's sales channel structure has become more diversified, further diluting operational risks. AI medical support system has accelerated implementation, covering various scenarios and accumulating orders The application materials show that in August 2025, the company upgraded its services by introducing an AI intelligent body to develop into the AI Haoyisheng Medical Consultation Support System. This system was launched based on a strategic cooperation with Hangzhou Whole Medicine Technology Co., Ltd., positioned as a lightweight cloud software solution for grassroots medical institutions, integrating HIS, compliance systems, and AI medical assistants in general, traditional Chinese medicine, and clinical testing fields. As of April 6, 2026, the AI Haoyisheng Medical Consultation Support System has covered more than 29 provinces, 235 cities, and over 520 counties with more than 8,500 grassroots medical institutions, serving more than 24,000 grassroots doctors, with outpatient visits exceeding 32 million, and generating more than 28 million medical records. Additionally, from the acquisition of Hangzhou Haoyisheng Whole Medicine to April 6, 2026, the company has accumulated over 3,500 orders for the AI Haoyisheng Medical Consultation Support System, with contract value exceeding RMB 9.1 million. Overall, the key information disclosed in the application for listing on the Hong Kong Stock Exchange is clear: the company's revenue and profits in 2025 have improved compared to the previous year; the direct supply and distribution of pharmaceuticals remain the main source of revenue, and specialized disease treatment solutions continue to grow; the sales channel structure has changed, with rapid growth in wholesale revenue; and the AI Haoyisheng Medical Consultation Support System has achieved extensive coverage and accumulated orders. From the disclosed information, these are the main basis for understanding the operational changes of Haoyisheng Yun Medical. The focus of the market in the future will remain on the stability of the main business, the commercialization of new businesses, and whether the AI system can continue to contribute to the operation.