YIDU TECH (02158) plans to acquire a online platform with millions of doctors: After reaching the turning point of profitability, AI healthcare enters the "doctor ecosystem" battle.

At the key stage of the transition of medical AI from technological validation to commercialization, YIDU TECH (02158) is continuously strengthening the important piece of the doctor ecosystem. On June 1st, YIDU TECH announced that the company had signed a non-legally binding memorandum of understanding with an independent third party to acquire 100% equity of a company mainly engaged in the operation of an online doctor platform and related services for approximately 400 million yuan. After the completion of the acquisition, the target company will be included in YIDU TECH's financial statements. The announcement revealed that the target company is not just a traffic-based internet medical platform, but a platform enterprise with a large-scale network of doctors and medical resources. As of March 31, 2026, the platform had accumulated approximately 11 million registered users, of which approximately 3.5 million were practicing doctor users. Financially, the target company already has strong profitability. For the fiscal year ended December 31, 2025, the company's core business revenue was approximately 167 million yuan, core business net profit was approximately 53 million yuan (an increase of about 45.5% year-on-year), and core business operating cash flow was approximately 14 million yuan. Roughly estimated at 400 million yuan, the transaction corresponds to a price-earnings ratio of about 7.5 times the net profit in 2025. For a platform asset that is still growing, has a network of doctor resources, and continues to be profitable, this valuation level is not aggressive. What's more, this proposed acquisition is happening after YIDU TECH has reached a turning point in its own finances. In April of this year, YIDU TECH issued a profit warning, expecting a net profit of approximately 55 to 70 million yuan for the fiscal year ending March 31, 2026, marking the company's first annual profit since its inception. Compared to a net loss of about 135 million yuan in 2025, the operating performance has shown significant improvement. The company stated in the profit warning that the improvement in performance mainly came from the growth in orders brought about by the integration of AI capabilities into products, margin improvement, operational efficiency improvement, and economies of scale. This means that this proposed acquisition is a pre-strengthening of the commercialization chain for YIDU TECH after achieving a phase of profit. It is extending further from serving hospitals, pharmaceutical companies, insurance, and government ends to the doctor end resource network. From "AI capabilities" to "doctor entry," YIDU TECH's Huichitong may become a core synergistic If YIDU TECH's past strengths were more reflected in medical data governance, specialty libraries, real-world research, intelligent clinical research, and medical AI infrastructure, then the doctor network of the target company could potentially open up more direct usage scenarios for its AI products. This is in strong synergy with YIDU TECH's recent focus on Huichitong, which was officially launched in March. The product is positioned as a "evidence-based assistant" for doctors, providing guidance lookups, treatment plan references, drug interaction checks, tumor staging assessment, clinical trial search, and forefront tracking for clinical diagnosis and research needs. During the internal testing phase, Huichitong has already had over 6,000 industry professionals participating. From a bottom-up perspective, Huichitong is not just a simple information retrieval tool but is built on YIDU TECH's long-term accumulation of medical data, knowledge base, knowledge graph, and evidence evaluation system. Its knowledge resources include over 30,000 authoritative clinical guidelines and over 20 million high-quality medical literature, tracking progress in top international journals such as NEJM, Lancet, and JAMA. The key to products like this is not only "whether the model can answer" but also whether they can enter the doctor's real work flow and form continuous feedback through frequent use. For medical AI, doctors are not just ordinary internet users but professional decision-makers, product validators, and scene co-builders. Whether the product can gain the trust of doctors often determines whether the AI product can move from demonstration to clinical and research practice. Therefore, if this acquisition goes through, the target company's accumulated millions of doctor network, expert resources, and monthly active users may provide three levels of synergistic value for Huichitong: First, it is a channel for reaching doctors. Medical AI products have often been limited by long hospital procurement cycles, complex deployment processes, and low doctor reach efficiencies. If the online doctor platform combines with Huichitong, it may help YIDU TECH reach hospital and external doctor groups faster, reducing product education and customer acquisition costs. Second, it is the ability to co-build with experts. The target company has academicians and renowned expert resources, which are of strong value for the construction of evidence-based medical knowledge systems, intelligent specialty bodies, clinical path optimization, and expert consensus content. For medical AI to truly enter serious medical scenes, it must continue to co-create with clinical experts, rather than just rely on general model capabilities. Third, it is a true usage feedback loop. The real needs of doctors in diagnosis and treatment, research, continuing education, and clinical trial-related scenarios can drive the iteration of Huichitong. For example, doctors in different departments, with different diseases, and of different titles have different needs for evidence levels, treatment paths, drug information, and research tools. User behavior and feedback will become important assets for the continuous optimization of AI products. This is not simply a traffic acquisition but an extension of the commercialization path of medical AI. Viewed in the larger industry context, the significance of this transaction lies not only in expanding the scale of doctor users but also in reflecting the change in the commercial logic of AI medical companies. Over the past few years, medical AI companies have generally undergone a shift from "technological narrative" to "scenario implementation." Hospital projects can prove technological capabilities and serious medical value but have long procurement cycles and high delivery complexity; pharmaceutical and real-world research scenarios have commercial payment capabilities but strong project attributes; insurance and health management businesses rely more on operational systems and user scale. The doctor ecosystem sits at the intersection of several types of businesses. Doctors are the core users of clinical AI products; they are also important connectors for research, clinical trials, real-world research, patient management, and pharmaceutical academic services. For YIDU TECH, if it can combine doctor platform resources with its AI middleware, clinical research platform, real-world research capabilities, and Huichitong, the commercial space will not be limited to a single C-end tool but may extend to doctor education, specialty management, clinical research, pharmaceutical services, intelligent recruitment, expert intelligent bodies, and other directions. In particular, evidence-based intelligent entities like Huichitong fundamentally require two types of infrastructure: high-quality medical evidence and AI capabilities, and high-quality doctor networks and clinical feedback mechanisms. The former is the accumulation of YIDU TECH's medical data processing and AI infrastructure over more than a decade, while the latter is the part that the proposed acquisition assets may complement. Financially, the target company achieved revenue of approximately 167 million yuan, a net profit of approximately 52.5 million yuan, and a net profit margin of approximately 31.4% in 2025, indicating relatively good profit quality. If consolidated in the future, it could theoretically thicken YIDU TECH's revenue scale and profit performance. YIDU TECH, after profitability, is moving from "project-type AI" to "platform-type ecosystem." In the past, the market's understanding of YIDU TECH was primarily focused on medical big data governance, hospital research platforms, real-world research, and public health operations. But as AI capabilities continue to be embedded in products, the company's business narrative is changing: it is no longer just providing digital solutions to hospitals, pharmaceutical companies, and governments but is building an AI medical platform with medical data processing, evidence-based knowledge, intelligent products, and doctor ecosystems at its core. This proposed acquisition perfectly corresponds to this shift. At the hospital end, YIDU TECH can continue to enter internal scenarios through data governance, AI clinical assistants, and research platforms; at the doctor end, Huichitong can become an AI entry point that is high-frequency, lightweight, and sustainably iterative; in the pharmaceutical and research end, combined with the doctor network, expert resources, and clinical research capabilities, it is likely to form a stronger project conversion capability; in the patient and health management end, doctor resources will also be an important support for future service closed loops. In other words, this is not an isolated financial investment but a strategic positioning for YIDU TECH around "AI + doctor ecosystem." What will truly determine the long-term value of this acquisition is not just the surface indicator of doctor registrations but whether YIDU TECH will have a crucial pivot: turning the large doctor resources of the target company into high-quality active users, expert co-creation networks, real-time feedback loops for AI products, and sustainable scale revenue. Building on the profitability turning point, this acquisition will help YIDU TECH further open up the growth space of AI medical platforms, significantly enhancing its valuation logic and imaginative space in the capital market. For the capital market, YIDU TECH has already demonstrated with a profit warning that AI medical is not just reliant on long-term investments and conceptual narratives. The market will now be more interested in whether the company can combine "profitability" with "doctor ecosystem scale," and whether it can further push AI products like Huichitong from professional tools to industry-level platforms. This is the most important aspect of this proposed acquisition that is worthy of observation.