Buy 35 million doctors for 400 million! YIDU TECH (02158) completes the final piece of the puzzle, a violent switch in valuation logic is taking place.

A user volume of nearly equal to MEDLIVE (HK$5.5 billion market value) medical community platform enterprises, may become a strong force under YIDU TECH. On June 1, YIDU TECH (02158) announced voluntarily that the company has reached a non-legally binding Memorandum of Understanding with an independent third party, intending to acquire 100% equity of a company mainly engaged in online doctor platform operations and related services for approximately RMB 400 million. After the acquisition, the target company will be consolidated into YIDU TECH's financial statements. The announcement shows that the target company is not a simple traffic-based internet medical platform, but a platform-type enterprise with a large-scale network of doctors and medical resources. As of March 31, 2026, the platform has approximately 11 million registered users, of which approximately 3.5 million are practicing doctor users. This target company, although not a listed company, has a volume comparable to the HK$5.5 billion market value of MEDLIVE. If the acquisition is successful, the target company will be consolidated into YIDU TECH's financial statements, helping YIDU TECH become the only enterprise in the industry with both top hospital technology implementation capabilities and large-scale doctor traffic operations. It is a key leap from "hospital AI operating system" to "doctor AI operating system," truly bridging the complete chain from B-side to C-side, from data to decision. Why can the three-layer flywheel engage? Currently, the players in the AI medical field are divided into two camps: one is the hospital-side technology group (such as YIDU TECH, Neusoft), specializing in internal system construction, but lacking in doctor traffic; the other is the doctor-side platform group (such as MEDLIVE, Haodf), with a large number of doctor users but lacking in in-depth clinical technology implementation capabilities. YIDU TECH has already processed nearly 7 billion medical records with YiduCore "medical intelligence base," covering over 10,000 medical institutions, and in 2026 pushed the clinical intelligence entity "Yidu Intelligent Circulation" (the solution based on the "Yidu Intelligent Circulation" evidence-based engine has been implemented in over 40 grade 3 hospitals, with the benchmark hospital calling close to 1000 times per day, and participating in over 500,000 clinical decision-making processes). However, once a doctor leaves the hospital system (HIS/EMR), their search guidelines, continued education, academic exchanges, etc. operate outside the technical closed loop of Yidu. The strategic essence of this acquisition is to use an existing ecosystem with 3.5 million practicing doctors to fill this last mile: 1. Data flywheel: Expand from "in-hospital sequential data" to "out-of-hospital behavioral data" YIDU TECH's nearly 7 billion medical records mainly consist of in-hospital visit and treatment data (diagnosis medication follow-up); while the doctor reading, search, learning, and interaction trajectories of the acquired platform provide out-of-hospital cognitive and decision preference data. Once these two are connected, the "doctor profile" of pharmaceutical customers will shift from "what patients has this doctor treated" to "what evidence does this doctor care about, what guidelines does he read, what information does he need at what point" - this directly and measurably improves ROI for precision marketing. 2. Customer flywheel: "Bigger shopping basket for the same group of buyers" on the pharmaceutical side YIDU TECH's life science sector serves 17 of the world's TOP20 pharmaceutical companies; the target company being acquired itself is a carrier of pharmaceutical digital marketing/academic outreach. 92% of MEDLIVE's income comes from precision marketing and corporate solutions, which itself proves the maturity of this monetization path - and YIDU TECH is getting a version with a compliant content system and expert network accompanying it. 3. Product flywheel: "Scale distribution channel" for Yidu Intelligent Circulation YIDU TECH's clinical evidence-based intelligent entity "Yidu Intelligent Circulation" launched in 2026. If it wants to break out of "within hospital walls" to reach millions of doctors for daily use, the most economical path is not to build a C-side product matrix from scratch, but to embed it in a community workspace that doctors are already using - guideline queries, literature searches, continuing education, and drug reference scenarios are already there. Increased profits, improved cash flow, and a re-pricing of valuation logic From the disclosed financial data, this potential target company can be considered a rare "cash cow" in the medical AI field. As of the fiscal year ending December 31, 2025, the target's core business revenue was approximately RMB 167 million, core business net profit was approximately RMB 53 million (a year-on-year increase of approximately 45.5%), and core business net cash flow from operating activities was approximately RMB 14 million. Equally important is the quality: the target business belongs to a high-margin structure of structured information distribution and services, which will help raise YIDU TECH's overall margin curve and offset the cost fluctuations of its traditional project-based delivery. Over the past two years, the main axis of competition in the AI medical field has been model capabilities and technology implementation: who can put large models into hospitals, who can pass ethics review, whose evidence quality is higher. YIDU TECH has already established solid barriers in this dimension - YiduCore data depth, benchmark cases at the level of Peking Union Medical College Hospital and Xiangya Hospital, and the product path of "follow the evidence" Yidu Intelligent Circulation. But the next stage of the turning point is shifting: who has a stable entry point for doctors' daily use scenarios, who can truly turn AI capabilities into a continuous repurchase revenue stream, rather than one-time project fees. If this acquisition is successfully completed, YIDU TECH will have a network of approximately 3.5 million practicing doctors, combined with its AI big data base, to have a differentiated competitive advantage in high-value areas such as academic marketing, real-world research, and intelligent patient management, and help drive YIDU TECH's overall market value towards the hundred billion or even higher level. Conclusion In the second half of medical AI, it is no longer a race of model parameters, but a deep occupation of doctors' work flow. The RMB 400 million that YIDU TECH is pulling out this time is not just buying RMB 167 million in revenue and approximately RMB 53 million in profit, but also the trust of nearly 3.5 million doctors, as well as a pass to the billion-dollar digital medical market. When technology truly "solders" into a doctor's daily routine, YIDU TECH's moat is truly deepened. When the hospital's AI middle platform (supply side) and the doctor's workbench (demand side) are finally interconnected by the same network, YIDU TECH's barriers accumulated in the medical data deep end over the past decade will truly find its widest monetization channel.