Leveraging digital technology to cement an inclusive and value-based intelligent medical system with safety, and promote better health for all
HONG KONG, Nov. 29, 2021 /PRNewswire/ -- Yidu Tech Inc. ("Yidu Tech" or the "Company, together with its subsidiaries and consolidated affiliated entities, the "Group", HKEx: 2158), a healthcare big data and artificial intelligence solutions provider, announced its unaudited consolidated interim results for the six months ended 30 September 2021 ("first half of FY2022" or the "Period"). During the Period, the Group maintained its overall high growth momentum, continued to enhance its core competencies and achieved a more balanced and synergistic development of its three key business segments.
First Half of FY2022 Key Highlights
Total revenue increased 62.3% year-on-year ("YoY") to RMB501.9million, with the revenue structure continued to be optimized, of which:
- Adjusted revenue from Big Data Platform and Solutions increased 21.1% YoY to RMB157.9 million;
- Revenue from Life Sciences Solutions increased 106.3% YoY to RMB145.6 million;
- Revenue from Health Management Platform and Solutions increased 642.6% to RMB190.4 million.
Gross profit increased 64.4% YoY to RMB144.1 million; gross profit margin remained stable at 28.7%.
With YiduCore as the fundamental data intelligence infrastructure, Yidu Tech continued to focus on the public health, research, and clinical diagnosis and treatment scenarios, and further strengthened its core advantages in three areas, namely infrastructure network, medical artificial intelligence ("AI") and big data technology capabilities, and multi-domain talent pool to support the steady development of each business segment.
As of 30 September 2021, YiduCore's data intelligence infrastructure has covered over 600 hospitals across more than 20 provinces. Since the outbreak of COVID-19, Yidu Tech has assisted 12 cities including Beijing, Wuhan, Guangzhou and Ningbo in the epidemic prevention and control, enhancing public health management and prevention capabilities of the cities. In addition, Yidu Tech has made significant progress in promoting the application and research of Real-World Data ("RWD") and facilitating the establishment and improvement of multi-level medical security systems.
Increasing R&D investment to consolidate technical advantages and ensure data safety
Yidu Tech is at the forefront of applying AI and big data technologies to empower the digital transformation of the healthcare sector. The Group continues to promote R&D and innovation, and is committed to enable clients to unlock the value of their own data on the premise of ensuring data security and compliance to improve public health and safety. During the Period, Yidu Tech has obtained the national authoritative certifications on its Secure Multi-Party Computing and Federal Learning capabilities from the China Academy of Information and Communications Technology (CAICT).
 Excluding the impact of international revenue of medical devices and other COVID-19 supplies in the first half of fiscal year ended 31 March 2021.
The Group's technology advantages are underpinned by its multi-domain talent pool. As of 30 September 2021, the Group had 665 and 532 employees with medical background and AI and technology background, respectively, accounting for 45.9% and 36.7% of the Group's total number of employees, respectively. Yidu Tech had over 100 employees with both medical and AI technical background.
In terms of technology and industry expertise, Yidu Tech has collaborated with renowned hospitals and experts to continuously improve and refine real-world disease models through AI technology. The medical insights and knowledge graphs in YiduCore have covered more than 8,000 diseases. The Company has built disease registries covering 60 disease areas, including more than 20 major cancer types. Nearly 120 papers have been published based on Yidu Tech's disease registries and big data platforms. The Group has been granted 474 patents, demonstrating its strong R&D capabilities.
Balanced and synergistic development of the three business segments to build a value-based intelligent healthcare ecosystem
Yidu Tech's revenue has maintained rapid growth since FY2019 and achieved another remarkable result in the first half of FY2022, with considerable growth in terms of revenue and gross profit margin in all three business segments.
During the Period, the Big Data Platform and Solutions segment recorded total revenue of RMB157.9 million and a gross profit margin of 41.7%, up by 4.9 percentage points YoY. After normalizing the international revenue of COVID-19 related supplies in the first half of FY2021, this segment maintained a solid YoY increase of 21.1%. As of 30 September 2021, Yidu Tech has provided service solutions to 78 top research hospitals in China and 21 regulatory agencies and policymakers to facilitate more efficient production of research-grade evidence. During the Period, Yidu Tech undertook the development of the phase I of the RWD Clinical Research Platform in Hainan Boao Lecheng to facilitate the application of RWD and accelerate the approval of urgently needed drugs and devices that are yet to be registered in China, and to achieve traceable data governance as well as the whole project life cycle management from data collection to regulatory assessment.
The Life Sciences Solutions segment recorded total revenue of RMB145.6 million, representing a doubling of YoY growth, and a gross profit margin of 20.0%, an increase of 3.4 percentage points. The customers we served in this segment grew rapidly. During the Period, the number of active customers increased to 127 from 108 since the end of last fiscal year. It also served 17 out of the top 20 global pharmaceutical companies by revenue in 2020. In addition to expanding its customer base, Yidu Tech has also been actively enriching its solutions to enhance customer stickiness and expand the wallet share of its customers. During the Period, the overall revenue retention of all its customers was 133%, and the revenue retention of its core pharmaceutical, biotech, and medical device company customers was 140%.
The Health Management Platform and Solutions segment recorded total revenue of RMB190.4 million and a gross profit margin of 25.3%. In order to realize its mission of making precision healthcare accessible to everyone, Yidu Tech continued to optimize its risk prediction model and delivered AI-empowered and analytics-driven one-stop disease management solutions to patients with different types of diseases. Upon proper authorization, Yidu Tech empowered doctors and other care providers with its platform that can provide relevant insights and knowledge as well as convenient patient management tools to help them conduct research and manage research participants more effectively. As of 30 September 2021, the number of paying users who made at least one purchase on its health management platform exceeded 8 million.
Achieving accessible and precision healthcare powered by YiduCore's technologies
The effectiveness and value of YiduCore's analytics-driven solutions have been proven in a variety of use case scenarios. Yidu Tech's comprehensive public health solutions provide large-scale simulation and prediction that can proactively evaluate risks, optimize resource allocation and enable efficient and dynamic decision-making. By the end of the Period, Yidu Tech had assisted in prevention and control of the epidemic in 12 cities in China. In particular, a local authority in Guangdong Province has adopted Yidu Tech's risk prediction and policy simulation model to effectively estimate the trend of the epidemic and formulate a containment strategy to reduce mortality rate while maintaining sustainable economic development. The predicted outbreak curve coincided with the actual evolution, and the difference fell within 5 cases.
With its solid technology foundation and industry expertise, Yidu Tech provides insurtech solutions to insurance companies and brokerage companies to facilitate their innovative insurance products design, enabling faster and more accurate insurance underwriting and expedite claims settlement process. As of 30 September 2021, Yidu Tech has provided operation services for Hui Min Bao, a city-level supplementary insurance product of the existing national social medical insurance, in five cities. In addition, Yidu Tech has served as the main operation platform and provided follow-up services in Beijing, Ningbo and Hefei for two consecutive years. The service has met different health protection needs and reduced the medical burden of the public, enabling the municipal governments to reduce healthcare costs.
Ms. Gong Yingying (Rujing), Chairlady, CEO and Founder of Yidu Tech, remarked, "Since its listing on the Hong Kong Stock Exchange at the beginning of the year, the Group has been actively responding to the national policies and guidance, continuously strengthened our technology R&D and investment, and accelerated the pace of business development. 'Data Intelligence and Green Healthcare' is the general trend of industry development, and we will continue to introduce innovative AI-driven applications and solutions, remain steadfast in our mission to 'make value-based precision healthcare accessible to everyone', and bring more value to key players in the ecosystem through our healthcare data intelligence infrastructure."
About Yidu Tech Inc. (2158.HK)
Founded in 2014, Yidu Tech Inc. ("Yidu Tech", stock code: 2158.HK) focuses on the research, development and application of AI and big data technology for the healthcare industry. With a vision of "data intelligence and green healthcare", the Group focuses on solving the pain points of intelligent applications in three major healthcare scenarios of public health, research, and diagnosis and treatment, empowering the industry through data intelligence infrastructure, and promoting the construction of a safe, accessible, and value-based healthcare system. In January 2021, Yidu Tech was successfully listed on the Hong Kong Stock Exchange.
Yidu Tech primarily operates in three business segments, namely Big Data Platform and Solutions, Life Sciences Solutions, and Health Management Platform and Solutions, which facilitate medical research, healthcare management, public health management and development of innovative drugs, as well as assist the industry to reduce cost and improve efficiency, with an aim to make precision healthcare accessible to everyone.
SOURCE Yidu Tech