A doctor community platform with a user base comparable to that of Ding Xiang Yuan (market cap of HKD 5.5 billion) is poised to become a key asset under YIDU TECH. On June 1st, YIDU TECH (02158) issued a voluntary announcement stating it had entered into a non-binding memorandum of understanding with an independent third party to acquire 100% equity in a company primarily engaged in operating an online doctor platform and related services for approximately RMB 400 million. Upon completion, the target company will be consolidated into YIDU TECH's financial statements.

The announcement indicates the target is not merely a traffic-driven internet healthcare platform but a platform-type enterprise with a vast network of doctors and medical resources. As of March 31, 2026, the platform had approximately 11 million cumulative registered users, of which about 3.5 million were licensed practicing doctors. Although not a listed company, this target possesses a scale comparable to the HKD 5.5 billion market cap Ding Xiang Yuan.

If the acquisition proceeds, the target's consolidation will help YIDU TECH become the only player in the industry with both top-tier hospital technology implementation capabilities and large-scale doctor traffic operation capabilities. This represents a crucial leap from being an "AI operating system for hospitals" to an "AI operating system for doctors," truly bridging the complete chain from the B-side to the C-side, from data to decision-making.

How do the three strategic flywheels interlock? Current players in the AI healthcare sector fall into two main camps: one is the hospital-side technology faction (e.g., YIDU TECH, Neusoft), skilled in in-hospital system development but lacking doctor traffic; the other is the doctor-side platform faction (e.g., Ding Xiang Yuan, Haodf.com), possessing massive doctor user bases but lacking deep clinical technology implementation capabilities.

YIDU TECH has already processed nearly 7 billion medical records through its YiduCore "medical intelligence base," covering over 10,000 medical institutions. In 2026, it strongly promoted the clinical intelligence agent "Yidu Zhi Xun" (solutions based on the "Yidu Zhi Xun" evidence engine have been implemented in over 40 top-tier hospitals, with daily calls in benchmark hospitals nearing 1,000 and cumulative participation in over 500,000 clinical decisions). However, once doctors step outside hospital systems (HIS/EMR), their behaviors—such as consulting guidelines, continuing education, and academic exchanges—fall outside YIDU TECH's technological loop.

The strategic essence of this acquisition is to use a ready-made ecosystem already hosting 3.5 million practicing doctors to bridge this final gap.

Data Flywheel: Expanding from "In-Hospital Temporal Data" to "Out-of-Hospital Behavioral Data"

YIDU TECH's existing nearly 7 billion medical records primarily consist of in-hospital consultation and treatment data (diagnosis → medication → follow-up). In contrast, the acquired platform's data on doctor reading, search, learning, and interaction patterns provide out-of-hospital cognitive and decision-making preference data. Integrating these allows pharmaceutical clients' "doctor profiles" to evolve from "what patients this doctor has treated" to "what evidence this doctor cares about, what guidelines they read, and what information they need at which decision points"—directly enhancing and making quantifiable the ROI for precision marketing.

Client Flywheel: "The Same Buyers, Larger Shopping Baskets" on the Pharmaceutical Side

YIDU TECH's Life Sciences segment serves 17 of the global top 20 pharmaceutical companies. The acquisition target itself is a channel for pharmaceutical digital marketing and academic outreach. The fact that 92% of Ding Xiang Yuan's revenue comes from precision marketing and enterprise solutions demonstrates the maturity of this monetization path. YIDU TECH is acquiring a version that comes with a compliant content system and an expert network.

Product Flywheel: "Yidu Zhi Xun" Gains a "Large-Scale Distribution Channel"

To break out from "within the hospital walls" to daily use by millions of doctors, the most cost-effective path for YIDU TECH's clinical evidence-based intelligence agent "Yidu Zhi Xun" is not to build a C-end product matrix from scratch, but to embed it into a community workspace doctors already use—scenarios like guideline queries, literature searches, continuing education, and medication reference are already present there.

Profit Enhancement, Cash Flow Improvement, and a Re-rating of Valuation Logic

Based on disclosed financial data, the company targeted for acquisition is a rare "cash cow" in the medical AI sector. For the fiscal year ended December 31, 2025, the target's core business revenue was approximately RMB 167 million, with core business net profit of about RMB 53 million (a year-on-year increase of roughly 45.5%), and net cash inflow from core operating activities of approximately RMB 14 million.

Equally important is the quality: the target's business involves high-margin structured information distribution and services. Consolidation will help lift YIDU TECH's overall gross margin curve, hedging against cost fluctuations from its traditional project-based delivery model.

Over the past two years, competition in the AI healthcare sector has centered on model capability and technology implementation: who can deploy large models in hospitals, pass ethical reviews, and deliver higher evidence quality. YIDU TECH has established a solid barrier in this dimension—YiduCore's data depth, benchmark cases at the level of Peking Union Medical College Hospital/Xiangya Hospital, and the "every statement evidence-based" product path of Yidu Zhi Xun.

However, the decisive battleground for the next phase is shifting: whoever owns a stable entry point into doctors' daily work scenarios can truly transform AI capabilities into recurring revenue streams, not just one-time project fees.

If this acquisition is finalized, it will, at least in narrative, partially shift YIDU TECH from being an "AI infrastructure provider for the hospital side" towards a "network effects business on the doctor side"—the latter's valuation framework aligns more closely with platform companies than project-based IT services.

Currently, Ding Xiang Yuan's market cap of around HKD 5.5 billion, at approximately 14x P/S, anchors its valuation logic on "3 million active users + high-margin marketing business + AI empowerment potential." YIDU TECH's current market cap is lower than Ding Xiang Yuan's, primarily because the market underestimates its ecosystem potential and commercial space.

If this acquisition is successfully completed, YIDU TECH will possess an expert network of approximately 3.5 million practicing doctors. Combined with its AI and big data foundation, this positions the company to develop differentiated competitiveness in high-value-added areas like academic marketing, real-world research, and intelligent patient management, potentially propelling YIDU TECH's overall market capitalization towards the tens of billions or even higher.

In Conclusion

The second half of medical AI is no longer an arms race of model parameters but a deep occupation of doctors' workflows. The RMB 400 million YIDU TECH is investing buys not just RMB 167 million in revenue and roughly RMB 53 million in profit, but also a trusted entry point to nearly 3.5 million doctors and an access pass to a trillion-yuan digital healthcare market. When technology is truly "welded" into doctors' daily routines, YIDU TECH's moat will be genuinely deepened. When the hospital's AI middle platform (supply side) and the doctor's workstation (demand side) are finally woven together by the same network, the barriers YIDU TECH has built over the past decade in the deep waters of medical data will have truly found their widest channel for monetization.