【招银国际】Accelerated growth in 2H24 solidifies leadership in medical AI-250331（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 31 Mar 2025 CMB International Global Markets|Equity Research|Company Update Xunfei Healthcare(2506 HK)Accelerated growth in 2H24 solidifies leadership in medical AI X

2、unfei Healthcare reported strong 2024 results,with revenue increasing 32.0%YoY to RMB734.0mn.Notably,revenue growth accelerated significantly from 17.8%YoY in 1H24 to 39.6%YoY in 2H24,highlighting robust demand for medical AI services.The Company also saw meaningful improvement in cost structure,wit

3、h the SG&A expense ratio declining by 10.3 ppts and the R&D expense ratio falling by 10.4 ppts.As a result,the net loss margin narrowed substantially.Excluding listing expenses and share-based payments,the adjusted net loss narrowed by 21.4%YoY to RMB 44.8mn.Total R&D spending reached RMB 296.8mn,re

4、presenting 40.4%of revenue.Although days of account receivables extended from 275 days in 2023 to 330 days in 2024,operating cash outflows improved significantly,narrowing from RMB314mn in 2023 to RMB134mn in 2024,driven by improved profitability.Improving revenue mix with higher contribution from T

5、o B&To C segments.In 2024,Xunfei Healthcares hospital service revenue increased by 103%YoY to RMB132.0mn,while patient service revenue increased by 57%YoY to RMB211.2mn.The combined revenue from To B&To C businesses increased sharply from 36%in 2023 to 47%in 2024.As of the end of 2024,the Company se

6、rved over 500 secondary and tertiary hospitals,including 40 of Chinas Top 100 hospitals and 7 of the Top 10.We believe that favorable policy trends and growing awareness of AI applications among hospitals and patients will continue to drive demand for healthcare AI services.As an early mover with a