Recently, OpenAI officially launched its healthcare-specific product, ChatGPT Health, and the OpenAI for Healthcare platform. This significant move, like a stone cast into the industry's lake, has stirred intense focus in global capital markets. The AI healthcare race has consequently shifted from a state of "primed readiness" into a phase of "accelerated sprinting." Meanwhile, UNISOUND (09678), a domestic frontrunner with years of advanced strategic positioning, is poised for a historic opportunity for value reassessment, leveraging its technological moat, commercial achievements, and favorable policy tailwinds.
The sector's explosion is driven by a dual-engine of policy and market forces, positioning AI healthcare as a new blue ocean for investment. The fervor surrounding AI healthcare is no accident; it is the inevitable outcome of the combined forces of technological maturity, policy support, and rigid market demand. OpenAI's entry into the healthcare sector not only validates the immense commercial potential of the field but also accelerates the industry's transition from technological concept to essential application. Data reveals the sector's vigorous growth momentum. The global AI healthcare market size reached $26.65 billion in 2024 and is projected to surge to $505.59 billion by 2033, representing a staggering compound annual growth rate (CAGR) of 38.8%. The Chinese market stands out as the world's most promising growth pole, with continuous policy reinforcement injecting powerful momentum. In November 2025, five departments including the National Health Commission jointly issued the "Implementation Opinions on Promoting and Regulating the Application Development of 'Artificial Intelligence + Medical and Health,'" outlining clear targets: the initial establishment of an AI healthcare application system by 2027 and deep integration by 2030, with key support for AI deployment in core scenarios like primary care diagnosis and treatment and hospital intelligence. Driven by both policy and market demand, China's AI healthcare market is expected to reach 315.7 billion yuan by 2033, with a CAGR of 43.1% between 2023 and 2033, establishing itself as one of the most certain investment blue oceans.
The "Shan Hai" model builds a formidable moat, while authoritative certifications underscore robust capabilities. Among the numerous participants in the field, UNISOUND's first-mover advantage and technological accumulation are particularly pronounced. As early as 2016, when most AI companies were focused on the consumer internet, UNISOUND strategically pivoted into the "smart healthcare" sector, becoming one of the few domestic enterprises deeply committed to medical AI over the long term. In December 2025, the company launched its expert large model for healthcare, "Shan Hai · Zhi Yi Large Model 5.0," marking a critical leap in its medical AI technology system from "assistive response" to "proactive collaboration." This model constructs a technological barrier with its dual-core architecture of "Medical Text Large Model + Medical Multimodal Large Model," and its four core strengths directly address clinical pain points: full-stack capability integration covers core needs like text processing and intelligent agent collaboration, providing "one-stop" diagnostic and treatment support; advanced reasoning capabilities can simulate clinical thinking, enabling evolution from a "cognitive brain" to an "actor"; multimodal technology accurately identifies imaging lesions, achieving cross-modal semantic alignment and joint reasoning; trained on massive, high-quality medical data, its information extraction precision ranks among the industry's best, and it strictly controls medical hallucinations through advanced training paradigms to ensure medical safety. Its technical prowess has received authoritative validation. In the Shanghai Artificial Intelligence Research Institute's MedBench 4.0 evaluation in December 2025, "Shan Hai · Zhi Yi Large Model 5.0" secured first place in three categories—Medical Intelligent Agent, Medical Large Language Model, and Medical Multimodal Large Model—outperforming top international models to become the industry's sole "triple crown" winner, fully attesting to its technological leadership.
Commercial breakthrough: 400 hospitals cast votes of confidence with real financial commitment, signaling UNISOUND's ongoing value awakening. Unlike many companies still stuck at the conceptual technology stage, UNISOUND has successfully translated technology into commercial success, building a complete "technology-product-revenue"闭环 (closed loop). Currently, its smart healthcare product matrix has achieved a nationwide deployment footprint, with solutions implemented in nearly 400 hospitals and an additional 700-plus in the testing phase. Coverage extends to hundreds of top-tier Grade 3A hospitals, with its user base and market penetration rates continuously rising. In specific application scenarios, the product value is fully demonstrated: the outpatient medical record generation system at Friendship Hospital achieves a direct citation rate of nearly 90% for single records, significantly reducing the documentation burden on medical staff; the DRG/DIP medical insurance payment management system has assisted large insurance institutions in deploying a nationwide claims review and risk control platform, enhancing the efficiency of medical fund usage and risk control capabilities, thereby creating substantial clinical and operational benefits. This scaled implementation translates into robust revenue growth. In 2024, UNISOUND's overall revenue increased by 29.1% year-over-year, with its healthcare business revenue growing 34.4%, establishing it as a core growth engine. Guotai Junan Securities research reports indicate that as a pioneer in the industrialization of AGI technology in China, UNISOUND's technological barriers and commercialization capabilities are not fully priced in, initiating coverage with an "Add" rating and a target price of HK$451.33, and projecting revenue to maintain high growth exceeding 35% from 2025 to 2027.
Value reassessment: A稀缺 (scarce) leader faces opportunity, with long-term potential awaiting release. Currently, the AI healthcare sector is on the cusp of concentrated policy红利 (dividend) release and the eve of large-scale commercial explosion. OpenAI's entry has expanded the industry's imagination space, while policy support provides a solid foundation. For investors, the real opportunity lies in identifying companies that can solve clinical pain points and achieve scaled implementation. UNISOUND, with its first-mover technological barriers, authoritatively certified product strength, national customer matrix, and sustained revenue growth, occupies a稀缺 (scarce) leading position in this high-certainty赛道 (race track). However, its current valuation does not fully reflect its true value and growth potential. As the "Shan Hai · Zhi Yi Large Model 5.0" iterates and upgrades, application scenarios expand, and policy红利 (dividends) are released, UNISOUND's commercialization process is set to accelerate comprehensively. Standing at the critical juncture of AI healthcare's widespread popularization, this "hidden champion," having深耕 (deeply cultivated) the industry for years, is facing a historic window for systematic value reassessment. Its undervalued long-term potential is poised to become increasingly prominent amid the sector's explosive wave, making it a prime candidate for investors looking to position themselves in the AI healthcare race.
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