On March 6, QINGSONG HEALTH (02661) was officially included in the Hang Seng Composite Index. More notably, having met a series of criteria including market capitalization, liquidity, and listing time, the company was simultaneously added to the Southbound Stock Connect, effective from March 9. For QINGSONG HEALTH, entry into the Stock Connect is particularly timely, as its business model is gradually moving into the technology validation phase and is about to enter an accelerated period of large-scale commercial implementation. The continuous inflow of southbound capital is expected to directly broaden its investor base, significantly enhance stock liquidity and trading activity, and potentially act as a key catalyst for a re-rating of the company's investment value.
Currently, the medical AI industry is transitioning from a focus on "technological competition" to a critical phase of "clinical implementation." Aligning with this major trend, several companies are at the forefront, committed to solving deep-seated industry pain points through technological innovation. On March 9, QINGSONG HEALTH officially launched its evidence-based medical intelligent agent, "Zheng Yuanfang." This product is designed with evidence-based methodology as its core logic, targeting real-world clinical scenarios to provide doctors with explainable, verifiable, and traceable medical decision support. By filling a gap in the domestic market for evidence-based medical AI products, it also marks a fundamental shift for medical AI from being a "medical Q&A tool" to an "evidence-based decision-making assistant," evolving into a core product with greater commercial potential.
From "Retrieval" to "Decision-Making," Zheng Yuanfang Leads with Differentiated Advantages. After several years of development, as medical intelligent tools are rapidly deployed globally, a consensus is forming: being "smart" is no longer the sole criterion; the ability to integrate into real clinical workflows is key to determining value. The current segmentation in the medical AI landscape essentially reflects different interpretations of "clinical value." Against the backdrop of accelerating global medical AI adoption, three distinct technical paths have emerged. The "evidence-based retrieval" stream, represented by products like Open Evidence, focuses on presenting and citing evidence, primarily serving doctors' reference needs. However, in complex clinical situations with significant individual variations, its product design remains centered on evidence acquisition and display, with relatively limited coverage of comprehensive reasoning from multi-source patient information and systematic integration of diagnostic and treatment pathways. Despite this, Open Evidence's recent valuation of $12 billion underscores market recognition for the "evidence-based decision support" technical path.
The "generative enhancement" stream, based on general-purpose large medical models, achieves broad knowledge coverage and conversational ability through massive datasets. However, due to the inherent "black box" nature of its probabilistic generation mechanism, probabilistic responses in highly critical medical settings cannot fully avoid "hallucination" risks and struggle to provide traceable evidence required for medical accountability, limiting their use to superficial consultation. In contrast, the "Evidence-Based Agent" stream, represented by QINGSONG HEALTH's "Zheng Yuanfang," moves beyond the singular logic of "search" and "prediction." It introduces a doctor-like "System 2" (slow thinking) mechanism, simulating the clinical reasoning path of senior physicians with an "evidence first, conclusion later" logic, positioning itself as a technology capable of deeply supporting clinical decision-making.
As a core achievement of QINGSONG HEALTH's deep focus on medical technology, Zheng Yuanfang's development specifically targets the real needs of clinical scenarios in China. Given the widespread administrative burdens and high diagnostic pressure faced by Chinese doctors, Zheng Yuanfang aims to systematize and toolify evidence-based methodology, providing a trustworthy, explainable technical assistant to make clinical decisions more robust and efficient, significantly reducing doctors' workload. Compared to leading overseas products and domestic general medical models, Zheng Yuanfang has built a difficult-to-replicate competitive edge through localized resource deployment, an advanced technical architecture, and rigorous compliance design.
At the data layer, Zheng Yuanfang employs a dual-engine approach combining "international + local" resources. It integrates access to over 39 million international journals and global guidelines, while exclusively incorporating more than 7 million digitized medical books and authoritative domestic clinical guidelines with copyright holder authorization. Its advantage in leveraging "dark data" from textbooks, expert consensus, and local case databases gives it unparalleled accuracy and compliance when handling conditions aligned with China's healthcare policies, medication habits, and specific ethnic diseases, positioning it as a potential "optimal solution" for the Chinese healthcare system.
Validation of its professional capabilities has made Zheng Yuanfang's leading advantages tangible. In the CMB 2023 Chinese Practicing Physician Qualification Exam benchmark test, Zheng Yuanfang achieved a perfect score with 100% accuracy, becoming the first AI system in China to achieve full marks in a national medical examination, demonstrating that its medical knowledge accuracy and standardization meet the basic requirements for clinical practice entry. In the more challenging senior oncology specialist exams, involving complex condition assessment, multi-option evaluation, and evidence-based reasoning on advanced problems, Zheng Yuanfang achieved state-of-the-art (SOTA) results, significantly outperforming several domestic and international peers, including Open Evidence. This technological empowerment is expected to foster high doctor loyalty, allowing the company to secure the most critical decision-making touchpoint within the Chinese healthcare system.
In terms of clinical workflow integration and compliance, Zheng Yuanfang's design is closely aligned with the core needs of the Chinese system. Unlike Open Evidence, which focuses on research and evidence querying, or general models limited to diagnostic reference, Zheng Yuanfang offers full-process coverage from pre-consultation, during consultation, to post-consultation, enabling deep integration into doctors' daily workflows. Furthermore, as a member unit of the AI Subcommittee of the National Information Technology Standardization Technical Committee, QINGSONG HEALTH has embedded data security laws, personal information protection, and medical ethics directly into Zheng Yuanfang's core. Designed from the outset to strictly align with domestic regulatory requirements, this "native compliance" characteristic provides a crucial pass for entering core workflows in public hospitals and delivering end-to-end medical services—a key barrier often difficult for overseas tools to overcome—laying a solid foundation for Zheng Yuanfang's deep penetration and leadership in the domestic market.
Strong Professional Capabilities Build Moat, QINGSONG HEALTH Poised for Value Leap. From a capital market perspective, 2026 is set to be a milestone in QINGSONG HEALTH's development, marking its transition from an "investment phase" to a "harvest phase." It is understood that in late December 2025, QINGSONG HEALTH, as a rare "full-chain digital health" player in the Hong Kong market, listed on the Main Board of the Hong Kong Stock Exchange. Bolstered by strong market optimism towards the digital health sector and solid company fundamentals, its stock price rose significantly, once reaching HK$113.8, attracting sustained market attention and capital confidence.
Fundamentally, the company's health services business has become its core growth engine. Revenue from health services has achieved a three-year compound annual growth rate of 221.26%, with its contribution to total revenue increasing to 76.7% in the first half of 2025, confirming the success of its transition towards health services. The launch of Zheng Yuanfang is expected to grant QINGSONG HEALTH higher liquidity premiums and strategic valuation. The next phase of medical AI competition will center on "trustworthiness." On one hand, the product validates QINGSONG HEALTH's strong R&D capabilities and deep understanding of medical scenarios. Its integrated vast medical data assets and constructed evidence-based agent architecture form high-barrier core assets, distinguishing it from other medical AI firms and enhancing its recognition and scarcity in the capital markets.
On the other hand, Zheng Yuanfang's full clinical process coverage enables deep synergies with QINGSONG HEALTH's existing businesses in health management, medical services, and insurance, facilitating the company's upgrade from a "comprehensive health technology platform" to a "medical intelligence infrastructure provider." This enriches the value dimensions of its business ecosystem and opens up vast space for product commercialization. Simultaneously, Zheng Yuanfang's localized deployment and clinical implementation capabilities provide QINGSONG HEALTH with sustained monetization potential. The initial training model involved collaboration with over 3,000 professional doctors, ensuring the product closely matches real clinical needs and paving the way for promotion across healthcare institutions. The compliance design, tailored to domestic regulations, allows Zheng Yuanfang to seamlessly enter core medical settings like public hospitals and primary care facilities, enabling scaled commercial deployment. It can also leverage the group's existing health management network for synergistic development serving both B2C and B2B segments, continuously unlocking commercial value.
As the medical AI industry enters a crucial phase of value realization, Zheng Yuanfang's clinical applicability and commercial feasibility will be key value signals QINGSONG HEALTH communicates to the capital markets. The product will further solidify the company's technological moat and industrial layout, highlighting its differentiated competitive advantage in the medical AI race and providing sustained momentum for value growth. It is anticipated that as evidence-based decision-making becomes a mainstream trend in medical AI, QINGSONG HEALTH, armed with the significant product Zheng Yuanfang, is poised to secure a more central industry position in the wave of healthcare intelligence, unleashing greater commercial value and social benefits.
Comments