The "Shenzhen Inclusive Health Insurance" plan, offering annual premiums of just 88 yuan and a maximum coverage exceeding 4 million yuan, has reopened its enrollment channel. This marks the fourth year of this inclusive commercial supplementary medical insurance program in Shenzhen. Over the past three years, it has attracted over 6 million enrollees annually, achieving an enrollment rate exceeding 35%, establishing itself as a top-performing model among similar city-based insurance schemes nationwide. Behind this success, a lesser-known fact is the crucial role played by an AI healthcare company listed on the Hong Kong Stock Exchange, which has served as the "primary operating platform" for four consecutive years. YIDU TECH (02158), once labeled by the market as the "first stock in medical big data," is now employing a deeply integrated "AI healthcare + insurance" logic to address the most challenging issue facing the entire inclusive health insurance industry: how to escape the "death spiral" of sluggish user growth and uncontrolled claim payouts.
The "Shenzhen Model" for Inclusive Health Insurance: How AI Solves the Cost and Retention Dilemma The inclusive health insurance sector is experiencing collective anxiety. As these plans formally enter their sixth year, they face the unavoidable challenge of growth stagnation by 2026. Taking data from the end of 2024 as an example, while approximately 180 million people were enrolled in such plans, a decline in enrollment numbers has become a common expectation for participants in many regions. Within the insurance industry, concerns about a "death spiral" are widespread—healthier individuals drop out due to perceived lack of value, leaving a higher-risk pool of enrollees, which forces premium increases, subsequently driving away more healthy participants. This vicious cycle is almost inherent in the design of all普惠型健康险 products. Shenzhen's approach offers a different path. The 2026 "Shenzhen Inclusive Health Insurance" continues to maintain its low threshold of 88 yuan, with coverage encompassing high costs within the medical insurance catalog, out-of-pocket expenses for non-reimbursable items, and expensive self-paid drugs for rare diseases, while also allowing family sharing of personal medical insurance accounts. However, what truly sets the YIDU TECH-operated plan apart from similar products is not just the policy design, but the extreme utilization of "technology-driven cost reduction."
Since venturing into the inclusive health insurance business in 2020, YIDU TECH has deeply participated in the development and operation of projects across 5 provinces and 13 cities, cumulatively serving over 45 million enrollees. In this endeavor, the company's core work is not traditional insurance sales or claim services, but rather embedding its self-developed medical AI capabilities into the entire lifecycle of the insurance plan. In product design, it uses medical big data and AI models to create precise risk profiles of populations, supporting scientific pricing and differentiated coverage to enhance both inclusivity and sustainability. In claim services, it innovatively introduced a proactive "fast claim" service that automatically identifies eligible enrollees and triggers the claim process without requiring users to upload documents, significantly reducing processing time. For the "Beijing Inclusive Health Plan," where YIDU TECH also serves as the primary operator, over 85% of successful claims are processed through this fast-track method, improving claim efficiency by 60%-70%. In the health management domain, based on disease prediction models, it expands early screening services to identify high-risk groups in advance and explores the application of digital therapies for chronic disease populations, aiming to reduce disease progression risks through personalized intervention, thereby shifting the focus from "post-event compensation" to "full-cycle health protection."
Data from the past three years of the "Shenzhen Inclusive Health Insurance" validate the effectiveness of this approach. With an annual enrollment exceeding 6 million people, an enrollment rate over 35%, and consistently stable payout ratios—against an industry backdrop where such plans often receive praise but struggle with enrollment—the Shenzhen model demonstrates at least one thing: when AI technology truly permeates every aspect of underwriting, claims processing, and health management, the "impossible trinity" of普惠型保险—low premiums, high coverage, and sustainability—can potentially be deconstructed.
From "Selling Software" to "Building an Ecosystem": YIDU TECH's Two Business Model Leaps If operating inclusive health insurance plans in cities like Shenzhen and Beijing represents YIDU TECH's visible achievements on the "insurance front," the key to understanding the company's complete business logic lies in its deeper strategic evolution. Founded in 2014, YIDU TECH was initially known for medical big data governance and platform construction. Its self-developed core algorithm engine, YiduCore, originally addressed the problem of "data silos" in hospitals—transforming multi-source, heterogeneous, unstructured clinical data into standardized, computable, and analyzable assets. As of September 30, 2025, YiduCore had processed and analyzed nearly 7 billion authorized medical records, with its accumulated disease knowledge graph essentially covering all known diseases. This capability allowed it to quickly secure a position during the wave of intelligent upgrades in public hospitals: to date, YIDU TECH has served over 10,000 hospitals nationwide and established deep cooperative relationships with top-tier Chinese hospitals and regulatory bodies, including Peking Union Medical College Hospital, Sun Yat-sen University Cancer Center, Peking University Cancer Hospital, and Tsinghua Chang Gung Hospital.
However, a pure data platform business inherently faces limitations—project-based revenue models are unstable and struggle to foster sustained user loyalty. In recent years, YIDU TECH has focused on strategic upgrades, expanding depth-wise across the entire "medical-pharmaceutical-insurance-patient" industry chain: it launched life sciences solutions for pharmaceutical companies, assisting multinational pharma and new drug R&D institutions with real-world research and clinical trials; built health management platforms for patients, handling user operations for普惠保险 like inclusive health insurance; and developed AI-assisted decision-making tools for clinicians on top of its technical foundation. This "data mid-platform + scenario application" architecture has transformed the company from a project-based big data technology service provider into a platform-based enterprise with sustained service capabilities and multi-sided network effects.
This business model leap is directly reflected in its financial data. On April 20, YIDU TECH issued a positive profit alert, forecasting a net profit of 55 to 70 million RMB for the 2026 fiscal year (ending March 31, 2026). This marks the company's first annual profit since its founding 11 years ago. In the previous fiscal year, the company reported revenue of 715 million RMB and a loss of 135 million RMB. Citigroup subsequently reiterated its "Buy" rating with a target price of HK$11 per share. The emergence of this profitability inflection point is not accidental. It corresponds to the synergistic maturation of the company's three main business segments: Big Data Platform Solutions provide a stable technology and client foundation, Life Sciences Solutions contribute high-margin enterprise service revenue, and the Health Management Platform—the core carrier for inclusive health insurance operations—is becoming a significant source of cash flow with substantial growth potential.
Intensive Project Wins Signal Shift from "One-City-One-Plan" to "Public Health Infrastructure" In the spring of 2026, announcements of YIDU TECH's project wins appeared on the HKEX disclosure page with unusual frequency. On April 22, the company announced winning the Hainan Smart Health Island Construction Project, valued at approximately 14.76 million yuan. This was the second provincial-level core project in Hainan announced by YIDU TECH in less than a month—shortly before, it had won the Hainan Infectious Disease Monitoring and Early Warning Platform project, valued at 12.89 million yuan. The two projects total over 27 million yuan and involve two major scenarios: smart health and public health surveillance. Earlier, YIDU TECH had already undertaken the construction of the Boao Lecheng Real-World Data Research Platform, supporting the approval of 22 international innovative drugs and devices. On the top-tier medical institution side, the company recently won the bid for the Beijing Cancer Hospital Artificial Intelligence Construction Project. A common feature of these projects is that they are not simple software procurements, but systematic infrastructure built around the core proposition of "AI-driven medical decision-making."
The Beijing Cancer Hospital AI project focuses on clinical decision support—an intelligent assistant embedded directly within the electronic medical record system for doctors to consult during diagnosis and treatment. The Hainan Infectious Disease Monitoring and Early Warning Platform is a typical public health infrastructure project, requiring real-time aggregation and intelligent analysis of epidemic report data, laboratory test data, and drug sales data from medical institutions across the province. The Smart Health Island project goes further, aiming to promote emerging technology products like digital therapies to grassroots levels, achieving the "last mile" of digitalization in chronic disease management.
From inclusive health insurance to the Smart Health Island, from cancer hospital AI to infectious disease warning, a clear logical thread connects these seemingly disparate project wins: YIDU TECH is evolving from an "institutional-level medical AI system service provider" to a "regional medical AI infrastructure service provider." Local medical insurance bureaus, health commissions, and top-tier hospitals are becoming its core clientele—clients with stable payment capabilities, long project cycles, and high data barriers, making migration costs extremely high once cooperation is established. This is the fundamental logic behind the capital market's interest in YIDU TECH. According to Frost & Sullivan predictions, the Chinese AI healthcare market size will surge from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate of 43.1%. In this rapidly growing market, few companies can simultaneously connect the hospital, pharmaceutical, insurance, and public health scenarios while having already accumulated tens of millions of user data points and real-world case studies in actual operations.
"Yidu Evidence-Based AI": From Tool to Intelligent Agent, Unlocking the Second Growth Curve If inclusive health insurance and public health projects constitute YIDU TECH's current revenue foundation, then the official launch of "Yidu Evidence-Based AI" in March 2026 is regarded as the strategic product for unlocking its second growth curve. This is an evidence-based AI assistant for clinicians, powered by the company's self-developed vertical large model for healthcare. The core innovation of "Yidu Evidence-Based AI" lies in addressing the long-standing "hallucination" problem in medical AI. General large language models might generate seemingly plausible but factually incorrect advice when answering medical questions, which is unacceptable in diagnostic and treatment scenarios. Yidu Evidence-Based AI's approach involves deeply binding the large model with a dynamic evidence-based knowledge system—every clinical suggestion is accompanied by traceable, up-to-date medical evidence, while automatically integrating with individual patient data within the hospital, achieving a trinity of "evidence-patient-plan."
In a pilot at a cancer specialist hospital in Southern China, the product's daily usage frequency approached a thousand times, covering about 70% of clinical medical staff; for the difficult task of TNM staging assessment, its accuracy reached 90%, equivalent to the level of a chief physician; medical record writing efficiency saw improvements of up to 90%. From a commercial perspective, the true value of "Yidu Evidence-Based AI" lies not in the sale of a single product, but in opening up a new收费模式. Traditional medical IT projects typically involve one-time construction fees or annual maintenance fees, whereas an AI intelligent agent can be billed based on actual usage—similar to the "pay-per-token" model in cloud computing. Citigroup's research report explicitly cited this model as a key reason for upgrading its rating: it signifies that the value of YIDU TECH's products will no longer be constrained by project cycles but can achieve sustained growth as doctor usage frequency increases.
As of April 2026, solutions based on the "Yidu Evidence-Based AI" engine had been deployed in over 40 renowned top-tier hospitals, deeply参与 in more than 500,000 diagnostic and treatment decisions. On April 24, at the CHIMA 2026 annual conference, the company further launched new product matrices, including the "Yidu Evidence-Based AI Hospital Edition" and "Yidu Management." A noteworthy detail is the明显缩短 iteration cycle of these products—moving from initial algorithm validation to scaled deployment took less than a year. This rapid engineering capability is underpinned by the data governance and model training infrastructure accumulated by YiduCore over many years.
Resonance of Policy Tailwinds and Market Logic The policy environment surrounding YIDU TECH's sector is undergoing the most显著 positive changes in recent years. The 2026 Government Work Report explicitly called for "accelerating the development of commercial health insurance" and "deepening and expanding the 'Artificial Intelligence Plus' initiative." More specifically, the Shenzhen Medical Insurance Bureau publicly stated in March 2026 that it encourages commercial insurance institutions to launch more specialized products targeting "people with pre-existing conditions," innovative drugs, and rare diseases, and to "optimize the medical insurance smart assistant." The substantive meaning of these policies is that the "stratification" of basic medical insurance and commercial insurance is moving from slogan to institutional implementation. Following the deepening reform of medical insurance payment methods (DRG/DIP), hospitals and doctors face stricter cost control pressures, which in turn催生 strong demand for AI-assisted decision-making and精细化管理 tools.
Simultaneously, the Chinese commercial health insurance market achieved a historic转折 in 2024—with annual premium scale reaching 430 billion yuan, it surpassed critical illness insurance for the first time to become the largest segment within health insurance. This rapidly growing market requires an efficient underlying technological infrastructure to support product design, risk pricing, and operational management, and YIDU TECH's "AI healthcare + insurance" architecture is恰好 positioned at the forefront of this demand.
Challenges, of course, remain. Compliance and privacy protection of medical data are always sensitive topics, and budget constraints of local medical insurance departments could affect project implementation speed. Furthermore, competition in the AI healthcare track is intensifying, with leading internet companies and traditional medical IT vendors accelerating their布局. Whether YIDU TECH can sustain its data advantages on the hospital and public health fronts, rapidly replicate its inclusive health insurance operational experience to more cities, and achieve a scalable commercial closed-loop for the "pay-per-token" model of "Yidu Evidence-Based AI"—these aspects will need continuous validation in the coming financial quarters.
But at least one logic is being accepted by the market: when the "Shenzhen Inclusive Health Insurance" reopens for enrollment on May 7th, the AI-woven value network behind it—connecting hospitals, medical insurance, pharmaceutical companies, and tens of millions of enrollees—is no longer a distant concept. YIDU TECH spent four years validating this model in places like Shenzhen and Beijing, and another half-year horizontally replicating it to provincial public health projects like those in Hainan. The first profit in fiscal year 2026 might precisely be the signal that this path is transitioning from the "investment phase" to the "harvest phase." For a twelve-year-old AI healthcare company, this seems more like the beginning of a new cycle.
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