Yidu Tech Announces Annual Results for Fiscal Year 2022

Rhea-AI Summary

Yidu Tech reported strong annual results for FY2022, achieving RMB1,237 million in total revenue, a 42.7% YoY increase, and a gross profit of RMB399 million, up 22.0% YoY. The Big Data Platform segment generated RMB445 million in revenue (10.7% growth), while Life Sciences Solutions surged to RMB359 million (95.0% growth). The Health Management Platform rose to RMB425 million, reflecting a 68.5% increase. Yidu Tech aims to enhance healthcare accessibility and capitalize on the projected growth of the healthcare intelligence industry, expected to exceed RMB1.1 trillion by 2030.

Positive

• Total revenue increased by 42.7% YoY to RMB1,237 million.
• Gross profit rose by 22.0% YoY to RMB399 million.
• Life Sciences Solutions revenue grew significantly by 95.0% YoY to RMB359 million.
• Health Management Platform revenue increased by 68.5% YoY to RMB425 million.
• Active users on the health management platform reached 12 million.

Negative

• None.

HONG KONG, June 27, 2022 /PRNewswire/ -- Yidu Tech Inc. ("Yidu Tech", the "Group", HKEx: 2158), a leading company in China's healthcare intelligence industry, announced its annual results for the fiscal year ended March 31, 2022 ("FY2022" or the "Reporting Period"). During the Reporting Period, the Group's overall revenue continued to improve, with total revenue reaching RMB1,237 million, up 42.7% year-on-year ("YoY"), and gross profit increasing 22.0% YoY to RMB399 million.

Achieving synergies among the three business segments

Since the fiscal year 2019, the three business segments of Yidu Tech have maintained rapid growth for three consecutive years.

The Big Data Platform and Solutions segment continued to grow during the Reporting Period, with revenue up by 10.7% YoY to RMB445 million with a gross margin of 43.3%. As of March 31, 2022, Yidu Tech provided data intelligence platforms and data analytics-driven solutions to 82 leading research hospitals and 26 regulators and policy makers in China.

The Life Sciences Solutions segment maintained strong growth, with revenue reaching RMB359 million, a significant increase of 95.0% YoY, and a gross margin of 24.7%. During the Reporting Period, the number of active clients grew to 141, and the revenue retention of the core pharmaceutical, biotech, and medical device clients was 130%.

The Health Management Platform and Solutions segment grew significantly in FY2022, with revenue amounting to RMB425 million, up 68.5% YoY, and a gross margin of 27.7%. During the Reporting Period, the Group continued to increase its market penetration of the "Hui Min Bao" business and has served 1 province and 9 cities, for a total of 22 cities. At the end of the Reporting Period, the number of active users who completed at least one transaction on Yidu Tech's health management platform reached 12 million.

According to the "14th Five-Year Plan", China's digital economy is expected to account for 10% of GDP in 2025. According to the Frost & Sullivan Report, the market size of China's healthcare intelligence industry is expected to exceed RMB1.1 trillion in 2030. Overall, the healthcare intelligence industry has a vast growth potential.

Ms. Gong Yingying (Rujing), Chairlady, CEO and Founder of Yidu Tech, remarked, "Going forward, Yidu Tech will adhere to its mission of making value-based precision healthcare accessible to everyone and strengthen its core technology capabilities and ability to cultivate the healthcare ecosystem, thereby creating long-term value for the healthcare intelligence industry."

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SOURCE Yidu Tech

FAQ

What were Yidu Tech's total revenues for FY2022?

Yidu Tech reported total revenues of RMB1,237 million for FY2022, a 42.7% increase year-on-year.

How much did Yidu Tech's gross profit increase in FY2022?

Yidu Tech's gross profit increased by 22.0% year-on-year to RMB399 million in FY2022.

What is the revenue growth rate for Yidu Tech's Life Sciences Solutions segment?

The Life Sciences Solutions segment recorded a significant revenue growth of 95.0% year-on-year, reaching RMB359 million.

What are the future projections for China's healthcare intelligence industry?

The market size of China's healthcare intelligence industry is expected to exceed RMB1.1 trillion by 2030.