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🇭🇰 港交所XUNFEIHEALTHDoubao · 实盘不做把握 7/10不做原因:证据不足
北京时间·🕒 发布 17:30:00时区推断·⟳ 抓取 17:30:41·⚡ 决策 10-15 17:33:13 +2m32s·12.5 天前

讯飞医疗与瑞慈医疗签订非约束性AI医疗合作框架协议,无金额无绑定交易

这是一份典型的探索性、非约束性合作框架公告:无金额、无采购量、无收入分成,且公司明示可能不进行、未签任何具约束力具体交易;属于技术能力落地的意向性表态,缺乏可量化的基本面增量,两个直接主体一个仍是亏损高估值、另一个是极低流动性仙股,均无正期望。

📄 原文XUNFEIHEALTH↗ 原文
VOLUNTARY ANNOUNCEMENT ENTERING INTO COOPERATION FRAMEWORK AGREEMENT WITH RICI HEALTH
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the con…
不做 讯飞医疗科技(02506.HK)
非约束性合作框架、无金额无绑定交易且公告明示可能不进行,无法量化业绩增量;公司仍亏损、市值约78亿港元,软催化edge不足,不博短线情绪
不做 瑞慈医疗(01526.HK)
仅为使用AI功能的场景方,无直接收入增量;0.88港元仙股、日成交约10万港元流动性极差,无法承接有意义仓位
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)

研究档案

结论摘要

讯飞医疗与瑞慈医疗签AI+体检合作框架,但公告自认非约束、无金额无具体交易,只是方向性意向,难以兑现业绩;双方标的一亏损一仙股,催化太软,回避。

🔎 新鲜度:最早出现 2026-10-15 · 扩散 low · price-in 风险 low ↗

关键理由

  • 框架协议具战略合作叙事价值,星火医疗大模型借瑞慈80家体检中心获得高频验证场景,长期利好产品落地

主要风险

  • 公告明确合作可能不进行且无约束力,属软催化,市场常对此类MOU反应平淡或高开低走
  • 瑞慈医疗为仙股且日成交极低,讯飞医疗仍亏损(PE为负),题材兑现与流动性风险并存

反向证据

  • 做多前查反向 · 来源 filing · 日期 2026-10-15 · 影响 invalidates
    公告原文自述合作可能不进行、未就具体交易签订具约束力协议,且无任何金额或采购量,直接削弱LONG的materiality
    检索:讯飞医疗 瑞慈医疗 合作框架 约束力 金额 收入 风险 原文 ↗

先例如何影响了这次决策

对本次决策的影响:先例缺失叠加催化本身无约束力与金额,支持回避,不构成入场理由

方向:无可信对齐先例;非约束性MOU类公告在港股普遍只带来微弱、易回落的反应,不足以支持追高

涨幅量级:无高相似、锚干净的同市场先例可校准涨幅,幅度无依据

形态:缺乏先例统计,不能据此设定tp/sl

工具执行结果 · 成功 4 · 降级 0 · 失败 0 · 取消 0
  1. search_processed_events 成功 stock_tools HTTP · 14 ms
    {"result": "search_processed_events:agent query=`2506 1526 体检 ai医疗 授权 | xunfei healthcare rici healthcare cooperation framework agreement 2506 | 讯飞医疗 瑞慈医疗 合作框架协议 星火医疗大模型`;结构化索引覆盖完整 72 小时;旧记录兼容扫描近 0.0/72 小时、0 条本臂决策(完整),返回 0 条候选。未命中只表示这些 agent query 表达式没有召回候选,不能据此证明消息首发或不是重复;按当前事件继续正常研判。"}
  2. stock_quote 成功 stock_tools HTTP · 4,669 ms
    {
  3. stock_quote 成功 stock_tools HTTP · 7,303 ms
    {
  4. validate_order 成功 stock_tools HTTP · 7 ms
    {

原文全文

展开原文 · 6,004 字
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take
no responsibility for the contents of this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in
reliance upon the whole or any part of the contents of this announcement.

Xunfei Healthcare Technology Co., Ltd.
訊飛醫療科技股份有限公司

(A joint stock company incorporated in the People ’s Republic of China with limited liability)

(Stock Code: 2506)

VOLUNTARY ANNOUNCEMENT
ENTERING INTO COOPERATION FRAMEWORK AGREEMENT
WITH RICI HEALTH
This announcement is voluntarily made by Xunfei Healthcare Technology Co., Ltd. (the
“Company”, together with its subsidiaries, the “Group”) for the purpose of providing the
shareholders of the Company (“Shareholders”) and potential investors with information on
the latest business development of the Group.

COOPERATION FRAMEWORK AGREEMENT
On October 14, 2026, the Company entered into a cooperation framework agreement (the
“Cooperation Framework Agreement”) with Shanghai Rici Health Investment Group
Co., Ltd. (上海瑞慈醫療投資集團有限公司) (“Shanghai Rich Medical”), an indirect
wholly-owned subsidiary of Rici Healthcare Holdings Limited (“Rici Healthcare”, a
company listed on the Main Board of the Stock Exchange, stock code: 1526, together with
its subsidiaries, the “Rici Healthcare Group”). The principal terms of the Cooperation
Framework Agreement are set out below:
Date:

October 14, 2026

Parties:

(i)

the Company

(ii) Shanghai Rich Medical

–1–

Subject Matter:

Pursuant to the Cooperation Framework Agreement, the parties agree to
cooperate in the following areas:
(i)

the Company authorizes Shanghai Rich Medical to use certain
functions of the Company’s Xunfei Spark Medical Model, including
but not limited to symptom self-assessment, medication inquiry and
report interpretation;

(ii) achieving interconnectivity of user health data, subject to explicit
authorization from users; and
(iii) exploring commercialized health management solutions,
including the joint promotion of health management packages
and cross-selling of related products and services through medical
examination business channels.

INFORMATION ON THE PARTIES
The Group
The Company is a leader in China’s artificial intelligence healthcare sector, and is
committed to becoming an artificial intelligence-powered medical assistant for every doctor
and an artificial intelligence-powered health partner for everyone. Leveraging medical
large model technology and the construction of a medical knowledge base, the Company
consistently maintains its leading position in medical large models. The Company has
created the artificial intelligence-powered Intelligent Assistant product series and the
artificial intelligence-powered Health Partner product series to empower governments,
hospitals and patients.
Rici Healthcare Group
Rici Healthcare Group is principally engaged in the provision of general hospital services
and medical examination services in the People’s Republic of China. Headquartered in
Shanghai, Rici Healthcare Group is a leading private medical examination provider and a
comprehensive medical service provider in the Yangtze River Delta. As of June 30, 2026,
Rici Healthcare Group had a business network spanning 28 cities with 1 Class III Grade B
general hospital and 80 medical examination centers in operation.

–2–

REASONS FOR AND BENEFITS OF ENTERING INTO THE COOPERATION
FRAMEWORK AGREEMENT
The Board is of the view that the strategic cooperation with Rici Health is a crucial step
for Xunfei Xiaoyi to transition from technical capabilities to service implementation.
Medical examinations serve as a natural entry point for health management and represent
the most viable scenario for creating a closed-loop system. As a leading force in the private
medical examination industry recording millions of visits annually, Rici Health provides
Xunfei Xiaoyi with a large-scale validation scenario featuring real, high-frequency, and
structured services: AI is embedded into the entire health service chain, from understanding
pre-examination needs and providing decision support during examinations to conducting
continuous post-examination management. With Rici Health serving as a benchmark for
cooperation in private medical examinations, the “AI + Medical Examination” model jointly
explored by both parties will evolve into a replicable industry paradigm.
The Board is of the view that entering into the Cooperation Framework Agreement will
facilitate the Group in driving the large-scale validation and commercial exploration of AI
medical large models and smart health assistant products in medical examination and health
management scenarios, thereby enhancing the user experience of health services, and is in
the interests of the Company and its Shareholders as a whole.

GENERAL INFORMATION
The Board wishes to emphasize that the cooperation contemplated under the Cooperation
Framework Agreement may or may not proceed, and as at the date of this announcement,
the parties have not entered into any legally binding agreement in respect of any specific
transaction contemplated under the Cooperation Framework Agreement. Should the
transactions contemplated under the Cooperation Framework Agreement materialize, the
Company will make further announcement(s) in due course in accordance with the Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and
other applicable laws and regulations.
By order of the Board
Xunfei Healthcare Technology Co., Ltd.
Dr. Tao Xiaodong
Executive Director
Hong Kong, October 15, 2026
As at the date of this announcement, the Board of the Company comprises: (i) Dr. Tao Xiaodong as executive
director; (ii) Dr. Liu Qingfeng, Mr. Zhao Zhiwei and Mr. Duan Dawei as non-executive directors; and (iii)
Prof. Wang Yang, Prof. Zhao Huifang and Mr. Tan Ching as independent non-executive directors.

–3–

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