WeDoctor's AI General Hospital Surpasses RMB 5 Billion in Annual Revenue, Files for Hong Kong IPO

Recently, WeDoctor’s large medical model topped two authoritative benchmarks for medical large language models, drawing widespread attention. Amid the “AI+” wave, competition around medical large models is intensifying; however, the challenge of commercializing AI in healthcare remains a formidable barrier that most tech-innovation enterprises struggle to overcome. In this regard, WeDoctor Holdings’ practices in Tianjin are at the forefront both nationally and internationally.

Senior observers have pointed out that WeDoctor Holdings has not only taken the lead in hard-tech competitions such as large language models, but also achieved remarkable results in practical application scenarios, making it a rare sci-tech innovation enterprise in the AI healthcare sector to realize a full closed-loop integration of “high-end technology and ground-level implementation.”

Amid the AI boom, competition around large language models continues to intensify, with authoritative LLM evaluation platforms becoming a key battleground for tech giants to prove their AI prowess.

Recently, the latest rankings were released on MedBench, a well-known open evaluation platform for Chinese large language models in healthcare. In its self-assessment leaderboard, WeDoctor’s Medical Large Language Model, operated by Tianjin Digital Health Community under WeDoctor Holdings, secured the top position with an overall score of 94.7, outperforming other prominent models such as Ant Group’s Medical Large Language Model and WiseDiag. Moreover, over the past six months, this model has repeatedly topped the charts on CMB (Comprehensive Medical Benchmark in Chinese), a prestigious domestic evaluation platform for medical large language models, thereby earning WeDoctor’s Medical Large Language Model the distinction of being the dual-leaderboard champion.

Beyond its core technological prowess, external stakeholders have paid even greater attention to the practical implementation of WeDoctor Holdings’ AI-driven healthcare services. On December 31, 2024, WeDoctor Holdings filed its prospectus with the Hong Kong Stock Exchange, drawing particular interest to its impressive performance in Tianjin—

According to the prospectus, Micro Medical Group’s revenue from 2021 to 2023 was RMB 962 million, RMB 1.368 billion, and RMB 1.863 billion, respectively. In the first half of 2024, its revenue reached RMB 1.818 billion, a year-on-year increase of 107.4%, with income from AI-powered healthcare services amounting to RMB 1.44 billion, accounting for nearly 80% of the total. Industry analysts note that Micro Medical Group’s AI-powered healthcare services are provided by its Tianjin AI General Hospital, meaning that the hospital’s revenue exceeded RMB 1.4 billion in the first half of 2024.

Two additional figures in the prospectus warrant attention: As of June 30, 2024, the number of members with multiple chronic conditions and diabetes within the healthcare consortium led by Tianjin AI Hospital had reached approximately 900,000; from April 1 to June 30, 2024, the annual per capita reimbursement limit under the Tianjin Medical Insurance scheme for patients with multiple chronic conditions was approximately RMB 8,000.

Industry insiders revealed that after empowering primary healthcare institutions across the city with AI and forming a community of capabilities, services, and shared interests, Tianjin Artificial Intelligence General Hospital achieved rapid revenue growth. Its total revenue in 2024 has surged into the top three among medical institutions in Tianjin, potentially surpassing the RMB 5 billion mark.

The AI-empowered performance report of Tianjin Artificial Intelligence General Hospital is also a focal point of market attention.

Publicly available data shows that in the six months ended June 30, 2024, WeDoctor Holdings’ “AI Doctor” achieved a 99.97% compliance rate with alerts for irrational prescriptions; its “AI Health Management” system increased the number of individuals managed per health manager from approximately 550 in 2022 to around 2,000 in the first half of 2024.

Data shows that people's various visions for AI in healthcare are gradually becoming a reality in Tianjin.

Public information indicates that, thanks to the in-depth application of five intelligent agents—“AI Physician,” “AI Pharmacist,” “AI Diagnostic Testing,” “AI Health Management,” and “AI Intelligent Control”—the Tianjin Artificial Intelligence General Hospital has achieved improved quality and efficiency across its entire medical service workflow, including pre-diagnosis, during-diagnosis, and post-diagnosis stages.

In Tianjin, the tightly integrated digital medical consortium, led by the General Hospital of Artificial Intelligence and comprising 266 primary healthcare institutions, over 2,000 primary healthcare service stations, and village clinics across the city, achieved the “two increases and one decrease” outcomes—namely, improved patient health indicators, enhanced primary care service capacity, and a reduced growth rate of health insurance expenditures—in just over three years.

Data shows that from January 2023 to June 2024, the rate of glycated hemoglobin (HbA1c) control among managed diabetes members increased from 17.8% to 44.2%, the blood pressure control rate rose from 19.5% to 61.5%, and the lipid control rate increased from 24.8% to 27.9%. Outpatient visits at primary healthcare institutions saw significant growth, with increases ranging from 23% to 50%. The growth rate of medical insurance expenditures also declined markedly. From January 2023 to June 2024, among primary healthcare institutions collaborating with the Tianjin Health Community, the per-capita quota surplus rate for diabetes patients exceeded 25%.

Empowered by the AI General Hospital, the relationships among stakeholders within the Tianjin Digital Health Consortium have been restructured. The “AI empowerment + health performance” model is breaking through the global challenge of achieving a “four-party win-win” in healthcare systems: improved patient health, increased physician income, enhanced hospital capabilities and outpatient volumes, and a reduced growth rate of medical insurance expenditures.

According to the prospectus, WeDoctor Holdings is replicating this model in multiple regions. Meanwhile, WeDoctor Holdings also plans to collaborate with other participants in China’s digital healthcare industry to establish a standardized evaluation system for AI hospitals in China. WeDoctor Holdings pioneered China’s first internet hospital and successfully facilitated the establishment of regulatory standards for the internet healthcare industry. Currently, WeDoctor Holdings is actively working with various stakeholders to develop industry standards for medical AI, aiming to promote the regulated development of medical AI in China and its alignment with global practices.

It is foreseeable that in the new round of transformation in the healthcare industry, AI General Hospital is poised to play a pivotal role. The Weiyi model and the Tianjin experience are expected to create new miracles.