1、M UpdateInvestor Presentation:China Healthcare|Asia PacificAI Diffusion in China Healthcare-The DeepSeek EffectMorgan Stanley Asia Limited+Sean WuEquity Analyst Sean.W +852 3963-0755 Alexis Yan,CFAEquity Analyst Alexis.Y +852 2239-7953 Clinton NgResearch Associate Clinton.N +852 2848-6659 China Heal

2、thcareAsia PacificIndustry ViewAttractiveThe release of low-cost AI models has propelled wide adoption of AI in the healthcare sector,especially in those areas with high-quality structured data,such as medtech,clinical labs,services,and biopharma.Morgan Stanley does and seeks to do business with com

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5、with a subject company,public appearances and trading securities held by a research analyst account.March 24,2025 02:27 AM GMTM Update2M O R G A N S T A N L E Y R E S E A R C HChina HealthcareMarch 10,2025The DeepSeek Effect and MS NEXT FrameworkServices,Medtech,and Drug R&D to benefit from low-cost

6、 AI model integration:The release of DeepSeek and other China-developed LLMs with much lower inference costs has driven much broader AI adoption across Chinas healthcare sector.We cover four main areas:1)Biopharma-Transformation of Drug R&D and Beyond2)Medtech-Clinical Diagnosis Optimization3)Hospit