BYD(SZ:002594) Zheng Quan Shi Bao·2025-03-27 09:43Core Viewpoint - Anuo Youda, an IVD medical device company, has officially begun its listing process on the Hong Kong Stock Exchange, backed by founder Xia Zuoquan, who is also a co-founder of BYD and a significant investor in UBTECH [1][3]. Company Overview - Anuo Youda was established in April 2012 and transitioned to a joint-stock company in March 2025, focusing on molecular diagnostics and IVD medical devices, particularly in non-invasive prenatal testing (NIPT) [3][8]. - The company has developed a comprehensive IVD product portfolio, including NIPT kits and sequencing instruments, and is recognized as a pioneer in the NGS-based prenatal testing market [4][5]. Market Position - Anuo Youda ranks third in the Chinese NIPT market, with market shares increasing from 9.6% in 2021 to 12.1% in 2023, indicating a growing demand for its IVD products [4][6]. - The company has sold IVD products to 86 hospitals with prenatal diagnostic certification across 26 provinces, a significant increase from 61 hospitals in December 2023 [6]. Financial Performance - Anuo Youda reported revenues of RMB 4.35 billion, RMB 4.75 billion, and RMB 5.18 billion for the years 2022, 2023, and 2024, respectively, but continues to operate at a loss, with losses of RMB 668.1 million, RMB 2.4 billion, and RMB 1.26 billion for the same years [8][6]. - The revenue from clinical sequencing solutions has shown an upward trend, with income from 2022 to 2024 increasing from RMB 2.51 billion to RMB 3.29 billion, driven by higher sales of NIPT and CNV-seq kits [6]. Shareholder Structure - Xia Zuoquan controls 54.25% of the voting rights in Anuo Youda, with a strong backing from notable investors such as China Life, Northern Light Venture Capital, and Ping An Group [9][11][15]. - The company has a robust shareholder base that provides financial support and strategic guidance, enhancing its growth prospects [11]. Management Team - The management team is led by CEO Li Zhimin, who has over 30 years of experience in the pharmaceutical and medical industries, bringing valuable insights and relationships to the company [16].