微脉冲刺港股：年营收6.5亿亏1.9亿 源码元璟及微光创投是股东

Core Viewpoint - 微脉公司 has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, indicating its intention to raise capital for further development in the AI healthcare sector [2]. Group 1: Company Overview - 微脉公司 is headquartered in Hangzhou and focuses on AI-driven full-cycle management services in healthcare, aiming to connect hospitals, doctors, and patients [4][6]. - The company has developed CareAI, one of China's first AI medical management platforms, utilizing a multi-agent system and hybrid model architecture [6][9]. Group 2: Financial Performance - In 2022, 2023, and 2024, 微脉公司的 revenue was 512 million, 628 million, and 653 million RMB respectively, with gross profits of 88.2 million, 118.3 million, and a loss of 129.7 million RMB [11][12]. - The company reported annual losses of 414.1 million, 149.6 million, and 193.1 million RMB for the years 2022, 2023, and 2024, with profit margins of -81%, -23.8%, and -29.6% respectively [13][14]. Group 3: Revenue Breakdown - In 2024, the revenue from full-cycle management services accounted for 72% (470 million RMB), while sales from healthcare products contributed 19.4% (126 million RMB), and insurance brokerage services made up 8.6% (56.3 million RMB) [12][13]. Group 4: Investment and Shareholding Structure - 微脉公司 has established two platforms in the British Virgin Islands to hold incentive shares, with ownership stakes of 6.03% and 5.85% [2]. - Major shareholders include iChoice Holding with 24.35%, Source Code I with 9.45%, and Yuanjing Capital I with 6.31% [23][24].