百度IDG都投了，杭州跑出一个IPO

Core Viewpoint - 微脉公司 is seeking to go public on the Hong Kong Stock Exchange, focusing on AI-enabled healthcare services and full-cycle patient management, with significant growth potential in the healthcare management market in China [1][5]. Company Overview - 微脉 was founded in 2015 and is headquartered in Hangzhou, specializing in AI-driven healthcare services that connect hospitals, doctors, and patients [1]. - The company has partnered with 157 hospitals to provide full-cycle management services and has established management centers in each hospital [5]. Financial Performance - Revenue for 微脉 was approximately RMB 5.12 billion in 2022, projected to increase to RMB 6.28 billion in 2023 and RMB 6.53 billion in 2024, indicating a growth trajectory [2][3]. - The company reported losses of RMB 4.14 billion in 2022, narrowing to RMB 1.50 billion in 2023, and projected to be RMB 1.93 billion in 2024, reflecting a shift from aggressive expansion to efficiency improvement [2][3]. Revenue Structure - In 2024, the revenue breakdown is expected to be 72.0% from full-cycle management services, 19.4% from healthcare product sales, and 8.6% from insurance brokerage services [3][4]. Market Potential - The full-cycle management market in China is projected to grow from RMB 163 billion in 2020 to RMB 614 billion by 2024, with a compound annual growth rate (CAGR) of 39.3% [5]. - By 2030, the market is expected to reach RMB 3,654 billion, indicating substantial growth opportunities [5]. Investment and Valuation - 微脉 has attracted significant investment from notable firms, achieving a valuation of USD 559 million after its D+ round of financing [6][9]. - The company plans to use IPO proceeds to enhance AI capabilities, expand services, and pursue strategic investments or acquisitions [9].