微脉递交上市申请，AI全病程管理模式跑通、已实现规模化收入

Core Viewpoint - MicroMed, an AI full-cycle management service provider, has submitted its listing application to the Hong Kong Stock Exchange, indicating its growth and expansion in the healthcare sector [1]. Company Overview - MicroMed has established deep collaborations with 157 public hospitals and partnered with over 4,700 healthcare institutions, serving approximately 500,000 patients in full-cycle health management [2][4]. - The company has received investments from notable institutions and local government funds, indicating strong backing and confidence in its business model [4]. Financial Performance - MicroMed's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.12 billion, RMB 6.28 billion, and RMB 6.53 billion respectively, showing steady growth despite ongoing investments in marketing, technology, and service operations [4][6]. - The revenue structure indicates that approximately 70% of income comes from full-cycle management services, with other sources including health product sales and insurance brokerage [6][7]. Business Model - The primary revenue source is from individual patients, showcasing the potential for scalable income through service fees [5][8]. - MicroMed's full-cycle management model addresses the urgent need for continuous medical services beyond hospital visits, enhancing patient care and satisfaction [10][11]. AI Integration - AI technology is a cornerstone of MicroMed's operations, with the CareAI platform enhancing service delivery across all stages of patient management [12][17]. - The platform supports various functions, including pre-diagnosis, in-treatment support, and post-treatment follow-ups, significantly improving efficiency and patient engagement [16][17]. Operational Strategy - MicroMed aims to expand its hospital network and deepen existing collaborations, focusing on customized operations and maintaining service quality across different locations [18][19][20]. - The company has implemented measures to control operational costs, leading to a decrease in sales and distribution expenses as a percentage of revenue over the years [21]. Future Growth Potential - MicroMed is diversifying its revenue streams by expanding into insurance brokerage and health product sales, leveraging its established patient base to meet unmet healthcare needs [22].