微脉IPO：市场份额仅0.71%行业龙头本质是文字游戏？连年削减费用仍未扭亏含“科”量或不足

Core Viewpoint - MicroPulse has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, but despite its high-profile backing and claims of being a leading player in the AI-enabled healthcare sector, it faces significant challenges including weak business growth and a fragmented market with low market share [1][2][7]. Company Overview - MicroPulse's main business segments include full-course management, medical health product sales, and insurance economic services, with revenue contributions of 72%, 19.4%, and 8.6% respectively for 2024 [3][4]. - The company has experienced a slowdown in revenue growth, particularly in its full-course management segment, which has seen single-digit growth rates [3][5]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 511.885 million RMB to 652.699 million RMB, but it has not achieved profitability, with annual losses of 414 million RMB, 150 million RMB, and 193 million RMB during the same period [5][6]. - Adjusted EBITDA remains negative across the reporting periods, indicating that cost-cutting measures rather than revenue growth are primarily responsible for the narrowing of losses [5][6]. Market Position - Despite being ranked third in revenue within the industry, MicroPulse holds only a 0.71% market share, highlighting the highly fragmented nature of the competitive landscape [2][3]. - The company emphasizes its AI capabilities, but the actual value and effectiveness of its AI platform, CareAI, are questioned due to reliance on third-party models and insufficient R&D investment compared to sales and administrative expenses [7][8]. Investment and Valuation - MicroPulse has raised approximately 1.5 billion RMB through six rounds of pre-IPO financing, achieving a post-money valuation of about 5.6 billion USD (approximately 41 billion RMB) after its latest funding round [8]. - The company faces potential redemption obligations amounting to 1.984 billion RMB due to special rights granted to pre-IPO investors, which could strain its financial position given its limited cash reserves [8].