现金告急，“伽玛刀王者”大医集团再冲IPO：70%市占率为何赚不到钱

Core Viewpoint - The company, Xi'an Dayi Group, is attempting to go public on the Hong Kong Stock Exchange after four years, despite facing significant financial challenges and market competition in the gamma knife segment of the radiation therapy market [1][2]. Company Overview - Xi'an Dayi Group holds a dominant position in the Chinese gamma knife market with a projected market share of 70% in 2024 [1]. - Despite its leading market position, the company's revenue has not improved compared to four years ago, and net losses have significantly increased [1][5]. - The company's core product, CybeRay, is the first gamma radiation therapy device approved by both the Chinese National Medical Products Administration and the U.S. FDA [3]. Financial Performance - The company's revenue for 2023 and 2024 is projected to be 261 million yuan and 264 million yuan, respectively, which is a decline from previous years [5]. - The net losses for 2023 and 2024 are expected to be 69.78 million yuan and 94.57 million yuan, respectively, indicating a worsening financial situation [5]. - Research and development expenses are a significant factor in the company's losses, with 97.88 million yuan and 113 million yuan allocated for 2023 and 2024 [5]. Market Dynamics - The global radiation surgery market is expected to grow from $92.4 billion in 2024 to $138.9 billion by 2030, with the Chinese market projected to increase from 594 billion yuan to 1,058 billion yuan [2]. - The gamma knife market in China is expected to grow from 300 million yuan in 2024 to 500 million yuan by 2030, with a compound annual growth rate of 11.0% [3]. - In contrast, the integrated radiation therapy equipment market is expected to grow from 1.8 billion yuan in 2024 to 9.5 billion yuan by 2030, with a much higher compound annual growth rate of 31.5% [3]. Competitive Landscape - Despite being a leader in the gamma knife segment, the company only holds a 4.7% share of the overall radiation therapy equipment market in China, lagging behind international giants like Varian and local competitors [4]. - The number of gamma knives in China is significantly lower than linear accelerators, with only 296 gamma knives compared to 3,405 linear accelerators as of the end of 2020 [4]. Investment and Financing - The company has completed seven rounds of financing, raising a total of 1.571 billion yuan, with notable investors including Hillhouse Capital and Changchun Municipal Finance Bureau [1][7]. - The company faces pressure from investors due to the potential failure of its IPO, which could trigger buyback obligations under existing agreements [2][10].