微脉“流血”闯上市：持续亏损，股东阵容不俗，经纬创投临场退出

Core Viewpoint - WeiMai Inc. (微脉) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage AI in the healthcare sector to enhance service delivery and patient management [1][3]. Company Overview - WeiMai was established in 2013 and has undergone six rounds of financing and asset restructuring since its inception [1][3]. - The company focuses on connecting hospitals, doctors, and patients through AI technology, covering the entire health management process from pre-treatment to post-treatment [3]. - The registered capital of WeiMai is approximately 51.72 million RMB, with key shareholders including Qiu Jialin and Zhejiang Yuhang Transformation and Upgrade Industry Investment Co., Ltd. [3][4]. Financial History - WeiMai has completed several financing rounds, including: - A round of $6.75 million in 2016 - B round of $17.05 million in 2016 - B+ round of $27.3 million in 2018 - C round of approximately $57.13 million in 2019 - D round of $75 million in 2020 - D+ round of $5.175 million and 120 million RMB in 2023 [4][6]. - The pre-money valuation for the D+ round was approximately $559.25 million [4]. Revenue and Losses - WeiMai's revenue for 2022, 2023, and 2024 is projected to be approximately 512 million RMB, 628 million RMB, and 653 million RMB, respectively [10]. - Gross profit for the same years is estimated at around 88.23 million RMB, 118.3 million RMB, and 129.72 million RMB, with net losses of approximately 414.32 million RMB, 149.56 million RMB, and 193.11 million RMB [10]. - The adjusted net losses according to non-IFRS measures are projected to be about 233.26 million RMB, 99.11 million RMB, and 30.20 million RMB for the respective years [10]. Revenue Structure - The majority of WeiMai's revenue comes from full-course management and medical health product sales, contributing approximately 396 million RMB, 437 million RMB, and 470 million RMB, accounting for 77.3%, 69.7%, and 72.0% of total revenue [11].