靠IPO“输血”？“伽玛刀王者”大医集团转道港交所

Group 1 - The core viewpoint of the article highlights that Xi'an Deyi Group, a leading company in the domestic gamma knife market, is attempting to go public on the Hong Kong Stock Exchange after a four-year hiatus, despite facing significant financial challenges and market skepticism regarding its growth potential [1][2][3] - Deyi Group holds a dominant market share of 70% in the Chinese gamma knife market, but its revenue for 2023 and 2024 is projected to be lower than four years ago, with net losses increasing significantly [1][4] - The global market for radiation surgery is expected to grow from $92.4 billion in 2024 to $138.9 billion by 2030, with the Chinese market anticipated to increase from 594 million yuan to 1.058 billion yuan during the same period [3] Group 2 - Deyi Group'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, but the company struggles to convert its technological advancements into commercial success [3][6] - The company faces challenges in expanding its market presence, as the gamma knife is considered a niche product compared to linear accelerators, which dominate the radiation therapy market [4][5] - Financially, Deyi Group's revenue has not only stagnated but has also declined from 2020 to 2023, with losses increasing from 1.77 million yuan in 2020 to 69.78 million yuan in 2023 [6][7] Group 3 - The company has shown signs of cash reserve strain, with cash decreasing from 334 million yuan at the end of 2023 to 126 million yuan by the end of 2024, and further down to less than 60 million yuan by February 2025 [7][8] - Several early investors have opted to cash out, indicating a lack of confidence in the company's future, especially after the failed attempt to list on the A-share market [8][9] - The company has signed agreements that may trigger buyback obligations for its controlling shareholders if the IPO fails, adding pressure to its financial situation [9][10]