Core Viewpoint - Deshi Biotech has submitted an application for listing on the Hong Kong Stock Exchange, focusing on the AI medical imaging sector, with a leading market share in chromosome karyotype analysis in China [1][2] Company Overview - Founded in September 2016, Deshi Biotech specializes in the AI medical imaging industry and ranks first in the chromosome karyotype analysis field in China with a market share of 30.6% as of 2024 [1] - The company’s main revenue comes from low-tech Class II and I medical devices, while the commercial value of its core AI products remains to be validated [1][2] Market Potential - The AI-driven medical imaging market in China is projected to grow from RMB 100 million in 2019 to RMB 2.4 billion in 2024, with an estimated CAGR of 60.2% from 2024 to 2030, reaching RMB 40.1 billion by 2030 [1][2] Product Analysis - Key products include the iMedImage general medical imaging base model and the AI AutoVision chromosome karyotype analysis system, which is expected to receive Class III medical device registration by the end of 2025 [2][4] - Despite the emphasis on AI products, the majority of revenue is generated from lower "AI content" products [4][6] Financial Performance - Revenue for 2023 and 2024 was RMB 52.84 million and RMB 70.35 million, respectively, with losses of RMB 56.12 million and RMB 43.38 million [10] - The gross margin has significantly declined from 71.0% in 2023 to 65.5% in 2024, primarily due to increased contributions from lower-margin products [10][11] Cash Flow and Financial Health - The company has been experiencing cash flow issues, with cash reserves dropping to RMB 5.57 million by April 2025, raising concerns about its ability to sustain operations [11] - Trade receivables have increased significantly, indicating potential liquidity challenges [11]
德适生物IPO：低“AI含量”产品贡献主要营收 裁员、缩减研发仍难止血现金储备仅剩500余万
Xin Lang Zheng Quan·2025-07-25 08:15