问止中医更新招股书 “最大AI中医诊所”3年亏损超3.9亿元

Core Viewpoint - TCMTech Inc, known as "问止中医", claims to be the largest AI-assisted traditional Chinese medicine (TCM) service provider in mainland China, with a market share of only 1.3% and total losses of 393 million yuan over the past three fiscal years [1][2]. Group 1: Business Overview - The company's main revenue sources are TCM medical services, TCM lifestyle products, and the "TCM Brain" subscription service [1]. - TCM medical services accounted for 89.6% of total revenue in 2024, with approximately 48% of this revenue coming from general practice [2]. - The company operates eleven offline clinics across cities like Shenzhen, Guangzhou, Xiamen, and Chengdu, employing 93 full-time physicians who utilize the proprietary AI-assisted diagnostic system, "TCM Brain" [1][2]. Group 2: Financial Performance - Revenue figures for the years 2022 to 2024 were 62 million yuan, 189 million yuan, and 236 million yuan, respectively, with corresponding losses of 154 million yuan, 194 million yuan, and 45 million yuan, totaling approximately 393 million yuan in losses over three years [2]. - In the first five months of 2025, the company reported revenue of about 100 million yuan and a loss of 44 million yuan [2]. Group 3: AI Technology and Challenges - The "TCM Brain" system has accumulated over 100 million parameters and more than 10,000 prescriptions, covering over 3,000 types of diseases, which helps physicians minimize reliance on personal knowledge and experience during consultations [3]. - The TCM medical service industry faces challenges such as limited standardization, a shortage of senior TCM practitioners, high training costs, and the need to retain experienced practitioners, which affects profitability and scalability [3]. - The effectiveness of the "TCM Brain" technology in addressing these challenges is crucial for the company's potential to turn losses into profits and for the viability of the "AI TCM" business model [3].