问止中医港股IPO：一家想用AI实现“医师速成”的公司

Core Viewpoint - The recent surge in AI healthcare projects has led to a wave of IPOs in Hong Kong, creating various "first stock" myths, particularly in the field of traditional Chinese medicine (TCM) [1][2]. Group 1: Company Overview - Wenzhi TCM, which recently submitted its IPO application to the Hong Kong Stock Exchange, focuses on providing consultation and prescription services through its self-developed "TCM Brain" AI-assisted diagnostic system [4]. - The revenue of Wenzhi TCM is projected to grow from 62 million yuan in 2022 to 236 million yuan in 2024, while net losses are expected to decrease from 154 million yuan to 45 million yuan during the same period [4]. Group 2: Business Model and Services - Wenzhi TCM's core business is TCM medical services, contributing over 80% of its revenue, with online services accounting for nearly 90% of its TCM medical service revenue in 2024 [7][9]. - The company has opened 11 offline clinics, but most services are provided online, which differs significantly from traditional TCM practices that rely on direct patient interaction [8][9]. Group 3: Financial Performance - The average consultation fees for cancer and difficult disease patients are 1,422 yuan and 1,118 yuan, respectively, indicating a high-value service offering [10]. - However, revenue from cancer and difficult disease patients is projected to decline, with expected revenues of 58 million yuan and 67 million yuan in 2024, down 5.26% and 5.95% year-on-year [12]. Group 4: Technology and Compliance Challenges - The "TCM Brain" system, developed under the guidance of controversial figures, has not yet received approval from the drug regulatory authority, raising questions about its efficacy and compliance [17][15]. - Despite being the first TCM AI-assisted diagnostic system to pass clinical consistency research, it lacks the necessary medical device certification, which poses a significant compliance challenge for the company [17][18]. Group 5: Future Prospects and Expansion Plans - Wenzhi TCM aims to leverage the "TCM Brain" to reduce reliance on renowned doctors and facilitate low-cost clinic operations, with plans to establish 16 new offline clinics in mainland China by 2031 [20][23]. - The company has also initiated a franchise model through the "Wenzhi TCM AI Alliance," although the subscription revenue from this service remains low, indicating challenges in scaling this aspect of the business [21][22].