癌症早筛公司艾米森IPO：营收额不足千万靠缩减费用减亏 关联方或股东贡献超6成营收

Core Viewpoint - Wuhan Aimesen Life Science Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become a leader in early cancer screening, but faces significant challenges including low revenue, high losses, and reliance on related party transactions [1][2][3]. Financial Performance - Aimesen's revenue for 2023, 2024, and the first half of 2025 was 6.233 million, 7.238 million, and 6.513 million yuan respectively, with a year-on-year growth of 103% in the first half of 2025, yet overall revenue remains below 10 million yuan [1][2]. - The company reported net losses of 67.922 million, 38.63 million, and 13.906 million yuan for the same periods, with a high operating loss rate of 328.7% in 2024 [2]. - Aimesen has reduced its operating expenses, with total expenses decreasing by 36.42% in 2024 compared to 2023, and further declining by 38.63% in the first half of 2025 compared to the same period in 2024 [2]. Customer Structure - The largest customer, Wuhan Aino Medical Laboratory, accounted for 44.5% and 52.1% of Aimesen's total revenue in 2023 and 2024, respectively, raising concerns about revenue sustainability due to high reliance on related party transactions [2][3]. - The second-largest customer, Cap Bio, contributed 8.9% and 9.3% of revenue in 2023 and 2024, respectively, indicating that over 60% of Aimesen's revenue comes from related parties or shareholders [3]. Product Development and Market Challenges - Aimesen has over 20 cancer screening products, with five approved as Class III medical devices, but these products are primarily for symptomatic patients rather than healthy individuals [4][6]. - New regulatory standards for cancer screening products require evidence of benefits in reducing cancer mortality and multi-center clinical trials, which Aimesen currently lacks [6]. - The market penetration for liver cancer screening in China is only 0.7%, and for urinary tract cancer screening, it is as low as 0.5%, indicating a significant challenge in consumer acceptance and willingness to pay for early screening [6]. Industry Context - The early cancer screening industry is characterized by high investment and slow returns, with market acceptance being a critical factor for development [6]. - The recent financial scandal involving Nohui Health, a leading company in the early screening sector, has damaged industry credibility and may lead to stricter scrutiny from capital markets [7].