吉因加冲刺港股IPO：收入骤降73.9%后净亏损扩大至4.24亿 核心供应商依赖度超55%引监管关注

Core Business and Business Model - The company is positioned as a leading precision medical company in China, focusing on an AI multi-omics platform that supports precision diagnostics, drug development empowerment, and clinical research and transformation solutions. The business model combines "testing services + IVD products + research cooperation" [1] - In 2024, the precision diagnostics business generated revenue of 436 million yuan, accounting for 78.3% of total revenue, with clinical laboratory testing services contributing 378 million yuan and IVD product sales 58 million yuan [1] Revenue and Changes - The company's revenue peaked at 1.815 billion yuan in 2022 due to COVID-19 nucleic acid testing, but plummeted to 473 million yuan in 2023, a year-on-year decline of 73.9%. A slight recovery is expected in 2024 with a projected revenue of 557 million yuan, up 17.6% [2] - Excluding pandemic-related services, core clinical laboratory testing service revenue increased from 291 million yuan in 2022 to 378 million yuan in 2024, with a compound annual growth rate of 13.9% [2] Net Profit and Changes - The company has reported net losses for three consecutive years, with a loss of 4.24 billion yuan in 2024, a year-on-year increase of 684%. The adjusted net loss also remains severe, indicating that the core business has not yet achieved profitability [2][3] Gross Margin and Net Margin - Despite an increase in gross margin from 41.9% in 2022 to 68.5% in the first half of 2025, the net margin deteriorated significantly, reaching -145.3% in the same period. The increase in fixed costs due to declining revenue has severely eroded profit margins [3][4] Customer and Supplier Concentration - The company has diversified its customer base, with the top five customers' revenue share decreasing from 32.1% in 2022 to 6.9% in the first half of 2025. However, supplier concentration remains high, with the top five suppliers accounting for over 67% of purchases, posing risks related to international trade policies and supply chain stability [4][5] Financial Challenges - As of June 2025, the company faces significant liquidity risks, with a current ratio of 0.2 and cash reserves of only 96 million yuan, insufficient to cover short-term debts. Continuous negative cash flow from operating activities raises concerns about financial sustainability [5][6] Core Management and Shareholding Structure - The company is primarily controlled by its founders, who hold 70% of the shares, leading to a highly concentrated ownership structure. The board lacks independence, and there are concerns about management transparency and team stability due to limited employee incentive coverage [6][7] Industry Comparison - Compared to peers in the precision medical sector, the company lags in revenue and profitability, with a projected revenue of 557 million yuan in 2024, significantly lower than competitors. The net loss rate of 76.1% is also higher than industry averages, indicating weaker competitive positioning [13][28] Conclusion - The company has significant challenges, including a sharp decline in revenue, ongoing large losses, high supplier dependency, and liquidity risks. Despite improvements in gross margin, the lack of scale effects has led to deteriorating net margins. Investors should closely monitor the company's fundraising efforts and operational adjustments [14][15]