新股前瞻|吉因加：押注MRD与多癌早筛黄金赛道，吉因加面临商业化与现金流双重考验

Core Insights - The company, Gene+ Technology, is seeking to list on the Hong Kong Stock Exchange, leveraging its position as a leading player in China's precision diagnostics market, focusing on "data barriers, full-chain platforms, and AI-driven" growth stories [1] Business Overview - Gene+ is a rare "AI + multi-omics" full-chain platform company in China's precision medicine sector, distinguished by its integrated technology architecture that combines high-throughput sequencing, bioinformatics, and AI [2] - The company operates one of the earliest large-scale multi-omics baseline databases, creating a significant data moat for AI model training and iteration [2] - Its integrated technology architecture enhances workflow efficiency and originality in biomarker discovery, setting it apart from competitors focused on single diagnostic services or reagent sales [2] Financial Performance - Revenue for 2022, 2023, 2024, and the first half of 2025 was RMB 1.815 billion, RMB 472.831 million, RMB 557.132 million, and RMB 284.985 million respectively, with corresponding net profits of RMB 371.526 million, RMB 54.127 million, -RMB 424.340 million, and -RMB 413.809 million [3][7] - The company experienced a 74% year-on-year revenue decline in 2023, followed by a 17.6% recovery in 2024, indicating a stabilization trend [4] - Adjusted net losses have narrowed from RMB 300 million in 2023 to RMB 48 million in the first half of 2025, suggesting a positive signal towards reaching breakeven [6] Market Position and Strategy - Gene+ has penetrated over 1,000 hospitals, including 30% of China's top 100 hospitals, and has partnered with over 200 pharmaceutical companies, demonstrating strong recognition and channel reuse potential [3] - The company’s core products include tumor MRD and companion diagnostics, with a focus on embedding its HDT model into leading hospitals, ensuring high customer stickiness [3] Growth Potential - The long-term growth logic of Gene+ is rooted in the rapidly growing MRD dynamic monitoring and MCED early detection markets, with the MRD monitoring market projected to reach approximately RMB 92 billion by 2025 [10] - The company’s flagship product, "Ji Chang An," is expected to become the first commercialized MRD testing kit in China, capitalizing on its personalized probe technology [10] - Gene+ is also extending its technological capabilities into cardiovascular diseases, neurodegenerative diseases, and organ health monitoring, although this expansion presents challenges in R&D investment and market education [13] Industry Trends - The industry is experiencing structural trends that may impact the competitive landscape, including stricter regulatory policies that could favor established companies with compliance systems and data accumulation [13] - The application of AI in medical data interpretation and new drug development is seen as a potential growth point, though its clinical implementation and business model remain uncertain [13]