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 Viewpoint - The company, Gene+ Technology, is seeking to capitalize on the booming "AI + healthcare" sector by applying for a listing on the Hong Kong Stock Exchange, highlighting its position as a leading player in China's precision diagnostics market and its unique growth story driven by data barriers, a full-chain platform, and AI integration [1] Financial Performance - The company experienced significant revenue fluctuations, with a 74% year-on-year decline in 2023, followed by a projected 17.6% revenue increase in 2024 [4] - Revenue figures for the years 2022, 2023, 2024, and the first half of 2025 were RMB 1.815 billion, RMB 472.83 million, RMB 557.13 million, and RMB 284.99 million respectively [3][5] - The adjusted net profit showed a narrowing loss from RMB 3 billion in 2023 to RMB 0.48 billion in the first half of 2025, indicating a positive trend towards breakeven [6] Business Model and Competitive Advantage - Gene+ operates as a rare "AI + multi-omics" full-chain platform in China's precision medicine sector, integrating high-throughput sequencing, bioinformatics, and AI to create a closed-loop from biomarker discovery to commercialization [2] - The company has established significant competitive barriers, including a large-scale multi-omics baseline database for AI model training and a comprehensive technology integration that enhances research efficiency [2] - The company has penetrated over 1,000 hospitals, including 30% of China's top 100 hospitals, and has partnerships with over 200 pharmaceutical companies, demonstrating strong market validation and channel reuse potential [3] Market Potential and Challenges - The long-term growth potential is rooted in the rapidly expanding MRD (minimal residual disease) monitoring and MCED (multi-cancer early detection) markets, with the MRD market expected to reach approximately RMB 92 billion by 2025 [10] - The company's core product, "Ji Chang An," is undergoing special review for commercialization as the first MRD testing kit in China, positioning it to capture market opportunities [10] - The company is also extending its technology capabilities into cardiovascular diseases, neurodegenerative diseases, and organ health monitoring, which presents both opportunities and challenges in terms of R&D investment and market education [13] Liquidity and Financial Health - The company's current ratio has decreased to 0.2, indicating significant short-term debt repayment pressure, with current liabilities reaching RMB 2.298 billion against current assets of only RMB 523 million [8] - The liquidity management is under strain, with cash and cash equivalents of RMB 96 million insufficient to cover short-term bank loans of RMB 140 million, highlighting the urgency of the IPO to alleviate financial pressure [9]