【看新股】吉因加科技港股IPO：主营精准医疗赛道 华大基因、爱尔医疗等参投

Core Viewpoint - GeneTech (Shaoxing) Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D capabilities and expanding its product portfolio [1][2] Company Overview - Founded in 2015, GeneTech specializes in precision medicine, integrating AI capabilities into the biomarker value chain [3] - The company offers three main solutions: precision diagnostics, drug development empowerment, and clinical research and transformation [3] - GeneTech operates China's only integrated platform covering the entire chain of biomarker discovery, validation, product development, and commercialization [3] Financial Performance - Revenue from 2022 to 2024 was 1.815 billion RMB, 473 million RMB, and 557 million RMB, respectively, with profits of 372 million RMB, 54.1 million RMB, and a loss of 424 million RMB [5] - In the first half of 2025, revenue was 285 million RMB, a year-on-year increase of 12.69%, while the loss was 414 million RMB, indicating an expanded loss compared to the previous year [5] - The decline in revenue from 2022 to 2023 was primarily due to the cessation of COVID-19 nucleic acid testing services following the end of the pandemic [5] Revenue Structure - Precision diagnostics solutions account for over 70% of GeneTech's revenue, with 77.7% of total revenue in the first half of 2025 coming from this segment [6][7] - The gross margin for precision diagnostics solutions reached 75.6% in the first half of 2025 [6] Supplier Dependency - GeneTech faces a high dependency on major suppliers, with procurement from the top five suppliers accounting for 41.5%, 71.5%, 67.4%, and 68.1% of total procurement in 2022, 2023, 2024, and the first half of 2025, respectively [9] - As of June 30, 2025, the company had approximately 96 million RMB in cash and cash equivalents, while its bank loans due within one year were about 140 million RMB, indicating potential liquidity pressure [9] Investment and Future Plans - The company has received multiple rounds of financing from investors including BGI Genomics and Aier Eye Hospital [11] - The funds raised from the IPO will be used for enhancing R&D capabilities, expanding product offerings, marketing, and upgrading manufacturing capabilities [11]