IPO雷达｜万怡医学递表港交所，业绩受季节性波动影响，提示客户集中风险

Core Viewpoint - Shanghai Wanyi Medical Technology Co., Ltd. (Wanyi Medical) has submitted a listing application to the Hong Kong Stock Exchange, with Everbright Securities International as the exclusive sponsor [1]. Company Overview - Wanyi Medical is a leading AI-driven solution provider in mainland China, focusing on empowering physician talent development. According to Frost & Sullivan, the company ranks first in the comprehensive AI solution market for medical academia, education, and research in mainland China as of 2024 [3]. - The company has developed an ecosystem connecting physicians and various healthcare participants to accelerate the dissemination of medical knowledge, enhance physician education, and promote the application of research outcomes [3]. Product and Service Offerings - The company primarily offers two AI-driven revenue-generating solutions through its intelligent productivity tools: 1. A full-process solution for medical academic activities delivered via the MedEvent platform, aimed at facilitating workflow coordination and academic exchange among physicians. 2. Digital solutions for medical learning and education, featuring an interactive learning suite developed through the MedAssistant system, tailored to physicians' specialties, interests, and development goals [4]. - Wanyi Medical's clients include medical societies/associations, academic organizations, pharmaceutical, and medical device companies. The company delivers solutions on a project-based model [4]. Financial Performance - The company has experienced revenue growth and profitability during the reporting period: - Total revenue increased from RMB 238.8 million in 2023 to RMB 271.1 million in 2024, and from RMB 177.8 million for the nine months ending September 30, 2024, to RMB 190.7 million for the nine months ending September 30, 2025 [6][10]. - Net profit figures for the same periods were RMB 29.9 million, RMB 29.7 million, RMB 17.7 million, and RMB 36.9 million, respectively [6]. - The company's profit margins were 12.5%, 11.0%, 9.9%, and 19.3% for the years 2023, 2024, and the nine-month periods ending September 30 for 2024 and 2025 [6]. Shareholder Structure - According to the prospectus, Ms. Ju Yue is the controlling shareholder due to her direct interests in the company and her control over the employee incentive platform [7].