德适生物港股IPO获证监会备案 两年多累计亏损1.36亿元，经营现金流持续为负

Core Viewpoint - The company, Deshi Biotechnology, is planning to issue up to 31.04 million shares for overseas listing on the Hong Kong Stock Exchange, while converting 80.88 million shares held by its shareholders into tradable shares [1] Group 1: Company Overview - Deshi Biotechnology focuses on the medical imaging AI industry, with its proprietary iMedImage™ model supporting 19 types of medical imaging modalities and covering over 90% of clinical medical imaging scenarios [1] - The iMedImage™ model is recognized as the world's largest general-purpose medical imaging base model and the first commercialized cross-modal medical imaging base model [1] Group 2: Financial Performance - The company has reported continuous losses, with revenues of 52.84 million yuan, 70.35 million yuan, and 111.62 million yuan for the first three quarters of 2023, 2024, and 2025 respectively, while losses were 56.12 million yuan, 43.38 million yuan, and 36.65 million yuan for the same periods [1] - Despite revenue growth, the company has accumulated losses of 136 million yuan over more than two years [1] Group 3: Revenue Structure - In 2024, the revenue structure of Deshi Biotechnology changed significantly, with technology licensing becoming a major revenue source, surpassing medical imaging software and medical devices by the first three quarters of 2025 [2] - The gross profit margins showed volatility, with gross profits of 37.50 million yuan, 46.06 million yuan, and 84.67 million yuan, and gross margins of 71.0%, 65.5%, and 75.9% for the respective years [2] Group 4: Cash Flow and Receivables - The company has consistently negative operating cash flow, with net cash flow from operating activities of -47.40 million yuan, -29.78 million yuan, and -21.55 million yuan for the first three quarters of 2023, 2024, and 2025 respectively [2] - Trade receivables increased significantly from 6.07 million yuan in 2023 to 32.12 million yuan in 2024, with average turnover days extending from 41 days to 99 days [2] Group 5: Customer Concentration - The company has a high customer concentration risk, with revenues from the top five customers accounting for 47.00%, 46.00%, and 56.00% in 2023, 2024, and 2025 respectively [2] Group 6: Shareholder Structure - Before the IPO, the founder and CEO, Song Ning, controlled 52.06% of the voting rights through various means, holding 30.04% directly and additional shares through different entities [3]