微医控股更新招股书：上半年营收超30亿元并接近盈利，经营现金流首次转正

Core Viewpoint - Micro Medical Holdings is advancing its IPO process on the Hong Kong Stock Exchange, with a significant focus on AI medical services, which now account for 92.2% of its revenue in the first half of the year [1][3]. Financial Performance - The company has shown rapid revenue growth, with continuous operating business revenues projected to reach 1.368 billion, 1.863 billion, and 5.496 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of over 100%. In the first half of this year, revenues increased by 69.4% to 3.08 billion yuan compared to the same period in 2024 [2]. - AI medical services have become the core growth engine, with revenues increasing from 628 million yuan in 2022 to 4.806 billion yuan in 2024. In the first half of this year, AI medical service revenues surged by 97.3% to 2.841 billion yuan [3]. Business Model and Services - The rapid growth in AI medical service revenue is primarily driven by the expansion of health management membership services, which generated 3.893 billion yuan in 2024, nearly a tenfold increase from 354 million yuan in 2023. In the first half of 2025, this segment further increased by 131.4% to 2.389 billion yuan [3]. - The company has developed an AI-driven value-based medical service model that enhances patient health while optimizing costs and improving the capabilities of grassroots medical institutions. This model covers the entire medical process, including pre-diagnosis, diagnosis, and post-diagnosis services [3]. AI Capabilities and Impact - Micro Medical Holdings possesses industry-leading self-developed AI medical models and applications, including AI doctors, pharmacists, health managers, and smart control systems. The company has successfully implemented these technologies in the Tianjin health community, improving cost-effectiveness and member retention [4]. - Significant improvements in disease management metrics have been observed, such as an increase in blood pressure control rates for hypertension patients from 70.04% to 79.55% and for diabetes patients from 13.71% to 23.98% between June 2024 and June 2025 [4]. Expansion and Future Plans - The AI health community model is being replicated in multiple cities, including Shanghai, Hangzhou, and Shenzhen. The operational efficiency of Micro Medical Holdings has improved, with adjusted operating loss rates narrowing from 7.0% in 2024 to 4.2% in the first half of 2025, and the company achieved positive operating cash flow for the first time [5]. - The funds raised from the IPO will primarily be used for expanding the health community in Tianjin and other regions, enhancing AI technology applications, improving medical service levels, and general corporate purposes [5].