德适生物今起招股：将成「医学影像大模型第一股」，成功卡位万亿级蓝海市场

Core Viewpoint - The article discusses the IPO of Hangzhou Deshi Biotechnology Co., Ltd., which aims to raise approximately HKD 900 million and achieve a market valuation of nearly HKD 10 billion, positioning itself as the first stock in the field of medical imaging large models [1]. Group 1: IPO Details - Deshi Biotechnology plans to issue 7,999,200 H-shares, with 799,950 shares for public offering in Hong Kong and 7,199,250 shares for international offering, at a price range of HKD 95.6 to HKD 112.5 per share [1]. - The IPO subscription period starts today and ends on the 25th, with the listing on the Hong Kong Stock Exchange scheduled for March 30, 2026, under the stock code "2526" [1]. Group 2: Product Overview - The core product, AI AutoVision®, is designed for chromosome karyotype auxiliary diagnosis, targeting areas such as birth defect prevention and assisted reproduction [2]. - AI AutoVision® has completed clinical trials, achieving a sensitivity of 100% and specificity of 100% in detecting abnormal numbers, and a sensitivity of 94.05% and specificity of 100% in detecting structural abnormalities [3]. Group 3: Market Position and Growth - According to Frost & Sullivan, Deshi Biotechnology holds a 30.6% market share in China's chromosome karyotype analysis sector, which is expected to grow rapidly to RMB 2.038 billion by 2030 and RMB 6 billion by 2035 [4]. - The company is positioned to capitalize on the anticipated market trends due to its leading role in chromosome analysis technology in mainland China [4]. Group 4: Technological Advantages - The success of AI AutoVision® is attributed to the iMedImage® medical imaging base model, which supports 19 types of medical imaging modalities and covers over 90% of clinical scenarios [5]. - Deshi Biotechnology plans to enhance the iMedImage® model's capabilities and expand its applications across various clinical settings [5]. Group 5: Regulatory Alignment - The development direction of Deshi Biotechnology aligns with national strategies, as the National Health Commission aims to promote AI-assisted clinical diagnosis services in hospitals by 2030 [6]. Group 6: Financial Performance - In the first three quarters of 2025, Deshi Biotechnology reported revenue of RMB 112 million, a 470% increase from RMB 20 million in the same period of 2024, with a gross margin of 75.9% [7]. - The global medical imaging market is projected to grow from USD 65 billion in 2019 to USD 95.7 billion in 2024, with China's market expected to reach RMB 159 billion by 2030 and RMB 219.3 billion by 2035 [7].