世界上参数规模最大的通用型医学影像基座模型。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 杭州德适生物科技股份有限公司 （以下简称 " 德适生物 "）于2025年6月29 日正式向港交所递交招股说明书，拟主板挂牌上市，华泰国际担任独家保荐人。 成立于 2016年的 德适生物一直专注医学影像 AI行业 ，其 专有的 iMedImageTM具有跨模态预训 练架构，使单一统一模型能支持19种医学影像模态 ， 并覆盖超过 90%的临床医学影像场景，包括 生殖健康、血液系统恶性肿瘤 和 放射卫生 。 根据弗若斯特沙利文的资料，德适生物自主研发的 iMedImageTM是 世界上参数规模最大的通用型 医学影像基座模型 ，已成功实现商业化，而且被认定为世界上首个商业化跨模态医学影像基座模 型。 基于 i MedImageTM医学影像基座模型，德适生物 可 提供 "基座模型－智能医疗器械－试剂及耗 材－大模型服务"全流程端到端AI医学影像解决方案组合，满足从实验室到临床的全 周期 需求。根 据弗若斯特沙利文的资料，在获得国家药监局批准后，德适生物的核心产品 ...

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1][3]. Company Overview - Deshi Biotechnology focuses on the medical imaging AI industry, with its proprietary iMedImage model recognized as the world's largest general-purpose medical imaging base model and the first commercialized cross-modal medical imaging base model [3][5]. - The iMedImage model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, including reproductive health and hematological malignancies [3][5]. Product Development - The core product, AI AutoVision, is expected to be the world's first AI-driven system for chromosome karyotype analysis, with regulatory approval anticipated from the National Medical Products Administration (NMPA) [5]. - AI AutoVision has completed clinical trials and is set to receive expedited regulatory approval as a Class III innovative medical device [5]. Financial Performance - In the fiscal years 2023 and 2024, the company reported revenues of approximately RMB 52.84 million and RMB 70.35 million, respectively, with losses of RMB 56.12 million and RMB 43.38 million [5][6]. - The gross profit margin for 2023 was 71.0%, which decreased to 65.5% in 2024, indicating a shift in cost structure [6].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 通过筛查进行早期检测，对于降低 胃癌 （GC） 死亡率至关重要。然而，在大多数高发地区，由于资源有限、依从性低以及上消化道内镜筛查的检出率欠佳，大 规模筛查仍面临挑战。因此，迫切需要更高效的胃癌筛查方案。 2025 年 6 月 24 日 ，阿里达摩院 张灵 及浙江省肿瘤医院 程向东 、 徐志远 、 石磊 、 温州市平阳县人民医院 苏缪广 、 宁波市奉化区人民医院 裘邯军 等人在 国际顶尖医学期刊 Nature Medicine 上发表了题为： AI-based large-scale screening of gastric cancer from noncontrast CT imaging 的研究论文。 该研究开发了基于 AI 的大规模胃癌筛查模型—— " GRAPE "，其利用平扫 CT 图像和 AI 实现 大规模、高效的胃癌筛查。该研究显示， GRAPE 显著优于专业放 射科医生，敏感性提高了 21.8%，特异性提高了 14.0%，尤其是在早期胃癌方面。 更重要的是，真实世界评估显示， 在两家地区医院中， GRAPE 识别出高危人群的胃癌检出率分别为 24.5% ...

Group 1 - The 2025 China Biomedical Engineering Conference and Innovation Medical Summit opened in Suzhou, highlighting the city's role as a hub for biomedical innovation and high-end medical device R&D [1][2] - The conference aims to encourage young scholars to showcase their talents and achievements, fostering collaboration between the China Biomedical Engineering Society and Suzhou in talent cultivation, technology R&D, and achievement transformation [1] - The conference theme is "Integration of Medicine and Engineering, Innovation Leading the Future," focusing on key areas such as artificial intelligence, smart healthcare, nanomedicine, organoids and organ-on-chip technology, regenerative medicine, medical imaging, medical robotics, biomanufacturing, and life support systems [2] Group 2 - The conference features keynote speeches from academicians, annual thematic forums, 21 sub-venues, and 15 sub-forums, along with competitions for young papers, innovative project roadshows, and entrepreneurship contests for comprehensive academic exchange and achievement display [2] - The opening ceremony included the awarding of the Huang Jiasu Biomedical Engineering Award for 2024-2025 and the presentation of fellow certificates from the China Biomedical Engineering Society [2]

Core Viewpoint - The company, Yimai Sunshine (02522.HK), is experiencing significant trading volume and is committed to long-term value amidst policy support for tiered medical care and AI technology reshaping the healthcare landscape [1][2]. Group 1: Company Overview - Yimai Sunshine has redefined the development path of third-party medical imaging centers in China through a "shared model" and has established a strong competitive moat [1][2]. - The company aims to have over 100 imaging centers nationwide by 2025, covering over 500 institutions and 16 provinces, with a daily addition of 20,000 to 30,000 standardized data cases [2][5]. - The company has developed a significant medical imaging database, being one of the largest in China in terms of data volume and growth rate [2][5]. Group 2: Strategic Partnerships and Innovations - Yimai Sunshine has partnered with Huawei Cloud to enhance AI imaging capabilities, launching the world's first full-modal, full-process medical imaging base model [3]. - Collaborations with various healthcare institutions aim to accelerate the commercialization of AI products and establish Yimai Sunshine as a key player in medical AI [3]. Group 3: Growth Strategies - The company has identified four core growth paths: upgrading thinking, transforming flagship centers, maintaining hospital cooperation value, and penetrating overseas markets [4]. - Yimai Sunshine is exploring new operational models for flagship imaging centers to enhance market penetration and profitability [4]. Group 4: Financial Performance - The company's gross margin increased from 35.8% for the year ending December 31, 2023, to 36.5% for the year ending December 31, 2024, driven by high-margin differentiated products and services [5]. - The company aims to add 1,000 new partners in the future through tiered services and rapid user expansion [5]. Group 5: Addressing Healthcare Challenges - Recent government policies emphasize the sharing of quality medical resources and the promotion of a distributed examination and centralized diagnosis model, which aligns with Yimai Sunshine's operational strategy [6][7]. - The company has implemented a model in Jiangxi that integrates high-end imaging equipment across various medical institutions, facilitating real-time diagnosis by city-level experts [6][7]. Group 6: Market Expansion and Future Outlook - Yimai Sunshine's acquisition of Changsha Zhongya Medical Imaging Diagnosis Co., Ltd. is a strategic move to expand its regional market and build a collaborative network with top hospitals [7]. - The company aims for geometric revenue growth in the next 3-5 years, leveraging accumulated medical imaging data to unlock commercial value [7].

于收购事项完成后，一脉阳光的目标为将其标准化产品整合至众雅诊断与省内三甲医院现有的合作框 架。一脉可以实现零拓客成本承接收入利润，后续影像科研动作与湘雅协同发力。 此外，集团计划提供其孵化的医学影像数据基座大模型，与省内三甲医院开展研究合作并扩大合作范 围。董事会认为，收购事项符合公司及股东的整体利益。 实际上，2025年以来，一脉阳光战略聚焦三大增长极：（1）拓展与公立医疗体系及大厂互联网医院的 深度服务项目；（2）深化影像大数据在临床科研、人工智能领域的商业化应用；（3）依托灵活的影像 服务模块能力联合产业链伙伴打造中国影像服务品牌、实现海外扩张。 而支撑该战略的基石是其独特的"自有影像中心+合作伙伴赋能"双轨模式，以此来构建一脉阳光的医学 影像服务生态。尤其值得注意的是，区域共享型影像中心通过深耕区域市场，成为公司业绩增长的核心 引擎。 6月9日，国内最大的第三方医学影像服务平台一脉阳光(02522.HK)发布公告，公司拥有55.0%权益的附 属公司湖南一脉阳光医学影像诊断中心有限公司（湖南一脉）（作为买方）、长沙市众雅健康产业集团 有限公司（作为卖方）与长沙众雅医学影像诊断有限公司（众雅诊断）订立股权 ...

一脉阳光是行业领先的医学影像服务供应商。截至 2024 年末，一脉阳光已 运营 106 个影像中心，覆盖全国 16 个省，是中国唯一一家为整个医学影像 产业链提供全面医学影像服务及价值的平台运营商。一脉阳光形成了"医学 影像中心服务+影像解决方案服务＋一脉云服务"三部分业务的服务能力输 出。公司通过四类影像中心提供影像检查及诊断、运营管理服务，其中区域 共享型和旗舰型中心贡献主要收入。公司计划构建多层次、全周期的医学影 像生态服务体系，锚定不同客户的差异化需求，提供远程诊断支持、信息化 流程重构、影像技术中心标准化建设等轻量化影像服务包。2024 年公司组建 了海外事业部，开启国际化业务元年。公司在医学影像信息化上已前瞻布局， 2015 年开始研发一脉云平台，2024 年参股孵化的影禾医脉正式发布全球首 个全模态全流程医学影像基座大模型，2025 年"CT 胸部病变标注数据"正 式通过上海数据交易所合规审核并成功上架，打造医学影像 AI 的完整闭环。 风险提示：放射和超声检查收费降价风险；市场竞争加剧风险；政策风险； 扩张不及预期的风险；财务风险。 投资建议：一脉阳光是国内医学影像服务龙头，扩张步伐稳健。AI ...

Group 1 - The core stock price of Xiangsheng Medical (688358) closed at 28.78 yuan on April 30, 2025, with an increase of 2.53% and a trading volume of 1.09 million shares, resulting in a transaction amount of 31.428 million yuan [1] - The company has made significant advancements in AI-assisted diagnostic software across various medical fields, including breast diseases, carotid arteries, thyroid, obstetrics, liver, and heart [2] - On April 30, 2025, the net capital flow for Xiangsheng Medical showed a net outflow of 76.25 thousand yuan from main funds, a net outflow of 49.76 thousand yuan from speculative funds, while retail investors had a net inflow of 126.01 thousand yuan [2] Group 2 - The company is committed to continuous technological and product innovation, aiming to accelerate the integration of AI technology in ultrasound medical imaging and diagnosis [2] - The capital flow analysis indicates that main funds accounted for 2.43% of the total transaction amount, speculative funds accounted for 1.58%, and retail investors represented 4.01% [2]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 公司发布24年年报和25年一季报：24年实现营业收入103.00亿元，同比减少9.7%；归母净利润12.62亿 元，同比减少36.1%；扣非归母净利润为10.10亿元，同比减少39.3%。25Q1：实现营业收入24.78亿元，同 比增长5.4%，实现归母净利润3.70亿元，同比增长1.87%，扣非归母净利润3.79亿元，同比增长26.1%。业 绩符合市场预期。 点评： 事件： 风险提示： 需求回落风险、供应链风险、市场竞争加剧风险、研发进度不及预期风险、新股股价波动风 险。 发布日期： 2025-05-04 免责声明 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立 运营的官方唯一订阅号。其他任 ...

以下文章来源于信风TradeWind ，作者郑敏芳 信风TradeWind . 关注资本市场的趋势与发展 医学影像设备的价格战，似乎正在迎来升级。 日前，在福建影像设备招标总金额超过4亿元的一次集采中，万东医疗（600055.SH）以43台、1.18亿元的总额中标。 备受关注的是，中标的1.5T MR（iSpace 1.5T Plus）设备集采价仅200万元，较此前中标价下滑近4成。 价格战的掀起，或许正在给位居国产MR市场头把交椅的联影医疗（688271.SH）带来更多压力。 一名接近联影医疗的人士告诉信风，考虑到成本等各方面的因素，其并未参与此次竞标。 受到以旧换新政策落地所带来的招采节奏放缓因素影响， 联影医疗上市以来首次出现年收入下滑，2024年收入、归母净利润分别为103亿元、12.62亿元，分 别同比下滑了9.73%、37.21%。 年初以来业绩有回暖迹象，2025年一季度收入、归母净利润分别为24.78亿元、3.7亿元，同比增幅分别为5.42%、1.87%。 伴随着各地招采活动的恢复，2025年医学影像企业或许可能会迎来一场血战，更多市场份额也可能随之变化。 跟与不跟 CT和MR都是联影医疗的重 ...