Core Viewpoint - The article discusses the upcoming IPO of Hangzhou Deshi Biotechnology Co., Ltd., which focuses on AI in medical imaging and has developed the world's largest general-purpose medical imaging foundation model, iMedImageTM [2][3]. Group 1: Company Overview - Hangzhou Deshi Biotechnology was established in 2016 and specializes in the medical imaging AI industry [2]. - The proprietary iMedImageTM model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, including reproductive health and hematological malignancies [2]. Group 2: Product Offerings - Based on the iMedImageTM model, the company provides a comprehensive end-to-end AI medical imaging solution that includes "foundation model - smart medical devices - reagents and consumables - large model services" [3]. - The core product, AI AutoVision®, is expected to be the world's first AI-driven chromosome karyotype analysis auxiliary diagnostic system [4]. - The company has developed a complete automated chromosome analysis pipeline, including systems for sample preparation and reporting [4]. Group 3: Market Position - As of June 21, 2025, Deshi Biotechnology's product portfolio includes three types of reagents and six types of consumables registered as Class II medical devices, along with 18 types of Class I medical device filings [5]. - According to Frost & Sullivan, the company holds the number one position in China's chromosome karyotype analysis market with a market share of 30.6% based on projected sales revenue for 2024 [6]. Group 4: Financial Performance - The company's revenue for 2023 and 2024 is projected to be 52.84 million yuan and 70.35 million yuan, respectively, with gross margins of 71.0% and 65.5% [7]. - As of the last round of equity transfer before the IPO, the company's valuation stands at 2.56 billion yuan [8]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for the R&D and commercialization of AI AutoVision® and other iMedImageTM AI analysis system candidates, enhancing the foundation model and AI technology, and expanding global market presence [8].

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].