Core Viewpoint - The company, Yipai Yangguang (02522.HK), has announced a placement agreement to issue 35 million shares at a price of HKD 16.76 per share, which represents approximately 13.55% of the existing H-shares and 9.58% of the total issued shares as of the announcement date [1][2]. Group 1 - The placement is expected to raise approximately HKD 586.6 million in total proceeds, with a net amount of about HKD 562.1 million after expenses [2]. - The net proceeds from the placement will be allocated as follows: approximately 40% for the development of data and artificial intelligence in medical imaging, 30% for expanding the medical imaging center business through investments or acquisitions, 20% for establishing an incubation fund for quality healthcare enterprises, and 10% for general working capital [2]. Group 2 - The company aims to deepen its capabilities in data services related to medical imaging by collaborating with leading enterprises in AI and healthcare, as well as major hospitals in China [2]. - The strategic focus includes establishing a data space and creating a convertible imaging center, while also building an investment portfolio in high-quality enterprises within the medical field [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 17 companies, including Deshi Biotech, regarding their overseas listing applications [1] - Deshi Biotech submitted its listing application to the Hong Kong Stock Exchange on June 29, 2025, with Huatai International as the sole sponsor [1] - The CSRC requires Deshi Biotech to clarify its business scope and whether it involves any foreign investment restrictions, particularly in areas like human stem cells and gene diagnosis and treatment [1][2] Group 2 - Deshi Biotech's iMedImage is recognized as the world's largest general medical imaging base model and has achieved commercialization [2] - 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 [2] - The solutions provided by iMedImage significantly reduce R&D costs and time to market, addressing uneven distribution of medical resources and improving diagnostic efficiency [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 17 companies, including Deshi Biotech, regarding their overseas listing applications [1][2] - Deshi Biotech submitted its listing application to the Hong Kong Stock Exchange on June 29, 2025, with Huatai International as the sole sponsor [1] - The CSRC has requested Deshi Biotech to clarify its business scope and whether it involves any foreign investment restrictions, particularly in areas like human stem cells and gene diagnosis and treatment [1][2] Group 2 - Deshi Biotech's proprietary iMedImageTM is recognized as the world's largest general medical imaging base model and has been commercialized successfully [2] - The iMedImageTM model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, enhancing diagnostic efficiency and addressing uneven distribution of medical resources [2] - The company focuses on AI solutions for medical imaging, which significantly reduce R&D costs and time to market, providing scalable innovative pathways for smart healthcare [2]

Core Viewpoint - Hangzhou Deshi Bio is leading the AI medical diagnosis sector with its self-developed iMedImage universal medical imaging model, aiming for an IPO in Hong Kong with a valuation of 2.56 billion yuan after the latest funding round [1] Group 1: iMedImage Model and Market Potential - iMedImage is designed to address the challenges in the medical imaging market, which is projected to reach 180 billion yuan in China by 2030, with AI in medical imaging being one of the fastest-growing segments globally [1][5] - The model significantly reduces development time from the industry average of 3-5 years to under 60 days and cuts AI R&D costs by over 90% [1][3] - The model's architecture allows for the creation of specialized models with only 200 image samples, drastically lowering data requirements compared to traditional methods [3] Group 2: Competitive Advantages and Innovations - iMedImage provides a comprehensive solution that includes six AI analysis systems, three AI medical devices, and various model services, positioning the company as a leader in the market with a 30.6% share in 2024 [5][6] - The platform supports cross-modal compatibility and can handle 19 types of medical imaging modalities, covering over 90% of clinical scenarios [6] - The accuracy of diagnostic systems using iMedImage has improved from an average of 50% to 99.45%, and the time to generate clinical reports has been reduced from nearly 30 days to just 4 days [6] Group 3: Financial Performance and Growth - The company reported revenues of 52.84 million yuan in 2023 and 70.35 million yuan in 2024, with a 33.1% year-on-year growth in cloud service revenue [7] - The gross margin for products has consistently exceeded 65%, indicating strong market acceptance and technological premium [7] - The net loss for 2024 is projected to be approximately 43.38 million yuan, a reduction of nearly 23% from the previous year, reflecting robust growth momentum [7] Group 4: Future Development and Strategic Goals - The company plans to use the funds raised for the development and commercialization of its core product, AI AutoVision, and further iterations of the iMedImage model [8] - The strategic goal is to transition from an "AI tool provider" to a "full-modal medical AI infrastructure architect," aiming to share AI benefits across all device manufacturers and clinical hospitals [8]

Core Viewpoint - Deshi Biotech has submitted an application for listing on the Hong Kong Stock Exchange, focusing on the AI medical imaging sector, with a leading market share in chromosome karyotype analysis in China [1][2] Company Overview - Founded in September 2016, Deshi Biotech specializes in the AI medical imaging industry and ranks first in the chromosome karyotype analysis field in China with a market share of 30.6% as of 2024 [1] - The company’s main revenue comes from low-tech Class II and I medical devices, while the commercial value of its core AI products remains to be validated [1][2] Market Potential - The AI-driven medical imaging market in China is projected to grow from RMB 100 million in 2019 to RMB 2.4 billion in 2024, with an estimated CAGR of 60.2% from 2024 to 2030, reaching RMB 40.1 billion by 2030 [1][2] Product Analysis - Key products include the iMedImage general medical imaging base model and the AI AutoVision chromosome karyotype analysis system, which is expected to receive Class III medical device registration by the end of 2025 [2][4] - Despite the emphasis on AI products, the majority of revenue is generated from lower "AI content" products [4][6] Financial Performance - Revenue for 2023 and 2024 was RMB 52.84 million and RMB 70.35 million, respectively, with losses of RMB 56.12 million and RMB 43.38 million [10] - The gross margin has significantly declined from 71.0% in 2023 to 65.5% in 2024, primarily due to increased contributions from lower-margin products [10][11] Cash Flow and Financial Health - The company has been experiencing cash flow issues, with cash reserves dropping to RMB 5.57 million by April 2025, raising concerns about its ability to sustain operations [11] - Trade receivables have increased significantly, indicating potential liquidity challenges [11]

Core Viewpoint - The company, Hangzhou Deshi Biotechnology Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange amid challenges in its core business and financial pressures, despite its leading position in the chromosome karyotype analysis market and the potential of its AI-driven diagnostic system AI AutoVision® [1][10][20]. Company Overview - Founded by Dr. Song Ning, who has a strong academic background in computer science and medical genetics, the company has seen significant capital inflow since its establishment in 2016 [2][3]. - As of the latest funding round in June 2025, the company's post-money valuation reached 2.56 billion yuan [4]. Financial Performance - The company has faced declining revenue in its core business, with total revenue projected to reach 70.35 million yuan in 2024, while core business revenue dropped from 43.90 million yuan to 40.84 million yuan [12]. - The gross profit margin has significantly decreased by 19.9 percentage points to 56.7%, with consumables and reagents showing a drastic decline in gross margin from 43.1% to 5.6% [12]. - The company reported net losses of 56.12 million yuan and 43.38 million yuan for 2023 and 2024, respectively, with cash reserves dwindling to approximately 5.57 million yuan by April 2025 [19]. Market Position - Deshi Biotechnology holds a 30.6% market share in China's chromosome karyotype analysis system market, which is projected to grow from 120 million yuan in 2019 to 1.038 billion yuan by 2030 [11][12]. - The company is betting on the iMedImage medical imaging base model, which is expected to contribute significantly to revenue, with a projected market size of 51.9 billion yuan by 2035 [17][18]. Strategic Moves - The company has engaged in various share transfers and buybacks to maintain control, with Dr. Song Ning successfully regaining majority voting rights [3][4]. - Recently, the company sold two subsidiaries for 1 yuan each to streamline operations, raising questions about the financial health of these entities [9][10]. Future Prospects - The success of the AI AutoVision® system is critical for the company's future, as it has received "innovative medical device" recognition and is currently undergoing registration [20].

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].