Company Overview - On June 30, 2023, the company, Shanghai Magnesium Health Technology Group Co., Ltd., submitted its prospectus to the Hong Kong Stock Exchange for an IPO, with Goldman Sachs (Asia), CICC, and HSBC as joint sponsors [1] - Established in 2017, the company is the largest pharmaceutical multi-payment platform in China, aiming to address financing and payment challenges faced by patients, insurers, and pharmaceutical companies [1] - The company leverages AI technology to reconstruct the medical payment ecosystem, achieving collaboration and win-win outcomes among stakeholders in the healthcare system [1] Business Solutions - The company has developed two major industry solutions: - The Smart Drug Solution provides pharmaceutical companies with commercialization services covering the entire product lifecycle, facilitating the entry of innovative drugs into diverse payment channels and enhancing patient management efficiency [1] - The Smart Insurance Solution offers end-to-end support for insurance companies, including actuarial design, pricing consultation, marketing distribution, claims processing, and health management, promoting innovation and operational improvement in health insurance [1] - The company also launched a one-stop service platform called "Yima Zhifu," integrating resources from pharmaceuticals, healthcare, and insurance to provide users with more payment options, ultimately enhancing access to quality medical products and services for patients and their families [1] Market Position and Financial Performance - According to Frost & Sullivan, as of December 31, 2024, the company is the largest provider of innovative drug and device solutions in China, and the largest provider of innovative health insurance solutions by the number of policies served [2] - The company has served approximately 393 million insurance policies and collaborated with over 140 pharmaceutical companies, including 90% of the top 20 global pharmaceutical companies by revenue, and over 90 insurance companies, including 100% of the top 20 insurance companies in China by premium income [2] - In 2024, the company helped approximately 40% of the newly listed innovative Class 1 drugs in China, saving patients around RMB 6.7 billion in out-of-pocket expenses [2] - The company achieved a revenue of RMB 2.035 billion in 2024, with a compound annual growth rate of approximately 38% from 2022 to 2024, indicating sustainable growth potential in its innovative business model [2] Industry Outlook - The Frost & Sullivan report predicts that the market size for innovative drugs and devices in China will grow from RMB 162 billion in 2024 to RMB 410.2 billion by 2030, with a compound annual growth rate of 16.7% [3] - The commercial health insurance market in China is expected to expand from RMB 977.3 billion to RMB 2.36 trillion during the same period, with a compound annual growth rate of 15.8% [3] - This structural growth is supported by the "Healthy China 2030" national strategy, which promotes a multi-tiered medical security system, and aligns with the public's urgent demand for accessible quality healthcare services [3] - The company is positioned within the pharmaceutical multi-payment platform sector, effectively addressing public concerns regarding high medical costs and medication accessibility through AI innovation, aligning its business strategy with industry trends, policy directions, and societal needs [3]