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“伽玛刀之王”大医集团赴港IPO:产品商业化难掩亏损逐年扩大,IPO前投资者集体套现离场
Hua Xia Shi Bao· 2025-05-31 02:10
Core Viewpoint - Xi'an Deyi Group Co., Ltd. (referred to as Deyi Group) has submitted a new application to the Hong Kong Stock Exchange for an IPO after a four-year hiatus since its last attempt in 2021, which was withdrawn due to unfavorable market conditions and unclear timelines for approval [2][5]. Company Overview - Deyi Group specializes in the research, development, production, sales, and service of innovative radiotherapy equipment, focusing on tumor diagnosis and treatment [5]. - The company holds a leading market share of 75.8% in the gamma knife sector among Chinese companies, but only 4.7% in the overall radiotherapy equipment market [5]. Financial Performance - Deyi Group has experienced increasing losses over the years, with net losses of approximately 43.8 million RMB, 8.4 million RMB, and 17.7 million RMB from 2018 to 2020, and projected losses of 69.78 million RMB and 94.57 million RMB for 2023 and 2024, respectively [5][6]. - Revenue figures for the years 2018 to 2024 show a gradual increase from 95 million RMB to 264 million RMB, with a significant loss in net profit [6][7]. Product and Market Position - The company's core products, CybeRay and TaiChiRT Pro, contribute significantly to its revenue, accounting for 42.0% and 60.6% of total income, respectively [6][7]. - Deyi Group's reliance on a limited number of products is evident, as these two products combined represent 86.5% of total revenue [6]. R&D and Investment - The company has heavily invested in R&D, with expenditures reaching 97.9 million RMB and 113.4 million RMB for 2023 and 2024, which constitutes 76.45% and 81.71% of gross profit, respectively [7][8]. - Deyi Group has undergone seven rounds of financing since its establishment in 2011, raising a total of 1.571 billion RMB, indicating a high cash burn rate compared to its revenue generation [10][11]. Shareholder Dynamics - The company has faced shareholder exits, with several investors selling their stakes prior to the IPO application, which may impact the company's control and market confidence [11][13]. - The concentration of control among family members and associated entities raises concerns about governance and decision-making within the company [12].