当"AI+医疗"成为资本市场最富想象力的赛道之一，一家以此为内核的精准诊断龙头正式叩响港交所大门。12月21日，吉因加科技（以下简称：吉因加）向 港交所主板递交上市申请，以其在中国精准诊断市场第三的行业地位，试图向投资者讲述一个关于 "数据壁垒、全链条平台与AI驱动" 的成长故事。 营收波动后企稳 经调整亏损大幅收窄 招股书显示，吉因加是中国精准医疗领域稀缺的"AI+多组学"全链条平台型公司。其核心投资逻辑在于，通过自主研发的一体化技术架构，将高通量测序 （N组学）、生物信息学与人工智能深度结合，实现了从生物标志物发现、验证、产品开发到商业化落地的闭环。这使其显著区别于仅聚焦于诊断服务、试 剂销售或单一环节分析的竞争对手。 公司的核心竞争壁垒体现在，其一数据护城河，运营着行业最早的大规模多组学基线数据库之一，为AI模型的训练与迭代提供了不可或缺的燃料。其二技 术一体化优势，其"组学工厂-生物信息云-大模型与智能体"架构，实现了工作流的全流程AI覆盖，提升了研发效率和标志物发现的原创性。其三全链条平台 验证，其MRD（微小残留病灶）检测产品已进入国家药监局创新医疗器械特别审查程序，有望成为国内首款商业化MRD试 ...

Group 1 - The core viewpoint of the article emphasizes the need for investors to adapt to the rapidly changing landscape of 2025, focusing on long-term investment strategies amidst uncertainty [2] - The investment philosophy of the company is to find "certainty cuts" in uncertainty, leveraging long-termism to hedge against short-term fluctuations [3][22] - The company has invested in over 600 enterprises, focusing on the integration of "people, events, time, and value" in its investment logic [3][22] Group 2 - The success of DeepSeek is attributed to the resonance between technological iteration and scene demand, highlighting the importance of focusing on specific verticals rather than general models [4][5] - The company is shifting its focus from general AI models to application-based companies that can encapsulate large model capabilities into SaaS tools and niche models trained with industry data [6] - The company emphasizes the need for local governments to move away from "policy following" thinking and instead foster an ecosystem that supports innovation and collaboration [7] Group 3 - The company identifies three key traits in young entrepreneurs: obsessive focus, technical originality from 0 to 1, and rapid error correction ability [8] - The company sees high certainty in three sectors for 2025: AI in the real economy, synthetic biology, and the silver economy [9] - The company advises entrepreneurs to focus on single-point breakthroughs, bind to industry chains, and prioritize cash flow management [10][11] Group 4 - The company is restructuring its fundraising strategy, with government-guided funds now accounting for over 70% of its LP structure, aiming for precise matching with strong industrial cities [12] - The exit strategy is evolving from "betting on IPOs" to a more diversified approach, including mergers and acquisitions [13][14] - The company predicts a strong year for hard tech IPOs, with over 10 companies in semiconductor, AI, and biomedicine expected to reach a market value of over 10 billion [25] Group 5 - The company believes that consumer investment is diversifying, focusing on new domestic products and aging population needs [17] - The company sees structural opportunities in cross-border investments, particularly in Southeast Asia and the Middle East [25][20] - The investment logic of the company is centered around identifying "unicorn" companies with high growth potential and ensuring exit strategies are in place [22]