文/陈岩鹏 我猜中了开头，可是我猜不着这结局。 ——紫霞仙子，《大话西游》 都说人生如戏，可资本市场这出戏，有时候连编剧都不敢这么写。 紫霞仙子那句"我猜中了开头，可是我猜不着这结局"，放在2025年的医疗健康行业，竟成了不少企业和 投资者的真实写照。 话音犹在耳畔，可2025年的结局却让人唏嘘：精确科学被雅培高价收购，诺辉健康却因财务造假黯然退 市，老朱也早早地"下课"了。 你说讽刺不讽刺？曾经被誉为"癌症早筛第一股"的明星企业，上市不到四年时间就从神坛跌进泥潭。更 绝的是，退市队伍里还不孤单——江苏吴中等一批公司排队跟上，造假手法如出一辙：虚增收入、虚构 利润。 好在监管这次没手软，"造假即退市，退市必追责"成了常态。这也好，市场从来不怕洗牌，怕的是洗不 干净。劣币出清，良币才有空间。只是苦了那些当年冲着"中国版神话"冲进去的投资者。 这结局？没猜到吧。 （二） 司美格鲁肽曾经是什么？是资本市场的"许愿池"，是诺和诺德的股价永动机。分析师们把它捧成解决人 类肥胖问题的终极答案，仿佛一针下去，脂肪变黄金。 可惜，神坛的台阶果然是滑的。2025年末到2026年初，价格战率先开打——曾经卖成奢侈品的减肥针， 在 ...

《2025版上海市体检人群抽样健康报告》 "体检报告牵涉到隐私，每个人通常只知道自己的健康状况，并不知道整体人群的情况。通过大样本的 分析则能知道：体检到底有没有用。" 在12月17日爱康集团与智通财经联合发布《2025版上海市体检人 群抽样健康报告》(以下简称《上海健康报告》)的现场，爱康集团首席执行官张黎刚说道。 会上，张黎刚指出：这是爱康集团第三次针对上海市体检人群发布健康"成绩单"，旨在通过科学数据揭 示上海市民的健康状况与潜在风险，以提醒其及时关注自身健康问题和疾病防控的重点。 《上海健康报告》围绕性别和年龄分布、癌症随访统计分析等9个统计维度及心血管类体检异常结果、 代谢和内分泌类体检异常结果等23项具体异常指标展开了深度分析。统计发现，前列腺异常、甲状腺结 节、脂肪肝、体重指数(BMI)增高、乳腺结节、颈动脉异常、总胆固醇(TC)增高这7项异常已连续五年呈 上升趋势。 1、体检首要还是要关注癌症风险 国家癌症中心的统计显示，我国癌症总体发生率约为3.4‰，相当于每千人中就有超过3名新发癌症患 者。目前，多数患者是在出现症状后才被确诊，而在无症状阶段主动发现癌症的比例仍较低，且多为偶 然。 《上海 ...

Core Viewpoint - The article discusses the challenges faced by Wuhan Aimesen Life Technology Co., Ltd. (Aimesen) as it prepares for its IPO on the Hong Kong Stock Exchange, highlighting its low revenue, significant losses, and the discrepancies between its product claims and regulatory definitions [1][2][14]. Company Overview - Aimesen was founded in 2015 by Zhang Lianglu, a 27-year-old doctor, aiming to focus on cancer early screening through in vitro diagnostics [2][3]. - The company has submitted its IPO application to the Hong Kong Stock Exchange, presenting its business story to the public for the first time [1]. Financial Performance - Aimesen's annual revenue has remained below 10 million yuan, with reported revenues of 623.3 million yuan, 723.8 million yuan, and 651.3 million yuan for 2023, 2024, and the first half of 2025, respectively [3]. - The company has incurred net losses significantly exceeding its revenue, with losses of 67.92 million yuan, 38.63 million yuan, and 13.91 million yuan during the same periods [3]. Market Context - The cancer early screening market has shown promise, with a compound annual growth rate of over 15% in China's tumor molecular testing market [4]. - Aimesen has developed multiple cancer early screening products, with five receiving Class III medical device registration from the National Medical Products Administration [4]. Product Development and Competition - Aimesen's core products include "Aixin Gan" for liver cancer and "Aiguang Le" for urinary tract cancer, but the company faces competition from other products that have been on the market since 2015 [5]. - The revenue contribution from Aimesen's main product, "Aichang Kang," has decreased from 72.3% in 2023 to 21.8% in the first half of 2025, indicating a shift in its revenue structure [6]. Funding and Investment - Aimesen received initial funding from government support and private investors, including a significant investment from A-share listed company Capbio [7][8]. - The company's valuation has increased significantly over the years, reaching approximately 1.2 billion yuan after multiple funding rounds [8][9]. Related Transactions and Financial Relationships - Aimesen has a high level of related party transactions, with significant receivables from related parties, primarily short-term loans to its founder, Zhang Lianglu [10][11]. - Aimesen's largest customer is its own subsidiary, Wuhan Aino Medical Laboratory, which has contributed a substantial portion of its revenue [11]. Regulatory and Market Challenges - Aimesen's products are classified as "auxiliary diagnostic" rather than "screening," which limits their market potential and usage scenarios [14][15]. - The regulatory landscape for cancer screening products is becoming stricter, with new guidelines requiring clinical trials for products aimed at asymptomatic populations [16].

Core Viewpoint - The article discusses the journey of Aimesen, a cancer early screening company founded in 2015, highlighting its struggles with revenue and regulatory challenges as it prepares for an IPO in Hong Kong after ten years in the industry [1][2]. Company Overview - Aimesen was founded by Zhang Lianglu, a 27-year-old doctor, with the aim of focusing on cancer early screening through innovative diagnostic technologies [2][4]. - The company has developed multiple cancer screening products, with five receiving regulatory approval in China and seven obtaining EU certification [6]. Financial Performance - Aimesen's revenue has remained below 10 million yuan, with reported revenues of 623.3 thousand yuan in 2023, 723.8 thousand yuan in 2024, and 651.3 thousand yuan in the first half of 2025 [4][10]. - The company has faced significant net losses, amounting to 67.92 million yuan in 2023, 38.63 million yuan in 2024, and 13.91 million yuan in the first half of 2025 [4]. Market Context - The cancer molecular detection market in China has been growing at a compound annual growth rate of over 15%, driven by the limitations of traditional screening methods [5]. - Aimesen's competitors, such as Fan Shengzi and Ran Shi Medical, have successfully gone public and reported substantial revenues, contrasting Aimesen's slower progress [4]. Regulatory Challenges - Aimesen's products are classified as "diagnostic" rather than "screening" by regulatory authorities, which limits their market potential [13][14]. - The company has faced increasing regulatory scrutiny, with new guidelines requiring more rigorous clinical trials for cancer screening products [14]. Internal Financial Relationships - A significant portion of Aimesen's revenue comes from related party transactions, particularly with Wuhan Aino Medical Laboratory, which is controlled by Zhang Lianglu [10][11]. - The company has provided low-interest loans to Zhang Lianglu, which raises concerns about financial transparency and potential conflicts of interest [10][11]. Strategic Partnerships - Aimesen has benefited from early government support and investments from companies like Cap Bio, which has helped it navigate financial challenges and expand its product offerings [7][8]. - The company is actively pursuing partnerships with hospitals and seeking insurance coverage for its products to enhance market access [14].

Core Viewpoint - Nohow Health has retained its core asset despite its delisting from the Hong Kong stock market, as it successfully renewed the medical device approval for its cancer screening product, Changweiqing, which is the first of its kind approved in China [1][2]. Group 1: Product Approval and Market Position - The "KRAS gene mutation and BMP3/NDRG4 gene methylation and fecal occult blood combined testing kit" (Changweiqing) received medical device approval, allowing Nohow Health to continue selling this product until November 2025 [2]. - Changweiqing utilizes fluorescence PCR technology and colloidal gold technology to detect mutated nucleic acid substances and hemoglobin in fecal samples, targeting high-risk populations aged 40 to 74 for colorectal cancer screening [2]. Group 2: Sales Performance - From 2020 to 2022, the revenue from Changweiqing increased from 70.6 million to 356 million yuan, with a gross margin rising from 66.9% to 83.4% [3]. - The sales volume of Changweiqing grew from 162,100 units in 2020 to 361,400 units in 2022 [3]. Group 3: Financial Scrutiny and Challenges - In August 2023, CapitalWatch released a short-selling report alleging serious financial fraud by Nohow Health, claiming inflated sales figures and excessive inventory [4]. - The report indicated that in 2022, Changweiqing was sold in approximately 26 public medical institutions, with an estimated annual sales revenue of about 3 million yuan, significantly lower than reported figures [4][7]. - CapitalWatch's investigation revealed that the product's actual sales performance in both public and private medical institutions was far below the disclosed financial data [4][7]. Group 4: Investor Concerns and Legal Actions - Following the delisting, investors are focused on how to recover losses, with over 3,216 investors registering claims totaling more than 700 million HKD [9]. - The company is currently seeking suitable liquidators to initiate liquidation proceedings in Hong Kong, despite being registered in the Cayman Islands [10].

中国工程院院士、中国疾控中心主任王健伟在为报告作序时指出，邗江项目为"建立适合我国国情的重 大慢病健康管理模式提供了可落地、可持续、可推广的示范样板"。中国疾控中心慢病中心主任吴静进 一步强调，该项目构建了"医防深度融合"的癌症防控新体系，成功打通了公共卫生与临床服务之间的壁 垒。 基于扬州市邗江区的实践基础，2024年4月，《中国社区居民结直肠癌筛查专家共识》正式发布，为全 国开展结直肠癌筛查提供了技术规范和实践指南。邗江项目的成功，不仅验证了"技术+体系"双轮驱动 模式的可行性，也为早筛产品从"临床可用"走向"场景适用"提供了经验。 新京报讯（记者王卡拉）在近日召开的中国慢性病防控大会上，《扬州市邗江区结直肠癌筛查民生工 程》三年总结报告正式发布。报告显示，2021至2023年期间，该区累计为约20万名40–74岁户籍居民提 供免费结直肠癌筛查，共检出结直肠癌120例、癌前病变腺瘤1942例、肠息肉859例，实现了疾病的早期 发现与及时干预，探索出一条适合中国基层的肠癌筛查路径。 在我国结直肠癌发病率和死亡率持续上涨的背景下，癌症早筛行业正迎来政策、技术与市场的三重共 振。数据显示，2022年我国结直肠癌 ...

Core Viewpoint - Abbott's acquisition of Exact Sciences for $21 billion marks a significant move into the growing multi-cancer early detection market, aiming to enhance its diagnostic business and capitalize on the success of Exact Sciences' flagship product, Cologuard [2][4]. Group 1: Acquisition Details - Abbott announced a cash acquisition of Exact Sciences for $21 billion, with a per-share price of $105, representing a nearly 22% premium over the previous closing price [2]. - This acquisition is Abbott's largest since the $25 billion purchase of St. Jude Medical in 2017, with an estimated enterprise value of $23 billion for Exact Sciences [2]. - The deal is expected to be financed through existing cash and debt, with anticipated annual synergies of approximately $100 million post-transaction completion in Q2 2026 [2]. Group 2: Market Context and Performance - Exact Sciences reported impressive financial results, with Q3 2025 revenue of $851 million, a 20% year-over-year increase, and screening business revenue of $666 million [4]. - The global cancer screening market is projected to grow from $172.3 billion in 2022 to $293.6 billion by 2030, with a compound annual growth rate of about 7% [5]. - Abbott's diagnostic business growth was only 0.4% in Q3 2025, significantly lower than the 17% growth in its medical device segment, highlighting the strategic importance of this acquisition [4]. Group 3: Strategic Implications - The acquisition is seen as a strategic necessity for Abbott's diagnostic business, providing a complete product ecosystem that covers the entire cancer care cycle from screening to monitoring [4][5]. - Exact Sciences' products, including Cologuard and Cancerguard, will benefit from Abbott's extensive global network, facilitating international market expansion, particularly in regions with low penetration [5]. - The acquisition is expected to reshape the competitive landscape of the global cancer early detection industry, potentially increasing Abbott's diagnostic revenue to over $11 billion annually [5]. Group 4: Industry Challenges in China - The Chinese early screening market faces significant challenges, particularly the lack of a supportive payment system, which hampers the adoption of cancer screening technologies [6][8]. - Unlike the U.S., where Cologuard is largely covered by insurance, Chinese policies currently do not support non-treatment cancer screening under national insurance, limiting market growth [6]. - The industry is undergoing a consolidation phase, with companies like NuoHui Health facing severe financial difficulties, highlighting the need for robust product offerings and sustainable business models [7][8].

Core Insights - Abbott is nearing a deal to acquire Exact Sciences Corp for over $13 billion, with an announcement expected soon, causing Exact Sciences' stock to surge nearly 25% in a single day [1] - Exact Sciences reported strong financial performance, with Q3 2025 revenue of $850.7 million, a 20% year-over-year increase, and an adjusted net profit of $48 million, exceeding market expectations [1][2] Financial Performance - For the full year 2024, Exact Sciences achieved total revenue of $2.759 billion, a 10% increase year-over-year, with core screening business revenue of $2.104 billion, up 13% [2] - The company raised its full-year revenue guidance for 2025 to $3.22 billion - $3.24 billion, reflecting a 2.2% increase from previous estimates [2] Financial Health - Exact Sciences has a strong financial position with $789 million in cash and $214 million in marketable securities, and total liabilities of $2.32 billion [3] - The company has optimized its debt structure by converting high-interest debt into lower-rate bonds, reducing interest expenses [3] - R&D expenses reached $117.3 million in Q3 2025, representing a consistent investment of 17%-37% of revenue over the past five years [3] Core Product - Exact Sciences' flagship product, Cologuard, dominates the colorectal cancer screening market, having completed 20 million tests since its launch in 2014 [4] - The screening business, primarily driven by Cologuard, accounts for over 80% of the company's revenue, with Q3 2025 screening revenue of $666.2 million, a 22% increase [4] Acquisition Rationale - The acquisition of Exact Sciences is a strategic move for Abbott to enhance its diagnostics business, which has seen only 0.4% organic growth compared to 17.2% growth in its medical devices segment [5][6] - Analysts note Abbott's financial capability to support large acquisitions, with a leverage ratio of 1.3 and annual free cash flow of $7 billion, theoretically allowing for a $30 billion acquisition [6] - If completed, this acquisition could reshape the competitive landscape of the cancer screening industry and accelerate the adoption of early cancer screening technologies [6]

Core Viewpoint - Nohui Health, once hailed as the "first stock for cancer early screening," has been forcibly delisted from the Hong Kong Stock Exchange due to financial fraud allegations, marking a significant collapse in both capital and industry trust [1][2]. Company Overview - Founded in 2015 in Hangzhou, Nohui Health aimed to provide at-home early screening for colorectal and gastric cancers, allowing users to collect stool samples without hospital visits [2]. - The company went public on the Hong Kong Stock Exchange in 2021, with its stock price peaking at 89.65 HKD and a market capitalization exceeding 40 billion HKD [2]. Financial Performance - Nohui Health reported impressive financial figures, with 2022 revenue at 765 million CNY, a year-on-year increase of 259.5%, and 2023 H1 revenue at 823 million CNY, surpassing the entire revenue of 2022 [4]. - However, a short-selling report in August 2023 revealed significant discrepancies, claiming the actual sales for 2022 were only 76.95 million CNY, a ninefold difference from reported figures [4]. Management and Governance Issues - Following the allegations, Nohui's management denied the claims, but by March 2024, Deloitte refused to endorse the financial statements, leading to a critical loss of credibility [5]. - The company faced a series of executive departures, including the resignation of founder Zhu Yeqing as CEO, and was ultimately placed into liquidation by the Cayman Islands court in 2025 [5][6]. Investor Impact - Over 4,300 investors have reported losses exceeding 700 million HKD, with many seeking legal recourse against the company [6]. - The stock's value plummeted from 14.14 HKD at the time of suspension to effectively zero, reflecting significant investor losses [5][6]. Industry Implications - The scandal has raised concerns about the integrity of the cancer early screening industry, which has the potential to reduce mortality rates significantly if conducted ethically [7]. - Nohui's fraudulent practices, including purchasing fecal samples from sanitation workers to inflate testing volumes, have severely undermined trust in the sector [7][8].

Core Viewpoint - MIRXES-B (02629) has been officially included in the Hang Seng Composite Index and Hong Kong Stock Connect as of September 8, 2025, which is expected to attract significant southbound capital attention and allocation, providing additional upward momentum for the company's stock price [1] Group 1: Market Position and Product Advantage - The company is a global pioneer in gastric cancer early screening, possessing first-mover advantages and technological barriers [1] - The core product GASTROClear is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening, having achieved commercialization in markets such as Singapore and Thailand, and received "breakthrough medical device" designation from the US FDA [1] - The company has over ten years of R&D accumulation in miRNA technology and a strong patent portfolio, including 27 approved patents and 63 pending patent applications, positioning it favorably in the non-invasive cancer early screening market, particularly in Asia where gastric cancer is prevalent [1] Group 2: Revenue Growth and Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be $0.27 billion, $0.41 billion, and $0.75 billion, respectively, with year-on-year growth rates of 30.84%, 55.14%, and 81.32% [1] - In the first half of 2025, the revenue from the "early detection and precision multi-omics" division increased by 50% year-on-year to $10.5 million, driven primarily by GASTROClear and LUNGClear [1] Group 3: Product Pipeline and Future Growth - The company has a clear product pipeline supported by its mature miRNART-qPCR technology platform, with ongoing development of screening products for colorectal cancer (CRC-1), liver cancer (LV-1), and breast cancer (BC-1), as well as a multi-cancer screening project (CADENCE) [2] - LUNGClear has been commercialized as an LDT service in Southeast Asia and Japan, while CRC-1 is expected to complete prototype design and initiate commercialization in Southeast Asia by the second half of 2025 [2] - The pipeline for liver cancer (LV-1) and breast cancer (BC-1) is in early development stages, and the CADENCE project has initiated large-scale clinical research, providing long-term growth potential for the company [2] Group 4: Integrated Industry Capability - The company has established an integrated platform covering R&D, production, and commercialization, creating high barriers and cost advantages [3] - With two cGMP-compliant production facilities in Singapore and China, the company has an annual total capacity of approximately 590,000 tests, ensuring product quality and stable supply while effectively controlling costs [3] - The gross margin for the first half of 2025 increased by 18.8 percentage points to 67.8%, laying a solid foundation for future market competition and profit release [3]