据港交所网站披露，7月3日，微脉公司（以下简称"微脉"）更新招股书，向港交所主板递交上市申请。 招商证券国际、德意志银行为联席保荐人。 "推进IPO进程是我们推动医疗行业效率的最大助力之一，主要为了提升我们的AI医疗能力及扩大其应 用场景、加速全病程管理的普及化、扩大我们的医疗健康管理生态圈及拓展其他相邻业务线等。公司相 信通过IPO能够吸引更多的投资者，共同推动公司的长期发展，提升公司的市场竞争力。"微脉相关人 士对《证券日报》记者如此表示。 近三年持续亏损 招股书显示，微脉收入主要来自三个业务板块：全病程管理服务、医疗健康产品销售和保险经纪服务。 2024年，微脉全病程管理收入为4.7亿元，占比为72%；来自医疗健康产品销售收入为1.26亿元，占比为 19.4%；保险经纪业务收入为5626万元，占比为8.6%。 2022年至2024年，微脉营收分别为5.12亿元、6.28亿元、6.53亿元，毛利分别为0.88亿元、1.18亿 元、-1.29亿元，年内亏损分别为4.14亿元、1.50亿元、1.93亿元。 毛利率较低 资深人工智能专家、中国电子商务专家服务中心副主任郭涛对《证券日报》记者分析称，目前微脉尚未 ...

Core Viewpoint - MicroMed, an AI full-cycle management service provider, has submitted its listing application to the Hong Kong Stock Exchange, indicating its growth and expansion in the healthcare sector [1]. Company Overview - MicroMed has established deep collaborations with 157 public hospitals and partnered with over 4,700 healthcare institutions, serving approximately 500,000 patients in full-cycle health management [2][4]. - The company has received investments from notable institutions and local government funds, indicating strong backing and confidence in its business model [4]. Financial Performance - MicroMed's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.12 billion, RMB 6.28 billion, and RMB 6.53 billion respectively, showing steady growth despite ongoing investments in marketing, technology, and service operations [4][6]. - The revenue structure indicates that approximately 70% of income comes from full-cycle management services, with other sources including health product sales and insurance brokerage [6][7]. Business Model - The primary revenue source is from individual patients, showcasing the potential for scalable income through service fees [5][8]. - MicroMed's full-cycle management model addresses the urgent need for continuous medical services beyond hospital visits, enhancing patient care and satisfaction [10][11]. AI Integration - AI technology is a cornerstone of MicroMed's operations, with the CareAI platform enhancing service delivery across all stages of patient management [12][17]. - The platform supports various functions, including pre-diagnosis, in-treatment support, and post-treatment follow-ups, significantly improving efficiency and patient engagement [16][17]. Operational Strategy - MicroMed aims to expand its hospital network and deepen existing collaborations, focusing on customized operations and maintaining service quality across different locations [18][19][20]. - The company has implemented measures to control operational costs, leading to a decrease in sales and distribution expenses as a percentage of revenue over the years [21]. Future Growth Potential - MicroMed is diversifying its revenue streams by expanding into insurance brokerage and health product sales, leveraging its established patient base to meet unmet healthcare needs [22].

6月27日，微脉公司向港交所提交上市申请书，联席保荐人为招商证券（香港）有限公司和德意志证券亚洲有限公司。 微脉成立于2015年，总部位于杭州，致力于运用AI赋能医疗服务行业，链接医院、医生及患者，重构医院的医疗服务价值链。截至最后实际可行日期， 微脉与中国157家医院合作提供患者端全病程管理服务，在每家医院设立专门的微脉全病程管理中心。 在过去的数年时间，微脉先后完成了6轮融资，源码资本、元璟资本、微光创投、经纬创投、IDG资本、百度资本在内的投资方纷纷加注，部分投资方更 以多轮跟投的方式持续陪跑。 年营收超6亿，服务超过4700家医院及医疗机构 微脉的历史可追溯至2013年，彼时微脉技术在中国成立，创始人裘加林怀揣"让医疗健康服务不再难"的初心，将目光锁定在全病程管理这一细分领域，并 于2015年推出移动应用程序"微脉"。 来源：招股书截图 据招股书，微脉专注于AI全病程管理服务。2021年，微脉推出基于AI赋能数字疗法的全流程健康管理平台；2023年，公司开发了AI医疗管理平台——采 用M.A.S.（多智能体系统）及MoM（混合模型）架构的CareAI，通过真实世界数据训练MoM自适应AI架构，提升在临 ...