Core Viewpoint - MicroPulse has submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its AI medical capabilities and expand its healthcare management ecosystem, while attracting more investors for long-term development [1] Financial Performance - MicroPulse has reported continuous losses over the past three years, with revenues of 5.12 billion, 6.28 billion, and 6.53 billion yuan for 2022, 2023, and 2024 respectively, and net losses of 4.14 billion, 1.50 billion, and 1.93 billion yuan for the same years [2] - The company's revenue is primarily derived from three segments: full-course management services (72% of revenue), medical health product sales (19.4%), and insurance brokerage services (8.6%) for 2024 [2] Business Strategy - MicroPulse has developed a clear strategy to achieve profitability, focusing on controlling operational costs, particularly in sales and distribution, and leveraging government policies and AI technology to streamline processes [3] - The company aims to create a sustainable and diversified revenue model by expanding into adjacent fields such as insurance brokerage and medical health product sales, enhancing patient engagement and lifetime value [3] Gross Margin Analysis - MicroPulse's gross margin has been below 20% for three consecutive years (17.2%, 18.9%, and 19.9% from 2022 to 2024), attributed to strategic pricing and the initial phase of its business layout [4] - The company believes that while low gross margins may impact short-term performance, they will lead to a more stable customer base and sustained revenue in the long run [4] Competitive Landscape - The digital health sector is competitive, with listed companies such as Beijing New Oxygen Technology, Alibaba Health, JD Health, and Dingdang Health, alongside numerous unlisted firms also entering the market [5] Market Potential - MicroPulse is seen to possess unique advantages and growth potential, with the IPO expected to provide additional funding to solidify its business layout and scale operations towards profitability [6]

Core Viewpoint - 微脉公司 is seeking to go public on the Hong Kong Stock Exchange, focusing on AI-enabled healthcare services and full-cycle patient management, with significant growth potential in the healthcare management market in China [1][5]. Company Overview - 微脉 was founded in 2015 and is headquartered in Hangzhou, specializing in AI-driven healthcare services that connect hospitals, doctors, and patients [1]. - The company has partnered with 157 hospitals to provide full-cycle management services and has established management centers in each hospital [5]. Financial Performance - Revenue for 微脉 was approximately RMB 5.12 billion in 2022, projected to increase to RMB 6.28 billion in 2023 and RMB 6.53 billion in 2024, indicating a growth trajectory [2][3]. - The company reported losses of RMB 4.14 billion in 2022, narrowing to RMB 1.50 billion in 2023, and projected to be RMB 1.93 billion in 2024, reflecting a shift from aggressive expansion to efficiency improvement [2][3]. Revenue Structure - In 2024, the revenue breakdown is expected to be 72.0% from full-cycle management services, 19.4% from healthcare product sales, and 8.6% from insurance brokerage services [3][4]. Market Potential - The full-cycle management market in China is projected to grow from RMB 163 billion in 2020 to RMB 614 billion by 2024, with a compound annual growth rate (CAGR) of 39.3% [5]. - By 2030, the market is expected to reach RMB 3,654 billion, indicating substantial growth opportunities [5]. Investment and Valuation - 微脉 has attracted significant investment from notable firms, achieving a valuation of USD 559 million after its D+ round of financing [6][9]. - The company plans to use IPO proceeds to enhance AI capabilities, expand services, and pursue strategic investments or acquisitions [9].