Core Viewpoint - WeiMai Inc. (微脉) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage AI in the healthcare sector to enhance service delivery and patient management [1][3]. Company Overview - WeiMai was established in 2013 and has undergone six rounds of financing and asset restructuring since its inception [1][3]. - The company focuses on connecting hospitals, doctors, and patients through AI technology, covering the entire health management process from pre-treatment to post-treatment [3]. - The registered capital of WeiMai is approximately 51.72 million RMB, with key shareholders including Qiu Jialin and Zhejiang Yuhang Transformation and Upgrade Industry Investment Co., Ltd. [3][4]. Financial History - WeiMai has completed several financing rounds, including: - A round of $6.75 million in 2016 - B round of $17.05 million in 2016 - B+ round of $27.3 million in 2018 - C round of approximately $57.13 million in 2019 - D round of $75 million in 2020 - D+ round of $5.175 million and 120 million RMB in 2023 [4][6]. - The pre-money valuation for the D+ round was approximately $559.25 million [4]. Revenue and Losses - WeiMai's revenue for 2022, 2023, and 2024 is projected to be approximately 512 million RMB, 628 million RMB, and 653 million RMB, respectively [10]. - Gross profit for the same years is estimated at around 88.23 million RMB, 118.3 million RMB, and 129.72 million RMB, with net losses of approximately 414.32 million RMB, 149.56 million RMB, and 193.11 million RMB [10]. - The adjusted net losses according to non-IFRS measures are projected to be about 233.26 million RMB, 99.11 million RMB, and 30.20 million RMB for the respective years [10]. Revenue Structure - The majority of WeiMai's revenue comes from full-course management and medical health product sales, contributing approximately 396 million RMB, 437 million RMB, and 470 million RMB, accounting for 77.3%, 69.7%, and 72.0% of total revenue [11].

Core Viewpoint - 微脉, a leading provider of full-course management services in China, has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage AI in healthcare and expand its service offerings [1][3]. Company Overview - Founded in 2013 and headquartered in Hangzhou, 微脉 focuses on utilizing AI to enhance healthcare services, connecting hospitals, doctors, and patients [3]. - The company has established partnerships with 157 hospitals, providing comprehensive management services across over 80 medical specialties, including obstetrics, gynecology, pediatrics, and oncology [4]. Financial Performance - 微脉's revenue grew from 5.12 billion CNY in 2022 to 6.53 billion CNY in 2024, while adjusted net losses decreased significantly from 4.14 billion CNY to 1.93 billion CNY during the same period [5]. - Full-course management services accounted for 72% of total revenue in 2024, with income from this segment increasing steadily [5]. Investment and Valuation - The company has raised funds through six financing rounds, attracting investments from notable firms such as Source Code Capital and IDG Capital, achieving a post-investment valuation of approximately 5.59 billion USD (around 40.05 billion CNY) [7][6]. - As of the end of 2024, 微脉's cash and cash equivalents were reported at 36.14 million CNY, with net current liabilities increasing over the years [9][10]. Future Plans - The proceeds from the IPO are intended to enhance AI capabilities, expand full-course management services, and strategically invest in companies with competitive advantages in specific medical specialties [11].