Core Insights - The article highlights the rapid growth and potential of the AI medical imaging sector, with Deshi Biotechnology Co., Ltd. (Deshi Bio) leading the field and preparing for an IPO in Hong Kong through the 18A process [1][11]. Company Overview - Deshi Bio was founded by Dr. Song Ning, who has a multidisciplinary background in computer science, life sciences, and clinical medicine, and has received significant recognition from the primary capital market [1][2]. - The company has undergone five rounds of financing since its establishment in 2016, achieving a valuation of 2.56 billion RMB [1][3]. Ownership Structure - Dr. Song holds over 50% of the voting rights, with a direct shareholding of 30.04% and control through various investment platforms [3][4]. - The company has seen dilution of shares due to external investments, but Dr. Song has strategically repurchased shares to maintain control [2][4]. Strategic Focus - Deshi Bio is divesting from low-margin businesses to concentrate on its core AI medical imaging operations, reflecting a commitment to high-value areas [5]. - The company has developed a comprehensive ecosystem for AI medical imaging, including innovative products like AutoVision® and MetaSight®, which have received multiple international certifications [7][8]. Market Potential - The AI medical imaging market in China is projected to grow at a compound annual growth rate (CAGR) of 60.2%, with the market size expected to reach 40.1 billion RMB by 2030 [6][7]. - Deshi Bio has achieved a 30.6% market share in the chromosome analysis system sector, positioning itself as a leading player in the industry [8]. Financial Performance - In 2024, Deshi Bio reported revenues of approximately 70.35 million RMB, a year-on-year increase of 33.1%, driven by the growth of its cloud service offerings [9][10]. - The company has improved its gross profit margin to 65.5%, indicating strong profitability potential within the medical device sector [9]. Future Plans - The funds raised from the IPO will be allocated to market promotion and further development of AI products, aiming to transition from an "AI tool provider" to a "full-modal medical AI infrastructure architect" [11][12].

Group 1: Cloud Intelligence Technology - Yunzhisheng officially listed on the Hong Kong Stock Exchange on June 30, 2025, with the stock code "9678," becoming the first AGI stock in Hong Kong [2][5] - The company launched its first large language model, UniCore, based on BERT, and later developed the Shanhai model with 60 billion parameters, achieving significant performance in various evaluations [3][4] - Yunzhisheng's revenue from 2022 to 2024 was 601 million, 727 million, and 939 million CNY, with a compound annual growth rate (CAGR) of 25% [4] Group 2: Ophthalmic Biotechnology - Bokan Shiyun officially listed on the Hong Kong Stock Exchange on July 3, 2025, with the stock code "2592" [6] - The company focuses on developing differentiated drugs for major eye diseases using proprietary technology platforms [6] - Bokan Shiyun's core product CBT-001 is undergoing Phase III clinical trials in the US and China, aiming to provide non-invasive treatment for pterygium [6][7] Group 3: GPU Technology - Moore Threads submitted its prospectus for the Sci-Tech Innovation Board on June 30, 2025, focusing on self-developed GPUs for high-performance computing [8][9] - The company has achieved significant breakthroughs in GPU technology, with products nearing international advanced levels [10] - Revenue from 2022 to 2024 was 46 million, 124 million, and 438 million CNY, with a CAGR exceeding 200% [11] Group 4: Healthcare Payment Solutions - Meixin Health submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, becoming the largest multi-payment platform in China [14][15] - The company has saved patients approximately 6.7 billion CNY in out-of-pocket expenses by the end of 2024 [14] - Revenue from 2022 to 2024 was 1.069 billion, 1.255 billion, and 2.035 billion CNY, with a gross profit margin of 31.1%, 36.8%, and 35.8% respectively [16] Group 5: Industrial Robotics - Yifei Technology submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, focusing on industrial robots for the light industry [19][20] - The company is ranked fifth among domestic suppliers of industrial robots and related solutions in China [20] - As of June 21, 2025, Yifei Technology has over 400 million CNY in hand orders [22] Group 6: AI in Medical Imaging - Deshi Biotechnology submitted its prospectus for the Hong Kong Stock Exchange on June 29, 2025, focusing on AI in medical imaging [42] - The company's iMedImageTM model supports 19 types of medical imaging modalities, covering over 90% of clinical scenarios [43] - Revenue for 2023 and 2024 was 52.84 million and 70.35 million CNY, with gross profit margins of 71.0% and 65.5% respectively [48] Group 7: Antibody-Drug Conjugates - BlissBio Inc. submitted its prospectus for the Hong Kong Stock Exchange on June 29, 2025, focusing on next-generation ADCs for cancer treatment [50][51] - The company has four ADC candidates in clinical stages, with BB-1701 being the leading candidate for treating HER2-positive breast cancer [51][53] Group 8: Integrated Elderly Care Services - Puxiang Health submitted its prospectus for the Hong Kong Stock Exchange on June 30, 2025, focusing on integrated medical and elderly care services [55] - The company is ranked second among integrated elderly care service providers in North China by revenue [56] - Revenue from 2022 to 2024 was 255 million, 422 million, and 500 million CNY [57]

Core Viewpoint - The article discusses the upcoming IPO of Hangzhou Deshi Biotechnology Co., Ltd., which focuses on AI in medical imaging and has developed the world's largest general-purpose medical imaging foundation model, iMedImageTM [2][3]. Group 1: Company Overview - Hangzhou Deshi Biotechnology was established in 2016 and specializes in the medical imaging AI industry [2]. - The proprietary iMedImageTM model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, including reproductive health and hematological malignancies [2]. Group 2: Product Offerings - Based on the iMedImageTM model, the company provides a comprehensive end-to-end AI medical imaging solution that includes "foundation model - smart medical devices - reagents and consumables - large model services" [3]. - The core product, AI AutoVision®, is expected to be the world's first AI-driven chromosome karyotype analysis auxiliary diagnostic system [4]. - The company has developed a complete automated chromosome analysis pipeline, including systems for sample preparation and reporting [4]. Group 3: Market Position - As of June 21, 2025, Deshi Biotechnology's product portfolio includes three types of reagents and six types of consumables registered as Class II medical devices, along with 18 types of Class I medical device filings [5]. - According to Frost & Sullivan, the company holds the number one position in China's chromosome karyotype analysis market with a market share of 30.6% based on projected sales revenue for 2024 [6]. Group 4: Financial Performance - The company's revenue for 2023 and 2024 is projected to be 52.84 million yuan and 70.35 million yuan, respectively, with gross margins of 71.0% and 65.5% [7]. - As of the last round of equity transfer before the IPO, the company's valuation stands at 2.56 billion yuan [8]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for the R&D and commercialization of AI AutoVision® and other iMedImageTM AI analysis system candidates, enhancing the foundation model and AI technology, and expanding global market presence [8].

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1][3]. Company Overview - Deshi Biotechnology focuses on the medical imaging AI industry, with its proprietary iMedImage model recognized as the world's largest general-purpose medical imaging base model and the first commercialized cross-modal medical imaging base model [3][5]. - The iMedImage model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, including reproductive health and hematological malignancies [3][5]. Product Development - The core product, AI AutoVision, is expected to be the world's first AI-driven system for chromosome karyotype analysis, with regulatory approval anticipated from the National Medical Products Administration (NMPA) [5]. - AI AutoVision has completed clinical trials and is set to receive expedited regulatory approval as a Class III innovative medical device [5]. Financial Performance - In the fiscal years 2023 and 2024, the company reported revenues of approximately RMB 52.84 million and RMB 70.35 million, respectively, with losses of RMB 56.12 million and RMB 43.38 million [5][6]. - The gross profit margin for 2023 was 71.0%, which decreased to 65.5% in 2024, indicating a shift in cost structure [6].

2025年1月28日，西班牙AI驱动医学影像公司 Quibim 宣布其完成了 5000万美元（约合3.6亿人民币） 的 A轮融资 ，旨在 通过 AI 驱动的成像生物标志物助力 精准医疗。 该公司在2024年下半年估值大于3亿美元。（思宇MedTech在一档播客中找到的估值数据，不一定准确。）据CEO介绍， 公司客户包括诺华、强 生、默克、飞利浦等大公司以及各种医院。 Quibim 的核心技术基于 医学影像数据的人工智能分析 ，其产品利用 MRI（磁共振成像）、CT（计算机断层扫描）等医疗影像设备获取的数据，通过先进的 AI 算法提取 成像生物标志物（Imaging Biomarkers） ，即影像中可量化的疾病特征。这些标志物包括 肿瘤体积、组织密度、脑萎缩率、脂肪和铁沉积量、 影像纹理特征等 ，能够帮助医生识别疾病的早期变化、评估病情进展，并优化个性化治疗方案。 这笔资金推动了 Quibim 产品管道和基础 AI 模型的扩展，并加速了全球商业增长。 此次融资是 Quibim 的重要里程碑，公司准备应对美国医疗市场的复杂性，同时继续扩大其全球影响力。 # Quibim 产品介绍 Quibim 是一家专注于开发 ...