Core Insights - A total of 22 financing events were disclosed on June 20, 2025, involving 15 domestic companies and 7 foreign companies, with a total financing amount of approximately 14.189 billion RMB [2] - The enterprise service sector had the highest number of financing events, while the smart technology sector had the highest financing amount [2] - In the healthcare sector, there were 5 financing events involving 3 domestic companies and 2 foreign companies, totaling approximately 1.138 billion RMB [2] Domestic Healthcare Sector - Three domestic healthcare companies received funding, totaling approximately 1.074 billion RMB: - Zhejiang Taide Pharmaceutical completed a 10 million USD Pre-IPO financing, with investors including Weiguang Venture Capital and Shiyao Group [2] - United Imaging Intelligence completed a 1 billion RMB Series A financing, ranking first in all Series A financing this year [2] - Beijian Testing completed a 10 million RMB Series A financing, focusing on biosafety and animal laboratories [2] Foreign Healthcare Sector - Two foreign healthcare companies received funding, totaling approximately 64 million RMB: - SerImmune completed an 8 million USD Series A financing, ranking in the top 50 for Series A financing this year [3] - Droplet IV completed a 2 million USD seed round financing [3]

Group 1 - The company approved the use of up to RMB 200 million of idle raised funds for cash management, ensuring it does not affect the progress and safety of the investment projects [1][2] - The company has redeemed a structured deposit product with a principal of RMB 30 million, earning a financial return of RMB 53,000 [1][2] - As of the announcement date, there are no overdue amounts related to the purchased products, and the balance of raised funds used for purchasing products is RMB 0 [2]

Core Insights - The company Megxin Health has upgraded its flagship product "Yima Direct Payment" to enhance medical services and improve the experience of "paying after treatment" [1] - A new feature called "xiaofu" has been launched, which integrates medical and insurance data to provide comprehensive consultation services [1] Group 1: Product Upgrade - The upgraded "Yima Direct Payment" continues to expand medical services and enhance user experience [1] - The new feature "xiaofu" is designed to cover the entire medical process and the full insurance chain [1] Group 2: Features of xiaofu - "xiaofu" offers multi-dimensional medical consultation services, including drug inquiries, disease information, payment methods, and drug delivery [1] - It also provides intelligent services such as insurance clause interpretation and claims process guidance [1] - The feature leverages advanced data analysis and intelligent calculation capabilities to deliver tailored solutions for users [1]

Company and Industry Summary Company: HIMS Key Financial Performance - Q1 FY25 performance exceeded expectations with revenue of $586 million, a year-over-year increase of 111% (guidance: $520-$540 million) [1] - Net profit reached $49.5 million, up 344.7% year-over-year [1] - Adjusted EBITDA was $91.1 million (guidance: $55-$65 million), representing a year-over-year increase of 181.5% with an adjusted EBITDA margin of 15.5% [1] Core Metrics - Subscription users totaled 2.366 million, a year-over-year increase of 38%, with over 1.4 million users utilizing personalized plans [1] - Monthly ARPU (Average Revenue Per User) was $84, up 52.7% year-over-year [1] - Free cash flow was $50.1 million, a year-over-year increase of 312%, while operating cash flow was $109 million, up 319% year-over-year [1] Future Guidance - FY25 Q2 guidance is below market consensus, with expected revenue of $530-$550 million, a year-over-year increase of 68%-74% [2] - Adjusted EBITDA for Q2 is projected to be $65-$75 million, with an adjusted EBITDA margin of 12%-14% [2] - The company anticipates Q2 to be the lowest point for performance due to a transition of subscription users from semaglutide to alternative products, which will result in a one-time revenue decline [2] - HIMS has established a strategic partnership with Novo Nordisk for semaglutide branding and may collaborate with more pharmaceutical brands in the future [2] Long-term Projections - The company maintains its FY25 guidance with expected revenue of $2.3-$2.4 billion, a year-over-year increase of 56%-63%, and adjusted EBITDA of $295-$335 million, with an adjusted EBITDA margin of 13%-14% [2] - Current valuation stands at 4.4x PS (Price to Sales) [2] - A long-term target for 2030 has been set, aiming for revenue of at least $6.5 billion and adjusted EBITDA of at least $1.3 billion, with a profit margin of 20% [2] Growth Drivers - Growth is driven by an increase in subscription users and an enhancement in user ARPU [4] - Key focus areas include sexual health, dermatology, mental health, weight loss, and new expansions into low testosterone and menopause [4] - Existing products (sexual health, dermatology) aim to improve user retention and reduce customer acquisition costs through the use of structured data and AI technology for personalized solutions [4] Market Outlook - The company’s revenue and adjusted EBITDA CAGR (Compound Annual Growth Rate) are projected at 22.6% and 32.8%, respectively, based on FY25 median estimates [3] - The long-term growth target is considered relatively neutral to conservative, with potential for exceeding expectations [4]

Core Viewpoint - The "Youth Physician Growth Program" aims to enhance the academic and research capabilities of young doctors in response to the "Healthy China 2030" initiative, focusing on clinical research data application and the integration of artificial intelligence in medical practice [1][3][4]. Group 1: Program Overview - The program is a continuous initiative aimed at improving the scientific literacy of young physicians, with participation from 54 top-tier hospitals and 590 young doctors, resulting in over 1,200 quality disease education content pieces published by April 17, 2025 [3][4]. - The program has established a three-tier empowerment system by collaborating with national academic institutions and inviting renowned experts to guide young doctors in public health education [4][6]. Group 2: Technological Integration - The program emphasizes the integration of technology in enhancing the research capabilities of young physicians, leveraging advancements in artificial intelligence, big data, and cloud computing to support medical research [6][7]. - The company has developed a data-driven health science content tool system, utilizing AI and big data to provide a comprehensive health science service platform for users [7]. Group 3: Future Initiatives - Future plans include the "Hundred Thousand" health science initiative, which aims to collaborate with 100 top-tier hospitals and 1,000 young doctors to produce 10,000 quality content pieces, alongside organizing 100 training sessions to enhance research and science communication skills [4][6].

中勤万信会计师事务所（特殊普通合伙） 地址：北京西直门外大街 112 号阳光大厦 10 层 电话：（86-10）68360123 传真：（86-10）68360123-3000 邮编：100044 关于对博爱新开源医疗科技集团股份有限公司 关注函的回复 深圳证券交易所创业版公司管理部： 贵部《关于对博爱新开源医疗科技集团股份有限公司的关注函》（创业板关 注函【2023】第 20 号）收悉，对于贵部询问的有关事项，我所非常重视，经认 真查询，现将核查情况回复如下： 2023 年 1 月 13 日，你公司披露《关于前期股权处置收益调整的公告》，前 期你公司与 Abcam 达成和解，Abcam 对你公司的股权处置款最终结算减少 1,800 万美元，你公司调整前期股权处置收益，将该事项会计处理计入 2021 年。 交易价格分为交易基础对价以及交易价格调整项。交易基础对价为 3.4 亿美 元。交易价格调整项为在交易基础对价 3.4 亿美元基础上加净营运资本差额；加 现金及现金等价物；减应付而未付的交易费用；减有息负债。除交易价格调整项 外，《股权收购协议》还约定了在保证金交付期间的赔偿事项，赔偿事项包含主 要为公司提交 ...