9月30日，森亿智能向港交所递交了招股书，计划在主板挂牌上市；由中信建投国际、建银国际和交银国际担任联席保荐人。 森亿智能是领先的AI医疗科技公司，是全球AI医疗行业唯一涵盖L1至L4级别解决方案的企业，具备贯穿数据基础设施至应用层算法及软件的全栈技术研发 能力。森亿智能深耕中国内地的医疗行业多年，主要服务医院、医疗集团，并在该细分市场领域连续多年保持领先地位。 根据灼识咨询报告，按2024年的医院收入计算，森亿智能是中国最大的医院AI医疗解决方案供应商。按2024年收入计算，森亿智能亦为全球第四大大型医 院医疗AI解决方案供应商。截至2025年6月30日，森亿智能已经服务超过750家医院，其中包括超400家大型医院。 业绩方面，截至2025年6月30日止6个月，森亿智能录得收入约1.12亿元人民币(单位下同)，同比增长约23.3%；归母净亏损约9186.9万元，同比收窄约5.7%。 ININ DASS BOO DTLS 递表港交所 Alery Bit INALA 9月30日,森亿智能向港交所递交了招股书, 计划在主板挂牌上市。 ll F TERRESSEDERS 据招股书披露,森亿智能计划将募资净额作以下用 ...

Core Viewpoint - Shanghai Senyi Medical Technology Co., Ltd. (Senyi Intelligent) is set to go public on the Hong Kong Stock Exchange, positioning itself as a leading AI medical solution provider in China and globally [1][2]. Company Overview - Established in 2016, Senyi Intelligent is recognized as the largest hospital AI medical solution provider in China and the fourth largest globally, based on projected 2024 revenue [2]. - The company serves over 800 clients, including more than 750 hospitals and over 400 large hospitals, showcasing its extensive reach in the healthcare sector [2]. Product Offerings - Senyi Intelligent is the only company in the global AI medical industry that offers solutions across L1 to L4 levels, enhancing operational efficiency and decision-making in healthcare [4]. - L1 solutions focus on data intelligence, L2 solutions provide AI-assisted decision support, L3 solutions involve autonomous planning and execution, and L4 solutions are aimed at high-level autonomous intelligence [4]. Market Potential - The global AI medical solutions market is projected to grow from 40 billion yuan in 2024 to 90.6 billion yuan by 2030, with China's market expected to expand from 16.4 billion yuan to 35.3 billion yuan during the same period [5][6]. - By 2030, the global L3 AI medical solutions market is anticipated to reach 10.8 billion yuan, while China's market is expected to hit 7 billion yuan [6][7]. Financial Performance - Senyi Intelligent's revenue has shown consistent growth, with figures of 144 million yuan in 2022, 239 million yuan in 2023, and a projected 292 million yuan in 2024. The revenue for the first half of 2025 increased by 23.3% year-on-year to 112 million yuan [8]. - The company's gross margin has improved from 26.9% in 2022 to 38.9% in the first half of 2025, indicating enhanced profitability [9]. Funding and IPO Plans - Senyi Intelligent has completed nine rounds of financing, with a valuation of 2.66 billion yuan following its last round in July 2024 [10]. - The funds raised from the IPO will primarily be allocated to R&D, product enhancement, commercialization efforts, and potential acquisitions [10].

招股书显示，森亿智能是领先的AI医疗科技公司，是全球AI医疗行业唯一涵盖L1至L4级别解决方案的 企业，具备贯穿数据基础设施至应用层算法及软件的全栈技术研发能力。公司深耕中国内地的医疗行业 多年，主要服务医院和医疗集团，并在该细分市场领域连续多年保持领先地位。根据灼识咨询报告，按 2024年收入计算，公司是中国最大的医院AI医疗解决方案供应商。按2024年收入计算，公司亦为全球 第四大大型医院AI医疗解决方案供应商。截至2025年6月30日，公司已经服务超过750家医院，其中包 括超400家大型医院。 自创立以来，森亿智能始终锚定AI医疗方向，凭借长期扎根医疗一线的实践经验，公司深刻理解医疗 行业的重要性和特殊性、医疗专业知识与医疗数据的复杂性与严谨性，并成功将真实场景的需求洞察与 人工智能、大语言模型技术有效衔接，打造以Synapse为核心技术底座的AI解决方案矩阵。截至2025年6 月30日，公司的解决方案赋能医院、医联体、医疗公司及卫生监管部门等超过800家客户。此外，公司 于沙特落地了全球首个由AI主导的诊所试点，为助推AI医疗行业向L4级阶段跃迁贡献公司的智慧与力 量。 又一家特专科技公司拟以18C ...

Core Viewpoint - Shanghai Senyi Medical Technology Co., Ltd. (Senyi Intelligent) has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities International, Jianyin International, and Bank of Communications International as joint sponsors [1]. Company Overview - Senyi Intelligent is a leading AI medical technology company, recognized as the only global player offering solutions from L1 to L4 levels in the AI medical industry [4]. - The company has maintained a leading position in the Chinese medical sector for several years, primarily serving hospitals and medical groups [4]. - According to a report by Zhaoshang Consulting, Senyi Intelligent is projected to be the largest hospital AI medical solution provider in China by 2024 revenue and the fourth largest globally [4]. Technology and Solutions - The company has developed a full-stack technology framework covering L1 to L4 levels, providing multi-scenario AI medical solutions [5]. - As of June 30, 2025, Senyi Intelligent has served over 750 hospitals, including more than 400 large hospitals [4]. - The company has successfully commercialized and deployed L1 to L3 level solutions and is focusing on the development and validation of L4 level autonomous intelligent solutions [5]. Financial Performance - For the fiscal years 2022, 2023, and projected 2024, Senyi Intelligent reported revenues of approximately RMB 144 million, RMB 239 million, and RMB 292 million, respectively [6]. - The company incurred losses of approximately RMB 376 million, RMB 352 million, and RMB 207 million for the same periods [6]. - For the six months ending June 30, 2024, and 2025, revenues were approximately RMB 91 million and RMB 112 million, with losses of approximately RMB 103 million and RMB 97 million, respectively [6].

公司以前沿AI为核心引擎，以深厚的专业医学知识为指导，以强大的数据能力为基础。公司以守护公 众生命健康、优化患者就医质量、提高临床诊疗决策精准度、提升医院经营运作效率、降低从业者重复 冗余工作负荷、促进高水平科研成果产出和医疗创新等为目标。 格隆汇9月30日丨据港交所9月30日披露，上海森亿医疗科技股份有限公司(以下简称"公司"或"森亿智 能")向港交所递交上市申请，联席保荐人为中信建投国际、建银国际及交银国际。 公司是领先的AI医疗科技公司，是全球AI医疗行业唯一涵盖L1至L4级别解决方案的企业，具备贯穿数 据基础设施至应用层算法及软件的全栈技术研发能力。公司深耕中国内地的医疗行业多年，主要服务医 院和医疗集团，并在该细分市场领域连续多年保持领先地位。根据灼识谘询报告，按2024年收入计算， 公司是中国最大的医院AI医疗解决方案供应商。按2024年收入计算，公司亦为全球第四大大型医院AI 医疗解决方案供应商。截至2025年6月30日，公司已经服务超过750家医院，其中包括超400家大型医 院。 自创立以来，公司始终锚定AI医疗方向，凭藉长期紥根医疗一线的实践经验，公司深刻理解医疗行业 的重要性和特殊性、医疗 ...

智通财经APP获悉，据港交所9月30日披露，上海森亿医疗科技股份有限公司(简称：森亿智能)向港交所主板提交上市申请书， 中信建投国际、建银国际和交银国际为联席保荐人。 | | | | 截至12月31日止年度 | | | | | 截至6月30日止六個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | 2024年 | | 2025年 | | | | 人民幣元 | % | 人民幣元 | | 人民幣元 % | | 人民幣元 | 1 % | 人民幣元 | % | | | | | | | (人民幣千元,百分比除外) | | | | | | | | | | | | | | (未經審計) | | | | | 收入 | 143,748 | 100.0 | 239,110 | 100.0 | 291,850 | 100.0 | 91,085 | 100.0 | 112,345 | 100.0 | | 銷售成本 | (105,063) | (73.1) | (166 ...

Q&A 近年来 AI 医疗行业的发展趋势如何？ 近年来，AI 医疗行业呈现出快速发展的趋势。AI 系统的参数和训练集数量不断 增加，推动了语言和推理能力的显著提升。这些底层技术的发展为 AI 在医疗应 用层面的进步提供了强大支持。随着产业发展，大多数产品通过技术扩散和专 利期到期后出现仿制药或生物类似药，从而降低支付门槛，实现产品普及。然 而，医疗服务成本依赖于医护人员，因此存在鲍莫尔成本病，即生产率提升慢 于全社会水平，导致医疗价格增长速度高于通胀，卫生支出占比逐步提升。例 如，在欧美发达国家中，卫生支出占 GDP 比值逐步上升，但平均寿命等指标未 显著提升，其核心原因是人工成本的不断上升。 AI 技术可基于 CT 造影图像建立血管流体动力学模型，无需植入额外装 置即可测量冠脉任意位置的 FFR 数值，实现从有创到微创治疗方式的转 变，提高诊断精度。 AI 在制药领域应用于蛋白结构预测、靶点发现、虚拟筛选、新药设计等 环节，可将药物研发上市时间从 13 年缩短至 8 年，总成本从 24 亿美元 减少至 6 亿美元。 AI 在降低医疗服务成本方面有哪些具体应用？ AI 在降低医疗服务成本方面有显著作用。首先， ...

Core Viewpoint - The AI healthcare sector is still in its nurturing phase, but the investment enthusiasm has attracted significant QDII fund allocations, with a focus on overseas revenue expansion to address high valuation concerns [1][3]. Group 1: Investment Trends - Public funds are increasingly focusing on AI healthcare, with companies like JingTai Holdings, GuShengTang, YiDu Technology, and iFlyTek actively seeking growth through international expansion [3][4]. - JingTai Holdings has successfully assisted a pharmaceutical company in obtaining clinical trial approval in Australia, highlighting its strong overseas business performance [3]. - YiDu Technology has reported that its international revenue growth significantly outpaces domestic growth, with contributions from Brunei reaching over 100 million yuan, accounting for 14.36% of its total revenue [3][4]. Group 2: Valuation Concerns - Despite the growth potential, fund managers express concerns over high valuations and profitability challenges faced by many AI healthcare companies, leading some QDII funds to prefer US stocks [6][7]. - For instance, Mirxes has a market capitalization exceeding 17 billion HKD, while its competitor Grail, despite having a much larger revenue, has a lower market cap, indicating a premium valuation in the Hong Kong market [6][7]. Group 3: Future Outlook - Some fund managers believe that the current high valuations are linked to the different stages of commercialization, with US companies having a head start [9]. - The AI healthcare sector is expected to see significant growth as domestic companies accelerate their development, particularly in areas like brain-computer interfaces, which are projected to transition from laboratory to clinical applications within 1-2 years [10].

来源：市场资讯 （来源：研报虎） 事件 Tempus于8月8日公布2025年第二季度财报。公司当季实现营收3.146亿美元，同比增长89.6%，环比增长 23.0%。GAAP毛利率为62.0%，调整后毛利率62.8%。GAAP净亏损4284.3万美元，同比收窄92.2%。 投资要点 Tempus在2025财年第二季度通过平衡扩大营收和成本控制实现大幅减亏，基因组学服务和数据与服务 作为Tempus的核心业务，其业绩的持续向好有望带动公司扭亏为盈。展望未来，公司将凭借"AI+精准 医疗"的差异化竞争优势，持续推进肿瘤多模态基础模型研发，并通过持续加码AI临床工具的开发，构 建人工智能与医疗的技术生态。我们认为，公司正处于规模增长与大幅减亏的良性发展阶段，有望在未 来实现扭亏为盈和持续的毛利率提升。 ▌风险提示 (1)市场竞争加剧；(2)商业合作的持续性挑战；(3)数据库的内容真实性因数据的偶然性而难以保证。 盈利端：公司2025年Q2的GAAP毛利率从2024年的45.5%提高至62.0%，调整后毛利率达到62.8%。 Q2GAAP净亏损收窄至4284.3万美元，同比下降92.2%。2025Q2技术研发费用34 ...

Group 1 - The AI healthcare sector is in the early stages of commercialization but has attracted significant investment from public QDII funds, with a focus on overseas markets for growth opportunities [1][5] - Major public funds such as Huaxia, CMB, and GF have heavily invested in Hong Kong-listed AI healthcare companies like Jingtai Holdings and Yidu Tech, which are expanding into international markets through technology exports and acquisitions [1][5] - Companies like Jingtai Holdings and Yidu Tech have reported strong overseas revenue growth, with Yidu Tech's revenue from Brunei contributing 14.36% to its total [1][5] Group 2 - Despite the enthusiasm, there are concerns about high valuations in the Hong Kong AI healthcare sector, with price-to-sales ratios reaching tens or even hundreds, leading some funds to shift focus to more reasonably valued US stocks [2][4] - The market is witnessing a valuation discrepancy, as seen with Mirxes, which has a market cap exceeding HKD 17 billion, while its US competitor Grail, with significantly higher revenue, has a lower market cap [4] - Fund managers express optimism about the commercialization prospects of domestic AI healthcare, believing that accelerating commercialization will address current high valuation concerns [4][5] Group 3 - The formation of a commercial loop in overseas AI healthcare, particularly in brain-computer interface technology, is expected to lead to clinical applications within 1-2 years and commercialization within 3-5 years, significantly expanding market potential [5]