Core Insights - The core concept of the article revolves around the rapid development and significant market growth of the full-course management model in healthcare, which emphasizes a patient-centered approach and integrates various stages of care from prevention to rehabilitation [1][16]. Group 1: Overview of Full-Course Management - Full-course management is a disease care model that focuses on individual patients, adhering to medical guidelines and clinical consensus, and involves multidisciplinary collaboration [2][4]. - This model encompasses integrated services for disease prevention, treatment, rehabilitation, and care, covering follow-up, medication management, and home rehabilitation [2][4]. Group 2: Market Growth and Trends - The market size for full-course management in China is projected to reach 61.4 billion yuan in 2024, reflecting a year-on-year growth of 45.2% [1][16]. - The overall healthcare management service market in China is expected to grow from 10.6 trillion yuan in 2020 to 15.9 trillion yuan in 2024, with a compound annual growth rate of 10.6% [14]. Group 3: Industry Landscape - The full-course management industry in China is characterized by a fragmented market with over a hundred participants, but most have limited business scale and operate in specific geographic areas or medical specialties [18]. - The market share of the top five companies in the full-course management sector is only 6.3% as of 2024, indicating a lack of dominant players [18]. Group 4: Future Opportunities - By 2030, the market size for full-course management is expected to exceed 360 billion yuan, with a compound annual growth rate of 34.6% from 2024 to 2030 [20]. - The increasing health awareness among the Chinese population is driving demand for full-cycle health services, creating significant opportunities for companies in the full-course management sector [20][10]. Group 5: Technological and Structural Developments - AI technology is anticipated to play a crucial role in enhancing the full-course management industry by addressing physician capacity constraints and improving healthcare quality and efficiency [23]. - The industry is expected to see an increase in concentration as competitive pressures rise, allowing technically proficient and market-advantaged companies to gain larger market shares [25].

Core Viewpoint - The article discusses the upcoming IPO of Weimai, a leading AI healthcare management company in China, which has achieved significant growth and recognition in the AI medical sector over the past decade [1][3]. Company Overview - Weimai, founded in 2015, is recognized as one of the top three full-process health management service providers in China, focusing on AI-driven healthcare solutions [4][27]. - The company has received substantial backing from major investors, including Alibaba and Tencent, since its inception [2][35]. Business Model - Weimai's core service is full-process health management, transitioning from a treatment-centered approach to a health-centered model, covering the entire patient journey from pre-illness to post-recovery [5][4]. - The company collaborates with public hospitals, providing both online and offline services, including a dedicated team of over 360 medical assistants [7][8]. Financial Performance - Weimai's revenue has shown consistent growth, with figures of 512 million RMB in 2022, 628 million RMB in 2023, and projected 653 million RMB in 2024 [13]. - The full-process management service has been the primary revenue driver, contributing 77.3%, 69.7%, and 72% of total revenue in the respective years [13]. - The company has experienced a narrowing of losses, with adjusted net losses decreasing from 233 million RMB in 2022 to 30 million RMB in 2024 [19][21]. Market Potential - The full-process management market in China is rapidly growing, with a projected market size of 614 billion RMB in 2024 and a compound annual growth rate (CAGR) of 39.3% from 2020 to 2024 [44]. - By 2030, the market size is expected to reach 3,654 billion RMB, indicating significant growth potential [45]. Future Plans - Weimai plans to enhance its AI capabilities and expand its service offerings, aiming to address the persistent pain points in the traditional healthcare system [39][40]. - The company is positioned to leverage the increasing health awareness among residents and the growing demand for chronic disease management services due to an aging population [43][44].