我猜中了开头，可是我猜不着这结局。 ——紫霞仙子，《大话西游》 都说人生如戏，可资本市场这出戏，有时候连编剧都不敢这么写。 紫霞仙子那句"我猜中了开头，可是我猜不着这结局"，放在2025年的医疗健康行业，竟成了不少企业和 投资者的真实写照。 （一） 多年前，一群媒体大咖走进诺辉健康的杭州总部，老朱在PPT上放出美国精确科学（Exact Sciences）一 路上扬的股价K线图，"我们要做中国版的Exact Sciences！" 话音犹在耳畔，可2025年的结局却让人唏嘘：精确科学被雅培高价收购，诺辉健康却因财务造假黯然退 市，老朱也早早地"下课"了。 你说讽刺不讽刺？曾经被誉为"癌症早筛第一股"的明星企业，上市不到四年时间就从神坛跌进泥潭。更 绝的是，退市队伍里还不孤单——江苏吴中等一批公司排队跟上，造假手法如出一辙：虚增收入、虚构 利润。 好在监管这次没手软，"造假即退市，退市必追责"成了常态。这也好，市场从来不怕洗牌，怕的是洗不 干净。劣币出清，良币才有空间。只是苦了那些当年冲着"中国版神话"冲进去的投资者。 这结局？没猜到吧。 （二） 紧接着，股价崩盘。神话镀金的外壳，在财报数字面前碎得干干净净。说到底 ...

Investment Rating - The report does not explicitly provide an investment rating for the multi-cancer early screening industry in China. Core Insights - The multi-cancer early screening industry in China is experiencing significant growth driven by advancements in technology, particularly AI and genetic testing methods. The market is expected to expand due to increasing healthcare demands from an aging population and rising chronic disease prevalence [5][11][13]. Summary by Sections Industry Overview - The report focuses on the multi-cancer early screening industry in China, analyzing market hotspots, segment conditions, and competitive landscape to understand the current development status and market size [3][5]. Demand Environment - China's healthcare system is evolving to address the needs of an aging population, with a notable increase in chronic disease management capabilities. The demand for in vitro diagnostics is rising, supported by enhanced medical resource availability and government-led healthcare initiatives [5][6][9]. Market Size - The market size of China's in vitro diagnostics industry grew from 118.5 billion CNY in 2019 to 241.7 billion CNY in 2023, with a compound annual growth rate (CAGR) of 19.5%. It is projected to reach 444.2 billion CNY by 2028, with a CAGR of 13.0% from 2023 to 2028 [11][13]. Cancer Screening Demand - The multi-cancer early screening industry has substantial demand potential due to the distribution characteristics of cancer types and a large high-risk population. The report highlights the urgent need for low-dose spiral CT screening for lung cancer, which has a significantly higher incidence rate in China compared to global averages [18][21]. Product Approval Landscape - The early screening product landscape is primarily focused on single cancer types, with colorectal cancer being the most prominent. The market faces challenges such as product homogeneity and competition among over 200 manufacturers in the initial screening space [21][29]. Significance of Digestive Tract Screening - Early screening for digestive tract cancers is crucial due to the "window period" from precancerous lesions to late-stage cancer, where early detection can lead to nearly 100% five-year survival rates. The report emphasizes the cost-effectiveness of early diagnosis compared to late-stage treatment [24][25]. Competitive Landscape - The competitive environment in the digestive tract cancer screening market is intense, with significant differences in product performance and technology among manufacturers. The report notes that many companies focus on colorectal cancer screening, leading to a saturated market with limited differentiation [27][29].

内容概要：结直肠癌是中国常见的恶性肿瘤，严重威胁我国居民身体健康。数据显示，2022年中国新发 结直肠癌病例51.71万例，占全部恶性肿瘤发病的10.7%。结直肠癌死亡病例24.00万例，占全部恶性肿 瘤死亡的9.3%。全国结直肠癌发病率和死亡率分别为36.63/10万和17.00/10万，总体呈上升趋势。近年 来我国结直肠癌患者5年生存率虽有所提高，但仍处于较低水平，如早期发现、早期治疗，将使5年生存 率显著提高。针对结直肠癌高风险人群开展筛查与早诊早治能够有效提高人群结直肠癌早期诊断率，降 低死亡率。结直肠癌的筛查方法包括结肠镜检查、大便潜血检测、乙状结肠镜、结肠CT成像、多靶点 粪便DNA检测等。《结直肠癌筛查与早诊早治方案（2024年版）》推荐结肠镜检查作为一线筛查方 法。不耐受或不依从一线筛查方法者，可选择免疫法或化学法的大便潜血检测、乙状结肠镜、结肠CT 成像、多靶点粪便DNA检测等替代方法。近年来，随着人们健康意识不断增强，对肿瘤防治意识不断 提高，癌症早筛处于加速成长期，供需结构持续优化。结直肠癌早筛行业市场规模不断扩大，数据显 示，2024年市场规模达12亿元，同比增长33.3%，2025年 ...

Core Viewpoint - The strategic collaboration between Mirxes and Jingtai Technology aims to integrate their strengths in early cancer detection and drug development, creating a comprehensive "diagnosis and treatment integration" solution for high-incidence cancers in Asia [1] Collaboration Model - The partnership focuses on building a closed-loop ecosystem of "detection + research" [2] - Mirxes will act as a "frontline detection and risk assessment expert" utilizing its leading position in blood-based miRNA cancer screening [3] - Jingtai Technology will serve as an "intelligent drug discovery engine" leveraging quantum physics, AI, and robotic experimentation [3] - Both companies plan to create a disease database focused on the Asian population to drive the discovery of new diagnostic markers and therapeutic targets [3] Strategic Intent - This collaboration signifies Mirxes' strategic shift from solely "early diagnosis" to a broader "diagnosis and treatment integration" approach [4] - By closely aligning with upstream drug development platforms, the company aims to participate in higher-value treatment segments, enhancing its competitive barriers and customer loyalty [5] Fundamental Support - Mirxes' strategic advancement is backed by improving fundamentals [6] - Recent business expansions include inclusion in the Hang Seng Composite Index, endorsement from Malaysia's sovereign fund, and obtaining key market access qualifications [7] - The company reported a revenue of $10.5 million in the first half of the year, with core early screening business revenue growing by 50% year-over-year [7] - Gross margin improved significantly from 49% to 67.6%, indicating strong product capability and cost control [7] - Cash reserves reached $108 million, providing financial flexibility for R&D collaboration and market expansion [7] Investment Perspective - Mirxes currently exhibits strong growth in core business and a clear long-term strategy [8] - Short-term certainty is based on the commercial progress of its gastric cancer screening and the effectiveness of its high-margin business model [9] - Long-term potential is enhanced by collaborations with major players like Watson and Jingtai, which open avenues for extending from diagnostic data to treatment [9] Conclusion - The strategic partnership between Mirxes and Jingtai Technology represents a forward-looking move to break through the limitations of the early screening industry and tap into the larger precision medicine market [11] - The company is at a critical juncture of "performance realization" and "model transition," necessitating attention to both existing business growth and the potential value creation from the new ecosystem [12]

中国工程院院士、中国疾控中心主任王健伟在为报告作序时指出，邗江项目为"建立适合我国国情的重 大慢病健康管理模式提供了可落地、可持续、可推广的示范样板"。中国疾控中心慢病中心主任吴静进 一步强调，该项目构建了"医防深度融合"的癌症防控新体系，成功打通了公共卫生与临床服务之间的壁 垒。 基于扬州市邗江区的实践基础，2024年4月，《中国社区居民结直肠癌筛查专家共识》正式发布，为全 国开展结直肠癌筛查提供了技术规范和实践指南。邗江项目的成功，不仅验证了"技术+体系"双轮驱动 模式的可行性，也为早筛产品从"临床可用"走向"场景适用"提供了经验。 新京报讯（记者王卡拉）在近日召开的中国慢性病防控大会上，《扬州市邗江区结直肠癌筛查民生工 程》三年总结报告正式发布。报告显示，2021至2023年期间，该区累计为约20万名40–74岁户籍居民提 供免费结直肠癌筛查，共检出结直肠癌120例、癌前病变腺瘤1942例、肠息肉859例，实现了疾病的早期 发现与及时干预，探索出一条适合中国基层的肠癌筛查路径。 在我国结直肠癌发病率和死亡率持续上涨的背景下，癌症早筛行业正迎来政策、技术与市场的三重共 振。数据显示，2022年我国结直肠癌 ...

2025年11月20日，领益智造晚间公告称，公司向港交所递交了发行H股股票并在港交所主板挂牌上市的 申请，并于同日在港交所网站刊登了申请材料。 这家全球精密制造巨头的掌舵人，是武汉大学校友曾芳勤。从深圳起步，她白手起家，将领益智造打造 成业务覆盖AI终端、新能源汽车、低空经济等新兴领域的千亿级企业。此次赴港IPO，公司计划将募集 资金用于提升在高密度AI算力服务器、人形机器人硬件及组装等新兴领域的研发和生产能力。 珞珈山下，东湖之滨，百年学府今日华彩绽放。 11月29日，武汉大学迎来132周年校庆。百余载弦歌不辍，珞珈山见证了无数家国情怀的激荡。 今日之武大，正以科技创新引领时代。2025年，武汉大学物理科学与技术学院院长刘正猷教授当选中国 科学院院士，土木建筑工程学院刘泉声教授和科学技术发展研究院院长姜卫平教授当选中国工程院院 士。另据不完全统计，武汉大学1980级生物系细胞生物学校友邓宏魁、1987级遗传学专业校友傅向东当 选中国科学院院士……这些成绩，可谓"珞珈苍苍，东湖汤汤；巍巍学府，群星璀璨"。 而校友群星璀璨，也不忘反哺母校情深。雷军设立"雷军奖学金"激励学子创新，2023年的13亿元的单笔 捐赠 ...

Core Viewpoint - Abbott's acquisition of Exact Sciences for $21 billion marks a significant move into the growing multi-cancer early detection market, aiming to enhance its diagnostic business and capitalize on the success of Exact Sciences' flagship product, Cologuard [2][4]. Group 1: Acquisition Details - Abbott announced a cash acquisition of Exact Sciences for $21 billion, with a per-share price of $105, representing a nearly 22% premium over the previous closing price [2]. - This acquisition is Abbott's largest since the $25 billion purchase of St. Jude Medical in 2017, with an estimated enterprise value of $23 billion for Exact Sciences [2]. - The deal is expected to be financed through existing cash and debt, with anticipated annual synergies of approximately $100 million post-transaction completion in Q2 2026 [2]. Group 2: Market Context and Performance - Exact Sciences reported impressive financial results, with Q3 2025 revenue of $851 million, a 20% year-over-year increase, and screening business revenue of $666 million [4]. - The global cancer screening market is projected to grow from $172.3 billion in 2022 to $293.6 billion by 2030, with a compound annual growth rate of about 7% [5]. - Abbott's diagnostic business growth was only 0.4% in Q3 2025, significantly lower than the 17% growth in its medical device segment, highlighting the strategic importance of this acquisition [4]. Group 3: Strategic Implications - The acquisition is seen as a strategic necessity for Abbott's diagnostic business, providing a complete product ecosystem that covers the entire cancer care cycle from screening to monitoring [4][5]. - Exact Sciences' products, including Cologuard and Cancerguard, will benefit from Abbott's extensive global network, facilitating international market expansion, particularly in regions with low penetration [5]. - The acquisition is expected to reshape the competitive landscape of the global cancer early detection industry, potentially increasing Abbott's diagnostic revenue to over $11 billion annually [5]. Group 4: Industry Challenges in China - The Chinese early screening market faces significant challenges, particularly the lack of a supportive payment system, which hampers the adoption of cancer screening technologies [6][8]. - Unlike the U.S., where Cologuard is largely covered by insurance, Chinese policies currently do not support non-treatment cancer screening under national insurance, limiting market growth [6]. - The industry is undergoing a consolidation phase, with companies like NuoHui Health facing severe financial difficulties, highlighting the need for robust product offerings and sustainable business models [7][8].

Company Background and Highlights - Nohow Health, founded in 2015, positions itself as a leader in cancer early screening in China, with its core product, Changweiqing, receiving approval in November 2020 as the first colorectal cancer early screening medical device in China [1] - The company went public on the Hong Kong Stock Exchange in February 2021, raising over HKD 2 billion with an initial share price of HKD 26.66, peaking at HKD 89.65 and achieving a market capitalization exceeding HKD 40 billion [1] Core Team and Decision-Making - The CEO and Chairman, Zhu Yeqing, is identified as the orchestrator of fraudulent activities, promoting a "performance-first" strategy that pressured sales teams to meet KPIs at any cost [3] - The organizational culture is highly closed, with sales meetings deemed "top secret" and non-sales staff prohibited from participation [4][5] - There is a prevailing belief in prioritizing loyalty over capability, leading to a culture where questioning the company's practices could result in marginalization or dismissal [6][7] Business Model and Market Performance - The product's logic is flawed, requiring users to collect and send stool samples, resulting in low compliance rates [8] - The high cost of testing, at CNY 1,996, exceeds the willingness to pay for the average consumer, and the lack of insurance coverage has hindered hospital adoption [9][10] - Actual market performance is poor, with total sales for three products in 2022 falling below CNY 20 million, despite claims of significant single-day sales during promotional events lacking third-party verification [11][12] Financial Fraud - The scale of financial fraud is significant, with reported revenues vastly overstated; for instance, in 2021, reported revenue was CNY 211 million, while estimated real revenue was around CNY 30 million, indicating an inflation rate of approximately 85% [14][15] - The fraudulent process involves a four-step closed loop, including shipping products without actual sales, fabricating sample collection, recognizing revenue based on false reports, and recycling funds through various means [15][19][21] Ethical and Regulatory Issues - Claims of having the "world's largest fecal sample library" are misleading, as many samples were collected without consent or proper identification, leading to data contamination [24][26] - The company’s practices have turned medical testing into a tool for financial deception, undermining public trust in cancer screening [27][29] - Regulatory oversight has been inadequate, with the Hong Kong Stock Exchange lacking stringent review processes for biotech companies, and auditors failing to verify the authenticity of samples and user identities [30][32] Timeline of Collapse - Key events leading to the company's downfall include a short-seller report in August 2023 alleging significant revenue fraud, Deloitte's questioning of sales authenticity in March 2024, and subsequent leadership changes culminating in the company's delisting in October 2025 [36][37][40] Investor Challenges - Over 4,000 individual investors have registered for compensation, facing significant losses, with collective litigation being difficult due to the lack of a group lawsuit mechanism in Hong Kong [38][39] - The company's cash has been used to repay priority creditors, complicating asset recovery for ordinary shareholders [39][40] Industry Implications - The collapse of Nohow Health serves as a warning for the Chinese medical technology industry, emphasizing that technological innovation must align with genuine market needs and ethical standards [41][42] - The case highlights the risks of prioritizing rapid growth without validating product-market fit, as well as the necessity for robust regulatory frameworks to prevent exploitation of revenue recognition practices [44]

Core Viewpoint - The rapid decline of Nohui Health, once a leading player in cancer early screening, is attributed to allegations of financial fraud, leading to its forced delisting from the Hong Kong Stock Exchange within two years [2][21][24]. Company Overview - Nohui Health was established in 2013 and became a prominent company in cancer screening technology, with its headquarters located in Hangzhou, China [4][21]. - The company faced severe operational challenges, including a significant drop in sample reception and a lack of personnel at its facilities [3][8][12]. Financial Allegations - A short-selling report by CapitalWatch in August 2023 accused Nohui Health of inflating its revenue by nearly 90%, claiming that the actual sales for 2022 were only 76.95 million yuan, compared to the reported 765 million yuan [21][24]. - The company’s stock was suspended in March 2024 due to Deloitte's refusal to sign off on its financial statements, leading to its eventual delisting in October 2025 [2][21]. Operational Status - The main office in Hangzhou is now largely abandoned, with only a small portion still operational, indicating a drastic reduction in business activity [6][12]. - The laboratory facilities, including the sample reception area, show signs of inactivity, with no personnel present during visits [8][11]. Legal and Regulatory Challenges - Nohui Health is facing a complex legal situation, including potential liquidation proceedings in the Cayman Islands, which could severely impact individual investors [24][27]. - Over 4,000 individual investors have formed a collective to seek compensation for their losses, with claims exceeding 700 million Hong Kong dollars [24][28]. Product and Market Dynamics - The company’s flagship product, Changweiqing, is facing challenges as its medical device registration certificate is set to expire, raising concerns about its market viability [22][23]. - Despite previous sales successes during promotional events like "Double 11," the current promotional strategies and pricing appear disorganized, leading to potential market confusion [22][23].

Core Viewpoint - The article discusses the downfall of Nohui Health, once hailed as the "first stock in cancer early screening," culminating in its delisting after over 500 days of suspension due to financial fraud allegations and internal conflicts [4][5][6]. Group 1: Company Background and Rise - Nohui Health was founded in 2015 by three Peking University alumni, focusing on cancer early screening, particularly for colorectal cancer, addressing a significant market need in China [23][24][25]. - The company launched its first product, "Changweiqing," a non-invasive home testing kit for colorectal cancer, in 2016, which gained attention and led to multiple rounds of financing, achieving a valuation exceeding $500 million by 2020 [25][26]. - Nohui Health went public on the Hong Kong Stock Exchange in February 2021, raising approximately HKD 2 billion and reaching a market capitalization of over HKD 41 billion on its debut [26][27]. Group 2: Financial Fraud Allegations - In August 2023, a short-selling report by CapitalWatch accused Nohui Health of inflating revenues by over CNY 300 million in 2022 through questionable sales practices, revealing that actual sales might have been only CNY 76.95 million [8][6]. - The report detailed that Nohui Health's revenue recognition practices involved recognizing sales from expired products, creating a misleading picture of sales growth [8][10]. - Deloitte's refusal to endorse Nohui Health's financial statements in March 2024 raised further concerns, leading to the company's suspension from trading [12][13][15]. Group 3: Internal Conflicts and Leadership Changes - Following the financial scandal, Nohui Health's internal power structure began to collapse, culminating in the resignation of CEO Zhu Yeqing in December 2024 due to health reasons and subsequent removal from the board [19][20][22]. - The board's decision to remove Zhu Yeqing indicated significant disagreements regarding management style and corporate governance [19][21]. Group 4: Investor Impact and Market Reaction - Nohui Health's delisting on October 27, 2023, resulted in a market capitalization loss of over HKD 33.6 billion, leaving investors with a valuation of just HKD 0.01 [30][31][32]. - The complex corporate structure of Nohui Health, registered in the Cayman Islands and listed in Hong Kong, has complicated the legal recourse for investors seeking compensation [32][34]. - Over 4,000 individual investors have registered for potential claims, with total investments exceeding CNY 700 million, highlighting the widespread financial damage caused by the company's collapse [34][35].