中期业绩充分证明了觅瑞在癌症早筛领域的商业化能力。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Mirxes Holding Company Limited（2629.HK ， 后简称 Mirxes觅瑞） 于 8月25日 发布了截至 2025年6月30日的中期业绩。 值得一提的是， 根据 8月22日恒生指数公司公告，Mirxes觅瑞（MIRXES - B）成功被纳入恒生综 合指数。相关变动将9月5日收市后正式实施，并于9月8日起生效。届时，沪深交易所将相应调整港 股通可投资标的范围。 这一举措不仅是对 Mirxes觅瑞市场地位与发展潜力的高度认可，也将进一 步提升公司的市场影响力与资本关注度，为其后续发展注入新的活力。 半年报显示， Mirxes觅瑞在上半年实现收入1,050万美元，相较于2024年同期增长9.4%。这一成 绩主要归功于早期检测及精准多组学分部的卓越表现，该分部收益实现50%的增长，占公司收益比 例跃升至100%。同时，该分部毛利实现710万美元，较上年同期增长102.9%。 按地区划分收益， 2025年上半年，中国市场贡献 ...

Core Viewpoint - The controversy surrounding Aikang Guobin's health check services has emerged after a lawyer, Zhang Xiaoling, claimed that her ten years of health check reports showed no cancer risk, yet she was later diagnosed with late-stage kidney cancer. This raises questions about the reliability of routine health checks and cancer screening methods [2][3][8]. Group 1: Company Response - Aikang Guobin has conducted internal reviews and external expert evaluations, asserting that they bear no responsibility for the alleged oversight in Zhang's health checks and are open to third-party assessments [11][18]. - The company stated that Zhang's 2023 report indicated a "right kidney calcification focus" and a "possible left kidney hamartoma," contradicting her claims of no abnormalities [8][11]. - Aikang emphasized that cancer detection is a complex process influenced by various factors, including the timing of tests and the methods used, and that some cancers may not be detectable at certain stages [19][20]. Group 2: Industry Insights - The cancer screening industry is evolving, with a projected market size of $20.82 billion in 2022, expected to reach $28.93 billion in 2023, highlighting the growing demand for effective early detection methods [26][27]. - Current cancer screening technologies primarily include X-rays, CT scans, MRI scans, and ultrasound, while advanced techniques like liquid biopsies and AI-assisted imaging are being developed [27]. - Experts recommend that individuals over 40 should undergo annual ultrasound checks for urinary system cancers, as conventional blood tests may not reliably indicate kidney cancer risk [20][21].

Core Viewpoint - The valuation of Nohui Health has been drastically reduced by multiple fund companies, reflecting a pessimistic outlook on its prospects for resuming trading after a prolonged suspension [2][4][9]. Valuation Adjustments - On June 25, Changcheng Fund announced a new valuation of Nohui Health at 1.20 HKD per share, a 91.51% decrease from its last trading price of 14.14 HKD [7][12]. - Since mid-last year, over 40 valuation adjustments have been made by various fund companies, with Dachen Fund reducing its valuation from 10.12 HKD to 1.81 HKD [9][11]. - Shanghai Guangzheng Asset Management has also adjusted its valuation four times, from 12.73 HKD to 5.70 HKD [9]. Company Background - Nohui Health, once known as "China's first cancer screening stock," was listed on the Hong Kong Stock Exchange in February 2021 and focuses on the development and commercialization of screening products for colorectal, gastric, and cervical cancers [11]. - The company faced allegations of financial misconduct, with a report claiming its actual sales in 2022 were only 76.95 million, significantly lower than the reported 765 million [11]. Suspension and Future Risks - Nohui Health has been suspended from trading since March 28, 2024, due to its inability to publish its annual report on time [12]. - According to Hong Kong Stock Exchange regulations, if the suspension lasts for 18 months, the company may face mandatory delisting, leaving it with approximately three months before this deadline [13].

Core Viewpoint - The article discusses the challenges faced by Mirxes Holding Company Limited (referred to as "Mirxes Group") in commercializing its blood-based cancer screening product GASTROClear, highlighting issues related to technology maturity, market education, and financial sustainability [3][4][24]. Group 1: Product Technology and Market Challenges - Mirxes Group's core technology is based on the detection of microRNA (miRNA), which plays a crucial role in gene regulation and is linked to various diseases, including cancer [5]. - GASTROClear, designed for early gastric cancer screening, claims a sensitivity of 87.5% for stage I gastric cancer, requiring only 5ml of blood for testing [5][6]. - Despite the promising technology, GASTROClear has not yet been commercialized in China, leading to a 16.14% decline in revenue to $2.028 million and a 32.55% increase in losses to $92.2147 million in 2024 [6][24]. Group 2: Pricing and Market Acceptance - GASTROClear is priced between $150 and $250, which is higher than traditional gastroscopy priced at $80 to $200, raising concerns about its competitiveness in the market [8]. - The specificity of GASTROClear is only 68.4%, meaning a significant number of false positives could lead to consumer skepticism and reluctance to adopt the product [9][10]. Group 3: Financial Needs and Investment Landscape - The company has relied heavily on external funding, with significant investments from various entities, including a $87 million C round financing in 2021 [15][16]. - As of March 31, 2025, Mirxes Group had only $2.6125 million in cash and cash equivalents, indicating a pressing need for capital to sustain operations [18]. - The company has not demonstrated the ability to generate revenue independently, with R&D expenses accounting for 94.19% of revenue in 2024, leading to a cumulative loss of $218 million since 2022 [20][23]. Group 4: Regulatory and Market Entry Barriers - Even if GASTROClear receives regulatory approval, the lack of a comprehensive cancer screening system in China poses significant challenges for market penetration [22]. - The Chinese healthcare system is primarily government-driven, and without support from public insurance, widespread adoption of cancer screening products like GASTROClear is unlikely [22].

Company Overview - The company, founded by three medical doctors in Singapore, is preparing for an IPO on the Hong Kong Stock Exchange, planning to issue 46.62 million shares at a price of HKD 23.30 per share [1][2] - The founders have extensive backgrounds in biotechnology, with over 23 years of research experience in biochemistry and over a decade in the biopharmaceutical field [2][8] - The company specializes in developing and commercializing blood-based miRNA testing kits for cancer and other disease screenings [2][7] Financial Performance - The company has reported significant losses over the past three years, with losses of approximately USD 56.2 million, USD 69.6 million, and USD 92.2 million from 2022 to 2024, totaling nearly 1.4 billion RMB [3][12] - Despite multiple rounds of financing totaling USD 167 million, the company has faced cash flow challenges, with expenditures significantly exceeding revenues [12][14] Market Potential - The cancer screening market in regions such as China, Japan, Southeast Asia, and the United States has grown from USD 13 billion in 2019 to USD 15.2 billion in 2023, with projections to exceed USD 25 billion by 2033 [3][6] - The company operates in the liquid biopsy sector, with its flagship product, GASTROClear™, being the first molecular gastric cancer screening product to receive regulatory approval [7][14] Product Details - GASTROClear™ requires only 1 milliliter of blood for testing, offering a less invasive alternative to traditional endoscopic procedures [7][14] - The product has shown a sensitivity of 87.5% for stage I gastric cancer, but its specificity is only 68.4%, which may lead to a higher rate of false positives [14][15] Competitive Landscape - The company faces competition from other cancer screening firms, including Galleri, which offers a broader range of cancer detection through a single blood test [15][19] - The pricing of GASTROClear™ is positioned between USD 150 to USD 250, which may be less competitive compared to traditional endoscopic procedures that are often covered by insurance [15][16] Industry Challenges - The cancer early screening industry has seen significant investment but also faces scrutiny due to past failures and high-profile scandals, leading to a cautious investment environment [19][20] - The industry is characterized by high operational costs, with the company’s administrative expenses significantly outpacing its research and development spending [12][13][22]

Group 1: Financial Market Developments - The People's Bank of China plans to further enrich the "Swap Connect" product types, extending interest rate swap contracts to 30 years and introducing swaps based on the Loan Prime Rate (LPR) [1] - As of April 2025, over 12,000 RMB interest rate swap transactions have been completed, with a total nominal principal amount of approximately 6.5 trillion RMB [1] Group 2: Company Performance and Market Reactions - Green Tea Group's stock closed down 7.65% at HKD 6.64 in the dark market, indicating volatility in investor sentiment despite its established presence in the restaurant industry [2][3] - Heng Rui Pharmaceutical has initiated its Hong Kong IPO with a price range of HKD 41.45 to HKD 44.05, with an entry fee of approximately HKD 8,898.85, marking a significant step in its international expansion strategy [4] - Alibaba's cloud revenue grew by 18% in the latest quarter, driven by strong AI demand, with AI-related product revenue achieving triple-digit growth for seven consecutive quarters [5] Group 3: New Market Entries - MIRXES-B, a cancer early screening company, has announced a global offering of 46.62 million shares at HKD 23.30 each, focusing on innovative solutions in disease screening and diagnosis [6]