医疗影像（X光片、CT、MRI、超声等）指利用各种成像技术，将人体内部的结构或组织以可视化的形式呈现出来，对疾病的诊断、治疗和监测起到重要的 作用。 刘劲、段磊、李嘉欣/文 近日，国家卫生健康委办公厅等五部门发布《关于促进和规范"人工智能+医疗卫生"应用发展的实施意见》，提出"人工智能+医疗卫生"发展的时间表：到 2030年，基层诊疗智能辅助应用基本实现全覆盖，推动实现二级以上医院普遍开展医学影像智能辅助诊断、临床诊疗智能辅助决策等人工智能技术应 用，"人工智能+医疗卫生"应用标准规范体系基本完善，建成一批全球领先的科技创新和人才培养基地。 当前，中国的医疗影像智能化建设确实正在提速，推广医学影像智能诊断服务，为提升基层医疗服务能力提供新路径。 由于医疗影像的数字化起步较早，数据结构相对标准化，便于计算机视觉处理，早在90年代，业界便开始尝试将医疗影像与计算机辅助诊断相结合；后来， 以卷积神经网络（CNN）为代表的深度学习技术在图像识别领域取得巨大突破。自2017年左右起，AI技术与医疗影像的研究、临床试验和实际应用开始快 速发展，成为AI技术在各行业中最早实现规模化落地的场景之一。 目前，AI医疗影像产业的 ...

Core Viewpoint - The company Shukun Technology is preparing for an IPO, with indications that the current market conditions present a favorable window for this move, as the company aims to capitalize on the improving capital market environment and its own operational progress [1][2][3]. Company Overview - Shukun Technology, established in 2017, is a leading player in the AI medical imaging sector, having achieved a valuation of 9.4 billion yuan after its D-round financing in 2021 [1][2]. - The company has obtained 19 Class III medical device registration certificates, the highest in the industry [1]. Financial Performance and Market Position - Shukun Technology is reportedly on track to achieve profitability by 2025, with current revenue levels deemed sufficient to meet the requirements for a Hong Kong stock market listing [1][2]. - The company has shifted its focus to the grassroots market and international expansion, with several AI products already certified by the FDA and CE, and in use in over 5,000 medical institutions globally [6][10]. Industry Context - The AI medical imaging sector has experienced significant fluctuations, with a previous wave of enthusiasm leading to failed IPO attempts by several leading companies in 2021, leaving only one successful listing [1][2][9]. - The industry is characterized by a common critique of its single-channel entry and unclear profit models, but there are signs of differentiation among companies, with some successfully navigating the challenges [2][11]. Market Sentiment and Future Outlook - The current capital market environment is seen as the best in recent years, with a notable increase in the number of biopharmaceutical and medical device companies listing on the Hong Kong Stock Exchange [2][6]. - Shukun Technology's potential IPO is viewed as a bellwether for the AI medical imaging sector, reflecting broader market sentiments regarding the commercial viability of AI applications in healthcare [2][10]. Challenges and Considerations - Despite the positive outlook, challenges remain regarding the commercial viability of AI medical imaging, particularly in terms of payment mechanisms and integration into clinical workflows [10][12]. - The company’s success in the IPO process will not only impact its future but also set a precedent for other players in the AI medical imaging space [12].

Core Viewpoint - The AI medical imaging market in China is projected to reach 92.3 billion yuan by 2030, with a staggering compound annual growth rate of 76.7% [2]. However, despite the industry's potential, Airdoc Technology, the first medical AI company listed in Hong Kong, has faced significant financial challenges, including a 23.34% decline in revenue and a net loss of 255 million yuan in 2024, raising questions about the management's compensation structure amidst poor performance [2][20]. Group 1: Company Performance - Airdoc's revenue in 2024 was 156.4 million yuan, a slight increase from 115 million yuan in 2021, but the net loss expanded from 143 million yuan in 2021 to 255 million yuan in 2024 [6][20]. - The company has reported continuous losses for six consecutive years, accumulating a total loss of 880 million yuan [7]. - Airdoc's stock price has plummeted over 80% since its IPO, with a market capitalization of only 12.54 million yuan as of June 12, 2025, compared to over 6 billion yuan at its IPO [8]. Group 2: Market Potential - The demand for AI medical imaging is driven by a large chronic disease patient population in China, with over 100 million diabetes patients needing affordable and efficient diagnostic tools [4]. - Airdoc holds a unique position in the market, having obtained the only domestic license for AI-assisted diagnosis of diabetic retinopathy in 2020 [5]. Group 3: Management Compensation - Airdoc's management compensation has seen a dramatic increase, with founder Zhang Dazhi's salary rising from 461,000 yuan in 2021 to 22.224 million yuan in 2024, a staggering increase of 4,800% [2][15]. - In 2024, the total compensation for Airdoc's top executives reached 29.217 million yuan, with Zhang Dazhi accounting for 76% of this amount [15]. - The significant rise in management salaries is attributed to stock-based compensation, which has become a major component of executive pay in recent years [16][20].