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 - MicroPulse has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, but despite its high-profile backing and claims of being a leading player in the AI-enabled healthcare sector, it faces significant challenges including weak business growth and a fragmented market with low market share [1][2][7]. Company Overview - MicroPulse's main business segments include full-course management, medical health product sales, and insurance economic services, with revenue contributions of 72%, 19.4%, and 8.6% respectively for 2024 [3][4]. - The company has experienced a slowdown in revenue growth, particularly in its full-course management segment, which has seen single-digit growth rates [3][5]. Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 511.885 million RMB to 652.699 million RMB, but it has not achieved profitability, with annual losses of 414 million RMB, 150 million RMB, and 193 million RMB during the same period [5][6]. - Adjusted EBITDA remains negative across the reporting periods, indicating that cost-cutting measures rather than revenue growth are primarily responsible for the narrowing of losses [5][6]. Market Position - Despite being ranked third in revenue within the industry, MicroPulse holds only a 0.71% market share, highlighting the highly fragmented nature of the competitive landscape [2][3]. - The company emphasizes its AI capabilities, but the actual value and effectiveness of its AI platform, CareAI, are questioned due to reliance on third-party models and insufficient R&D investment compared to sales and administrative expenses [7][8]. Investment and Valuation - MicroPulse has raised approximately 1.5 billion RMB through six rounds of pre-IPO financing, achieving a post-money valuation of about 5.6 billion USD (approximately 41 billion RMB) after its latest funding round [8]. - The company faces potential redemption obligations amounting to 1.984 billion RMB due to special rights granted to pre-IPO investors, which could strain its financial position given its limited cash reserves [8].