www.leadleo.com 作者：何婉怡 1 ©2025 LeadLeo 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均 系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外 ）。 ，任何人不得以任何方式擅自复制 、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述 约定的行为发生，头豹研究院保留采取法律措施，追究相关人员责任 的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹 "的商号、商标，头豹研究院无任何前述名称之外的其他分支机构， 也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 www.leadleo.com 400-072-5588 #6C0000 #7C0000 #940000 #B20000 2025年中国多癌早筛行业洞察： AI赋能早筛革命，和瑞基因、泛生子抢占技术制高点 China's Multi-Cancer Early Screening Industry in 2025 2025年における中国多癌種早期スクリーニング産業 概览标签：体外诊断、癌症早筛、片段组学 #E00000 #E994A6 #F3C3CD 标准色 #9A000 ...

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 - Nohow Health has retained its core asset despite its delisting from the Hong Kong stock market, as it successfully renewed the medical device approval for its cancer screening product, Changweiqing, which is the first of its kind approved in China [1][2]. Group 1: Product Approval and Market Position - The "KRAS gene mutation and BMP3/NDRG4 gene methylation and fecal occult blood combined testing kit" (Changweiqing) received medical device approval, allowing Nohow Health to continue selling this product until November 2025 [2]. - Changweiqing utilizes fluorescence PCR technology and colloidal gold technology to detect mutated nucleic acid substances and hemoglobin in fecal samples, targeting high-risk populations aged 40 to 74 for colorectal cancer screening [2]. Group 2: Sales Performance - From 2020 to 2022, the revenue from Changweiqing increased from 70.6 million to 356 million yuan, with a gross margin rising from 66.9% to 83.4% [3]. - The sales volume of Changweiqing grew from 162,100 units in 2020 to 361,400 units in 2022 [3]. Group 3: Financial Scrutiny and Challenges - In August 2023, CapitalWatch released a short-selling report alleging serious financial fraud by Nohow Health, claiming inflated sales figures and excessive inventory [4]. - The report indicated that in 2022, Changweiqing was sold in approximately 26 public medical institutions, with an estimated annual sales revenue of about 3 million yuan, significantly lower than reported figures [4][7]. - CapitalWatch's investigation revealed that the product's actual sales performance in both public and private medical institutions was far below the disclosed financial data [4][7]. Group 4: Investor Concerns and Legal Actions - Following the delisting, investors are focused on how to recover losses, with over 3,216 investors registering claims totaling more than 700 million HKD [9]. - The company is currently seeking suitable liquidators to initiate liquidation proceedings in Hong Kong, despite being registered in the Cayman Islands [10].

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 company in cancer early screening, is attributed to allegations of financial fraud, leading to its forced delisting from the Hong Kong Stock Exchange within just over two years [1][10][14]. Financial Allegations - In August 2023, Capital Watch released a report accusing 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 [10][14]. - Deloitte refused to sign off on the company's annual report in March 2024 due to the inability to verify financial data, resulting in a trading suspension [1][10]. Company Operations and Facilities - Nohui Health's headquarters in Hangzhou has seen significant operational decline, with most of its offices locked and only the first floor in use, indicating a halt in activities [4][5]. - The manufacturing facilities, also located in Hangzhou, are reported to be quiet, with production lines inactive and no shipping activities observed [7][10]. Management Changes - The company's founder and CEO, Zhu Yeqing, resigned in December 2024 due to health reasons, and was subsequently removed from the board [10][12]. - The current management team is significantly reduced, with only two members listed on the official website [10]. Legal and Investor Challenges - Nohui Health is facing a hearing for a winding-up order in November 2025, which could lead to significant losses for individual investors [13][14]. - Over 4,000 investors have formed a collective to seek legal recourse, with claims of losses exceeding 700 million HKD [13][15]. Product and Market Position - The company's main product, Changweiqing, is facing challenges as its medical device registration certificate expired in November 2023, raising concerns about its market viability [12][14]. - Sales during the "Double 11" shopping festival in 2023 were reported to exceed 80 million yuan, but the promotional strategies and pricing have become chaotic, leading to potential concerns about inventory management [11][12].

Core Viewpoint - The rapid decline of Nohui Health, once a leading company in cancer early screening, is attributed to allegations of financial fraud, leading to its forced delisting from the Hong Kong Stock Exchange within a span of just over two years [1][21][24]. Company Overview - Nohui Health was accused by CapitalWatch in August 2023 of inflating its revenue by nearly 90%, which led to a halt in trading after Deloitte refused to sign off on the company's annual report due to unverifiable financial data [1][21]. - The company was officially delisted on October 27, 2025, after failing to meet the Hong Kong Stock Exchange's resumption guidelines [1][24]. Operational Status - The headquarters in Hangzhou is largely abandoned, with multiple locked doors and a significant decrease in sample reception volume, indicating a decline in operational activity [3][4][6]. - The main operational site, located in the Hehui Technology Park, has seen its office space largely vacated, with only a small portion still in use [4][6][12]. Financial Performance - Nohui Health's financial troubles were highlighted by a significant discrepancy between reported sales and actual performance, with a claimed revenue of 765 million yuan in 2022 versus an estimated actual sales figure of only 76.95 million yuan [21]. - The company's promotional activities have diminished, with drastic price variations observed across different e-commerce platforms, raising concerns about potential inventory liquidation [20][22]. Legal and Regulatory Challenges - The company is facing a complex legal landscape as it seeks to navigate potential liquidation proceedings, with over 4,000 individual investors forming a coalition to pursue claims against the company [23][24][26]. - Legal experts indicate that the challenges for investors include establishing a clear evidence chain of financial misconduct and navigating the complexities of cross-border legal frameworks due to the company's registration in the Cayman Islands and listing in Hong Kong [26][27].

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 - Nohui Health, once hailed as the "first stock for early cancer screening," has been forcibly delisted from the Hong Kong Stock Exchange due to severe financial fraud allegations, including the purchase of human waste to fabricate testing samples, leading to a collapse in both capital and industry trust [1][4]. Company Overview - Founded in 2015 in Hangzhou, Nohui Health aimed to provide at-home early screening for colorectal and gastric cancers, eliminating the need for invasive procedures [2]. - The company went public in 2021, with its stock price peaking at 89.65 HKD and a market capitalization exceeding 40 billion HKD [2]. Financial Performance - Nohui Health reported impressive financial growth, with 2022 revenue at 765 million CNY, a 259.5% increase year-on-year, and 2023 first-half revenue surpassing the entire 2022 figure [4]. - However, a short-seller report in August 2023 revealed that the actual sales figures were grossly inflated, estimating the true 2022 sales at only 76.95 million CNY, a discrepancy of nine times [4]. Management Response and Consequences - Despite management's strong denial of the allegations and claims of third-party audits, Deloitte refused to endorse the financial statements in March 2024, leading to a critical loss of credibility [5]. - Following the delisting, the stock price plummeted from 14.14 HKD to near zero, with significant losses reported by investors, including a major asset management firm that downgraded its valuation multiple times [5][6]. Investor Reactions - Over 4,300 investors have registered claims for losses exceeding 700 million HKD, with many seeking legal recourse against the company [6]. - A significant portion of these investors purchased shares after the short-seller report, indicating a lack of awareness regarding the underlying issues [6]. Industry Implications - The scandal has raised concerns about the integrity of the cancer screening industry, which is critical given the high incidence of cancer in China, with over 4.5 million new cases annually [7]. - The case of Nohui Health serves as a cautionary tale for the industry, emphasizing the need for ethical practices and genuine innovation rather than opportunistic behavior [7].

Core Viewpoint - Nohui Health, once hailed as the "first stock for cancer early screening," has been forcibly delisted from the Hong Kong Stock Exchange due to financial fraud allegations, marking a significant collapse in both capital and industry trust [1][2]. Company Overview - Founded in 2015 in Hangzhou, Nohui Health aimed to provide at-home early screening for colorectal and gastric cancers, allowing users to collect stool samples without hospital visits [2]. - The company went public on the Hong Kong Stock Exchange in 2021, with its stock price peaking at 89.65 HKD and a market capitalization exceeding 40 billion HKD [2]. Financial Performance - Nohui Health reported impressive financial figures, with 2022 revenue at 765 million CNY, a year-on-year increase of 259.5%, and 2023 H1 revenue at 823 million CNY, surpassing the entire revenue of 2022 [4]. - However, a short-selling report in August 2023 revealed significant discrepancies, claiming the actual sales for 2022 were only 76.95 million CNY, a ninefold difference from reported figures [4]. Management and Governance Issues - Following the allegations, Nohui's management denied the claims, but by March 2024, Deloitte refused to endorse the financial statements, leading to a critical loss of credibility [5]. - The company faced a series of executive departures, including the resignation of founder Zhu Yeqing as CEO, and was ultimately placed into liquidation by the Cayman Islands court in 2025 [5][6]. Investor Impact - Over 4,300 investors have reported losses exceeding 700 million HKD, with many seeking legal recourse against the company [6]. - The stock's value plummeted from 14.14 HKD at the time of suspension to effectively zero, reflecting significant investor losses [5][6]. Industry Implications - The scandal has raised concerns about the integrity of the cancer early screening industry, which has the potential to reduce mortality rates significantly if conducted ethically [7]. - Nohui's fraudulent practices, including purchasing fecal samples from sanitation workers to inflate testing volumes, have severely undermined trust in the sector [7][8].