每经记者｜鄢银婵 每经编辑｜黄博文 10年，足够一个行业从风口走向分化，也足够一家创业公司从实验室走向IPO（首次公开募股）的大 门。 2015年，癌症早筛赛道曙光初现，一批创业者纷纷入场。彼时，27岁的医生张良禄辞去工作，创立了武 汉艾米森生命科技有限公司（现称"武汉艾米森生命科技股份有限公司"，以下简称艾米森），站上了起 跑线。 10年后的今天，同期创立的公司有的已实现数亿元营收，有的在资本市场上经历大起大落，艾米森也首 次向港交所递交上市申请，将自己的"故事"完整呈现在公众面前。 不过，《每日经济新闻》记者注意到，艾米森的年营收不足1000万元，净亏损额远超营收总额；其讲述 的"早筛故事"与监管部门的定义尚有差距；实控人从公司获取低息贷款输血控股企业，又成为公司大客 户。 在这些"内忧外困"的情况下，艾米森本次能否顺利闯进港交所进行IPO？ 营收规模不足1000万元 癌症早筛是一个曾被寄予厚望的赛道。 2014年，粪便DNA（脱氧核糖核酸）基因甲基化检测技术在全球结直肠癌早诊领域首次应用并正式面 向市场后，该赛道迎来一波创业潮。 2015年，27岁的张良禄刚从武汉大学硕士毕业，尽管职场经验谈不上丰富，但 ...

Core Viewpoint - The article discusses the journey of Aimesen, a cancer early screening company founded in 2015, highlighting its struggles with revenue and regulatory challenges as it prepares for an IPO in Hong Kong after ten years in the industry [1][2]. Company Overview - Aimesen was founded by Zhang Lianglu, a 27-year-old doctor, with the aim of focusing on cancer early screening through innovative diagnostic technologies [2][4]. - The company has developed multiple cancer screening products, with five receiving regulatory approval in China and seven obtaining EU certification [6]. Financial Performance - Aimesen's revenue has remained below 10 million yuan, with reported revenues of 623.3 thousand yuan in 2023, 723.8 thousand yuan in 2024, and 651.3 thousand yuan in the first half of 2025 [4][10]. - The company has faced significant net losses, amounting to 67.92 million yuan in 2023, 38.63 million yuan in 2024, and 13.91 million yuan in the first half of 2025 [4]. Market Context - The cancer molecular detection market in China has been growing at a compound annual growth rate of over 15%, driven by the limitations of traditional screening methods [5]. - Aimesen's competitors, such as Fan Shengzi and Ran Shi Medical, have successfully gone public and reported substantial revenues, contrasting Aimesen's slower progress [4]. Regulatory Challenges - Aimesen's products are classified as "diagnostic" rather than "screening" by regulatory authorities, which limits their market potential [13][14]. - The company has faced increasing regulatory scrutiny, with new guidelines requiring more rigorous clinical trials for cancer screening products [14]. Internal Financial Relationships - A significant portion of Aimesen's revenue comes from related party transactions, particularly with Wuhan Aino Medical Laboratory, which is controlled by Zhang Lianglu [10][11]. - The company has provided low-interest loans to Zhang Lianglu, which raises concerns about financial transparency and potential conflicts of interest [10][11]. Strategic Partnerships - Aimesen has benefited from early government support and investments from companies like Cap Bio, which has helped it navigate financial challenges and expand its product offerings [7][8]. - The company is actively pursuing partnerships with hospitals and seeking insurance coverage for its products to enhance market access [14].

Core Viewpoint - Wuhan Aimesen Life Science Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to explore new capital pathways after several rounds of financing [1] Group 1: Company Background and Financing - Aimesen, founded in 2015 by PhD Zhang Lianglu, specializes in cancer early screening and has completed five rounds of financing over the past decade [2][3] - The company received significant support from local state-owned enterprises and listed company CapBio, which has become a crucial investor [2] - Initial funding included a 200,000 yuan award from a startup competition, which helped Aimesen transition from laboratory to clinical trial stages [2] Group 2: Investment and Valuation Growth - CapBio invested 14 million yuan in Aimesen in 2018, increasing its shareholding to 21.87%, making it the largest shareholder outside of the founder [3] - Aimesen's valuation has seen significant growth, jumping from approximately 170 million yuan in 2016 to 1.8 billion yuan in 2020, and reaching 1.2 billion yuan in 2022 [3][5] Group 3: Product Development and Market Position - Aimesen has developed over 20 cancer early screening products, with five receiving approval from the Chinese drug regulatory authority and seven obtaining CE certification [6] - Key products include the "Aichangkang" colorectal cancer test kit and "Aixinan" for liver cancer, which demonstrate high sensitivity and specificity [6] - Despite technological advancements, Aimesen's revenue remains low, with 2023 revenue at 623,000 yuan and net losses significantly higher than revenue [7] Group 4: Market Challenges and Future Plans - The cancer early screening market is highly competitive, with several established players, and Aimesen's reliance on a single customer for over 52% of sales indicates a need for broader market penetration [7] - The IPO aims to raise funds for the development and commercialization of core products and to diversify the product portfolio through potential acquisitions or licensing [7]