Core Viewpoint - Wuhan Aimesen Life Science Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become a leader in early cancer screening, but faces significant challenges including low revenue, high losses, and reliance on related party transactions [1][2][3]. Financial Performance - Aimesen's revenue for 2023, 2024, and the first half of 2025 was 6.233 million, 7.238 million, and 6.513 million yuan respectively, with a year-on-year growth of 103% in the first half of 2025, yet overall revenue remains below 10 million yuan [1][2]. - The company reported net losses of 67.922 million, 38.63 million, and 13.906 million yuan for the same periods, with a high operating loss rate of 328.7% in 2024 [2]. - Aimesen has reduced its operating expenses, with total expenses decreasing by 36.42% in 2024 compared to 2023, and further declining by 38.63% in the first half of 2025 compared to the same period in 2024 [2]. Customer Structure - The largest customer, Wuhan Aino Medical Laboratory, accounted for 44.5% and 52.1% of Aimesen's total revenue in 2023 and 2024, respectively, raising concerns about revenue sustainability due to high reliance on related party transactions [2][3]. - The second-largest customer, Cap Bio, contributed 8.9% and 9.3% of revenue in 2023 and 2024, respectively, indicating that over 60% of Aimesen's revenue comes from related parties or shareholders [3]. Product Development and Market Challenges - Aimesen has over 20 cancer screening products, with five approved as Class III medical devices, but these products are primarily for symptomatic patients rather than healthy individuals [4][6]. - New regulatory standards for cancer screening products require evidence of benefits in reducing cancer mortality and multi-center clinical trials, which Aimesen currently lacks [6]. - The market penetration for liver cancer screening in China is only 0.7%, and for urinary tract cancer screening, it is as low as 0.5%, indicating a significant challenge in consumer acceptance and willingness to pay for early screening [6]. Industry Context - The early cancer screening industry is characterized by high investment and slow returns, with market acceptance being a critical factor for development [6]. - The recent financial scandal involving Nohui Health, a leading company in the early screening sector, has damaged industry credibility and may lead to stricter scrutiny from capital markets [7].

Core Viewpoint - Aimesen Life Science Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, focusing on early cancer detection and molecular testing, despite reporting significant net losses in recent years [1][2]. Group 1: Financial Performance - In 2023, 2024, and the first half of 2025, the company reported net profits of -67.92 million, -38.63 million, and -13.91 million respectively [2][4]. - The company's revenue for the same periods was 6.233 million, 7.238 million, and 6.513 million respectively [2][4]. - Revenue from the top five customers accounted for 69.3%, 73.2%, and 76.7% of total revenue in 2023, 2024, and the first half of 2025 [4]. Group 2: Market Focus and Product Development - Aimesen Life is focused on the tumor molecular testing market, which is still in its early stages in China, with low penetration rates [2]. - The company plans to use the funds raised from the IPO for the research, registration, and commercialization of its core products, as well as to enhance its R&D capabilities and production automation [3]. - The company received Class III medical device registration approval for its product Aixin Gan in January 2025, which contributed 33.7% of total revenue in the first half of 2025 [5]. Group 3: Customer Dependency - The company relies heavily on a limited number of customers, with the largest customer contributing 44.5%, 52.1%, and 23.8% of total revenue in the respective years [4]. - Future revenue is highly dependent on the commercialization and sales success of Aixin Gan and other candidate products [4].

Core Viewpoint - Wuhan Aimeson Life Science Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, focusing on early cancer detection technologies with two core products targeting liver cancer and urinary tract cancer [1][2]. Group 1: Company Overview - The company was established in January 2015 and is a leading early cancer detection firm, concentrating on cancers with high incidence and mortality rates [1]. - Aimeson has developed the world's first methylation-based early cancer detection technology, with two main products: Aixin Gan for liver cancer and Aiguang Le for urinary tract cancer [1]. Group 2: Product Details - Aixin Gan, a liver cancer detection reagent, has a sensitivity of 92.33% and specificity of 93.35%, with a sensitivity of 84.43% for stage I patients [1]. - Aiguang Le allows non-invasive detection of urinary tract cancer using just 1 milliliter of urine, significantly improving efficiency and convenience compared to traditional methods [1][2]. - The company has additional products approved by the National Medical Products Administration (NMPA), including Aichang Kang and Aichang Jian for colorectal cancer, and Aisi Ning for esophageal cancer [2]. Group 3: Research and Development - The company's R&D expenditures for 2023, 2024, and the first half of 2025 were RMB 22.7 million, RMB 15.0 million, and RMB 4.5 million, respectively [3]. - The R&D costs for Aixin Gan and Aiguang Le were RMB 4.2 million, RMB 7.5 million, RMB 0.4 million and RMB 2.5 million, RMB 2.8 million, RMB 3.9 million, respectively, over the same periods [3]. - Aimeson has a strong internal R&D team of 28 members, primarily based in Wuhan, with 75% holding a bachelor's degree or higher [3]. Group 4: Funding Utilization - The funds raised from the listing will be allocated to the R&D, registration, and commercialization of core products Aixin Gan and Aiguang Le, as well as other pipeline products [3]. - The company aims to enhance its general R&D capabilities, improve production facility automation, and expand its product portfolio through potential acquisitions or licensing in the cancer detection field [3].