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].

2025年11月20日，领益智造晚间公告称，公司向港交所递交了发行H股股票并在港交所主板挂牌上市的 申请，并于同日在港交所网站刊登了申请材料。 这家全球精密制造巨头的掌舵人，是武汉大学校友曾芳勤。从深圳起步，她白手起家，将领益智造打造 成业务覆盖AI终端、新能源汽车、低空经济等新兴领域的千亿级企业。此次赴港IPO，公司计划将募集 资金用于提升在高密度AI算力服务器、人形机器人硬件及组装等新兴领域的研发和生产能力。 珞珈山下，东湖之滨，百年学府今日华彩绽放。 11月29日，武汉大学迎来132周年校庆。百余载弦歌不辍，珞珈山见证了无数家国情怀的激荡。 今日之武大，正以科技创新引领时代。2025年，武汉大学物理科学与技术学院院长刘正猷教授当选中国 科学院院士，土木建筑工程学院刘泉声教授和科学技术发展研究院院长姜卫平教授当选中国工程院院 士。另据不完全统计，武汉大学1980级生物系细胞生物学校友邓宏魁、1987级遗传学专业校友傅向东当 选中国科学院院士……这些成绩，可谓"珞珈苍苍，东湖汤汤；巍巍学府，群星璀璨"。 而校友群星璀璨，也不忘反哺母校情深。雷军设立"雷军奖学金"激励学子创新，2023年的13亿元的单笔 捐赠 ...

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].

（原标题：新股消息 | 艾米森拟港股上市 中国证监会要求补充说明股权变动等事项） 智通财经APP获悉，11月14日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月10日— 2025年11月14日)》。中国证监会国际司公示10家企业补充材料要求，其中，公示提到要求艾米森补充 说明股权变动、股东情况、业务经营等事项。据港交所9月28日披露，武汉艾米森生命科技股份有限公 司(简称：艾米森)向港交所主板提交上市申请书，联席保荐人为建银国际、交银国际。 二、关于股东情况：(1)请说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异 的原因，并就是否存在利益输送出具明确结论性意见；(2)请说明你公司持股5%以上股东广州凯普、苏 州金阖向上穿透后的境内主体是否存在法律法规规定禁止持股的主体；(3)请说明高科医械相关国有股 东标识管理部门的确定依据；(4)请说明你公司的股东人数、计算方式及具体依据。 三、关于业务经营：(1)请说明你公司及下属公司经营范围包含医学研究和试验发展、细胞技术研发和 应用、人体基因诊断与治疗技术开发、互联网信息服务的具体情况，是否实际开展相关业务及具体运营 情况，是否 ...

一、关于股权变动：(1)请说明你公司历次增资及股权转让定价依据，是否实缴出资，是否存在未履行 出资义务、抽逃出资、出资方式存在瑕疵的情形；(2)2016年6月你公司两名股东将所持股份全部或部分 以0元转让，由此你公司控制权发生变更。请说明上述0元转让的原因，是否存在股份代持情形。如果存 在，请按照《监管规则适用指引——境外发行上市类第2号》要求进行核查；(3)你公司历史沿革中曾存 在股权代持，请按照《监管规则适用指引——境外发行上市类第2号》要求进行核查。 11月14日，中国证监会公布《境外发行上市备案补充材料要求(2025年11月10日—2025年11月14日)》。 中国证监会国际司公示10家企业补充材料要求，其中，公示提到要求艾米森补充说明股权变动、股东情 况、业务经营等事项。据港交所9月28日披露，武汉艾米森生命科技股份有限公司(简称：艾米森)向港 交所主板提交上市申请书，联席保荐人为建银国际、交银国际。 中国证监会请艾米森补充说明以下事项，请律师核查并出具明确的法律意见： 二、关于股东情况：(1)请说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异 的原因，并就是否存在利益输送出具明 ...

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 - 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]

Core Viewpoint - Aiming to provide early cancer screening services, Wuhan Aimesen Life Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, highlighting its innovative cancer detection products and significant market potential in China [1][2]. Company Overview - Founded in 2015, Aimesen specializes in early cancer detection, with a mission to become a "munitions depot" for tumor screening [1]. - The company has developed two core products: Aixin Gan for liver cancer and Aiguang Le for urinary tract cancer, utilizing advanced technologies for non-invasive testing [2]. Product Details - Aixin Gan is the world's first liver cancer detection reagent based on methylation and qPCR technology, achieving a sensitivity of 84.43% for stage I liver cancer [2]. - Aiguang Le allows for non-invasive detection of urinary tract cancer using just 1 milliliter of urine, enhancing efficiency and convenience [2]. - Aimesen has launched over 20 early screening products covering various cancers, including colorectal, liver, esophageal, and gastric cancers [4]. Market Context - In China, digestive system cancers account for 50% of cancer-related deaths, with colorectal cancer alone having 560,000 new cases annually and an early diagnosis rate below 20% [2]. - The early screening market for cancer in China is projected to grow from $18.4 billion in 2019 to $28.9 billion by 2030, with a compound annual growth rate of 4.2% [5]. Financial Performance - Aimesen reported revenues of 6.23 million yuan, 7.24 million yuan, and 6.51 million yuan for the first half of 2023, 2024, and 2025, respectively, with net losses of 67.92 million yuan, 38.63 million yuan, and 13.91 million yuan during the same periods [4]. - Research and development expenditures were 22.74 million yuan, 15 million yuan, and 4.52 million yuan for the same periods, while sales expenses were 25.17 million yuan, 15.10 million yuan, and 6.39 million yuan [4]. Customer Base - Aimesen's primary customers include testing laboratories, with the top three clients in 2024 being Wuhan Aino Medical Laboratory, KingMed Diagnostics, and Guangdong Capbio, contributing 52.1%, 9.3%, and 5.2% to total sales, respectively [5].

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].