我国胃癌发病率居全球前列，早期检出率不足 20%。（引用国家癌症中心数据）。然而，传统的筛查 方式胃镜检查虽准但有创、痛苦感强且依赖专业医师，导致人群筛查依从性低；而常规血清学检测无创 却灵敏度不足。觅小卫仅需采集少量外周血（仅需5-10毫升血液），就能完成检测，既实现无创便捷， 又保证筛查精准度，大幅提升普通人群的筛查意愿。该产品依托自主研发的RNA生物标志物检测技 术，通过体外检测人血清样本中12种miRNA的相对含量，结合专属分析软件计算综合风险值，以此实 现对胃癌高风险人群的精准筛查。 Mirxes觅瑞（股票代码：2629.HK）成立于2014年，是一家起源于新加坡的RNA生物科技企业。凭借自 主研发的专利技术平台，重点布局全球高发癌症早筛早诊业务领域，同时管线覆盖心血管疾病、代谢性 疾病与传染病等。目前，觅瑞以中国、新加坡作为双引擎，业务覆盖东亚、东南亚及欧美等全球化市 场。 觅小卫的临床试验招募了约1万名受试者，数据显示，其检测灵敏度达85%，该指标能有效保障对早期 胃癌及癌前病变的识别能力，减少漏诊情况；阴性预测值99.4%，可大幅降低假阳性概率，避免健康人 群因误判接受不必要的后续检查，减轻医 ...

Core Viewpoint - Despite the delisting of the first cancer early screening stock in Hong Kong, fund managers are still aggressively purchasing related assets, indicating a strong interest in the cancer early screening sector [1][2]. Industry Overview - Noblue Health, a prominent player in the cancer early screening market, was officially delisted on October 27 due to financial issues and long-term suspension, with its stock valuation adjusted to 0.01 HKD by several public funds [2][3]. - The cancer early screening sector, which integrates genomics and AI medical technology, has gained significant attention from public funds, especially in the context of rising interest in innovative drugs and AI medical assets [2][4]. Market Dynamics - The delisting of Noblue Health has created a scarcity of cancer early screening assets in the Hong Kong market, prompting fund managers to seek alternatives in the U.S. market [4][6]. - Mirxes, a competitor, successfully launched an IPO in Hong Kong, becoming the only cancer early screening stock in the market after Noblue Health's exit [5]. Investment Opportunities - Fund managers are optimistic about the potential of the AI medical sector, with expectations of sustained growth driven by technological advancements and favorable policy support [7][8]. - Investment opportunities in the AI medical sector are identified in three main areas: AI drug development, AI medical applications, and data production and utilization [8].

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].