Core Viewpoint - The AI medical imaging market in China is projected to reach 92.3 billion yuan by 2030, with a staggering compound annual growth rate of 76.7% [2]. However, despite the industry's potential, Airdoc Technology, the first medical AI company listed in Hong Kong, has faced significant financial challenges, including a 23.34% decline in revenue and a net loss of 255 million yuan in 2024, raising questions about the management's compensation structure amidst poor performance [2][20]. Group 1: Company Performance - Airdoc's revenue in 2024 was 156.4 million yuan, a slight increase from 115 million yuan in 2021, but the net loss expanded from 143 million yuan in 2021 to 255 million yuan in 2024 [6][20]. - The company has reported continuous losses for six consecutive years, accumulating a total loss of 880 million yuan [7]. - Airdoc's stock price has plummeted over 80% since its IPO, with a market capitalization of only 12.54 million yuan as of June 12, 2025, compared to over 6 billion yuan at its IPO [8]. Group 2: Market Potential - The demand for AI medical imaging is driven by a large chronic disease patient population in China, with over 100 million diabetes patients needing affordable and efficient diagnostic tools [4]. - Airdoc holds a unique position in the market, having obtained the only domestic license for AI-assisted diagnosis of diabetic retinopathy in 2020 [5]. Group 3: Management Compensation - Airdoc's management compensation has seen a dramatic increase, with founder Zhang Dazhi's salary rising from 461,000 yuan in 2021 to 22.224 million yuan in 2024, a staggering increase of 4,800% [2][15]. - In 2024, the total compensation for Airdoc's top executives reached 29.217 million yuan, with Zhang Dazhi accounting for 76% of this amount [15]. - The significant rise in management salaries is attributed to stock-based compensation, which has become a major component of executive pay in recent years [16][20].