Core Insights - OpenAI's launch of ChatGPT has intensified interest in AI healthcare, leading to increased market activity, exemplified by the listing application of Hangzhou Deshi Biotechnology Co., Ltd. on the Hong Kong Stock Exchange [1] - The company aims to capitalize on its innovative technology in chromosome karyotype analysis, although it faces challenges in commercialization, market competition, and profitability [1] Financial Performance - Deshi Biotechnology's revenue for the first nine months of 2023, 2024, and 2025 was 52.84 million, 70.35 million, and 112 million respectively, with losses of 56.11 million, 43.37 million, and 36.64 million during the same periods [2] - Revenue sources include medical imaging software and devices, technology licensing, and analysis consulting services, with medical imaging software and devices dominating revenue at 83.1%, 58%, and 43.6% over the reporting period [2] - The company's profitability hinges on the successful commercialization of its core product, AI AutoVision, and the expansion of its product matrix from its self-developed imaging model, iMedImage [2] Product Innovation - AI AutoVision, equipped with proprietary AI algorithms, addresses the inefficiencies of traditional chromosome karyotype analysis, which is labor-intensive and subjective [3] - The product is expected to receive its Class III medical device registration by Q1 2026, potentially becoming China's first intelligent chromosome karyotype diagnostic software [3] Market Opportunities and Challenges - The company is positioned to benefit from favorable policies and a growing market, with the global intelligent medical imaging detection market projected to grow from $400 million in 2019 to $1.6 billion by 2024, at a CAGR of 34.6% [4] - Despite optimism, challenges include fluctuations in sales and pricing of its previous generation product, AutoVision [4] Competitive Strategy - Deshi Biotechnology employs a differentiation strategy for its two products: AutoVision for low to medium demand institutions and AI AutoVision for high-demand, budget-adequate institutions [5] - Sales of AutoVision were 208, 175, and 124 units with average prices of 167,000, 111,000, and 139,000 respectively, showing a trend of initial decline followed by recovery [5] Market Expansion - The company holds a 30.6% market share in China's chromosome karyotype testing sector as of 2024, indicating a strong position in a market projected to grow from $380 million in 2019 to $650 million by 2024 [7] - The core product's upcoming indications include prenatal diagnosis and assisted reproductive diagnosis, driven by increasing demand from high-risk populations [7] Future Preparedness - The company is expanding the indications for its core product to include blood malignancy karyotype analysis using human bone marrow samples [8] - A comprehensive product system covering the entire workflow from sample preparation to result analysis has been established, aiming to provide diverse intelligent medical imaging solutions [8]

Core Insights - OpenAI's launch of ChatGPT has intensified interest in AI healthcare, leading to increased market activity, exemplified by the listing application of Hangzhou Deshi Biotechnology Co., Ltd. on the Hong Kong Stock Exchange [1] - Deshi Biotechnology focuses on chromosome karyotype analysis and aims to capitalize on its innovative technology, although it faces challenges in commercialization, market competition, and profitability [1] Revenue Structure - The company's revenue is derived from three main segments: medical imaging software and medical devices, technology licensing, and analysis consulting services [2] - Medical imaging software and medical devices have historically dominated revenue, accounting for 83.1%, 58%, and 43.6% of total revenue during the reporting period, while technology licensing has grown to represent 51.4% by 2025 [2] - The successful commercialization of the core product AI AutoVision is critical for short-term profitability, while long-term success hinges on the product matrix developed from the self-researched imaging model iMedImage [2] Market Opportunities and Challenges - The company is positioned well within favorable policy and market trends, with the Chinese government promoting AI in healthcare and the global smart medical imaging market projected to grow from $400 million in 2019 to $1.6 billion by 2024, at a CAGR of 34.6% [3] - Despite optimism, challenges include fluctuating sales and prices of the previous generation product AutoVision [3] Product Differentiation Strategy - Deshi Biotechnology employs a differentiation strategy for its two products: AutoVision targets mid-to-low testing demand with limited AI infrastructure, while AI AutoVision is positioned as a high-end solution for high-demand institutions [4] - Sales of AutoVision have shown a trend of decline followed by recovery, with average prices fluctuating, indicating ongoing pricing pressures in the mid-tier market [4] Market Expansion Potential - In 2024, Deshi Biotechnology is expected to capture a 30.6% market share in China's chromosome karyotype testing sector, with the global market projected to grow from $380 million in 2019 to $650 million by 2024 [5] - The company aims to expand its core product's applications to include blood malignancy analysis using human bone marrow samples, enhancing its product offerings [6] Comprehensive Product System - Deshi Biotechnology has developed a comprehensive product system that integrates analysis software, devices, reagents, and consumables, covering the entire workflow from sample preparation to result analysis [6] - The company’s ability to convert technological achievements into marketable products will be crucial for its success in the competitive AI healthcare landscape [6]

Company Overview - Deshi Bio is a medical device company focused on developing medical imaging products and services, with a diverse product portfolio aimed at enhancing diagnostic efficiency and service quality [3][5] - The core product, AI AutoVision, is designed for chromosome karyotype analysis, providing timely notifications to doctors regarding chromosomal abnormalities [3][5] Product Pipeline - The company has developed six medical imaging software products, three commercialized medical devices, and four main reagents and consumables [3][5] - AI AutoVision has achieved 100% sensitivity and specificity in detecting numerical abnormalities and 94.05% sensitivity with 100% specificity for structural abnormalities [3][5] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately RMB 52.84 million, with a gross profit of RMB 37.49 million [6][9] - The company recorded a net loss of RMB 56.12 million for the fiscal year 2023 [8] Market Overview - The global smart medical imaging detection market is projected to grow from USD 400 million in 2019 to USD 1.6 billion by 2024, with a compound annual growth rate (CAGR) of 34.6% [10] - In China, the market is expected to expand from RMB 100 million in 2019 to RMB 2.4 billion by 2024, with a CAGR of 80.3% [13] Board of Directors - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors, responsible for managing and operating the group's business [16]

Company Overview - Deshi Biotechnology Co., Ltd. focuses on developing medical imaging products and services, with a diverse product portfolio aimed at enhancing diagnostic efficiency and service quality [3][4] - The core product, AI AutoVision, is designed for chromosome karyotype analysis, supporting prenatal diagnosis of birth defects and assisted reproductive diagnosis [3][4] Product Pipeline - The company has developed six medical imaging software products, three commercialized medical devices, and four main reagents and consumables [3][5] - AI AutoVision has achieved 100% sensitivity and specificity in detecting numerical abnormalities and 94.05% sensitivity with 100% specificity for structural abnormalities [3][5] Financial Performance - For the fiscal year 2023, the company reported revenues of approximately RMB 52.84 million, with a gross profit of RMB 37.50 million [8][10] - The company recorded a net loss of RMB 56.12 million for the same period [9] Market Overview - The global smart medical imaging detection market is projected to grow from USD 400 million in 2019 to USD 1.6 billion by 2024, with a compound annual growth rate (CAGR) of 34.6% [11] - In China, the market is expected to expand from RMB 100 million in 2019 to RMB 2.4 billion by 2024, with a CAGR of 80.3% [14] Shareholding Structure - As of the latest available date, the major shareholders include Dr. Song, who holds approximately 30.04% of the shares, and several investment platforms managed by him, collectively controlling about 52.06% of the voting rights [19][21]

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, after a previous attempt in June 2025 [1] Group 1: Company Overview - Deshi Biotechnology focuses on developing medical imaging products and services [1] - The company has a diversified product portfolio aimed at enhancing diagnostic efficiency and service quality [1] Group 2: Product Offerings - The product lineup includes six medical imaging software products, featuring the core product AI AutoVision, a commercial product AutoVision, and four candidates in preclinical stages [1] - Additionally, the company offers three commercialized medical devices and four main reagents and consumables [1] - Deshi Biotechnology also provides technology licensing services to meet the needs of various medical institutions, academic research institutions, and regional medical organizations [1]

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor, indicating its intent to go public after a previous attempt in June 2025 [1] Company Overview - Deshi Biotechnology is focused on developing medical imaging products and services, aiming to enhance diagnostic efficiency and service quality [1] - The company has a diversified product portfolio that includes: - Six medical imaging software products, which consist of one core product AI AutoVision in the registration stage, one commercial product AutoVision, and four candidates in the preclinical stage [1] - Three commercialized medical devices [1] - Four main reagents and consumables [1] - Additionally, Deshi Biotechnology offers technology licensing services to meet the diverse needs of various medical institutions, academic research institutions, and regional medical organizations [1]

Core Viewpoint - Hangzhou Deshi Bio is leading the AI medical diagnosis sector with its self-developed iMedImage universal medical imaging model, aiming for an IPO in Hong Kong with a valuation of 2.56 billion yuan after the latest funding round [1] Group 1: iMedImage Model and Market Potential - iMedImage is designed to address the challenges in the medical imaging market, which is projected to reach 180 billion yuan in China by 2030, with AI in medical imaging being one of the fastest-growing segments globally [1][5] - The model significantly reduces development time from the industry average of 3-5 years to under 60 days and cuts AI R&D costs by over 90% [1][3] - The model's architecture allows for the creation of specialized models with only 200 image samples, drastically lowering data requirements compared to traditional methods [3] Group 2: Competitive Advantages and Innovations - iMedImage provides a comprehensive solution that includes six AI analysis systems, three AI medical devices, and various model services, positioning the company as a leader in the market with a 30.6% share in 2024 [5][6] - The platform supports cross-modal compatibility and can handle 19 types of medical imaging modalities, covering over 90% of clinical scenarios [6] - The accuracy of diagnostic systems using iMedImage has improved from an average of 50% to 99.45%, and the time to generate clinical reports has been reduced from nearly 30 days to just 4 days [6] Group 3: Financial Performance and Growth - The company reported revenues of 52.84 million yuan in 2023 and 70.35 million yuan in 2024, with a 33.1% year-on-year growth in cloud service revenue [7] - The gross margin for products has consistently exceeded 65%, indicating strong market acceptance and technological premium [7] - The net loss for 2024 is projected to be approximately 43.38 million yuan, a reduction of nearly 23% from the previous year, reflecting robust growth momentum [7] Group 4: Future Development and Strategic Goals - The company plans to use the funds raised for the development and commercialization of its core product, AI AutoVision, and further iterations of the iMedImage model [8] - The strategic goal is to transition from an "AI tool provider" to a "full-modal medical AI infrastructure architect," aiming to share AI benefits across all device manufacturers and clinical hospitals [8]