近日， 杭州德适生物科技股份有限公司 （以下简称"德适生物"）再度向香港交易所递交上市申请，继续推进港股 IPO 进程。 就在递表前一日（1 月 5 日），公司已获得中国证监会出具的境外发行上市备案通过文件。随着监管程序推进，德 适生物也被市场视作 有望冲击"医学影像大模型第一股"的代表性企业之一 。 # 公司概况：聚焦 医 学影像 AI 的垂直型厂商 德适生物成立于 2018 年，总部位于杭州，定位于 医学影像人工智能及智能诊断软件 方向，核心技术覆盖医学影 像算法、AI 模型训练平台及相关软件系统。 从业务结构看，公司并未走"通用大模型"路线，而是 聚焦血液学、细胞遗传学等细分临床场景 ，围绕实验室与临 床端真实应用需求，构建相对垂直的 AI 产品体系。这一定位，也使其在医学影像 AI 赛道中形成较为清晰的差异化 路径。 # 产品与技术：从辅助分析迈向"全自动化"核型检测 更受关注的是公司正在推进的核心产品 AI AutoVision ® 。根据招股书披露，该产品定位于 全自动、端到端的染色 体核型分析系统 ，目标是将核型检测从目前行业普遍的半自动（L1/L2 级）阶段，推进至更高自动化水平（L3 级）。 ...

Group 1: IPO Highlights - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2513," becoming the "first global large model stock" [2] - Zhiyu plans to issue 37,419,500 H-shares, with a public offering in Hong Kong receiving 1,159.46 times subscription and international offering receiving 15.28 times subscription, raising over 4.3 billion HKD at an issue price of 116.2 HKD per share [2] - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (Tianshu) also listed on January 8, 2026, under the stock code "9903," issuing 25,431,800 shares with a public offering subscription of 414.24 times and international offering of 10.68 times [5] - MiniMax Group Inc. (MiniMax) listed on January 9, 2026, under the stock code "0100," becoming the largest AI large model company by IPO scale in history [7] - Shenzhen Jingfeng Medical Technology Co., Ltd. (Jingfeng) listed on January 8, 2026, under the stock code "2675," issuing 27,722,200 H-shares with a public offering subscription of 1,091.94 times and international offering of 25.18 times [9] Group 2: Company Performance and Growth - Zhiyu has achieved a revenue growth from 0.57 million CNY in 2022 to 3.12 million CNY in 2024, with a compound annual growth rate (CAGR) of 130% [3] - Tianshu's revenue increased from 1.89 billion CNY in 2022 to 5.40 billion CNY in 2024, with a CAGR of 68.8% [6] - MiniMax's revenue grew from 3.5 million USD in 2023 to 30.5 million USD in 2024, representing a year-on-year increase of 782.2% [7] - Jingfeng's revenue for the first half of 2025 reached approximately 149 million CNY, a nearly 400% year-on-year increase [10] Group 3: Market Position and Future Outlook - Zhiyu is recognized as the largest independent large model vendor in China, with significant market advantages in the enterprise sector [4] - Tianshu's products have been deployed in over 900 instances across key sectors, indicating a strong market presence [6] - MiniMax has established a user base of over 2.12 million individuals and 130,000 enterprise clients across more than 200 countries [7] - Jingfeng's robotic surgical systems have been used in over 12,000 surgeries, indicating a growing integration into standard surgical practices [9]

Group 1: IPO Dynamics - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) officially listed on the Hong Kong Stock Exchange on January 8, 2026, with the stock code "2513," becoming the "first global large model stock" [3] - Zhipu plans to issue 37,419,500 H-shares, with a subscription rate of 1,159.46 times for public offerings in Hong Kong and 15.28 times for international offerings, raising over HKD 4.3 billion at an issue price of HKD 116.2 per share [3] - Zhipu's revenue from 2022 to 2024 is projected to grow from CNY 0.57 billion to CNY 3.12 billion, with a compound annual growth rate (CAGR) of 130% [4] Group 2: Market Position and Growth - The domestic large language model market is expected to grow 20 times in the next six years, with enterprise demand leading the way, providing Zhipu with a competitive advantage [5] - Zhipu's revenue is expected to exceed USD 100 million in 2025, with projections of approximately CNY 1.6 billion and CNY 2.7 billion for 2026 and 2027, respectively [5] Group 3: Other Companies' IPOs - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (Tianshu) also listed on January 8, 2026, with a total issuance of 25,431,800 shares and a subscription rate of 414.24 times for public offerings in Hong Kong [7] - Tianshu's revenue grew from CNY 1.89 billion in 2022 to CNY 5.40 billion in 2024, with a CAGR of 68.8% [9] - MiniMax Group Inc. (MiniMax) listed on January 9, 2026, with a total issuance of 29,197,600 shares, achieving a subscription rate of 1,837.17 times for public offerings in Hong Kong [10] - MiniMax's revenue is projected to grow from USD 3.5 million in 2023 to USD 30.5 million in 2024, with a year-on-year increase of 782.2% [11] Group 4: Financial Performance - Shenzhen Jingfeng Medical Technology Co., Ltd. (Jingfeng) listed on January 8, 2026, with a revenue of approximately CNY 1.49 billion in the first half of 2025, representing a nearly 400% year-on-year growth [14] - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (Mingming) achieved a retail sales volume of CNY 661 billion in the first three quarters of 2025, a year-on-year increase of 74.5% [17] - Hunan Sangnisendi Group Co., Ltd. (Sangnisendi) reported revenues of CNY 1.07 billion and CNY 2.45 billion for 2023 and 2024, respectively, with a year-on-year growth of 129.5% [24] Group 5: Industry Insights - The AI and semiconductor sectors are experiencing rapid growth, with companies like Zhipu and Tianshu leading innovations in large models and computing power [4][9] - The food and beverage retail sector is also expanding, with companies like Mingming and COMMUNE establishing significant market positions [17][21] - The medical technology field is advancing with companies like Jingfeng and DeShi Biotech focusing on robotic surgery and AI in medical imaging [14][35]

Core Viewpoint - Hangzhou Deshi Biotechnology Co., Ltd. is advancing its IPO process on the Hong Kong Stock Exchange, aiming to become the first company in the field of medical imaging large models, with significant revenue growth driven by its unique market position and favorable policies [1][2]. Group 1: Company Overview - Established in 2016, Deshi Biotechnology focuses on AI in medical imaging and smart equipment, offering a diverse product portfolio including six software products, three commercial medical devices, four main reagents and consumables, and two technology licensing products [2]. - The core product, AI AutoVision®, specializes in intelligent analysis of chromosome karyotypes, having completed clinical trials and received recognition as a Class III innovative medical device from the National Medical Products Administration [2]. Group 2: Technology and Innovation - The success of AI AutoVision® is supported by the underlying technology platform iMedImage™, which enhances product functionality and cross-scenario applications, covering 19 types of medical imaging modalities and over 90% of clinical scenarios [3]. - iMedImage™ is noted as the largest medical imaging base model globally, integrating pre-trained medical imaging technology, thus overcoming limitations of disease-specific and modality-specific small models [3]. Group 3: Market Potential - The AI medical imaging market in China is projected to grow from 2.4 billion yuan in 2024 to 40.1 billion yuan by 2030, with a compound annual growth rate of 60.2% [4]. - Policy support is evident, with the National Health Commission and other departments promoting AI medical imaging applications, aiming for widespread clinical diagnostic services in hospitals by 2030 [4]. Group 4: Funding and Future Plans - Deshi Biotechnology has secured investments from various institutions and plans to use IPO proceeds primarily for the development and commercialization of AI AutoVision®, as well as for other software and medical device R&D [4].

Core Viewpoint - Deshi Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] Company Overview - The company focuses on developing medical imaging products and services, with a product portfolio that includes six medical imaging software (including the core product AI AutoVision® and commercial product AutoVision®), three commercial medical devices, and four main reagent consumables [1] Key Product Information - The core product AI AutoVision® is a chromosome karyotype auxiliary diagnostic software that utilizes AI functionalities for intelligent analysis in prenatal diagnosis of birth defects and assisted reproductive diagnosis, demonstrating high sensitivity and specificity in multi-center clinical trials (e.g., sensitivity of 100.00% for detecting abnormal numbers, specificity of 100.00%) [1] Market Outlook - The intelligent medical imaging detection market is projected to grow significantly, with the global market expected to increase from $1.6 billion in 2024 to $25.1 billion by 2035, and the Chinese market anticipated to grow from RMB 2.4 billion in 2024 to RMB 78.1 billion by 2035, indicating a rapid growth trend [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Hangzhou Diagens Biotechnology Co., Ltd. 杭州德適生物科技股份有限公司 (the "Company") (A joint stock company incorporated in the ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並表明概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任 何損失承擔任何責任。 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） Hangzhou Diagens Biotechnology Co., Ltd. 杭州德適生物科技股份有限公司 申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會的要求而刊發，僅 用作向香港公眾人士提供資料。 本申請版本為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即表示 閣下 知悉、接納並向本公司、其各自保薦人、整體協調人、顧問及包銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長註冊的本公 司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士派發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件所 載資料作出投資決定； (b) 在聯交所網站登載本文件或其任何補充、修訂或更 ...

Company Overview - 德适生物科技股份有限公司 (德适生物) has submitted an IPO application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] - Established in 2016 and headquartered in Hangzhou, Zhejiang, the company focuses on AI-driven medical imaging solutions, particularly its core product, iMedImage™ [1][2] - The company has completed multiple rounds of financing, achieving a post-investment valuation of 2.56 billion yuan after the latest round in June 2025 [1] Product and Technology - 德适生物's core product, iMedImage™, is a leading medical imaging base model that supports 19 imaging modalities and covers over 90% of clinical scenarios [4][11] - The company has developed a complete automated chromosome analysis pipeline, including AI AutoVision® and MetaSight® systems, which have received regulatory approvals [4][5] - The AI AutoVision® is expected to be the world's first AI-driven chromosome karyotype analysis system upon approval from the National Medical Products Administration [4] Market Position and Financial Performance - 德适生物 has established a distribution network of over 75 distributors, covering more than 400 healthcare centers across 31 provinces in China [6] - The company reported revenues of 52.84 million yuan and 70.35 million yuan for 2023 and 2024, respectively, with a year-on-year growth of 33.1% [5] - In 2024, the company achieved a gross profit margin of 65.5%, positioning it among the top in the medical device industry [5] Industry Context - The medical imaging AI industry faces challenges such as low standardization of multimodal data and a shortage of skilled professionals, creating a demand for efficient AI tools [2] - The chromosome karyotype analysis market is highly concentrated, with international giants holding 95% of the market share; 德适生物 has captured 30.6% of the market following the launch of its innovative products [10][7] - The reproductive health medical device market in China is projected to grow significantly, with an expected market size of 71 billion yuan by 2024 and over 173 billion yuan by 2035 [7][10]

Core Viewpoint - The company, Hangzhou Deshi Biotechnology Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange amid challenges such as declining core business growth, reduced gross margins, and significant financial pressures [1][10]. Company Background - The founder, Dr. Song Ning, has a strong academic background in computer science and medical genetics, with experience teaching at Nagasaki University and Shanghai Jiao Tong University [2]. - Deshi Biotechnology was founded in September 2016 with a registered capital of 1 million yuan, and Song initially held 90% of the shares [3]. Financial Performance - The company reported a total revenue of 70.35 million yuan for 2024, but core business revenue decreased from 43.90 million yuan to 40.84 million yuan, with gross margin dropping by 19.9 percentage points to 56.7% [8]. - The company faced net losses of 56.12 million yuan in 2023 and 43.38 million yuan in 2024, with cash and cash equivalents dwindling to approximately 556,700 yuan by April 2025 [10][11]. Market Position - Deshi Biotechnology holds a leading position in the Chinese chromosome karyotype analysis system market, with a market share of 30.6% [7]. - The overall market for chromosome karyotype analysis is expected to grow from 120 million yuan in 2019 to 166 million yuan by 2024, with a compound annual growth rate of 6.7% [7]. Strategic Moves - The company has divested two subsidiaries for 1 yuan each to streamline operations and focus on core business, although the financial details of these subsidiaries were not disclosed [5][7]. - Deshi Biotechnology is betting on its AI-driven diagnostic system, AI AutoVision®, which has received "innovative medical device" recognition and is crucial for the company's future performance [11]. Investment and Shareholding - The company has attracted multiple rounds of investment, with a post-investment valuation reaching 2.56 billion yuan as of June 2025 [4]. - Song Ning has successfully executed several share buybacks to maintain control, currently holding 30.04% directly and controlling 52.06% of voting rights through various platforms [3][4].

Core Viewpoint - The company, Hangzhou Deshi Biotechnology Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange amid challenges in its core business and financial pressures, despite its leading position in the chromosome karyotype analysis market and the potential of its AI-driven diagnostic system AI AutoVision® [1][10][20]. Company Overview - Founded by Dr. Song Ning, who has a strong academic background in computer science and medical genetics, the company has seen significant capital inflow since its establishment in 2016 [2][3]. - As of the latest funding round in June 2025, the company's post-money valuation reached 2.56 billion yuan [4]. Financial Performance - The company has faced declining revenue in its core business, with total revenue projected to reach 70.35 million yuan in 2024, while core business revenue dropped from 43.90 million yuan to 40.84 million yuan [12]. - The gross profit margin has significantly decreased by 19.9 percentage points to 56.7%, with consumables and reagents showing a drastic decline in gross margin from 43.1% to 5.6% [12]. - The company reported net losses of 56.12 million yuan and 43.38 million yuan for 2023 and 2024, respectively, with cash reserves dwindling to approximately 5.57 million yuan by April 2025 [19]. Market Position - Deshi Biotechnology holds a 30.6% market share in China's chromosome karyotype analysis system market, which is projected to grow from 120 million yuan in 2019 to 1.038 billion yuan by 2030 [11][12]. - The company is betting on the iMedImage medical imaging base model, which is expected to contribute significantly to revenue, with a projected market size of 51.9 billion yuan by 2035 [17][18]. Strategic Moves - The company has engaged in various share transfers and buybacks to maintain control, with Dr. Song Ning successfully regaining majority voting rights [3][4]. - Recently, the company sold two subsidiaries for 1 yuan each to streamline operations, raising questions about the financial health of these entities [9][10]. Future Prospects - The success of the AI AutoVision® system is critical for the company's future, as it has received "innovative medical device" recognition and is currently undergoing registration [20].