Core Viewpoint - MicroMed, an AI full-cycle management service provider, has submitted its listing application to the Hong Kong Stock Exchange, indicating its growth and expansion in the healthcare sector [1]. Company Overview - MicroMed has established deep collaborations with 157 public hospitals and partnered with over 4,700 healthcare institutions, serving approximately 500,000 patients in full-cycle health management [2][4]. - The company has received investments from notable institutions and local government funds, indicating strong backing and confidence in its business model [4]. Financial Performance - MicroMed's total revenue for 2022, 2023, and 2024 is projected to be RMB 5.12 billion, RMB 6.28 billion, and RMB 6.53 billion respectively, showing steady growth despite ongoing investments in marketing, technology, and service operations [4][6]. - The revenue structure indicates that approximately 70% of income comes from full-cycle management services, with other sources including health product sales and insurance brokerage [6][7]. Business Model - The primary revenue source is from individual patients, showcasing the potential for scalable income through service fees [5][8]. - MicroMed's full-cycle management model addresses the urgent need for continuous medical services beyond hospital visits, enhancing patient care and satisfaction [10][11]. AI Integration - AI technology is a cornerstone of MicroMed's operations, with the CareAI platform enhancing service delivery across all stages of patient management [12][17]. - The platform supports various functions, including pre-diagnosis, in-treatment support, and post-treatment follow-ups, significantly improving efficiency and patient engagement [16][17]. Operational Strategy - MicroMed aims to expand its hospital network and deepen existing collaborations, focusing on customized operations and maintaining service quality across different locations [18][19][20]. - The company has implemented measures to control operational costs, leading to a decrease in sales and distribution expenses as a percentage of revenue over the years [21]. Future Growth Potential - MicroMed is diversifying its revenue streams by expanding into insurance brokerage and health product sales, leveraging its established patient base to meet unmet healthcare needs [22].

6月27日，港交所官网显示，微脉公司（以下简称"微脉"）在港交所提交上市申请。公司表示，IPO募集 所得资金净额将主要用于提升AI能力，扩大AI应用场景；扩大全病程管理服务；扩大医疗管理生态圈 并拓展其他相邻业务线；策略性投资或收购在特定医疗专科具有竞争优势和市场地位的公司；以及用作 营运资金及其他一般企业用途。 微脉致力于运用AI赋能医疗服务行业，链接医院、医生及患者，重构医院的医疗服务价值链。招股书 显示，按2024年收入计，微脉是中国前三大全病程管理服务提供商之一，且为中国最大的患者导向的 AI赋能的全病程管理服务提供商。 郭涛认为，微脉的业务模式有几大优势：其一，深度整合医疗资源，与157家医院签约设全病程管理中 心，联动4700家机构构建"院内+院外"闭环，覆盖80个病种服务50万患者；其二，AI技术赋能，CareAI 平台整合大模型实现智能分诊、健康画像生成，为医院节省成本，提升医护效率；其三，其分层服务， 针对妇幼、肿瘤等场景定制方案，单病种客单价超千元，高于行业均值。 陈礼腾表示，此次上市将为微脉提供更多的资金支持，有助于其进一步巩固业务布局、扩大业务规模并 实现盈利目标。但需警惕的是，港股投 ...

在财务方面，2024年微脉总收入达人民币6.5亿元以上，较2023年的人民币6.28亿元和2022年的人民币 5.12亿元有所增长。公司的收入主要来自三个业务板块：全病程管理服务、医疗健康产品销售和保险经 纪服务。2024年，全病程管理服务贡献了72.0%的总收入，医疗健康产品销售贡献了19.4%，保险经纪 服务贡献了8.6%。虽然总收入呈上升趋势，但公司在往绩记录期间仍录得亏损，2024年净亏损为人民 币1.93亿元，较2023年的人民币1.5亿元有所增加，但公司非国际财务报告准则下的经调整净亏损已从 2022年的人民币2.33亿元改善至2024年的人民币3020万元。 6月27日，微脉公司向港交所提交上市申请书，联席保荐人为招商证券(香港)有限公司和德意志证券亚 洲有限公司。 微脉是中国人工智能（AI）全病程管理服务的首创者及领导者，致力于运用AI赋能医疗服务行业，链 接医院、医生及患者，重构医院的医疗服务价值链。作为总部位于杭州的医疗科技企业，微脉按2024年 收入计算，是中国前三大全病程管理服务提供商之一，也是中国最大的患者导向的AI赋能全病程管理 服务提供商。该公司服务覆盖患者从治疗前到治疗后的整个 ...