在AI(人工智能)医疗被全球各大企业和知名大学一致看好的当下，全球医学影像AI领域的领跑者德适生 物科技股份有限公司(以下简称"德适生物")正通过18A方式冲刺港交所上市。 根据公开资料，公司创始人宋宁博士是一名"80后"，他是教育部国家生命科学与技术人才培养基地培养 的首届学生，具备计算机科学、生命科学和临床医学的复合背景，先后执教于日本国立长崎大学医学 部、上海交通大学医学院。值得一提的是，德适生物的发展受到了一级资本市场的多方认可，股东阵容 涵盖杭州紫金港、国中投资、美鸿投资、远翼投资、余杭经开、华睿睿银等知名机构，经历5轮融资， 创立9年，估值达25.6亿元人民币。 创始人拥有多学科交叉背景，仍握有公司超50%投票权 宋宁今年43岁，拥有计算机科学和医学遗传学的复合背景，获中南大学生物工程学士学位和医学遗传学 硕士学位、日本长崎大学医学博士学位，一度在日本长崎大学和上海交通大学医学院执教。 2016年9月，宋宁创立公司，注册资本100万元。随后资本快速涌入：2016年12月杭州紫城入股；2018年 8月，经过前期一系列股份转让及增资，宋宁持股降至51.55%，其中，德清科技以2000万元入资；2019 ...

Core Viewpoint - The article highlights the rapid growth and potential of the AI medical imaging sector, focusing on Deshi Biotechnology Co., Ltd. as a leading player preparing for an IPO in Hong Kong, with a valuation of 2.56 billion RMB after nine years of development and five rounds of financing [1][3]. Company Background - The founder, Dr. Song Ning, has a multidisciplinary background in computer science and clinical medicine, holding degrees from Central South University and Nagasaki University [2]. - Deshi Biotechnology was established in September 2016 with an initial registered capital of 1 million RMB, and has since attracted significant investment from various institutions [2][3]. Shareholding Structure - Dr. Song currently holds 30.04% of the shares directly and controls 52.06% of the voting rights through various platforms, despite facing dilution from external investments [3]. - The company has a notable shareholder list, primarily consisting of institutional investors, with a unique individual shareholder, Yang Xi, who was incentivized through a share transfer agreement [5]. Strategic Decisions - In 2020, Dr. Song repurchased shares from a previous investor to regain control, reflecting a commitment to protect the company's interests [3]. - The company plans to divest from low-margin businesses to focus on its core AI operations, indicating a strategic shift towards higher-value segments [6]. Market Potential - The AI medical imaging market in China is projected to grow at a compound annual growth rate (CAGR) of 60.2%, reaching 40.1 billion RMB by 2030 [7]. - Deshi Biotechnology has developed a comprehensive ecosystem for AI medical imaging, including innovative products like AutoVision® and MetaSight®, which have received multiple international certifications [7][9]. Financial Performance - In 2024, the company reported revenue of approximately 70.35 million RMB, a 33.1% increase year-on-year, driven by the growth of its cloud services [10]. - The gross profit margin for 2024 was 65.5%, indicating strong profitability relative to industry standards, with a significant reduction in net losses compared to the previous year [10]. Future Plans - The upcoming IPO aims to raise funds for marketing and further development of AI products, positioning the company as a leader in the global medical imaging AI landscape [12][13]. - Deshi Biotechnology is set to transition from being an "AI tool provider" to a "full-modal medical AI infrastructure architect," reflecting its ambition to lead in technological innovation and market expansion [13].

公司研究丨深度报告丨首都在线（300846.SZ） [Table_Title] 坚定全球化布局，AI 助力再次腾飞 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司成立于 2005 年，是国内较早的全球云网一体化云计算服务商。核心高管背景均来自通信 &云计算行业"老兵"，具备优秀的资源统筹能力。大模型能力持续提升，长文本、深度思考能 力不断突破，配套协议不断完善，AI Agent 智变元年已至。 IDC 算力利用率有望爬坡，智算云 服务长期供给仍短缺。公司是优秀的资源运筹管理者，整体业务逐渐从 IaaS 向 Paas 和 MaaS 进阶，有望从重资源型企业加速转型至资源统筹+赋能的云服务厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 2 / 29 %% %% %% %% research.95579.com 2 首都在线（300846.SZ） cjzqdt11111 [Table_Title2] 坚定全球化布局，AI 助力再次 ...