Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and domestic unlisted shares "full circulation" registration for Hangzhou Deshi Biotechnology Co., Ltd. [1] - Deshi Biotechnology plans to issue no more than 31.04 million overseas listed ordinary shares and will list on the Hong Kong Stock Exchange [1] - A total of 27 shareholders of the company intend to convert their combined 80.88 million domestic unlisted shares into overseas listed shares for circulation on the Hong Kong Stock Exchange [1] Group 2 - Deshi Biotechnology is a leading enterprise in the field of medical imaging AI and medical imaging equipment, with a global market presence [2] - The company has developed a diversified matrix of intelligent equipment and supporting products based on its self-developed general medical imaging base model iMedImage™, including systems for chromosome karyotype analysis and automatic cell imaging [2] - In 2024, Deshi Biotechnology achieved a market share of 30.6% in the chromosome karyotype analysis field in China, ranking first and breaking the long-standing monopoly of imported brands [2] - The company has established a customer base covering over 400 medical care centers and institutions nationwide, gaining widespread market recognition [2] - In 2025, Deshi Biotechnology was selected for the 11th batch of the "Excellent Domestic Medical Equipment Product Catalog" due to its technological innovation and clinical value [2] - The company aims to continue providing standardized intelligent imaging equipment, model-as-a-service (MaaS) cloud platforms, and localized self-training solutions to enhance the efficiency, accuracy, and accessibility of medical imaging diagnosis [2]

Core Viewpoint - The company, Deshi Biotechnology, has submitted a second listing application to the Hong Kong Stock Exchange, marking a significant step in its journey towards going public after receiving regulatory approval [1][10]. Group 1: Company Overview - Deshi Biotechnology is recognized as a "national specialized and innovative small giant" in the field of chromosome karyotype analysis, achieving the highest market share in China [1][7]. - The company has developed a fully automated cell laboratory workflow that significantly enhances the accuracy of chromosome karyotype analysis to over 99%, addressing long-standing clinical challenges in the industry [3][6]. Group 2: Industry Context - Chromosome karyotype analysis is crucial for diagnosing various genetic disorders, including Down syndrome and certain blood cancers, but has historically faced issues with accuracy and lengthy reporting times [2]. - The market for chromosome karyotype analysis has been dominated by international giants like Carl Zeiss and Leica, which hold over 95% of the market share [3]. Group 3: Financial Performance - In 2024, Deshi Biotechnology achieved a market share of 30.6% in the chromosome karyotype analysis sector, surpassing international competitors [7]. - The company's revenue for the first three quarters of 2025 reached 112 million RMB, a 470% increase compared to 19.59 million RMB in the same period of 2024, with a gross margin of 75.9% [7][8]. - As of September 30, 2025, the company had cash and cash equivalents totaling 250 million RMB, indicating strong market recognition and the ability to convert technological advantages into commercial success [7].

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 article discusses the upcoming IPO of Hangzhou Deshi Biotechnology Co., Ltd., which focuses on AI in medical imaging and has developed the world's largest general-purpose medical imaging foundation model, iMedImageTM [2][3]. Group 1: Company Overview - Hangzhou Deshi Biotechnology was established in 2016 and specializes in the medical imaging AI industry [2]. - The proprietary iMedImageTM model supports 19 types of medical imaging modalities and covers over 90% of clinical medical imaging scenarios, including reproductive health and hematological malignancies [2]. Group 2: Product Offerings - Based on the iMedImageTM model, the company provides a comprehensive end-to-end AI medical imaging solution that includes "foundation model - smart medical devices - reagents and consumables - large model services" [3]. - The core product, AI AutoVision®, is expected to be the world's first AI-driven chromosome karyotype analysis auxiliary diagnostic system [4]. - The company has developed a complete automated chromosome analysis pipeline, including systems for sample preparation and reporting [4]. Group 3: Market Position - As of June 21, 2025, Deshi Biotechnology's product portfolio includes three types of reagents and six types of consumables registered as Class II medical devices, along with 18 types of Class I medical device filings [5]. - According to Frost & Sullivan, the company holds the number one position in China's chromosome karyotype analysis market with a market share of 30.6% based on projected sales revenue for 2024 [6]. Group 4: Financial Performance - The company's revenue for 2023 and 2024 is projected to be 52.84 million yuan and 70.35 million yuan, respectively, with gross margins of 71.0% and 65.5% [7]. - As of the last round of equity transfer before the IPO, the company's valuation stands at 2.56 billion yuan [8]. Group 5: IPO Fund Utilization - The net proceeds from the IPO will primarily be used for the R&D and commercialization of AI AutoVision® and other iMedImageTM AI analysis system candidates, enhancing the foundation model and AI technology, and expanding global market presence [8].