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 - The company, Deshi Biotechnology, is planning to issue up to 31.04 million shares for overseas listing on the Hong Kong Stock Exchange, while converting 80.88 million shares held by its shareholders into tradable shares [1] Group 1: Company Overview - Deshi Biotechnology focuses on the medical imaging AI industry, with its proprietary iMedImage™ model supporting 19 types of medical imaging modalities and covering over 90% of clinical medical imaging scenarios [1] - The iMedImage™ model is recognized as the world's largest general-purpose medical imaging base model and the first commercialized cross-modal medical imaging base model [1] Group 2: Financial Performance - The company has reported continuous losses, with revenues of 52.84 million yuan, 70.35 million yuan, and 111.62 million yuan for the first three quarters of 2023, 2024, and 2025 respectively, while losses were 56.12 million yuan, 43.38 million yuan, and 36.65 million yuan for the same periods [1] - Despite revenue growth, the company has accumulated losses of 136 million yuan over more than two years [1] Group 3: Revenue Structure - In 2024, the revenue structure of Deshi Biotechnology changed significantly, with technology licensing becoming a major revenue source, surpassing medical imaging software and medical devices by the first three quarters of 2025 [2] - The gross profit margins showed volatility, with gross profits of 37.50 million yuan, 46.06 million yuan, and 84.67 million yuan, and gross margins of 71.0%, 65.5%, and 75.9% for the respective years [2] Group 4: Cash Flow and Receivables - The company has consistently negative operating cash flow, with net cash flow from operating activities of -47.40 million yuan, -29.78 million yuan, and -21.55 million yuan for the first three quarters of 2023, 2024, and 2025 respectively [2] - Trade receivables increased significantly from 6.07 million yuan in 2023 to 32.12 million yuan in 2024, with average turnover days extending from 41 days to 99 days [2] Group 5: Customer Concentration - The company has a high customer concentration risk, with revenues from the top five customers accounting for 47.00%, 46.00%, and 56.00% in 2023, 2024, and 2025 respectively [2] Group 6: Shareholder Structure - Before the IPO, the founder and CEO, Song Ning, controlled 52.06% of the voting rights through various means, holding 30.04% directly and additional shares through different entities [3]

Core Insights - The article highlights the launch of iMedImage™, a large-scale medical imaging model developed by Deshi Bio, which is based on 80 million data points and supports 19 modalities, covering over 90% of clinical scenarios [1] - iMedImage™ significantly reduces data dependency and development costs by over 90%, requiring only hundreds of images and a few days for training specialized models compared to traditional methods [1] - Deshi Bio has received the Sullivan Global Medical Imaging Foundation's Innovation Award for iMedImage™ and aims to lower the barriers for AI applications in medical research and clinical settings [1] - During the event, Deshi Bio signed strategic cooperation agreements with Wutongshu, Inspur Group, and ZTE Corporation to advance the research and industrial application of AI in medical imaging [1] Summary by Categories Product Development - iMedImage™ is the largest general medical imaging model globally, trained on 80 million data points [1] - The model supports 19 imaging modalities, including chromosome, CT, and MRI, and covers over 90% of clinical scenarios [1] - The training process is automated and requires minimal data input, significantly reducing the time and resources needed for model development [1] Cost Efficiency - iMedImage™ reduces the data dependency for specialized models to just hundreds of images and training time to a few days [1] - Development costs are decreased by over 90% compared to traditional specialized models [1] Industry Recognition and Collaboration - The model has won the Sullivan Global Medical Imaging Foundation's Innovation Award, indicating its significance in the field [1] - Deshi Bio has established strategic partnerships with Wutongshu, Inspur Group, and ZTE Corporation to promote the application of AI in medical imaging [1]