New stock news | Profit inflection point + AI breakthrough dual-drive: Micro-pulse second-degree listing on HKEx, sprinting to become the "first stock in AI comprehensive disease management"

According to reports, WeiMai Inc., as China's largest AI+ full disease management service provider for patients, has made significant progress in its path to a Hong Kong listing. On April 20, 2026, WeiMai officially submitted its prospectus to the Hong Kong Stock Exchange to go public on the main board, with CMSC International as the sole sponsor. This is the second time WeiMai has submitted its application, and with its unique business model, deep application of AI technology, comprehensive industrial ecosystem, and breakthrough in operational profitability, it is aiming to become the "first stock in Hong Kong focused on AI + full disease management" and a core target of the capital market focusing on AI healthcare technology. Leading in the rare business model of AI full disease management With the global trend of medical services transitioning to active, full-cycle, digital transformation, the Chinese full disease management market is experiencing explosive growth. According to the prospectus, the market size of full disease management in China reached 88.7 billion yuan in 2025, and is expected to climb to 365.4 billion yuan by 2030, with a compound annual growth rate of 32.7% from 2025 to 2030. Among these, the hospital cooperation model is the most optimal path in the industry's structural. Unlike most single online platforms in the industry, WeiMai adheres to a model deeply embedded in the patient management service processes of public hospitals, establishing a distinct differentiation in a highly fragmented market. Based on revenue calculations for 2024, WeiMai ranks among the top three in the Chinese full disease management market, with a market share of approximately 0.71%; in the sub-segment market of hospital cooperation models, WeiMai ranks first with a 5.2% market share, providing comprehensive coverage for over 120 disease types including obstetrics, gynecology, physical examinations, pediatrics, oncology, and others, as one of the few domestic full disease management service providers capable of cross-regional, multi-department, and large-scale implementation. AI as the core engine, CareAI reshapes the value of disease full lifecycle management AI is the core technological support of WeiMai's business, and by deeply embedding AI throughout the entire business process, the company continues to drive the transformation of the medical health industry from single treatments to full-cycle, active health management. WeiMai's independently developed CareAI is one of China's first AI medical management platforms. This platform is built on a proprietary M.A.S. (Multi-Agent System) and MoM (Mixed Model) architecture, incorporating Retrieval-Augmented Generation (RAG) technology to dynamically handle patient needs, generate clinical guidelines, provide intelligent health consultations, medication reminders, symptom assessments, remote monitoring, and intelligent follow-ups. On the data front, as of April 12, 2026, CareAI's self-collected corpus contains over 2.01 billion tokens, with over 1.64 billion Chinese tokens and over 370 million English tokens. This professional database originates from medical textbooks, internal proprietary datasets, domestic and foreign clinical guidelines, among other compliant medical resources, without relying on interactive data from patient-hospital collaborations. With the technical barriers offered by CareAI, WeiMai has achieved intelligent management throughout a patient's entire lifecycle, deeply integrating AI technology into disease prevention, collaborative diagnosis and treatment, rehabilitation management, risk forecasting, and other aspects, freeing up medical staff from high-frequency tasks, enhancing service efficiency, and strengthening management quality. By employing AI algorithms for precise patient stratification, dynamic health monitoring, and improved treatment compliance, and continuously optimizing AI models based on a vast collection of real-world data, WeiMai has established a positive cycle of "technological iteration - service upgrade - data accumulation". It is evident that WeiMai has built an AI technological barrier that is difficult for competitors to replicate using real data and implementation scenarios. High revenue growth coupled with profit inflection point, substantial breakthrough in 2025 operations The core operating data disclosed in the updated prospectus demonstrate WeiMai's strong growth momentum and improving profitability trends. According to the prospectus, the company's total revenue increased from 6.28 billion yuan in 2023 to 6.53 billion yuan in 2024, and further to 8.63 billion yuan in 2025, representing a year-on-year growth of 32.16%, with continued growth momentum. The overall gross profit margin steadily increased year by year, from 18.9% in 2023 to 21.7% in 2025, indicating the continuous manifestation of scale effects and optimization of business structures. The most significant milestone is the adjusted EBITDA of WeiMai reaching 1.4 million yuan in 2025, achieving profitability for the first time, marking the breakthrough of the core operating business from break-even to sustainable operation, and narrowing the adjusted net loss to 23.8 million yuan, a significant decrease from 99.1 million yuan in 2023, thus improving the quality of profits and optimizing operational efficiency. As for the layout of medical networks, by the date of the last feasible date of the prospectus, WeiMai has established on-site full disease management cooperation with 188 hospitals and provided digital infrastructure solutions to over 4,800 hospitals and medical institutions, deeply covering core scenes in public medical services. Full-ecosystem closed loop: Medical - Pharmaceutical - Insurance synergy driven by individuals and institutions Centered around the core of AI full disease management, WeiMai has built a dual-driven ecosystem with individual and institutional sides, integrating medical, pharmaceutical, and insurance into a complete industry chain ecosystem, breaking through the limitations of a single service model to maximize user value. In terms of business structure, WeiMai has formed a synergistic pattern with four main revenue segments: the core foundation of full disease management services generated 5.3 billion yuan in revenue in 2025, accounting for 61.3%; medical health product sales serve as an important supplement, generating 1.83 billion yuan in revenue in 2025, accounting for 21.2%; insurance brokerage services and IP-driven medical marketing solutions are launched simultaneously to collectively build a complete service matrix. In the ecosystem, the company leverages insurance brokerage businesses, collaborating with over 70 insurance companies to deeply integrate full disease management with specialized customized insurance, opening up new payment scenarios; combined with medical health product sales, it establishes a medical-pharmaceutical-insurance service closed loop. In terms of constructing a traffic ecosystem, WeiMai leverages social platforms such as TikTok, Xiaohongshu, and Kuaishou to build a medical health knowledge dissemination matrix incorporating hospitals, departments, and doctors, shifting disease popularization and health prevention to the forefront, achieving precise outreach, screening, and referral of high-demand populations. The institutional business side has become WeiMai's second growth curve, with a compound annual growth rate of 166.1% for institutional revenue from 2023 to 2025, surpassing 2.195 billion yuan in 2025. The company provides full disease solutions to pharmaceutical companies, telecommunications operators, and hospitals, offering patient management and real-world research services to pharmaceutical companies, health value-added services to VIP users of telecom operators, and digital infrastructure and management software to hospitals, supporting long-term growth through synergistic operations. According to WeiMai's prospectus, the net proceeds from the IPO will mainly be used to enhance AI capabilities and expand AI application scenarios; expand full disease management services; expand the medical management ecosystem and explore other adjacent business lines; strategically invest or acquire companies with competitive advantages and market positions in specific medical specialties; and for operational funds and general corporate purposes.