New stock interpretation | Historic moment! De Shi Biosciences (02526) debuts on the Hong Kong Stock Exchange, ushering in the era of the "first stock" of AI healthcare.

Currently, "difficult access to medical treatment and diagnosis" has become a deep-seated pain point restricting the improvement of the overall health level. The training period for top diagnostic doctors is long, and the uneven distribution of quality medical resources has led to a long-term lack of diagnosis efficiency. If an AI diagnostic system can be created that rivals top doctors, it not only has the potential to fundamentally solve the structural dilemma of medical resources, but also has the potential to extend high-quality diagnostic and treatment services to every corner. It is based on this underlying logic that global capital is pouring in, and countries are intensifying their policies, making AI medicine the focus of a new round of technological competition. On March 20th, AI medical leader Hangzhou Dese Biotechnology Co., Ltd. ("Dese Biotech") officially debuted on the Hong Kong Stock Exchange, holding the title of "the first stock of medical imaging big model". Dese Biotech is based on this era's pain points, relying on its globally unique hundred-billion-level medical imaging big model, using AI to replace diagnostic doctors and covering most medical scenarios, attempting to provide a solution to China's "difficult access to medical treatment and diagnosis". This move is not only a milestone in the company's capitalization process, but also sends a clear signal to the market: AI medical targets with high technological barriers, clear profit paths, and scarcity value are gradually becoming the core direction of capital allocation. 1. Scarcity and uniqueness: Leading the industry by 7-8 years In the valuation system of technology innovation companies, scarcity and differentiation have always been the core indicators of measuring their long-term value. The scarcity of Dese Biotech is not limited to a single dimension of technological leadership, but has built a "three-dimensional integration" of competitive barriers covering underlying technology, business models, and capital market positioning. With a technological generational difference of 7-8 years, accumulation of clinical data, end-to-end closed-loop capability, and capital collaboration, Dese Biotech has established a difficult-to-replicate first-mover advantage. 2. Commercialization results verification: Core product matrix leads continuously It is believed that Dese Biotech's core growth logic ultimately rests on verifiable performance growth and sustainable business closed-loop. Through the data in the prospectus, the company has shown a pattern of "stable base and leading iteration + new engine empowerment", providing solid fundamental support for its long-term value. First, the company's dominance in the core product market validates its commercialization capabilities and builds competitive barriers covering the entire market. According to Frost & Sullivan data, based on 2024 sales revenue, Dese Biotech holds the top spot in China's chromosomal karyotype analysis field with a market share of 30.6%, significantly leading the industry. This solid market position is attributed to Dese Biotech's systematic construction of a full-chain product ecosystem covering "intelligent devices - supporting software - reagents and consumables - technology output" centered around chromosomal karyotype analysis core scenarios. Through precise layered commercialization strategies, the company has achieved deep penetration and coordinated coverage of different levels of medical markets. 3. Industry trends and policy support: A player standing at the intersection of the era's dividends The rise of Dese Biotech is not accidental market positioning, but a precise grasp of the industry's outbreak cycle and policy dividends, demonstrating a deep coupling of strategic foresight and execution. On one hand, the industry track possesses certainty and growth space. According to Frost & Sullivan forecasts, China's AI medical industry is expected to cross the hundred-billion mark by 2035 from the current level of 5 billion, implying over 20 times incremental space, reflecting the long-term prosperity of the track. Particularly noteworthy is the sub-segment field of chromosomal karyotype analysis, which is expected to approach a market size of nearly 6 billion by 2035, becoming a high-value sub-segment track under the precision medical wave. In the macro narrative of addressing the global mismatch of medical resources' pain points of "difficult access to medical treatment and diagnosis," AI medical, with its core value of efficiency improvement and cost reduction, has gradually established itself as one of the core tracks with certainty and growth potential in the eyes of the capital market. On the other hand, policy dividends have built an institutional moat for the company's development. As a national-level "little giant" enterprise specializing in new materials, Dese Biotech's development path is highly consistent with the country's strategic direction of promoting equalization of medical resources and encouraging independent and controllable high-end medical equipment. At the same time, the Ministry of Industry and Information Technology has selected it as the national number one in the field of AI medical equipment genetics, further confirming the company's benchmark position and industry leadership value in promoting the downward distribution of high-quality medical resources and resolving the uneven distribution of medical resources. In conclusion, Dese Biotech is accelerating its evolution from being the "first stock of medical imaging big model" to becoming the "global enabler of medical intelligence". In the era of deep integration of artificial intelligence and medical health, Dese Biotech will inject continuous power into the global medical industry's intelligent transformation with Chinese wisdom, technology, and solutions. This is not only the greatest potential space for its business value but also the best footnote for its mission in the era.