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Public company info - Beijing Airdoc Technology Co. Ltd. - H Shares , 02251.HK
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Beijing Airdoc Technology Co. Ltd. - H Shares, 02251.HK - Company Profile
Chairman ZHANG Dalei
Share Issued (share) 26,000,000
Par Currency Renminbi
Par Value 1.0
Industry Medical Equipment & Services
Corporate Profile Business Summary: The group is one of the first to provide AI-empowered retina-based non-invasive, fast, effective and scalable early detection, diagnosis and health risk assessment solutions in China Performance for the year: The group’s revenue increased by 56.7% from RMB30.4 million in 2019 to RMB47.7 million in 2020. Business Review Founded in 2015, The group is one of the first to provide AI-empowered retina-based early detection, diagnosis and health risk assessment solutions in China, according to Frost & Sullivan. Leveraging retinal imaging, multimodal data analyses and AI deep learning algorithms, the group’s solutions differ from traditional chronic disease early detection and diagnosis, enabling non-invasive, accurate, fast, effective and scalable detection and diagnosis of chronic diseases in both medical institutions and consumer healthcare providers. the group have three versions of Airdoc-AIFUNDUS, the group’s in-house developed Core Product, in the group’s portfolio. the group’s Airdoc-AIFUNDUS (1.0), an AI-based Software as a Medical Device (“SaMD”) approved for auxiliary diagnosis of diabetic retinopathy to assist physicians with medical diagnosis, was the first of its kind to obtain the Class III medical device certificate from the NMPA, enabling it to be used in hospitals in China to assist physicians with medical diagnoses. the group have started commercialization of Airdoc-AIFUNDUS (1.0) for a short period of time and began to generate revenue from the group’s Airdoc-AIFUNDUS (1.0) since the first quarter of 2021. Airdoc-AIFUNDUS (2.0) is designed for the auxiliary diagnosis of hypertensive retinopathy, retinal vein occlusion and AMD. Airdoc-AIFUNDUS (3.0) is designed for the auxiliary diagnosis of pathological myopia and retinal detachment. In addition, the group have a pipeline of seven other in-house developed SaMDs, covering glaucoma, cataracts, ICVD and ASCVD, gestational diabetic retinopathy, gestational hypertensive retinopathy, papilledema intracranial hypertension retinopathy and anemia, and health risk assessment solutions to address various healthcare needs for the wider population, including hospitals, community clinics, health checkup centers, insurance companies, optometry centers and pharmacies. THE GROUP MAY NOT BE ABLE TO ULTIMATELY DEVELOP AND MARKET the group’s CORE PRODUCT, AIRDOC-AIFUNDUS, OR the group’s OTHER PRODUCTS China’s AI-based medical imaging industry, which is expected to grow from RMB0.3 billion in 2020 to RMB92.3 billion in 2030 at a 76.7% CAGR from 2020 to 2030, is a nascent industry at a turning point for exponential growth. Driven by advancements in AI technology used in healthcare and favorable regulatory and policy changes, AI-based medical imaging is emerging as a solution to the rapidly rising demand for chronic disease management. Due to the aging population, chronic diseases, such as cardiovascular diseases and diabetes, have become the prevalent cause of death for people over 60 years old. Early detection and ongoing disease management are crucial to alleviate the burden of chronic diseases on patients, families and societies. However, the demand for such services has not been met due to the shortage of experienced physicians and the imbalanced allocation of medical resources. AI-based medical imaging analysis offers promising solutions to address these unmet healthcare demands effectively and efficiently. AI-based retinal imaging analysis, in particular, enables a non-invasive, accurate, fast, effective and scalable solution because the retina is the only part of the human body where blood vessels and nerve cells can be directly viewed in a non-invasive manner. AI-based retinal imaging analysis is more widely applicable in both medical and consumer healthcare environments compared to other AI-based medical imaging solutions, which has brought the market for AI-based retinal imaging to the cusp of explosive growth. The group is an AI-based medical device company with an advanced platform of AI-empowered retina-based deep learning algorithms. the group’s capabilities span from research and development, registration to commercialization, proven by the launch of the group’s proprietary Airdoc-AIFUNDUS (1.0). Leveraging the group’s proprietary AI-based solutions, extensive real-world database, comprehensive software and hardware product offerings, multi-channel commercialization pathways and deep industry and regulatory understanding, the group have developed and established high entry barriers as a first mover in the industry. As the AI-based medical imaging industry continues its rapid growth, the group believe The group is well-positioned to capture market opportunities and strengthen the group’s leadership position with the group’s product pipeline and technology platform. • Integrated software and hardware solutions. The group is one of the few in the industry that offer solutions that integrate hardware, software, algorithms and service together as one product. While the group’s AI-based SaMDs are compatible with most fundus cameras on the market, the group believe that the group’s in-house developed hardware devices powered by on-device AI technologies provide an improved user experience, better algorithm optimization with the group’s software by improving the accuracy and sensitivity, seamless end-to-end performance and cost-effectiveness that make us the solution-of-choice to customers. • In-house developed AI algorithms with broad applicability. the group have focused the group’s resources on the development and optimization of AI algorithms, especially AI deep learning algorithms, since the group’s inception. AI deep learning algorithms are the most advanced type of AI technology and are developed to perform intelligent tasks, such as, in the group’s case, the early detection, diagnosis and risk assessment of chronic diseases. In the past six years of operations, the group have accumulated deep expertise and have developed deep learning algorithms that are broadly applicable to detect and diagnose a wide range of chronic diseases. For example, the group’s Airdoc-AIFUNDUS (1.0) demonstrated an industry-leading sensitivity of 91.75% and specificity of 93.1% in its multi-center clinical trial with 1,000 enrolled patients. Moreover, The group is an industry pioneer of AI-empowered retina-based deep learning algorithms for applications, such as age prediction from retinal images and myopia progression detection, that has been previously untouched by AI. • Comprehensive and high-quality retinal image database. the group have accumulated a comprehensive, vast and diverse retinal image database. the group’s database includes real-world user retinal images with their corresponding multimodal data of approximately 3.7 million, labeled by experienced medical experts and processed according to disease and lesion. the group’s extensive database has served as a key entry barrier for competitors, given the extensive associated costs and increasingly stringent data protection standards. the group’s database widely covers ages, genders, demographics, diseases, commercial channels and medical device models and has served as the foundation for the group’s continued development and optimization of the group’s deep learning algorithms to accurately pinpoint conditions related to chronic diseases, as well as the group’s continued development of new generations of SaMDs and solutions targeting new indications and for wider applications in various scenarios. • Strong R&D team with full spectrum expertise. As of the Latest Practicable Date, the group’s R&D team consisted of over 80 members, all of whom hold bachelor’s or higher degrees. the group’s R&D team has deep experience in AI-technologies and medicine with a full spectrum of expertise across deep learning, medicine, computer vision, data analytics, Internet service, medical devices, biology and other disciplines. the group have developed a robust IP portfolio covering key technologies for the group’s software, hardware devices and algorithms, with 148 patents and patent applications in China and six published PCT applications, among which 22 patents and patent applications and two published PCT applications are related to the group’s Core Product. the group have over 20 papers published on prestigious peer-reviewed scientific journals, including the Lancet series, British Journal of Ophthalmology, British Journal of Dermatology, and presented at influential AI-focused academic conferences, such as MICCAI. Moreover, the high performance of the group’s products have been featured in various prestigious peer-reviewed scientific journals, including the Nature series. • Close collaboration with KOLs and major hospitals. the group have established solid relationships with renowned KOLs and major hospitals in China, enabling Airdoc-AIFUNDUS (1.0) to gain broad acceptance in the medical institutions. In particular, the group work closely with industry-leading medical departments in top hospitals nationwide, such as Zhongshan Ophthalmic Center of Sun Yat-Sen University (中山大學 中山眼科中心), Beijing Tongren Hospital affiliated with the Capital Medical University (首都醫科大學附屬北京同仁醫院), the First Medical Center of China PLA General Hospital (解放軍總醫院第一醫學中心), Shanghai General Hospital (上海交通大學附屬第一人民醫院), Beijing Anzhen Hospital affiliated with the Capital Medical University (首都醫科大學附屬北京安貞醫院), Beijing Tsinghua Changgung Hospital affiliated with the Tsinghua University (清華大學附屬北京清華長庚醫院), Eye Hospital of Wenzhou Medical University (溫州醫科大學附屬眼視光醫院), and collaborate on key national R&D projects. Multi-channel commercialization. the group’s AI-based early detection, diagnosis and health risk assessment solutions are applicable and valuable in a wide range of healthcare environments, enabling us to commercialize and sell not only to clinical departments in hospitals, but also to other medical and consumer healthcare environments, including health checkup centers, community clinics, insurance companies, optometry centers and pharmacies. With these customers in mind, the group have developed and optimized algorithms to address their needs and accommodate the unique features of their business with the support of the group’s comprehensive database. the group’s ability to serve a wide customer base has also enriched the group’s real-world user database, creating a feedback loop to further optimize existing algorithms and develop new algorithms. • Regulatory barrier. By participating in the establishment of AI industry standards and national standards for AI-based SaMDs, including the draft of the first classification guideline for AI-based SaMDs in China, the group have a deep understanding of regulatory requirements and a finger on the pulse of regulatory developments and changes. Leveraging the group’s industry experiences and regulatory know-how, the group implement a systematic research and development strategy, which the group believe enables us to continue to design and develop products that meet the evolving national standards and regulatory requirements, as well as rapidly advance the group’s candidates through the regulatory pathway. the group’s Airdoc-AIFUNDUS (1.0) was approved by the NMPA as an innovative medical device through a fast-tracked regulatory approval process. Prospects: The group intend to implement a business strategy with the following components: (i) enhance market awareness and strengthen the group’s presence in medical institutions, (ii) continue to expand the group’s penetration in consumer healthcare environments tailored to the needs of end customers, (iii) rapidly advance the development of the group’s portfolio to diversify the group’s AI-empowered retina-based early detection, diagnosis and health risk assessment solutions, (iv) continue to invest in technology R&D to improve the group’s deep learning algorithms, data capability and service scalability, and (v) strategically pursue collaboration, investment and acquisition opportunities to drive the group’s long-term growth.

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