年度報告 2 0 2 4 目錄 | 公司資料 | 2 | | --- | --- | | 主席報告 | 4 | | 財務及業務摘要 | 8 | | 管理層討論及分析 | 12 | | 董事、監事及高級管理層履歷詳情 | 47 | | 企業管治報告 | 54 | | 董事會報告 | 82 | | 監事會報告 | 114 | | 獨立核數師報告 | 117 | | 綜合損益表 | 123 | | 綜合全面收益表 | 124 | | 綜合財務狀況表 | 125 | | 綜合權益變動表 | 127 | | 綜合現金流量表 | 129 | | 綜合財務報表附註 | 130 | | 財務概要 | 237 | | 釋義 | 238 | Corporate Information 公司資料 董事會 執行董事 陳朝陽先生 （董事長） 何英飛女士 馮勰先生 李飛宇先生 （於2024年11月18日獲委任） 徐克博士 （前董事長） （於2024年11月18日退任） 非執行董事 劉森林先生 郭濤先生 （於2024年11月18日獲委任） 毛曉軍先生 （於2024年11月18日退任） 獨立非執行董事 吳曉輝先生 羅毅先生 陳伊菲女士 （於 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiangxi Rimag Group Co., Ltd 江西一脈陽光集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2522） 截至2024年12月31日止年度的年度業績公告 董事會欣然宣佈本集團截至2024年12月31日止年度的經審核綜合業績，連同截至 2023年12月31日止年度的經審核比較數字。 財務摘要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 同比變動 | | | 人民幣千元 | 人民幣千元 | | | 收入 | 760,591 | 928,914 | -18.1% | | 毛利 | 277,332 | 332,597 | -16.6% | | 年內（虧損）╱溢利 | (58,858) | 36,574 | -260.9% | | 本公司擁有人應佔年內（虧損）╱溢利 | ( ...

Investment Rating - The report maintains a "BUY" rating for Rimag Group with a new target price of HK$52.39, reflecting a 16.3% upside from the current price of HK$45.05 [4][6]. Core Insights - Rimag Group is positioned to benefit from the standardization of medical imaging data, which is crucial for advancing AI applications in healthcare. The company's initiatives in data standardization and its extensive network of medical imaging centers enhance its competitive edge [1][6]. - The introduction of the MIIA Radiological Foundation Model by Rimag's subsidiary, Medical Image Insights, aims to address the limitations of conventional medical imaging AI products by providing adaptability across multiple imaging tasks [2]. - A strategic collaboration with Xunfei Healthcare is expected to leverage Rimag's data assets and enhance its positioning in AI-enabled healthcare, focusing on joint market development and research initiatives [6]. Financial Summary - Revenue for FY22 was RMB 784 million, with a projected increase to RMB 1,050 million in FY25, reflecting a year-on-year growth of 18.0% [3][9]. - The net profit is expected to recover from a loss of RMB 15 million in FY24 to a profit of RMB 38 million in FY25, with further growth to RMB 64 million in FY26 [3][9]. - The company's price-to-sales (P/S) ratio is projected to decrease from 16.8x in FY24 to 14.3x in FY25, indicating a more favorable valuation as revenue grows [3][9]. Share Performance - Rimag's share price has shown significant volatility, with a 1-month increase of 21.8% and a 6-month increase of 147.8% [6]. - The market capitalization of Rimag Group is approximately HK$16,051.8 million, with an average turnover of HK$4.1 million over the past three months [4][6]. Strategic Initiatives - Rimag has been proactive in standardizing medical imaging examinations through its Rimag Cloud platform, which is expected to enhance the quality and availability of imaging data for AI applications [1][6]. - The company's dual role as a third-party imaging service provider and a data standardization pioneer positions it uniquely to capitalize on the growing demand for AI-driven healthcare solutions [1][6].

Summary of Conference Call on Medical Imaging Industry and Company Insights Company and Industry Overview - The conference call featured a leading company in China's third-party medical imaging services, specifically focusing on AI applications in medical imaging and the overall industry dynamics [1][2] - The company, 一脉阳光 (Yimai Yangguang), is recognized as the market leader in the third-party medical imaging sector in China [2][5] Core Insights and Arguments - The third-party medical imaging industry in China is still in its early stages, having emerged after the introduction of national standards in 2016, with significant growth potential [6][7] - The industry faces challenges due to uneven distribution of medical resources, particularly a shortage of qualified imaging doctors in grassroots healthcare institutions [5][6] - The penetration rate of third-party imaging services in China is significantly lower than in developed countries, indicating a substantial growth opportunity [7][8] - The company has developed various operational models for imaging centers, focusing on high-end health checks and providing services to smaller hospitals and clinics [9][10] - The business model involves a 2B2C approach, where hospitals purchase imaging diagnostic services from the company, enhancing operational capabilities in grassroots healthcare [10][11] Strategic Partnerships and AI Integration - A strategic partnership with Xunfei Medical was highlighted, aimed at enhancing AI capabilities in medical imaging and developing integrated service models [1][15][41] - The collaboration focuses on deploying AI in real-world scenarios, particularly in grassroots healthcare settings, to improve diagnostic efficiency and accuracy [41][42] - The company is actively working on a foundational AI model for medical imaging, which aims to enhance diagnostic capabilities across various diseases and imaging modalities [25][29][31] Data and Technology Utilization - The company possesses a vast amount of imaging data, with an average of 20,000 to 30,000 scans per day, making it one of the largest holders of imaging data in China [22][23] - Emphasis was placed on the importance of high-quality, structured imaging data for training AI models, which is currently a bottleneck in the industry [37][38] - The company is exploring the monetization of medical imaging data and aims to establish a data trading platform to enhance the value of its data assets [58][59] Market Dynamics and Future Outlook - The company anticipates a significant market shift towards AI-driven medical imaging solutions, with expectations of rapid growth in the sector [33][51] - The focus will remain on expanding its network of imaging centers, particularly in underserved areas, with plans to open 15 to 20 new centers annually [49][50] - The company aims to leverage its technological advancements and partnerships to solidify its position as a leader in the evolving medical imaging landscape [51][60] Additional Important Points - The company is committed to addressing the healthcare needs of underserved populations by providing accessible imaging services [49] - There is a strong belief in the potential for AI to transform the medical imaging field, enhancing both efficiency and diagnostic accuracy [33][51] - The call concluded with an invitation for further engagement from investors, highlighting the company's openness to discussions and collaborations [60]

Financial Performance - Revenue for the first half of 2024 decreased by 21.9% year-on-year to RMB 413.713 million[5] - Gross profit for the first half of 2024 decreased by 15.4% year-on-year to RMB 159.659 million[5] - Net profit attributable to the company's owners for the first half of 2024 decreased by 91.1% year-on-year to RMB 3.836 million[5] - Adjusted EBITDA for the first half of 2024 decreased by 10.9% year-on-year to RMB 149.058 million[5] - Revenue from imaging center services was RMB 319.0 million, a 5.9% decrease compared to the same period in 2023 but a 6.7% increase compared to the second half of 2023[9] - Revenue from imaging solutions services was approximately RMB 85.2 million, a year-on-year decrease of 54.3% compared to RMB 186.5 million in the first half of 2023, and a quarter-on-quarter decrease of 7.3% compared to RMB 91.9 million in the second half of 2023[12] - Revenue from Yimai Cloud services was approximately RMB 9.6 million, a year-on-year increase of 123.3% compared to RMB 4.3 million in the first half of 2023, and a quarter-on-quarter increase of 17.1% compared to RMB 8.2 million in the second half of 2023[14] - The company's total revenue for the reporting period was approximately RMB 413.7 million, a year-on-year decrease of 21.9% compared to RMB 529.8 million in the first half of 2023, but a quarter-on-quarter increase of 3.7% compared to the second half of 2023[18] - Revenue from flagship imaging centers was RMB 60.4 million, a decrease from RMB 73.6 million in the first half of 2023[18] - Revenue from regional shared imaging centers was RMB 182.7 million, slightly down from RMB 184.7 million in the first half of 2023[18] - Revenue from specialty medical consortium imaging centers was RMB 54.0 million, down from RMB 59.2 million in the first half of 2023[18] - Revenue from cloud platform services was RMB 5.6 million, an increase from RMB 4.3 million in the first half of 2023[18] - Gross profit decreased by 15.3% from RMB 188.6 million in the first half of 2023 to RMB 159.7 million in the first half of 2024, primarily due to reduced inspection volumes at imaging centers caused by macroeconomic slowdown and market changes[21] - Gross margin increased from 35.6% in the first half of 2023 to 38.6% in the first half of 2024, driven by higher revenue contribution from imaging center services and improved cost control measures[22] - Sales expenses decreased by 4.3% from RMB 34.5 million in the first half of 2023 to RMB 33.0 million in the first half of 2024, mainly due to reduced offline marketing activities[23] - Administrative expenses increased by 37.0% from RMB 81.1 million in the first half of 2023 to RMB 111.1 million in the first half of 2024, primarily due to higher listing-related expenses as the global offering progressed[24] - R&D expenses decreased by 3.4% from RMB 5.9 million in the first half of 2023 to RMB 5.7 million in the first half of 2024, mainly due to cost control on travel expenses for R&D personnel[25] - Net finance costs decreased by 7.5% from RMB 10.7 million in the first half of 2023 to RMB 9.9 million in the first half of 2024, primarily due to reduced weighted average balances of bank borrowings and finance leases[26] - Net profit decreased by 97.9% from RMB 47.3 million in the first half of 2023 to RMB 1.0 million in the first half of 2024, mainly due to macroeconomic slowdown and listing-related expenses[28] - Adjusted EBITDA decreased by 10.9% from RMB 167.3 million in the first half of 2023 to RMB 149.1 million in the first half of 2024, reflecting the impact of macroeconomic conditions and listing-related costs[29][31] - Adjusted net profit for the reporting period was RMB 35.9 million, a decrease of 39.5% compared to RMB 59.3 million in the same period last year[32] - Revenue for the six months ended June 30, 2024, was RMB 413,713 thousand, a decrease from RMB 529,779 thousand in the same period in 2023[89] - Gross profit for the six months ended June 30, 2024, was RMB 159,659 thousand, down from RMB 188,631 thousand in the same period in 2023[89] - Operating profit for the six months ended June 30, 2024, was RMB 15,378 thousand, significantly lower than RMB 73,079 thousand in the same period in 2023[89] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 3,836 thousand, compared to RMB 42,979 thousand in the same period in 2023[89] - Basic earnings per share were RMB 0.011 for the six months ended June 30, 2024, compared to RMB 0.127 in the same period in 2023[126] - The company's basic and diluted earnings per share for the six months ended June 30, 2024, were both RMB 0.011, down from RMB 0.127 in the same period in 2023[89] Imaging Center Operations - The company added 12 new imaging center projects and put 9 new imaging centers into operation during the reporting period[7] - As of June 30, 2024, the company's medical imaging center network covered 17 provinces, autonomous regions, and municipalities in China, with a total of 105 operational imaging centers[7] - The company developed 12 new imaging centers in the first half of 2024, bringing the total number of developed imaging centers to 119[9] - As of June 30, 2024, the company operated 105 imaging centers, including 9 flagship centers, 25 regional shared centers, 54 specialized medical alliance centers, and 17 operation management centers[10] - There were 14 imaging centers under construction as of June 30, 2024, expected to begin operations in the second half of 2024[10] - The company launched specialized imaging examinations for conditions such as scoliosis, cardiovascular diseases, Alzheimer's disease, and rectal cancer, contributing to high-value income[11] - The company organized 375 clinical academic exchanges to promote new technologies and examinations, supporting the development of specialized clinics[11] - The company's total revenue for the reporting period was RMB 413.7 million, primarily from imaging center services, imaging solution services, and Yimai Cloud services[8] - Revenue from imaging center services for the six months ended June 30, 2024, was RMB 318,953 thousand, a decrease from RMB 339,025 thousand in the same period in 2023[116] - The company's flagship imaging centers generated revenue of RMB 60,424 thousand in 2024, down from RMB 73,607 thousand in 2023, while regional shared imaging centers remained stable at RMB 182,677 thousand[116] - The company's equipment maintenance services, introduced in 2024, contributed RMB 628 thousand to revenue, a new addition compared to the previous year[116] Strategic Initiatives and Future Plans - The company successfully listed on the Hong Kong Stock Exchange on June 7, 2024, raising net proceeds of approximately HKD 183.48 million[7] - The company established the "Medical Imaging Examination Project Name and Coding Standard" to standardize and unify medical imaging data, which was officially released on January 1, 2024, and implemented on March 1, 2024[7] - The company plans to expand its medical imaging center network and imaging solution services, focusing on regions with imbalanced medical resources and government support[45] - The company plans to further develop specialized medical alliances and operational management imaging centers to extend and expand medical imaging services, aiming to increase market penetration and achieve market expansion[46] - The company intends to establish or acquire more flagship imaging centers in high-tier cities with large populations, high consumption levels, and significant demand differentiation[46] - The company plans to provide diversified medical imaging services and strategically select regions with strong development potential, offering imaging solutions and Yimai Cloud services for rapid business expansion[46] - The company aims to expand overseas by establishing or acquiring imaging centers in countries with value gaps, medical demand, and policy support[46] - The company focuses on disease-specific imaging services, such as cardiovascular and epilepsy clinics, to better serve targeted patient needs[47] - The company promotes imaging empowerment in disease prevention, leveraging imaging in areas like sudden death prevention, tumor early screening, and cardiovascular health[48] - The company plans to strengthen data standardization and build data application platforms for imaging examination process standardization, big data management, and precision medical quality control[50] - The company will invest in AI and deep learning technologies to develop tools for patient consultation, medical guidance, and report interpretation, enhancing diagnostic and operational efficiency[50] - The company aims to enhance talent cultivation through the Yimai Imaging Academy, focusing on training professionals with both medical and management expertise[51] - The company plans to collaborate with universities to establish medical imaging internship bases and professional talent development programs[51] - The company plans to deepen strategic cooperation with upstream and downstream industry stakeholders, including equipment providers, maintenance companies, medical imaging AI service providers, and industry associations, to enhance operational efficiency and consolidate its industry position[52] - The company aims to attract more medical imaging AI service providers to integrate their products into its AI platform, enriching its AI offerings and improving service capabilities[52] - The company is actively tracking acquisition or investment opportunities in the medical imaging services sector to expand service coverage and capabilities[52] - The company is interested in investing in or incubating health management companies to create a medical imaging service platform for commercial and individual clients, broadening its business scope[53] - The company is exploring investments in cloud services, AI, and big data applications to complement its existing business[53] - The company is considering investments in companies with advanced technology or R&D capabilities to develop medical imaging hardware, software, or services for commercial use[53] - The company has benefited from favorable government policies aimed at deepening healthcare reform and promoting the healthy development of the medical industry[54] - The company has extended its business network from first- and second-tier cities to county-level administrative regions, providing high-quality imaging diagnostic services to grassroots medical institutions[55] - The company is leveraging digital and intelligent technologies to drive operational efficiency and product innovation in medical imaging services[56] - The company is focusing on technological innovation, particularly in AI, to enhance medical imaging diagnostic capabilities and participate in state-owned enterprise reforms[56] - The company completed a global offering on June 7, 2024, issuing 17,816,000 H shares at HKD 14.98 per share, with net proceeds of approximately HKD 183.48 million[58] - 50% of the net proceeds (HKD 91.73 million) will be used to expand the medical imaging center network, with HKD 26.70 million already utilized as of June 30, 2024[58] - 20% of the net proceeds (HKD 36.70 million) will be allocated for strategic collaborations and acquisitions in the medical imaging field, with HKD 8.62 million already utilized[58] - Another 20% of the net proceeds (HKD 36.70 million) will be used to expand business into overseas regions with limited medical resources, with HKD 2.15 million already utilized[58] - 10% of the net proceeds (HKD 18.35 million) will be used for working capital and general corporate purposes, with none utilized as of June 30, 2024[59] - The company expects to fully utilize the remaining net proceeds (HKD 146.00 million) by December 31, 2025[59] Corporate Governance and Shareholding - The company has complied with all applicable corporate governance code provisions since its listing date until June 30, 2024[60] - No interim dividend was recommended for the reporting period[65] - As of June 30, 2024, the company's CEO, Chen Chaoyang, holds 18,213,291 H shares (5.11% of total issued shares) and 40,875,297 unlisted shares (11.47% of total issued shares) through controlled entities[69] - Xu Ke, Chairman and Executive Director, holds a 5% beneficial interest in Liaoning Yimai Sunshine Medical Imaging Diagnostic Center with a registered capital of RMB 500,000[71] - Nanchang Yimai holds 18,213,291 shares, representing 5.11% of the total issued shares and 9.21% of the relevant share class[72] - Beijing Gaosheng Advisory Co., Ltd. holds 30,882,270 H shares, representing 8.67% of the total issued shares and 15.61% of the relevant share class[72] - Goldman Sachs Holding (Mauritius) Limited holds 30,882,270 H shares, representing 8.67% of the total issued shares and 15.61% of the relevant share class[72] - Beijing Renbao Health Pension Industry Investment Fund holds 19,289,403 H shares, representing 5.41% of the total issued shares and 9.75% of the relevant share class[73] - Ningbo Meishan Bonded Port Area Baishan Investment Management Partnership holds 17,647,051 unlisted shares, representing 4.95% of the total issued shares and 11.13% of the relevant share class[73] - Ganjiang New Area Innovation Industry Investment Co., Ltd. holds 14,558,319 unlisted shares, representing 4.09% of the total issued shares and 9.19% of the relevant share class[73] - Gu Junjun holds 9,758,849 unlisted shares, representing 2.74% of the total issued shares and 6.16% of the relevant share class[74] - Wang Shihe holds 9,755,070 unlisted shares, representing 2.74% of the total issued shares and 6.15% of the relevant share class[74] - JD Health International Inc. holds 8,175,910 unlisted shares, representing 2.29% of the total issued shares and 5.16% of the relevant share class[74] - Total issued shares as of June 30, 2024: 356,311,832 shares (including 158,495,832 unlisted shares and 197,816,000 H-shares)[75] - Employee incentive platform (Nanchang Yimai) holds 59,088,588 shares (18,213,291 H-shares and 40,875,297 unlisted shares) as of June 30, 2024[75] - Goldman Sachs Holdings (Mauritius) Limited indirectly holds 30,882,270 H-shares through Beijing Gaosheng Advisory Co., Ltd. as of June 30, 2024[75] - PICC Health Pension Industry Investment Fund indirectly holds 19,289,403 H-shares as of June 30, 2024[75] - Ningbo Meishan Bonded Port Area Baishan Investment Management Partnership indirectly holds 17,647,051 unlisted shares as of June 30, 2024[76] - Ganjiang New Area Innovation Industry Investment Co., Ltd. indirectly holds 14,558,319 unlisted shares as of June 30, 2024[77] - JD Health International Inc. indirectly holds 8,175,910 unlisted shares through Suqian JD Yingzheng Enterprise Management Consulting Co., Ltd. as of June 30, 2024[77] - The 2021 Share Incentive Plan holds 20,000,001 shares, representing approximately 5.61% of the total issued shares as of June 30, 2024[79] - The 2021 Share Incentive Plan aims to recognize and retain key employees, with rewards subject to conditions determined by the Board Office[80] - Participants in the 2021 Share Incentive Plan are entitled to dividends from the date of grant until the vesting date[83] - The company awarded a total of 20,000,001 shares to 20 participants under the incentive plan, with all awards vested as of June 30, 2024[88] Financial Position and Cash Flow - Cash and cash equivalents increased to RMB 305.5 million as of June 30, 2024, up from RMB 188.8 million at the end of 2023, primarily due to proceeds from the global offering[35] - Operating cash flow decreased to RMB 34.1 million for the six months ended June 30, 2024, compared to RMB 97.4 million in the same period last year, mainly due to reduced receivables from imaging center and imaging solution services[35] - Total borrowings increased to RMB 265.4 million as of June 30, 2024, up from RMB 210.0 million at the end of 2023, with a debt-to-equity ratio of 17.0%, up from 15.7%[36] - Net current assets increased by 47.3% to RMB 448.1 million as of June 30, 2024, compared to RMB 304.3 million at the end of 2023, driven by proceeds from the global offering and increased trade receivables[37] - Capital expenditures for the reporting period totaled RMB 180.3 million, primarily used for purchasing equipment and intangible assets such as software[41] - Total assets as of June 30, 2024, were RMB 2,178,977 thousand, up from RMB 1,878,658 thousand as of December 31, 2023[91] - Cash and cash equivalents as of June 30, 2024, were RMB 305,535 thousand, an increase from RMB 188,835 thousand as of December 31, 2023[91] - Total non-current assets as of June 30, 2024, were RMB 1,357,404 thousand, up from RMB 1,258,179 thousand as of December 31, 2023[91] - Total current assets as of June 30, 2024, were RMB 821,573

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 413,713 thousand, a decrease of 21.9% compared to RMB 529,779 thousand for the same period in 2023[1]. - Gross profit for the same period was RMB 159,659 thousand, down 15.4% from RMB 188,631 thousand, with a significant drop in net profit attributable to shareholders of 91.1%, from RMB 42,979 thousand to RMB 3,836 thousand[1][4]. - EBITDA decreased by 26.5% to RMB 114,132 thousand from RMB 155,321 thousand year-on-year, while adjusted EBITDA fell by 10.9% to RMB 149,058 thousand from RMB 167,309 thousand[1][5]. - The company reported a significant decrease in operating profit, which fell to RMB 15,378 thousand from RMB 73,079 thousand year-on-year[4]. - The adjusted net profit for the period was RMB 35,888 thousand, down 39.5% from RMB 59,280 thousand in the previous year[1][5]. - The company reported a profit of RMB 3,836 thousand for the six months ended June 30, 2024, compared to a loss of RMB 447,843 thousand in the previous period[10]. - Profit for the period decreased by 97.9% from approximately RMB 47.3 million for the six months ended June 30, 2023, to approximately RMB 1.0 million for the six months ended June 30, 2024, primarily due to macroeconomic slowdown and listing-related expenses[48]. - Adjusted net profit decreased by 39.5% from approximately RMB 59.3 million for the six months ended June 30, 2023, to approximately RMB 35.9 million for the six months ended June 30, 2024[49]. Capital and Assets - Total assets increased to RMB 2,178,977 thousand as of June 30, 2024, up from RMB 1,878,658 thousand as of December 31, 2023, representing a growth of approximately 16%[6]. - Current assets rose to RMB 821,573 thousand, compared to RMB 620,479 thousand at the end of 2023, marking an increase of about 32%[6]. - Total equity attributable to owners increased to RMB 1,524,316 thousand, up from RMB 1,292,627 thousand, reflecting a growth of approximately 18%[6]. - Cash and cash equivalents increased to RMB 305,535 thousand from RMB 188,835 thousand, representing a growth of approximately 62%[6]. - Total liabilities increased to RMB 615,873 thousand from RMB 543,544 thousand, reflecting a growth of approximately 13%[8]. - Non-current liabilities totaled RMB 242,420 thousand, an increase from RMB 227,360 thousand, indicating a rise of about 7%[8]. - Total borrowings as of June 30, 2024, amounted to approximately RMB 265.4 million, an increase from RMB 210.0 million as of December 31, 2023, with a debt-to-equity ratio of 17.0%[56]. IPO and Fund Utilization - The company successfully listed its H shares on the Hong Kong Stock Exchange on June 7, 2024, raising approximately HKD 183.48 million[3]. - The company completed its IPO on June 7, 2024, on the Hong Kong Stock Exchange, enhancing its capital base[11]. - The net proceeds from the global offering will be utilized in accordance with the plans disclosed in the prospectus[74]. - The company plans to utilize 50.0% of the net proceeds for expanding its medical imaging center network, amounting to HKD 91.73 million, with HKD 26.70 million already used and HKD 65.03 million remaining[75]. - 20.0% of the net proceeds, equating to HKD 36.70 million, will be allocated for seeking strategic partnerships and acquisitions in the medical imaging sector, with HKD 8.62 million already utilized and HKD 28.08 million remaining[75]. - Another 20.0% of the net proceeds, also HKD 36.70 million, is designated for expanding business into overseas markets with high growth potential, with HKD 2.15 million already used and HKD 34.55 million remaining[75]. - The company will allocate 10.0% of the net proceeds, totaling HKD 18.35 million, for working capital and general corporate purposes, with no amount utilized yet[75]. - The total net proceeds amount to HKD 183.48 million, with HKD 37.48 million already used and HKD 146.00 million remaining, expected to be fully utilized by December 31, 2025[75]. Operational Developments - During the reporting period, the company expanded its medical imaging center network by developing 12 new projects and operationalizing 9 centers, bringing the total to 105 centers across 17 provinces[3]. - The company established a standardized medical imaging examination project naming and coding standard, which was officially implemented on March 1, 2024, to enhance data standardization and service quality[3]. - The company continues to focus on expanding its market presence and enhancing service capabilities in response to government initiatives aimed at improving grassroots healthcare[2]. - The company aims to expand its medical imaging center network and enhance its imaging solution services to solidify its industry leadership[64]. - The company plans to strategically invest in regions with unbalanced medical resources to establish or acquire regional shared imaging centers[64]. - The company has established flagship and regional shared imaging centers to enhance the quality of imaging diagnostic services in grassroots medical institutions[71]. - The company is focused on developing specialized clinics for specific diseases, such as cardiovascular and epilepsy clinics, to better serve local patient needs[66]. Revenue Streams - The flagship imaging center service generated revenue of RMB 60,424 thousand, down 17.9% from RMB 73,607 thousand in the previous year[19]. - Revenue from imaging center services was approximately RMB 319.0 million, a year-on-year decrease of 5.9% compared to RMB 339.0 million for the six months ended June 30, 2023, but a quarter-on-quarter increase of RMB 19.9 million or 6.7% compared to RMB 299.0 million in the second half of 2023[33]. - Revenue from imaging solution services was approximately RMB 85.2 million, a year-on-year decrease of 54.3% compared to RMB 186.5 million for the six months ended June 30, 2023[35]. - Revenue from the Yimai Cloud service reached approximately RMB 9.6 million, representing a 123.3% increase from RMB 4.3 million for the six months ended June 30, 2023[36]. - Revenue from imaging center services was RMB 318.9 million, showing relative stability despite external pressures[40]. - The decline in revenue from imaging solution services was primarily due to a slowdown in procurement demand from medical institutions[40]. - The overall demand for imaging solution services remains relatively stable despite regulatory pressures in the healthcare industry[40]. Expenses and Costs - Employee benefit expenses for the six months ended June 30, 2024, were RMB 100,487 thousand, up 7.8% from RMB 93,385 thousand in the same period last year[21]. - Depreciation of property, plant, and equipment increased to RMB 79,424 thousand from RMB 73,543 thousand, reflecting a rise of 7.8%[21]. - Selling expenses decreased by 4.3% from approximately RMB 34.5 million for the six months ended June 30, 2023, to approximately RMB 33.0 million for the six months ended June 30, 2024, mainly due to reduced offline marketing activities[43]. - Administrative expenses increased by 37.0% from approximately RMB 81.1 million for the six months ended June 30, 2023, to approximately RMB 111.1 million for the six months ended June 30, 2024, primarily due to increased listing expenses as the global offering progressed[44]. - R&D expenses decreased by 3.4% from approximately RMB 5.9 million for the six months ended June 30, 2023, to approximately RMB 5.7 million for the six months ended June 30, 2024, due to cost control on travel expenses for R&D personnel[45]. - Net financial costs decreased by 7.5% from approximately RMB 10.7 million for the six months ended June 30, 2023, to approximately RMB 9.9 million for the six months ended June 30, 2024, mainly due to a reduction in the weighted average balance of bank loans and finance leases[46]. Compliance and Governance - The company has adhered to all applicable corporate governance codes since its listing date until June 30, 2024[76]. - The audit committee, consisting of three members, has reviewed the unaudited interim financial information for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[78]. - The company has confirmed compliance with the standard code for securities transactions by directors and supervisors since its listing date until June 30, 2024[77]. - No interim dividend has been recommended for the reporting period[79]. - There have been no significant post-reporting period events up to the announcement date[78].

Investment Rating - Initiate at BUY with a target price (TP) of HK$21.41, representing a 21.1% upside from the current price of HK$17.68 [3][4][12]. Core Insights - Rimag Group is a leading medical imaging service provider in China, holding the largest market share in terms of medical imaging centers, equipment units, and registrations by practicing radiologists [1][16]. - The medical imaging service market in China is projected to grow at a CAGR of 13.6%, reaching RMB661.5 billion by 2030, with the third-party medical imaging center market expected to grow at a CAGR of 30.7% to RMB18.6 billion by 2030 [1][7]. - Rimag's revenue increased at a CAGR of 25.3% from RMB592 million in 2021 to RMB928.9 million in 2023, with a projected CAGR of 23.3% from 2023 to 2026 [10][12][29]. Summary by Sections Investment Thesis - The third-party medical imaging center market in China has significant growth potential due to unmet demand for quality services and favorable government policies [6][7]. - Rimag is positioned to lead this market with a comprehensive suite of services and a strong operational model [7][8]. Market Overview - The medical imaging market in China faces challenges such as low equipment per capita and an imbalance in resource distribution, leading to long wait times in public hospitals [6][20]. - Rimag has established 97 imaging centers across 17 provinces, conducting approximately 20,000 examinations daily [8][16]. Business Model - Rimag operates a comprehensive medical imaging platform that includes imaging center services, imaging solution services, and Rimag Cloud services [22][24]. - The company provides operational management services to enhance the capabilities of regional and primary healthcare institutions [11][32]. Financial Performance - Rimag's attributable net profit increased from RMB0.4 million in 2022 to RMB44 million in 2023, with a net profit margin of 4.8% [10][29]. - Revenue from imaging center services accounted for 68.7% of total revenue in 2023, growing at a CAGR of 20.1% [36]. Competitive Landscape - Rimag holds 31 out of 163 third-party medical imaging center licenses in China, representing 19% of the total market [16][17]. - The company ranks second in revenue generated from imaging center services among all third-party operators in China [10][29].