FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 江西一脈陽光集團股份有限公司 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02522 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 293,282,074 | | 846,000 | | 294,128,074 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 293,282,074 | | 846,000 | | 294,128,074 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][26] Core Viewpoints - The company achieved a revenue growth of 12.9% year-on-year in the first half of 2025, reaching 467 million yuan, and turned a profit with a net profit of 16 million yuan, compared to a loss in 2024 [1][8] - The growth in revenue is attributed to the rapid expansion of clients in imaging center services and imaging solution services, alongside optimized resource allocation and reduced unnecessary expenses [1][8] - The company is positioned as a leader in the domestic medical imaging service sector, with a steady expansion pace and a focus on AI-driven comprehensive imaging solutions [3][22] Revenue and Profitability - In the first half of 2025, imaging center service revenue was 300 million yuan, down 6.1% due to macroeconomic fluctuations and policy adjustments [2][10] - Imaging solution service revenue surged by 88.9% to approximately 161 million yuan, driven by the ongoing benefits of new medical infrastructure policies and the recovery of medical equipment upgrade demands [2][10] - The company's gross margin was 29.4%, a decrease of 9.2 percentage points, primarily due to adjustments in imaging examination fees [3][15] Financial Forecasts - The company forecasts net profits of 49 million yuan, 81 million yuan, and 113 million yuan for 2025, 2026, and 2027 respectively, reflecting a turnaround and growth rates of 65.3% and 39.5% [3][22] - Revenue projections for 2025, 2026, and 2027 are 997 million yuan, 1.227 billion yuan, and 1.477 billion yuan, indicating growth rates of 31.1%, 23.1%, and 20.3% respectively [4][24] Operational Developments - The company has developed 11 new imaging centers and commenced operations at 12 centers, with 11 more under construction, which are expected to contribute to revenue stability in the second half of 2025 [2][10] - The company launched a medical imaging large model computing machine in collaboration with Alibaba Cloud, enhancing its capabilities in AI medical imaging [2][10]

Core Insights - The article highlights significant changes in the stock holdings of various companies under the Hong Kong Stock Connect program, indicating shifts in investor sentiment and potential investment opportunities. Group 1: Stock Increases - Canggang Railway (02169) saw the largest increase in stock holdings, rising by 10.72% to a total holding of 33.06% [1][2] - Goldwind Technology (02208) experienced a 1.17% increase, bringing its holding to 48.64% [1][2] - Zhongchu Innovation (03931) had a 1.02% increase, resulting in a holding of 14.69% [1][2] - The top three companies with the highest increases over the last five trading days were Dazhong Public Utilities (01635) with a 26.45% increase, Canggang Railway (02169) with a 21.07% increase, and Shankao Holdings (00412) with a 12.67% increase [1][3] Group 2: Stock Decreases - Shandong Molong (00568) recorded the largest decrease in stock holdings, dropping by 1.69% to 55.70% [1][2] - Jinli Permanent Magnet (06680) saw a decrease of 1.65%, resulting in a holding of 22.36% [1][2] - Yihua Tong (02402) experienced a 0.89% decrease, bringing its holding to 19.98% [1][2] - Over the last five trading days, the largest decreases were noted for Dongfang Electric (01072) with a 5.93% decrease, Yihua Tong (02402) with a 4.16% decrease, and Ocean Park (02255) with a 2.54% decrease [1][3] Group 3: Long-term Trends - Over the past 20 days, Dazhong Public Utilities (01635) had the highest increase of 27.37%, reaching a holding of 60.02% [4] - Canggang Railway (02169) also saw a significant increase of 21.39%, maintaining a holding of 33.06% [4] - Longfei Optical Fiber and Cable (06869) increased by 17.15%, achieving a holding of 71.17% [4]

Core Viewpoint - The stock of Yimai Sunshine (02522) experienced a significant increase of over 10%, reaching a price of 17.17 HKD, with a trading volume of 323 million HKD, following the announcement of a new AI product in collaboration with Alibaba Cloud [1] Group 1: Product Launch - Yimai Sunshine's AI company, Yinghe Yimai, launched the "Medical Imaging Large Model Intelligent Computing Machine MIIA-X1" during the 2025 Alibaba Cloud Summit [1] - MIIA-X1 integrates the "Yinghe Mijia" base model as its intelligent core, utilizing Alibaba Cloud AI Stack hardware, and combines Yimai Sunshine's imaging data resources with clinical scenarios [1] - The product aims to empower hospitals to quickly build localized AI capabilities, supporting research data governance, model fine-tuning, and clinical tool development [1] Group 2: Data Transaction - Yimai Sunshine announced the completion of its first data transaction on September 1, with CT chest lesion annotation data listed on the Shanghai Data Exchange on August 25 [1] - The transaction was conducted in collaboration with a data technology company and Beijing International Big Data Exchange, showcasing the company's ability to monetize its core data assets [1] - This partnership highlights the company's expertise and market value in the field of medical imaging data [1]

Core Viewpoint - The stock price of Yimai Sunshine (02522) increased by over 10% after the announcement of the launch of the "Medical Imaging Large Model Intelligent Computing Machine MIIA-X1" in collaboration with Alibaba Cloud during the 2025 Alibaba Cloud Conference [1] Company Developments - Yimai Sunshine's stock rose by 9.85% to HKD 17.17, with a trading volume of HKD 323 million [1] - The MIIA-X1 integrates the "Yinghe Mijia" base model as its intelligent core, utilizing Alibaba Cloud AI Stack hardware, and combines Yimai Sunshine's imaging data resources with clinical scenarios [1] - The company aims to empower hospitals to quickly build localized AI capabilities, supporting research data governance, model fine-tuning, and clinical tool development [1] Data Transaction - Yimai Sunshine completed its first batch of data transactions on September 1, with CT chest lesion annotation data listed on the Shanghai Data Exchange on August 25 [1] - The company, through its subsidiary Beijing Yimai Information, signed a tripartite cooperation contract with a data technology company and Beijing International Big Data Exchange, successfully completing the transaction [1] - This collaboration provides a new model for monetizing the company's core data assets and highlights its professional capabilities and market value in the medical imaging data field [1]

Group 1 - Southbound funds increased their holdings in Yipai Sunshine (02522.HK) by 151,000 shares on September 19, 2025, marking a 0.12% change [1][2] - Over the past five trading days, there have been three days of net increases in holdings, totaling 1,288,500 shares [1][2] - In the last 20 trading days, there were 15 days of net increases, with a total of 25,137,000 shares added to holdings [1][2] Group 2 - As of now, southbound funds hold 128 million shares of Yipai Sunshine, accounting for 43.48% of the company's total issued ordinary shares [1][2] - Yipai Sunshine Group Co., Ltd. primarily engages in specialized medical imaging services in China, providing imaging services and solutions [2] - The company operates three segments: imaging center services, imaging solutions, and Yipai cloud services, supporting the development of imaging center services and data-driven operations [2]

Company Information [Board of Directors and Management](index=3&type=section&id=Board%20of%20Directors%20and%20Management) The company's board comprises executive, non-executive, and independent non-executive directors, with Mr. Chen Chaoyang serving as Chairman and Executive Director, and Ms. He Yingfei and Ms. Zhang Xiao as Joint Company Secretaries and Authorized Representatives - The Board of Directors includes Executive Directors (Mr. Chen Chaoyang, Ms. He Yingfei, Mr. Feng Xie, Mr. Li Feiyu), Non-Executive Directors (Mr. Liu Senlin, Mr. Guo Tao), and Independent Non-Executive Directors (Mr. Wu Xiaohui, Mr. Luo Yi, Ms. Chen Yifei)[5](index=5&type=chunk) - The company has an Audit Committee (Chairman: Mr. Wu Xiaohui), a Remuneration Committee (Chairman: Mr. Luo Yi), and a Nomination Committee (Chairman: Mr. Chen Chaoyang)[5](index=5&type=chunk) - Ms. He Yingfei and Ms. Zhang Xiao serve as Joint Company Secretaries and Authorized Representatives[5](index=5&type=chunk) [Registration and Contact Information](index=3&type=section&id=Registration%20and%20Contact%20Information) The company's registered office is in Ganjiang New Area, Jiangxi Province, China, with its principal place of business in Beijing, Chaoyang District, and its principal place of business in Hong Kong in Wan Chai; the company's H-share stock code is 02522 - The company's registered office is located at Room 1002, 10th Floor, Building 10, Public R&D Service Center, South Dongdadao, Xinqizhou, Traditional Chinese Medicine Science and Technology Innovation City, Ganjiang New Area, Jiangxi Province, China[5](index=5&type=chunk) - The company's principal place of business in China is located at Building 2, No. 2, Minzuyuan Road, Chaoyang District, Beijing, China[5](index=5&type=chunk) - The company's principal place of business in Hong Kong is located at 40th Floor, Dah Sing Financial Centre, 248 Queen's Road East, Wan Chai, Hong Kong[6](index=6&type=chunk) - The company's H-share stock code is 02522[6](index=6&type=chunk) Financial and Business Highlights [Financial Highlights](index=5&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, the company's revenue increased by 12.9% year-on-year to RMB 467.0 million, with profit for the period surging by 1,545.9% to RMB 15.8 million, driven by increased customer numbers despite a decline in gross profit Six-Month Financial Highlights as of June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 467,049 | 413,713 | 12.9% | | Gross Profit | 137,246 | 159,659 | -14.0% | | Profit for the Period | 15,834 | 962 | 1,545.9% | | Profit for the Period Attributable to Owners of the Company | 16,443 | 3,836 | 328.6% | | EBITDA | 135,443 | 114,132 | 18.7% | - Interim results increased year-on-year, primarily due to revenue growth driven by an increase in customer numbers[9](index=9&type=chunk) - Core imaging center service revenue remained relatively stable and showed steady growth compared to the second half of 2024[9](index=9&type=chunk) [Business Highlights](index=6&type=section&id=Business%20Highlights) As a leading medical imaging specialist group in China, the company achieved stable overall business development during the reporting period, with revenue increasing by 12.9% year-on-year and profit for the period surging by 1,545.9%; imaging center services and imaging solution services saw rapid customer expansion, with significant progress in leveraging imaging data value and AI-driven business development, including listing "CT Chest Lesion Annotation Data" on the Shanghai Data Exchange - Overall business developed steadily, with revenue of approximately **RMB 467.0 million**, a year-on-year increase of **12.9%** and a quarter-on-quarter increase of **34.6%**[10](index=10&type=chunk) - Imaging center services newly developed **11** imaging centers and commenced operations for **12** imaging centers; imaging solution services added **354** new customers[10](index=10&type=chunk) - The company's subsidiary, Beijing Yimai Sunshine Medical Information Technology Co., Ltd., listed "CT Chest Lesion Annotation Data" on the Shanghai Data Exchange, marking a new stage in the market-oriented process of medical imaging data elements[10](index=10&type=chunk) Management Discussion and Analysis [I. Business Review](index=7&type=section&id=I.%20Business%20Review) As a leading medical imaging specialist group in China, the company continues to deepen its strategic layout and business innovation, building an efficient, accessible, and intelligent medical imaging ecosystem service platform; during the reporting period, the company's revenue reached RMB 467.0 million, primarily from imaging center services, imaging solution services, and Yimai Cloud services, actively responding to national policies, promoting the decentralization of medical resources, mutual recognition of cloud imaging, and the application of medical AI, while accelerating its overseas market expansion - The company was listed on the Main Board of the Stock Exchange on June 7, 2024, and was included in Stock Connect and the Hang Seng Index on March 10, 2025[12](index=12&type=chunk) - The company's strategic implementation path forms a complete value closed loop through "scaled layout of imaging center network," "output of refined operational capabilities," "release of data resource value," and "empowerment of industrial ecosystem platform" in a four-dimensional synergy[13](index=13&type=chunk) - In the first half of 2025, national policies such as the decentralization and sharing of medical resources, mutual recognition of cloud imaging and results, and data services and medical AI applications provided strong support for the company's business development[14](index=14&type=chunk) [Overview](index=7&type=section&id=Overview) Since its listing, the company has continuously deepened its strategic layout, with medical imaging services as its core, imaging solution services as an expansion engine, and Yimai Cloud services as a key to upgrading traditional businesses, forming a "service scenario + technological innovation" dual-engine model; the company actively responds to national medical policies, making progress in medical resource decentralization, cloud imaging mutual recognition, and medical AI applications, and has expanded into nuclear medicine through the acquisition of Gaomai Health - The company completed the placement of **9,750,000** shares on May 6, 2025, with net proceeds of approximately **HKD 182.29 million**[12](index=12&type=chunk) - The company achieves efficient collaboration in multiple locations through a "device sharing + doctor sharing + data sharing" model, enabling primary care sub-centers to take images and shared centers to diagnose[14](index=14&type=chunk) - Shanghai Yinghe Yimai Intelligent Technology Co., Ltd., incubated by the company, released the world's first full-modality medical imaging foundation large model, with AI-assisted diagnosis gradually being included in medical insurance payments, opening up new growth points[15](index=15&type=chunk) - The company completed the acquisition of **70%** equity in Gaomai Health, strengthening its capabilities in the nuclear medicine field[17](index=17&type=chunk) [Imaging Center Services](index=9&type=section&id=Imaging%20Center%20Services) Revenue from imaging center services decreased by **6.1%** year-on-year to **RMB 299.6 million** during the reporting period but increased by **4.5%** quarter-on-quarter, primarily affected by the macroeconomic environment and healthcare reforms; the company responded to challenges through refined operational management, investment and M&A, and product strategy adjustments, successfully implementing the "one license, multiple locations" innovative model to expand its imaging center network Imaging Center Services Revenue | Indicator | 2025 (RMB million) | 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Imaging Center Services Revenue | 299.6 | 319.0 | -6.1% | - Imaging center services revenue increased by **RMB 12.8 million** or **4.5%** quarter-on-quarter compared to the second half of 2024[18](index=18&type=chunk) - **11** new imaging centers were developed, and **12** imaging centers commenced operations, bringing the total to **126** developed and **115** operational imaging centers as of June 30, 2025[22](index=22&type=chunk) - Successfully implemented the "one license, multiple locations" innovative imaging business model, establishing a regional shared imaging sub-center at Xiangtan First People's Hospital[20](index=20&type=chunk) [Imaging Solution Services](index=12&type=section&id=Imaging%20Solution%20Services) Revenue from imaging solution services significantly increased by **88.9%** year-on-year to **RMB 160.9 million**, and by **207.1%** quarter-on-quarter, primarily due to the release of national medical new infrastructure policy dividends, recovery in equipment upgrade demand, and the company's diversified and flexible standalone empowerment product strategy, which effectively lowered customer adoption thresholds and rapidly increased customer numbers Imaging Solution Services Revenue | Indicator | 2025 (RMB million) | 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Imaging Solution Services Revenue | 160.9 | 85.2 | 88.9% | - Imaging solution services revenue increased by **RMB 108.5 million** or **207.1%** quarter-on-quarter compared to the second half of 2024[24](index=24&type=chunk) - The increase in revenue is mainly due to the release of national medical new infrastructure policy dividends, the gradual recovery of demand for medical equipment upgrades, and a significant increase in customer numbers brought by diversified standalone empowerment products[25](index=25&type=chunk) [Yimai Cloud Services](index=13&type=section&id=Yimai%20Cloud%20Services) Revenue from Yimai Cloud services decreased by **31.9%** year-on-year to **RMB 6.5 million**, primarily due to reduced one-time software sales, but cloud platform service revenue maintained a stable growth of **16.9%**; Yimai Cloud, as the core carrier of the company's digitalization strategy, builds a "data-algorithm-scenario" closed loop through data accumulation, governance, and AI incubation, making significant progress in cloud films, data governance, and AI ecosystem cooperation, including obtaining the first national "Medical Imaging Smart Platform Standard Database" registration certificate Yimai Cloud Services Revenue | Indicator | 2025 (RMB million) | 2024 (RMB million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Yimai Cloud Services Revenue | 6.5 | 9.6 | -31.9% | | Cloud Platform Services Revenue | 6.523 | 5.580 | 16.9% | - The company's subsidiary obtained the first national "Medical Imaging Smart Platform Standard Database" public announcement and registration, and successfully received the "Data Resource Registration Certificate"[29](index=29&type=chunk) - Signed a strategic cooperation agreement with iFlytek Healthcare Technology Co., Ltd. to jointly build smart healthcare solutions[29](index=29&type=chunk) - Significant progress was made in the "Interconnection and Interoperability Network" project promoted in the Xiangtan region, creating an integrated medical imaging cloud platform for **9** hospitals[33](index=33&type=chunk) [Overseas Business Division](index=16&type=section&id=Overseas%20Business%20Division) Facing domestic market pressure, the company actively expanded into overseas markets, achieving substantial breakthroughs in key markets such as East Asia, Southeast Asia, the Middle East, and Africa, with **15** sales project contracts signed; a joint venture, Yimai EC Healthcare Technology Co., Ltd., was established with EC Healthcare, and cooperation on medical equipment and consumables was achieved in the Republic of Malawi and the Republic of Sierra Leone - The overseas business department has cumulatively signed **15** sales project contracts[34](index=34&type=chunk) - Yimai EC Healthcare Technology Co., Ltd., a joint venture with EC Healthcare, officially commenced operations, providing full-cycle operational management services for **8** medical institutions under EC Healthcare[34](index=34&type=chunk) - Achieved multi-million dollar medical equipment cooperation with Blantyre International Cancer Centre in the Republic of Malawi and initiated the first medical consumables supply attempt with the Republic of Sierra Leone[34](index=34&type=chunk) [Integrated One-Stop Ecosystem Platform Centered on Three Business Segments](index=17&type=section&id=Integrated%20One-Stop%20Ecosystem%20Platform%20Centered%20on%20Three%20Business%20Segments) The company builds a mutually supportive and transformative one-stop ecosystem platform through its three business segments: imaging center services, imaging solution services, and Yimai Cloud services, connecting different participants and providing diversified service packages to realize value and interaction - The three core businesses form a one-stop ecosystem platform, connecting different participants, allowing each role to achieve value realization or value interaction[37](index=37&type=chunk)[40](index=40&type=chunk) [Standalone Empowerment Products](index=18&type=section&id=Standalone%20Empowerment%20Products) In the first half of 2025, the company implemented a "flexible asset-light standalone empowerment product" strategy, disassembling its three business segments into over **30** independently combinable light and small modular products, achieving "standardized output + customized combination"; this strategy significantly enhanced service flexibility and market responsiveness, driving **354** new customers for imaging solution services and becoming a key engine for the company's overall growth - The company disassembled its original businesses and standardized them into over **30** independently combinable light and small modular products, achieving "standardized output + customized combination"[41](index=41&type=chunk) - The rapid promotion of the asset-light standalone empowerment model successfully attracted **354** new customers for imaging solution services[41](index=41&type=chunk) - The vast user base creates broader market entry points and cross-selling opportunities for the company's business, helping to optimize cost structure and improve service network efficiency and profitability[41](index=41&type=chunk) [Forming a Unique Data-Algorithm-Scenario Medical Imaging AI Industry Application Ecosystem Closed Loop](index=19&type=section&id=Forming%20a%20Unique%20Data-Algorithm-Scenario%20Medical%20Imaging%20AI%20Industry%20Application%20Ecosystem%20Closed%20Loop) By building a full-chain closed-loop ecosystem from its own imaging center network to AI large model applications, the company has pioneered the core path for commercializing medical imaging AI; this closed loop integrates physical layer data production entry points, data layer high-quality datasets, AI model layer foundation large models, and application layer imaging center networks, forming a complete "data-large model-application" AI industry closed loop, improving diagnostic efficiency and reducing costs - The company has built a complete "data-large model-application" AI industry closed loop, deeply integrating high-quality data production entry points at the physical layer, model training at the technical layer, and scenario implementation at the application layer[44](index=44&type=chunk) - Based on a nationwide network of **115** medical imaging centers, an average of **20,000-30,000** standardized medical imaging data cases are generated and accumulated daily, providing fuel for training medical imaging foundation large models[44](index=44&type=chunk) - Through Yinghe Yimai's self-developed world's first full-modality, full-process medical imaging foundation large model, the medical imaging AI industry has transitioned from the single-disease model "1.0 era" to the foundation large model "2.0 era"[45](index=45&type=chunk) [Talent Development Program](index=20&type=section&id=Talent%20Development%20Program) The company adheres to the philosophy of "talent as the primary strategic asset," building a "management empowerment + professional advancement" dual-driven talent ecosystem; in the first half of 2025, through four pillars—talent inventory, youth cadre training, management trainee program, and equity incentives—the company strengthened talent reserves and development, simultaneously, it continued to advance professional capability building in medical imaging, conducting specialized training, developing high-value disease-specific imaging examinations and distinctive technologies, and strengthening cooperation with universities to cultivate new talent - The company builds an endogenous talent ecosystem that drives sustainable business development through four pillars: talent inventory, youth cadre training, management trainee program, and equity incentives[49](index=49&type=chunk) - A total of **256** specialized medical imaging training sessions were conducted, covering **2,988** participants, comprehensively enhancing the diagnostic capabilities of grassroots teams[53](index=53&type=chunk) - Launched specialized imaging examinations for diseases such as scoliosis, cardiovascular and cerebrovascular diseases, and Alzheimer's disease, and successfully joined the "China AD Preclinical Alliance"[53](index=53&type=chunk) - The Imaging Academy focuses on promoting cooperation with medical universities for internships, practical training, and targeted employment, establishing multi-dimensional partnerships with **3** institutions[55](index=55&type=chunk) [II. Financial Review](index=23&type=section&id=II.%20Financial%20Review) For the six months ended June 30, 2025, the company's revenue increased by 12.9% year-on-year to RMB 467.0 million, with profit for the period surging by 1,545.9% to RMB 15.8 million; revenue growth was primarily driven by imaging solution services, but gross profit and gross margin declined due to policy adjustments and increased industry competition; the company implemented cost reduction and efficiency improvement measures, resulting in decreased selling and administrative expenses, while R&D investment increased; net finance costs rose due to new project financing, but the gearing ratio improved Key Financial Data for the Six Months Ended June 30 | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 467,049 | 413,713 | 12.9% | | Gross Profit | 137,246 | 159,659 | -14.0% | | Profit for the Period | 15,834 | 962 | 1,545.9% | | EBITDA | 135,443 | 114,132 | 18.7% | - The increase in profit for the period is mainly due to revenue growth driven by an increase in customer numbers, cost reduction and efficiency improvement measures, and the gradual financial benefits from investments in data resources and AI[68](index=68&type=chunk) - The gearing ratio decreased by **3.6%** from **29.2%** as of December 31, 2024, to **25.6%** as of June 30, 2025, further optimizing the capital structure[74](index=74&type=chunk) [Overview](index=23&type=section&id=Overview) This financial review is based on the financial information and notes in the interim report and should be read in conjunction for a comprehensive understanding of the company's financial performance - The financial review is based on the financial information and notes in the interim report[56](index=56&type=chunk) [Revenue](index=24&type=section&id=Revenue) During the reporting period, the company's revenue increased by **12.9%** year-on-year to **RMB 467.0 million**, and by **34.6%** quarter-on-quarter, primarily driven by increased revenue from imaging solution services, which offset a slight decrease in imaging center services revenue Revenue Breakdown | Business Line | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Imaging Center Services | 299,627 | 318,953 | | Imaging Solution Services | 160,899 | 85,180 | | Yimai Cloud Services | 6,523 | 9,580 | | **Total Revenue** | **467,049** | **413,713** | - Total revenue increased by **12.9%** year-on-year and **34.6%** quarter-on-quarter[57](index=57&type=chunk) - The overall increase in revenue is mainly due to increased imaging solution services revenue driven by an increase in customer numbers[58](index=58&type=chunk) [Cost of Sales](index=25&type=section&id=Cost%20of%20Sales) During the reporting period, cost of sales increased by **29.8%** year-on-year to **RMB 329.8 million**, primarily due to increased business volume in imaging solution services Cost of Sales | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Cost of Sales | 329,803 | 254,054 | 29.8% | - The increase in cost of sales is mainly due to increased business volume in imaging solution services[60](index=60&type=chunk) [Gross Profit and Gross Margin](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by **14.0%** year-on-year to **RMB 137.2 million**, with gross margin declining from **38.6%** to **29.4%**; the decrease was primarily affected by policy adjustments in imaging examination fees and intensified industry competition, which the company is addressing through refined operations and high-margin product optimization Gross Profit and Gross Margin | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Gross Profit | 137,246 | 159,659 | -14.0% | | Gross Margin | 29.4% | 38.6% | -9.2 percentage points | - The decrease in gross profit and gross margin is mainly due to policy adjustments in imaging examination fees and increased industry competition pressure[61](index=61&type=chunk) - The company is improving gross profit and gross margin through refined operational management, optimizing cost structure, and launching high-margin standalone empowerment products[61](index=61&type=chunk) [Selling Expenses](index=26&type=section&id=Selling%20Expenses) Selling expenses decreased by **18.5%** year-on-year to **RMB 26.9 million**, primarily benefiting from the company's cost reduction and efficiency improvement measures implemented in response to industry cyclical adjustments, which optimized marketing strategies Selling Expenses | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Selling Expenses | 26,892 | 32,961 | -18.5% | - The decrease in selling expenses is mainly due to the company vigorously implementing various cost reduction and efficiency improvement measures, optimizing marketing strategies, and enhancing marketing efficiency[62](index=62&type=chunk) [Administrative Expenses](index=26&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **32.5%** year-on-year to **RMB 75.0 million**, primarily due to reduced listing expenses Administrative Expenses | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Administrative Expenses | 74,986 | 111,092 | -32.5% | - The decrease in administrative expenses is mainly due to a reduction in listing expenses[63](index=63&type=chunk) [Research and Development Expenses](index=26&type=section&id=Research%20and%20Development%20Expenses) Research and development expenses increased by **33.3%** year-on-year to **RMB 7.6 million**, primarily reflecting the company's increased investment in its digitalization and AI R&D strategic reforms Research and Development Expenses | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Research and Development Expenses | 7,604 | 5,715 | 33.3% | - The increase in R&D expenses is mainly due to increased R&D investment during the process of digitalization and AI R&D strategic reforms[64](index=64&type=chunk) [Finance Income and Costs](index=27&type=section&id=Finance%20Income%20and%20Costs) Net finance costs increased by **16.2%** year-on-year to **RMB 11.5 million**, primarily due to increased finance leases and bank borrowings associated with newly developed imaging center projects Finance Income and Costs | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Finance Income | 2,931 | 1,143 | | Finance Costs | (14,403) | (11,049) | | **Net Finance Costs** | **(11,472)** | **(9,906)** | - The increase in net finance costs is mainly due to the corresponding increase in finance leases and bank borrowings for newly developed imaging center projects[66](index=66&type=chunk) [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) Income tax expense for the reporting period was **RMB 8.7 million**, accrued on the taxable profits of the company's China operations, applying a statutory tax rate of 25% or preferential tax rates Income Tax Expense | Indicator | 2025 (RMB thousand) | | :--- | :--- | | Income Tax Expense | 8,656 | - Income tax expense is accrued on the taxable profits of the company's China operations, subject to a statutory tax rate of **25%** or preferential tax rates[67](index=67&type=chunk) [Profit for the Period](index=28&type=section&id=Profit%20for%20the%20Period) Profit for the period significantly increased by **1,545.9%** year-on-year to **RMB 15.8 million**, primarily benefiting from revenue growth driven by increased customer numbers, cost reduction and efficiency improvement measures, and the gradual financial benefits from investments in data resources and AI Profit for the Period | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 15,834 | 962 | 1,545.9% | - The increase in profit is mainly due to revenue growth driven by an increase in customer numbers, cost reduction and efficiency improvement measures, and the continuous investment in data resources and AI gradually bringing financial benefits[68](index=68&type=chunk) [Non-IFRS Measures](index=28&type=section&id=Non-IFRS%20Measures) The company uses EBITDA as a non-IFRS measure to supplement its consolidated statement of comprehensive income; during the reporting period, EBITDA increased by **18.7%** year-on-year to **RMB 135.4 million**, providing investors with additional information to assess the company's performance EBITDA (Non-IFRS Measure) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | EBITDA | 135,443 | 114,132 | 18.7% | - EBITDA is defined as profit before income tax plus finance costs, depreciation of property, plant and equipment, depreciation of right-of-use assets, and amortization of intangible assets, less finance income[69](index=69&type=chunk) [Capital Management](index=29&type=section&id=Capital%20Management) The company monitors capital through regular reviews of its capital structure, aiming to safeguard its ability to continue as a going concern, provide returns to shareholders, and optimize its capital structure to reduce the cost of capital - The company monitors capital through regular reviews of its capital structure, aiming to safeguard its ability to continue as a going concern, provide returns to shareholders, and optimize its capital structure to reduce the cost of capital[72](index=72&type=chunk) [Liquidity and Capital Resources](index=29&type=section&id=Liquidity%20and%20Capital%20Resources) The company's working capital primarily comes from cash inflows from operating activities, bank borrowings, finance leases, and equity financing; cash and cash equivalents increased to **RMB 364.7 million**, and net cash from operating activities increased to **RMB 93.0 million**, mainly reflecting proceeds from the placement of new H shares and strengthened management of accounts receivable Cash and Cash Equivalents | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 364.7 | 262.4 | Net Cash from Operating Activities | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Net Cash from Operating Activities | 93.0 | 34.1 | - The increase in cash and cash equivalents mainly reflects the proceeds from the placement of new H shares during the reporting period[73](index=73&type=chunk) - The increase in net cash from operating activities is mainly due to strengthened management of accounts receivable, optimizing cash flow[73](index=73&type=chunk) [Borrowings and Gearing Ratio](index=30&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the company's total borrowings were approximately **RMB 416.3 million**, and the gearing ratio was **25.6%**, a decrease of **3.6%** from **29.2%** as of December 31, 2024, indicating further optimization of the asset-liability structure Borrowings and Gearing Ratio | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Borrowings Balance | 416.3 | 433.2 | | Gearing Ratio | 25.6% | 29.2% | - The gearing ratio decreased by **3.6%**, further optimizing the capital structure[74](index=74&type=chunk) [Net Current Assets](index=30&type=section&id=Net%20Current%20Assets) Net current assets increased by **25.1%** to **RMB 620.4 million**, primarily due to increased liquidity from the placement of new H shares during the reporting period Net Current Assets | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 620.4 | 496.0 | 25.1% | - The increase in net current assets is mainly due to the placement of new H shares during the reporting period, increasing liquidity[75](index=75&type=chunk) [Foreign Exchange Risk](index=30&type=section&id=Foreign%20Exchange%20Risk) The company's foreign exchange risk is limited as most transactions are denominated and settled in RMB, with no current foreign currency hedging policy, and risk is managed by monitoring exchange rates; as of June 30, 2025, there were no significant foreign currency denominated assets or liabilities - Most of the company's transactions are denominated and settled in RMB, resulting in limited foreign exchange risk[76](index=76&type=chunk) - The company currently has no foreign currency hedging policy and manages foreign currency risk by closely monitoring foreign currency exchange rates[76](index=76&type=chunk) [Material Investments / Future Plans for Material Investments or Capital Assets](index=30&type=section&id=Material%20Investments%20%2F%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the company had not made or held any material investments, and as of the date of the interim report, there were no future plans for material investments or capital assets - As of June 30, 2025, the company had not made or held any material investments[77](index=77&type=chunk) - As of the date of this interim report, the company has no future plans for any material investments or capital assets[78](index=78&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=31&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%2C%20and%20Joint%20Ventures) During the reporting period, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the company had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[80](index=80&type=chunk) [Capital Expenditures](index=31&type=section&id=Capital%20Expenditures) Total capital expenditures for the reporting period were approximately **RMB 23.7 million**, primarily used for the purchase of equipment and intangible assets Capital Expenditures | Indicator | 2025 (RMB million) | | :--- | :--- | | Total Capital Expenditures | 23.7 | - Capital expenditures were primarily used for the purchase of equipment and intangible assets (e.g., software)[81](index=81&type=chunk) [Pledged Assets](index=31&type=section&id=Pledged%20Assets) As of June 30, 2025, the company had pledged machinery, bank cash, trade receivables, and equity interests in subsidiaries, totaling approximately **RMB 476.5 million** Pledged Assets | Type of Pledged Asset | Amount (RMB million) | | :--- | :--- | | Machinery, bank cash, trade receivables, and equity interests in subsidiaries | 476.5 | [Contingent Liabilities](index=31&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities, guarantees, legal, arbitration, or administrative proceedings that are expected to have a material adverse effect on its financial position or operating results - As of June 30, 2025, the company had no significant contingent liabilities that are expected to have a material adverse effect on its financial position or operating results[83](index=83&type=chunk) [Employees and Remuneration Policy](index=31&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company had **819** employees and **543** medical professionals, with employee benefit expenses of approximately **RMB 92.9 million**; the company is committed to establishing a competitive and fair remuneration system, providing diverse benefits, and continuously offering education and training programs for employees Employees and Remuneration | Indicator | June 30, 2025 | | :--- | :--- | | Number of Employees | 819 | | Number of Medical Professionals | 543 | | Employee Benefit Expenses (RMB million) | 92.9 | - The company's remuneration includes basic salary and performance-based bonuses, and provides benefits such as social insurance, housing provident fund, annual leave, allowances, and supplementary medical insurance[84](index=84&type=chunk) - The company continuously provides internal and external training programs for employees to enhance their technical, professional, or management skills[84](index=84&type=chunk) [III. Future Development and Strategy](index=32&type=section&id=III.%20Future%20Development%20and%20Strategy) The company aims to be an innovation leader in global medical imaging services, building a full-value chain platform of "physical network + digital intelligence ecosystem + global services"; future strategies include deepening the nationwide imaging center network layout and expanding global services, strengthening the asset-light engine role of imaging solution services, focusing on data's core role as a link in AI+healthcare, building an open and collaborative industrial ecosystem, and strengthening talent cultivation and operations management systems and improving internal control systems to achieve high-quality sustainable development - The company's goal is to become an innovation leader in global medical imaging services, building a full-value chain medical imaging platform of "physical network + digital intelligence ecosystem + global services"[85](index=85&type=chunk) - The core strategy is to deepen asset-light capability output, strengthen data and AI-driven service innovation, and rapidly expand domestic and international market coverage[85](index=85&type=chunk) [Deepening the Nationwide Multi-Dimensional Layout of Imaging Center Network, Promoting Global Service Capability Expansion, and Building an Upgraded "Imaging Services" Network](index=32&type=section&id=Deepening%20the%20Nationwide%20Multi-Dimensional%20Layout%20of%20Imaging%20Center%20Network%2C%20Promoting%20Global%20Service%20Capability%20Expansion%2C%20and%20Building%20an%20Upgraded%20%22Imaging%20Services%22%20Network) The company will use imaging center services as its "ballast stone," integrating the asset-light expansion momentum of imaging solution services to build an upgraded "China Imaging Services" network that is multi-layered, efficiently linked, and globally extended; specific measures include regional shared imaging centers precisely covering medically underserved areas, flagship imaging centers building clinical research high-end service hubs, specialty and operations management centers precisely penetrating grassroots services, accelerating network densification through strategic M&A, and promoting global service network construction via a "China model + local adaptation" path - Using imaging center services as a "ballast stone," integrating the "modular output + asset-light expansion" momentum of imaging solution services, to build an upgraded "China Imaging Services" network[85](index=85&type=chunk) [Regional Shared Imaging Centers](index=32&type=section&id=Regional%20Shared%20Imaging%20Centers) The company will position regional shared imaging centers as key nodes connecting county and township areas, precisely covering medically underserved regions through a "device sharing + doctor sharing + data sharing" model, complemented by basic imaging capability packages, to achieve real-time upload of regional imaging data and centralized cloud diagnosis, enhancing efficiency and reducing costs - Centered on "resource sharing + capability decentralization," building grassroots medical imaging infrastructure to precisely cover medically underserved areas[85](index=85&type=chunk) - Replicating the "one license, multiple locations" operational experience, focusing on deploying in counties with prominent medical resource gaps, extending the service radius of a single regional shared center to **5-8** counties and townships[85](index=85&type=chunk) - Achieving real-time upload of regional imaging data and centralized cloud diagnosis through the Yimai Cloud platform, linking expert resources from flagship centers to provide remote consultation support[87](index=87&type=chunk) [Flagship Imaging Centers](index=33&type=section&id=Flagship%20Imaging%20Centers) The company plans to use flagship imaging centers as a window to build a "clinical-research-high-end service" triangle, making them hubs for diagnosing difficult diseases, providing high-end services, and conducting innovative R&D in the region; this will involve deepening cooperation with top-tier tertiary hospitals, leveraging nuclear medicine resources obtained through the acquisition of Gaomai Health, and linking Yimai Cloud data with AI large models to develop multi-modal imaging algorithms - Building a regional imaging capability hub with a "clinical-research-high-end service" triangle[87](index=87&type=chunk) - Deepening "second imaging department" cooperation with top-tier large tertiary hospitals, jointly establishing expert studios for characteristic diseases such as cardiovascular, cerebrovascular, and oncology[87](index=87&type=chunk) - Leveraging nuclear medicine resources obtained through the acquisition of Gaomai Health to supplement service capabilities for high-end equipment and resources like PET-CT[87](index=87&type=chunk) [Specialty and Operations Management Centers](index=34&type=section&id=Specialty%20and%20Operations%20Management%20Centers) The company will focus specialty medical alliance and operations management centers on grassroots essential scenarios, deeply binding grassroots medical institutions through "customized services + standardized output"; it will promote the screening center model, combining AI-assisted diagnostic tools to improve early screening rates, and output standardized SOP systems and operational management modules to drive revenue and profit margin growth - Focusing on "scenario customization + capability output" to achieve precise penetration of grassroots services[88](index=88&type=chunk) - Promoting the screening center model (e.g., "low-dose lung cancer screening imaging center"), combining AI-assisted diagnostic tools to improve early disease screening rates at the grassroots level[88](index=88&type=chunk) - Outputting an upgraded standardized SOP system for partner hospitals, covering the entire process of appointment, examination, diagnosis, and quality control[88](index=88&type=chunk) [Strategic Mergers and Acquisitions to Accelerate Network Density](index=34&type=section&id=Strategic%20Mergers%20and%20Acquisitions%20to%20Accelerate%20Network%20Density) The company will focus on three types of targets—filling regional gaps, strengthening technological shortcomings, and integrating high-quality resources—to rapidly improve its imaging center network through a "precise screening + ecosystem integration" strategy; key acquisitions will include mature imaging centers in medically resource-intensive but sparsely distributed areas, specialized institutions in characteristic fields such as nuclear medicine and functional imaging, and targets with excellent operational management experience, to achieve deep integration and synergistic value release - Focusing on three types of targets—filling regional gaps, strengthening technological shortcomings, and integrating high-quality resources—to rapidly achieve full coverage and deep capability in the imaging center network[88](index=88&type=chunk) - Key acquisitions will include mature imaging centers in potential regions such as Central China and Southwest China, as well as specialized institutions in characteristic fields like nuclear medicine and functional imaging[88](index=88&type=chunk) - Post-acquisition, deep integration of targets with the existing network will be achieved through the introduction of standardized SOP systems, data interoperability via the Yimai Cloud platform, and cross-training of talent[90](index=90&type=chunk) [Global Service Network](index=35&type=section&id=Global%20Service%20Network) The company plans to leverage its mature domestic network experience and the global expansion advantages of its imaging solution services to accelerate overseas market deployment, achieving the international output of "China Medical Imaging Services"; it will export hardware equipment and consumable supply chains and the Yimai Cloud remote system to Hong Kong, Macau, Singapore, and Malaysia, and establish imaging service points in "Belt and Road" emerging markets through joint ventures/wholly-owned models, providing basic imaging examinations and remote diagnostic services - Following the "China model + local adaptation" path, promoting the internationalization of medical services and accelerating overseas market deployment[90](index=90&type=chunk) - In key regions such as Hong Kong, Macau, Singapore, and Malaysia, leveraging the cross-border imaging supply chain collaboration platform to export hardware equipment and consumable supply chains, as well as Yimai Cloud's remote and information systems[90](index=90&type=chunk) - Gradually establishing imaging service points in "Belt and Road" emerging markets such as Malawi and Morocco through joint ventures/wholly-owned models, providing basic imaging examinations and remote diagnostic services[90](index=90&type=chunk) [Strengthening the Asset-Light Engine Role of Imaging Solution Services to Build a "Full-Cycle Ecosystem Service System"](index=36&type=section&id=Strengthening%20the%20Asset-Light%20Engine%20Role%20of%20Imaging%20Solution%20Services%20to%20Build%20a%20%22Full-Cycle%20Ecosystem%20Service%20System%22) The company will fully leverage the asset-light, high-margin, and rapid penetration characteristics of imaging solution services to precisely transmit value and activate the industrial value of medical imaging services, achieving a full-cycle value upgrade from "customer coverage" to "ecosystem binding"; the core is a "zero-store expansion" asset-light model, upgrading through a diversified "standalone empowerment product" matrix, reconstructing growth logic, and co-creating a 3.0 era development ecosystem with equipment manufacturers - Fully leveraging the asset-light, high-margin, and rapid penetration characteristics of imaging solution services to break through the industry bottleneck of low penetration rates in the third-party imaging market[91](index=91&type=chunk) - Shifting market development thinking from "competing on store count for scale" to "competing on capability output for market share," laying the foundation for optimizing from a physical service provider to a platform-based enabler[91](index=91&type=chunk) ["Zero-Store Expansion" Asset-Light Model](index=36&type=section&id=%22Zero-Store%20Expansion%22%20Asset-Light%20Model) The company defines the core competitiveness of imaging solution services as replicable modular products ("standalone empowerment products"), rapidly covering B-side customers through "standardized output + customized combination" to achieve "zero-store expansion"; it is expected that new customers this year will exceed the total of the past decade, far surpassing the growth rate of traditional imaging centers, thanks to the low barrier to entry of modular products - Disassembling imaging services into replicable modular products, rapidly covering B-side customers through "standardized output + customized combination" to form a "zero-store expansion" asset-light model[91](index=91&type=chunk) - Expected new customers this year to exceed the total of the past decade, far surpassing the average annual growth rate of traditional imaging centers[91](index=91&type=chunk) [Diversified "Standalone Empowerment Product" Matrix Upgrade](index=36&type=section&id=Diversified%20%22Standalone%20Empowerment%20Product%22%20Matrix%20Upgrade) The company will precisely address different customer pain points by "on-demand combination" of modular products for imaging solution services, and drive overall profitability through high-margin module combinations; it will provide differentiated product packages for grassroots medical institutions and tertiary hospitals, focusing on expanding high-end modules such as AI-assisted tool integration and data governance services, using a strategy of acquiring customers with basic modules and profiting from high-end modules to improve gross margin - Precisely addressing different customer pain points through "on-demand combination" and driving overall profitability through high-margin module combinations[91](index=91&type=chunk) - Upgrading basic imaging capability packages for grassroots medical institutions and launching scientific research imaging packages for tertiary hospitals, focusing on expanding high-end modules such as AI-assisted tool integration and data governance services[93](index=93&type=chunk) - Through modular output, transferring the company's standardized operational, training, and quality control system experience accumulated in imaging centers to partner institutions[93](index=93&type=chunk) [Reconstructing Growth Logic](index=37&type=section&id=Reconstructing%20Growth%20Logic) The company achieves "zero-store expansion" through solution services, significantly reducing construction costs and cycles compared to traditional imaging centers; through "light cooperation - deep binding" customer lifecycle management, it transforms the "traffic advantage" of solution services into a "scale advantage" of market penetration, and uses capability segment products as a starting point to convert asset-light customer acquisition into asset-heavy implementation - Solution services achieve "zero-store expansion" through customer payment for capability products, significantly reducing construction costs of over **RMB 10 million** per traditional imaging center and a construction cycle of **6-8** months[93](index=93&type=chunk) - Through "light cooperation - deep binding" customer lifecycle management, transforming the "traffic advantage" of solution services into a "scale advantage" of market penetration[93](index=93&type=chunk) [Co-creating a 3.0 Era Development Ecosystem with Equipment Manufacturers](index=38&type=section&id=Co-creating%20a%203.0%20Era%20Development%20Ecosystem%20with%20Equipment%20Manufacturers) The company will deepen strategic synergy with leading global equipment manufacturers, with modular capabilities of solution services as the core link, promoting cooperation from business synergy to a 3.0 stage of ecosystem integration; by using modular solutions as a carrier, it will create an integrated service package covering the entire equipment lifecycle, enabling equipment manufacturers to shift from pure sales to value-added services - Deepening strategic synergy with leading global equipment manufacturers, promoting cooperation from business synergy to a 3.0 stage of ecosystem integration[94](index=94&type=chunk) - Leveraging modular products in solution services such as "equipment selection and configuration," "installation and maintenance," "technician training," and "AI tool integration" to jointly create an integrated service package with equipment manufacturers covering the entire equipment lifecycle[94](index=94&type=chunk) [Focusing on Data's Core Role as a Link in AI+Healthcare, Transforming Data Advantages into a Strategic Growth Engine](index=38&type=section&id=Focusing%20on%20Data%27s%20Core%20Role%20as%20a%20Link%20in%20AI%2BHealthcare%2C%20Transforming%20Data%20Advantages%20into%20a%20Strategic%20Growth%20Engine) The company plans for the Yimai Cloud platform to deeply unleash its triple capabilities of information infrastructure, data governance, and AI incubation, leveraging national policy dividends to build a full-chain value release path for data resource-ification, asset-ification, and capitalization, as well as an enhanced closed loop where data trains algorithms, algorithms empower scenarios, and scenarios feed back data; the goal is to achieve information infrastructure supporting industry interconnection, data services becoming the core water source for the industry, and an AI closed loop driving continuous value creation - The Yimai Cloud platform deeply unleashes its triple capabilities of information infrastructure, data governance, and AI incubation, building a full-chain value release path for data resource-ification, asset-ification, and capitalization[95](index=95&type=chunk) - Achieving an enhanced closed loop where data trains algorithms, algorithms empower scenarios, and scenarios feed back data[95](index=95&type=chunk) [Strengthening Information Infrastructure](index=38&type=section&id=Strengthening%20Information%20Infrastructure) The company will respond to national medical insurance imaging cloud indexing schemes and new radiology examination pricing policies, optimizing the interoperability of its full-modality smart PACS system and remote consultation platform to support multi-protocol access, enabling real-time retrieval and sharing of cross-hospital and cross-regional imaging data; simultaneously, it will continue to promote the establishment of a comprehensive regional imaging mutual recognition standard system with local governments, providing a "cloud imaging sharing platform" for regional medical communities and "scientific research collaboration information systems" for tertiary hospitals - Responding to national medical insurance imaging cloud indexing schemes and new radiology examination pricing policies, optimizing the interoperability of full-modality smart PACS systems and remote consultation platforms[95](index=95&type=chunk) - Supporting multi-protocol access such as DICOM and HL7, compatible with mainstream domestic and international imaging equipment, to achieve real-time retrieval and sharing of cross-hospital and cross-regional imaging data[95](index=95&type=chunk) - Continuously promoting the establishment of a comprehensive regional imaging mutual recognition standard system with local governments, advancing interconnection and interoperability among regional medical institutions and sharing of regional examination results[97](index=97&type=chunk) [Deepening Data Service Capabilities](index=39&type=section&id=Deepening%20Data%20Service%20Capabilities) The company will deepen the process of transforming existing data from "resources" to "assets," solidifying a full-process compliance governance system, and perfecting a full-chain compliance mechanism for "collection-cleaning-annotation-storage-application"; it will continuously increase the scale and quality of "real-world" core data sources available for AI training and scientific research, and promote breakthroughs in data asset commercialization, expanding the range of data products listed and exploring market-based transaction mechanisms - Deepening the process of transforming existing data from "resources" to "assets," perfecting a full-chain compliance mechanism for "collection-cleaning-annotation-storage-application"[97](index=97&type=chunk) - Continuously increasing the scale and quality of "real-world" core data sources available for AI training and scientific research, providing standardized products such as "disease annotation data," "multi-modal scientific research data," and "longitudinal follow-up data"[97](index=97&type=chunk) - Promoting breakthroughs in data asset commercialization, continuing to deepen cooperation with the Shanghai Data Exchange and Beijing Yizhuang Economic Development Zone, and expanding the range of data products listed[97](index=97&type=chunk) [Strengthening AI Strategic Closed Loop](index=40&type=section&id=Strengthening%20AI%20Strategic%20Closed%20Loop) The company will leverage its core advantages in medical imaging data services and full-scenario validation, linking Yinghe Yimai's algorithm R&D capabilities, to drive AI technology from clinical needs to clinical services, achieving a positive cycle of data value-add, algorithm iteration, and scenario penetration; this will be centered on the Yimai Cloud platform's scaled data accumulation, guided by clinical needs across all levels of imaging centers, and using the imaging center network as a "testing ground" to accelerate algorithm maturity and deployment - Leveraging core advantages in medical imaging data services and full-scenario validation, linking Yinghe Yimai's algorithm R&D capabilities, to drive AI technology from clinical needs to clinical services[98](index=98&type=chunk) - Centered on the Yimai Cloud platform's scaled data accumulation and compliance governance capabilities, addressing industry pain points of AI training data silos and inconsistent quality[98](index=98&type=chunk) - Using the full-coverage imaging center network as a "testing ground" to provide full-cycle scenario support for Yinghe Yimai's AI products, from "prototype testing" to "scaled validation"[98](index=98&type=chunk) [Building an Open and Collaborative Industrial Ecosystem, Strengthening Full-Chain Resource Integration Capabilities](index=41&type=section&id=Building%20an%20Open%20and%20Collaborative%20Industrial%20Ecosystem%2C%20Strengthening%20Full-Chain%20Resource%20Integration%20Capabilities) The company will deepen strategic synergy with upstream and downstream industry partners, replacing "individual competition" with "ecosystem empowerment" to promote the upgrade of the medical imaging industry chain; this includes jointly developing customized imaging equipment with equipment providers, co-building an "algorithm training - clinical validation" platform with medical imaging AI service providers, collaborating with internet healthcare platforms to achieve "online consultation + offline imaging examination delivery," and expanding health management and scientific research ecosystems - Deepening strategic synergy with upstream and downstream industry partners, replacing "individual competition" with "ecosystem empowerment" to promote the upgrade of the medical imaging industry chain[100](index=100&type=chunk) - Jointly developing customized imaging equipment with equipment providers, and co-building an "algorithm training - clinical validation" platform with medical imaging AI service providers[100](index=100&type=chunk) - Deepening cooperation with leading internet platforms such as JD Health to achieve an "online consultation + offline imaging examination delivery" model[100](index=100&type=chunk) [Strengthening Talent Cultivation and Operations Management System, Supporting Scaled and High-Quality Development](index=42&type=section&id=Strengthening%20Talent%20Cultivation%20and%20Operations%20Management%20System%2C%20Supporting%20Scaled%20and%20High-Quality%20Development)

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong growth in demand, with domestic new drug sales continuing to rise, and several innovative pharmaceutical companies have turned losses into profits, entering a stable growth phase [2]. Group 1: Innovative Drugs - The innovative drug sector is witnessing a significant increase in sales driven by strong domestic demand, with a number of innovative companies achieving profitability [2]. - The trend of domestic innovative drugs going overseas is accelerating, with increasing numbers and values of new drug authorizations [2]. - The industry is positioned for a "Davis double" effect, where both performance and valuation are expected to improve [2]. Group 2: High-Value Medical Consumables - The orthopedic sector is expected to see mild price reductions, while domestic replacements continue to grow, and overseas business progresses rapidly [2]. - The neurosurgery and neurointervention fields are stabilizing after centralized procurement, with new products expected to contribute to growth [2]. Group 3: Medical Devices - The medical device sector is experiencing a high-speed growth in bidding data, with companies entering a destocking phase, which is expected to improve performance in the second half of the year [2]. - The low-value consumables sector is seeing continuous product upgrades and accelerated expansion into overseas markets [2]. Group 4: Blood Products - The supply side of the blood products industry is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape [2]. - The demand side is expected to upgrade towards new products, gradually improving the industry's overall health [2]. Group 5: API (Active Pharmaceutical Ingredients) - The industry is at an upward turning point due to the end of a capital expenditure peak, combined with three growth drivers: new high-end market products, integrated consolidation and overseas expansion, and cost-leading CDMO [2]. - Leading companies are expected to see explosive growth in revenue and profits in the medium term [2]. Group 6: CXO (Contract Research Organization) - The CXO sector is seeing a revival in A+H financing activity, with multiple significant business developments enhancing market confidence [2]. - The focus is on optimizing the supply-side landscape and increasing market share for leading CRO companies [2]. Group 7: Traditional Chinese Medicine and Retail Pharmacy - The traditional Chinese medicine sector is showing signs of recovery, with friendly pricing for new drugs, while the retail pharmacy sector is influenced by supply-side adjustments and business model upgrades [2]. - The performance of offline pharmacies is expected to improve in the second half of 2025, with leading chains like YaoXingTang making progress in store upgrades [2]. Group 8: Research Reports - A series of in-depth research reports on various companies and sectors within the pharmaceutical and medical device industries have been published, highlighting their growth potential and market positioning [3][4].

Core Insights - Shanghai Yinghe Medical Technology Co., Ltd. (Yinghe Yimai), incubated by Yimai Sunshine, achieved first place in the CT image automatic report generation task and third place in the 18-label abnormal classification task at the MICCAI 2025 3D Visual Language Multimodal Challenge, showcasing China's leading capabilities in the field of medical imaging AI [1][3][7] Group 1: Competition Overview - The MICCAI 2025 challenge featured participation from top institutions such as Harvard, Stanford, and Johns Hopkins, highlighting its international and authoritative nature [2] - The challenge is viewed as a "touchstone" for measuring the practical application capabilities of AI technology in clinical diagnostics [2] Group 2: Technical Achievements - Yinghe Yimai ranked first among 161 participants in the CT image automatic report generation task, achieving an average BLEU score of 0.2791, which is 5 points higher than the baseline [3] - In the multi-label abnormal classification task, Yinghe Yimai ranked in the top three among 118 participants, with an average AUC of 0.846 for 18 types of chest abnormalities [3] Group 3: Industry Integration - Yimai Sunshine's deep integration of "industry + AI" has accelerated the practical application of medical imaging AI, providing a vast amount of real-world imaging data for model training [4] - The collaboration creates a closed-loop ecosystem of "data-model-application-data," enhancing both parties' positions in the medical imaging AI sector [4] Group 4: Technological Advancements - Yinghe Yimai launched the world's first multimodal full-process medical imaging base model "Yinghe Mijia," which shortens the AI product development cycle by over 70% [5] - The company collaborates with major tech firms like Huawei and Alibaba to expand application scenarios beyond imaging diagnostics to health management and insurance services [6] Group 5: Future Directions - Yimai Sunshine is building the largest and fastest-growing medical imaging database in China, with nearly 10 million new cases added annually, enhancing the quality and standardization of data [4] - The recent dual breakthroughs in international competition and practical applications position Yinghe Yimai as a leader in China's medical imaging AI technology [7]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - Heng Rui Medicine (01276) saw the largest increase in ownership percentage, rising by 1.49% to a total of 13.84% [2]. - Kanglong Chemical (03759) experienced a 1.35% increase, bringing its ownership to 60.51% [2]. - Zhaoyan New Drug (06127) increased by 1.27%, reaching a holding of 43.70% [2]. - Other companies with significant increases include Junshi Biosciences (01877) at +1.24% (59.08%) and China Pacific Insurance (02601) at +1.20% (44.16%) [2]. Group 2: Decreased Holdings - Shandong Molong (00568) had the largest decrease, with a drop of 1.99% to 57.67% [2]. - Yisou Technology (02550) decreased by 0.99%, now holding 37.95% [2]. - Nanjing Panda Electronics (00553) saw a reduction of 0.98%, bringing its ownership to 42.65% [2]. - Other notable decreases include Kailai Ying (06821) at -0.95% (43.35%) and Meizhong Jiahe (02453) at -0.95% (32.06%) [2]. Group 3: Five-Day Changes - In the last five trading days, China Merchants Energy (01138) had the highest increase in ownership, up by 6.19% to 65.63% [3]. - Shandong Molong (00568) also saw a significant increase of 3.74% [3]. - Other companies with notable increases include Zhongchu Innovation (03931) at +3.62% (10.35%) and Youbao Online (02429) at +3.33% (17.38%) [3]. Group 4: Twenty-Day Changes - Over the past twenty days, Anjiren Food (02648) experienced the largest increase, up by 12.29% to 20.54% [4]. - China Merchants Energy (01138) also saw a significant increase of 9.07% [4]. - Other companies with notable increases include Yimai Sunshine (02522) at +7.70% (43.02%) and Lens Technology (06613) at +7.56% (13.64%) [4].