Core Viewpoint - Southbound funds have increased their holdings in Yipai Sunshine (02522.HK) by 2,002,500 shares on November 20, 2025, indicating a growing interest from investors in the company [1]. Summary by Sections Southbound Fund Holdings - In the last five trading days, southbound funds have increased their holdings on three occasions, with a total net increase of 2,597,000 shares [1]. - Over the past 20 trading days, there have been nine days of net increases, totaling 791,500 shares [1]. - As of now, southbound funds hold 128 million shares of Yipai Sunshine, accounting for 43.63% of the company's total issued ordinary shares [1]. Trading Data - On November 20, 2025, the total number of shares held was 128 million, with a change of 2,002,500 shares, reflecting a 1.59% increase [2]. - On November 19, 2025, the total was 126 million shares, with an increase of 886,000 shares, or 0.71% [2]. - On November 18, 2025, the total was 125 million shares, with a decrease of 40,000 shares, or -0.03% [2]. - On November 17, 2025, the total remained at 125 million shares, with a decrease of 436,000 shares, or -0.35% [2]. - On November 14, 2025, the total was 126 million shares, with an increase of 184,500 shares, or 0.15% [2]. Company Overview - Jiangxi Yipai Sunshine Group Co., Ltd. primarily engages in specialized medical imaging services in China [2]. - The company offers imaging services and solutions, operating through three divisions: imaging center services, imaging solutions, and Yipai cloud services [2]. - Imaging center services provide diagnostic imaging examinations to patients and healthcare consumers through flagship imaging centers [2]. - Imaging solutions assist hospitals and medical institutions in selecting and procuring suitable imaging equipment, along with providing modular solutions [2]. - Yipai cloud services support the development of imaging center services, information management, and data-driven operations [2].

Core Insights - The company is a leading third-party medical imaging service platform in China, entering a performance recovery phase with a revenue of 467 million yuan in the first half of 2025, representing a year-on-year growth of 12.9% [1] - The revenue from imaging solutions reached 161 million yuan, showing a significant increase of 88.9%, and its revenue contribution rose to 34.5% [1] - The net profit attributable to the parent company was 16 million yuan, reflecting a substantial year-on-year growth of 328.1% due to active cost control and efficiency improvements [1] Business Model and Infrastructure - The company has established a nationwide imaging center network with 115 operational centers across 17 provinces, creating multiple barriers such as equipment, licenses, and brand resources [1] - The imaging centers serve as both a revenue stabilizer and a primary production site for high-quality structured imaging data, facilitating data assetization and AI training [1] Data Assetization and AI Development - The company has accumulated a high-quality medical imaging database covering over 200 disease types and more than 10 million cases, with a daily addition of 20,000 to 30,000 structured data entries [1] - It has successfully explored the full process of "data resources → data assets → data trading," with multiple imaging data products listed and traded on data exchanges [1] - The company has launched a full-modal, full-process medical imaging foundation model (MIIA) and AI-assisted diagnostic products (AIR), achieving leading results in image understanding and report generation [1] Financial Projections - Revenue projections for 2025-2027 are 1.05 billion, 1.39 billion, and 1.68 billion yuan, with year-on-year growth rates of 38.1%, 32.2%, and 21.2% respectively [2] - Net profit estimates for the same period are 25 million, 60 million, and 105 million yuan, with significant growth rates of 137.7% and 76.5% in 2026 and 2027 [2] - The company is expected to achieve an EBITDA of 236 million, 282 million, and 341 million yuan, with year-on-year growth rates of 43.0%, 19.5%, and 20.9% [2] Valuation and Investment Rating - Given the company's leadership position in the third-party medical imaging industry and its future potential as a medical data asset operator, a target market capitalization of 11.11 billion yuan is projected, corresponding to a target price of 30.4 HKD [2]

Group 1 - The company Yipai Yangguang (02522) announced a share buyback on November 19, 2025, costing approximately HKD 529,300 [1] - A total of 31,000 shares were repurchased during this transaction [1]

Group 1 - The company, Yipai Yangguang (02522), announced a share buyback on November 19, 2025, costing approximately HKD 529,300 [1] - A total of 31,000 shares were repurchased during this transaction [1]

Core Viewpoint - The company, 一脉阳光 (02522.HK), announced a share buyback on November 19, spending HKD 529,000 to repurchase 31,000 shares [1] Group 1 - The total expenditure for the share buyback was HKD 529,000 [1] - The number of shares repurchased was 31,000 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02522 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 ( ...

Group 1: Market Overview - The Hang Seng Index fell by 0.45%, down 117 points, closing at 25,812 points, while the Hang Seng Tech Index dropped by 0.98% [1] - The trading volume in the Hong Kong stock market reached HKD 112.6 billion in the morning session [1] Group 2: Hydrogen Energy Sector - Hydrogen energy stocks experienced a significant rise, driven by the continuous rollout of green hydrogen ammonia industry policies, indicating a maturing industry [1] - Reshaping Energy (02570) surged by 24.29%, while Guofu Hydrogen Energy (02582) increased by over 4.64% [1] Group 3: Oil Sector - Oil stocks continued their recent upward trend, with institutions noting the resilience of the three major oil companies during the oil price downturn [1] - Sinopec (00386) rose by 3.6%, PetroChina (00857) increased by 2.49%, and CNOOC (00883) gained 2.11% [1] Group 4: Telecommunications and Technology - Changfei Optical Fiber and Cable (06869) saw an increase of over 4% after China Telecom completed the world's first ultra-long-distance hollow core fiber transmission experiment [1] - Boleton (01333) surged by over 10% as the company is set to globally launch its autonomous driving specialized mining truck this Friday [1] Group 5: Gold and Consumer Products - Shangshan Gold (01939) rose nearly 2% following a profit warning, which is expected to boost its global layout of intelligent gold terminals [1] - H&H International Holdings (01112) increased by over 2%, with a strong growth momentum in its infant-related products, particularly in infant formula sales exceeding industry averages [1] Group 6: Medical and Defense Sectors - Yimai Sunshine (02522) rose by over 4% as the company plans to further invest in Yinghe Medical, validating its commercial path for medical data assetization [1] - China Shipbuilding Defense (00317) increased by over 4%, with institutions noting that second-hand ship prices have surpassed new ship prices, indicating an upcoming positive trend in the shipbuilding sector [1] Group 7: Declining Stocks - Jacobson Pharmaceutical (02633) fell by over 8% due to a 5.36% year-on-year decrease in mid-term earnings, despite a 20% increase in dividends [2] - Yuejiang (02432) dropped by over 4%, accumulating a decline of over 40% in the past two months, having completed two rounds of equity financing in four months [2]

Core Viewpoint - The stock of Yipai Yangguang (02522.HK) has seen an increase of over 4% during trading, currently up 4.18% at HKD 17.95, with a trading volume of HKD 178 million [1] Company Performance - Yipai Yangguang's stock price reached HKD 17.95, reflecting a significant increase of 4.18% [1] - The trading volume for the stock was reported at HKD 178 million, indicating active market participation [1]

Core Viewpoint - The company, Yimai Sunshine (02522), has seen a stock price increase of over 6% during trading, attributed to its recent investment in Shanghai Yinghe Medical Technology Co., Ltd. This strategic move aligns with its long-term development plan in the medical imaging field [1]. Group 1: Investment and Strategic Moves - The company has entered into a capital increase subscription agreement with Yinghe Medical, investing nearly 100 million RMB to subscribe to the new registered capital [1]. - Following this transaction, the company's total equity stake in Yinghe Medical will further increase, enhancing its strategic position in the medical imaging AI sector [1]. Group 2: Industry Position and Data Assets - Yimai Sunshine is recognized as a leading third-party medical imaging service platform in China, with a synergistic approach across its imaging center services, imaging solutions, and Yimai Cloud businesses [1]. - The company has developed a high-quality medical imaging database covering over 200 disease types and more than 10 million cases, with an average of 20,000 to 30,000 new structured data entries daily [1]. - Yimai Sunshine has successfully completed the full process exploration of "data resources - data assets - data transactions," with multiple imaging data products listed and traded on data exchanges [1].

Core Viewpoint - The company, Yimai Sunshine (02522), has seen a stock price increase of over 6% during trading, currently up 4.18% at HKD 17.95, with a trading volume of HKD 178 million. This is attributed to the recent signing of a capital increase subscription agreement with Shanghai Yinghe Medical Technology Co., Ltd. [1] Group 1: Company Developments - The company has entered into a capital increase agreement to subscribe to nearly RMB 100 million of new registered capital in Yinghe Medical Technology, which will enhance its equity stake in the company [1]. - This capital increase is a significant step in the company's strategy to implement a three-pronged approach in medical imaging AI, which includes medical imaging data, AI foundational models, and imaging center scenarios [1]. Group 2: Industry Position - Yimai Sunshine is recognized as a leading third-party medical imaging service platform in China, with a synergistic business model across imaging center services, imaging solutions, and Yimai Cloud [1]. - The company has developed a large-scale network of imaging centers, accumulating a high-quality medical imaging database covering over 200 disease types and more than 10 million cases, with a daily addition of 20,000 to 30,000 structured data entries [1]. - The company has successfully completed the full process exploration of "data resources - data assets - data transactions," with multiple imaging data products listed and traded on data exchanges [1].