Core Viewpoint - The company, Yipai Yangguang (02522), has submitted a filing application for the full circulation of H-shares concerning 104 million unlisted shares held by several shareholders, which accounts for approximately 25.98% of the total issued share capital as of the announcement date [1] Group 1 - The China Securities Regulatory Commission (CSRC) accepted the company's application on August 25, 2025 [1] - The full circulation of H-shares is still pending approval from all relevant authorities, including the CSRC's filing notice and the conversion and listing process [1]

Core Viewpoint - The company, Yipai Yangguang (02522.HK), has submitted a filing application for the full circulation of H-shares for 104,183,758 unlisted shares held by several shareholders, which accounts for approximately 25.98% of the company's total issued share capital as of the announcement date [1] Group 1 - The China Securities Regulatory Commission (CSRC) updated its website on August 29, 2025, indicating that it accepted the company's application on August 25, 2025 [1] - The full circulation of H-shares is still pending approval from all relevant authorities, including the CSRC's filing notice and the conversion and listing process [1]

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。 內幕消息 中國證監會受理本公司H股全流通備案申請 本公告乃江西一脈陽光集團股份有限公司（「本公司」）根據香港聯合交易所有限公 司證券上市規則（「上市規則」）第13.09(2)(a)條及香港法例第571章證券及期貨條 例第XIVA部項下的內幕消息條文（定義見上市規則）而刊發。 茲提述本公司日期為2025年7月28日的公告（「該公告」），內容有關本公司擬實施 H股全流通。除另有界定外，本公告所用詞彙與該公告所界定者具有相同涵義。 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） H股全流通及轉換及上市須遵守中國證監會、聯交所及其他境內外監管機構要求 的相關程序。本公司股東及有意投資者於買賣本公司證券時務請審慎行事。 承董事會命 江西一脈陽光集團股份有限公司 董事會欣然宣佈，中國證監會網站2025年8月 ...

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8月31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 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | | 說明 | 未上市股份 | | | | | | | | 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 | | | 106,933,758 | | 0 | | 106,933,758 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 106,933,758 | | 0 | | 106,933,758 | FF301 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) ...

Industry Insights - The third-party medical imaging service industry in China has significant potential, with a current penetration rate of only 1% compared to over 40% in the US, indicating a vast market opportunity [1] - AI technology is enhancing the medical imaging sector through various applications, including equipment, diagnostic assistance, treatment support, and data quality control, which can lead to cost reduction and efficiency improvements [1] - The third-party imaging centers serve as both producers of imaging data and application scenarios for AI, allowing them to generate additional revenue through licensing AI algorithms and data services [1] Company Overview - The company operates a one-stop ecosystem with three main business segments: imaging center services, imaging solution services, and Yimai Cloud services, which support and transform each other [2] - The imaging center business is the cornerstone of the company's revenue, accounting for over 60% of total income, and serves as a competitive moat due to high market entry barriers [2] - The imaging solution business is poised for growth, with a focus on international expansion, targeting 30% of revenue from overseas markets within five years [2] - The company has launched the world's first full-modal, full-process medical imaging foundation model, with significant collaborations to accelerate AI medical imaging applications [3] - Revenue projections for the company are optimistic, with expected figures of 1.011 billion, 1.286 billion, and 1.588 billion yuan for 2025-2027, reflecting year-on-year growth rates of 32.9%, 27.3%, and 23.5% respectively [3] - The company is positioned as a leader in the domestic third-party medical imaging market, with a unique business model that leverages data and scenario advantages in the AI imaging field [3]

Core Insights - The implementation of the "AI+" initiative is expected to accelerate both policy benefits and commercial monetization in the AI healthcare sector, with the market size projected to grow from 97.3 billion yuan in 2023 to 159.8 billion yuan by 2028, reflecting a compound annual growth rate of 10.5% [1] - The company Yimai Sunshine (02522) has developed a replicable profit model through "AI foundational model research and data governance," positioning itself as a leader in the AI healthcare space [1][2] Group 1: AI Model Development - The "Yinghe Miyan®" foundational model developed by Yimai Sunshine aligns with the policy directive to enhance foundational capabilities in AI, focusing on theoretical research and model architecture innovation [2] - This model has achieved a generalized capability covering over 200 common diseases and 12 imaging modalities, significantly reducing deployment costs for grassroots hospitals by 40% [2][3] - The upcoming launch of the chest CT AI diagnostic product (AIR) in October 2025 aims to enhance service penetration and revenue potential by enabling multi-disease detection from a single scan [2] Group 2: Clinical Value Transformation - The "Yinghe Miyan®" model facilitates a shift from rigid AI outputs to human-machine collaboration, improving efficiency in complex scenarios and reducing task completion times [3] - This efficiency boost is expected to enhance collaboration with grassroots hospitals, aligning with the policy goal of empowering primary healthcare [3] Group 3: Data Assetization - The policy emphasizes the construction of high-quality datasets and exploring revenue-sharing from data, which addresses industry challenges related to data quality and privacy [4] - Yimai Sunshine has established the largest medical imaging database in China, ensuring high-quality data for AI training through standardized collection and quality control [5] Group 4: Commercialization of Data Assets - Yimai Sunshine has pioneered a compliant data circulation and revenue cycle, successfully listing its "CT chest lesion annotation data" on the Shanghai Data Exchange [6][7] - The company has developed a clear path for monetizing data assets, transforming high-quality imaging data into tradable digital assets, thus diversifying revenue streams beyond traditional medical service fees [7] Group 5: Cross-Industry Integration - The integration of AI and healthcare is driven by mutual reinforcement, with Yimai Sunshine focusing on defining AI development based on clinical needs and involving medical professionals in product design [8][9] - This approach addresses the challenges of AI implementation in clinical settings and enhances the capabilities of grassroots healthcare services, creating a positive feedback loop between technology and medical practice [8][9] Group 6: Strategic Framework - The synergy of data as a resource, foundational models as engines, and clinical integration as a guiding principle forms the core competitive advantage of Yimai Sunshine, offering a sustainable value creation pathway for the industry [9]

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of HKD 27.4 [1][9][12] Core Viewpoints - The company is positioned as a leader in the third-party medical imaging service sector in China, with significant growth potential driven by AI integration and a robust business model [10][11] - The imaging center business serves as the cornerstone of the company's revenue and competitive advantage, accounting for over 60% of total revenue [2][11] - The company aims to achieve 30% of its revenue from overseas markets within five years, leveraging its imaging solutions business [2][11] Summary by Sections Company Overview - The company, established in 2014, operates the largest number of medical imaging centers in China, with 115 centers and 33 valid third-party imaging center licenses as of June 2025 [15][17] - The business is divided into three main segments: imaging center services, imaging solutions services, and Yimai Cloud services, forming a comprehensive ecosystem [17][52] Industry Analysis - The third-party medical imaging service market in China has significant growth potential, with a current penetration rate of only 1% compared to over 40% in the U.S. [8][43] - The market size for medical imaging services in China is projected to grow from CNY 270.9 billion in 2023 to CNY 661.5 billion by 2030, with a CAGR of 13.6% [32][34] Business Model and Competitive Advantage - The imaging center business is the company's main revenue source and a key competitive moat, with various types of centers catering to different market needs [55][56] - The company has a strong management team with extensive industry experience, supported by notable institutional investors [22][25] Financial Projections - Revenue is expected to grow from CNY 10.11 billion in 2025 to CNY 15.88 billion by 2027, with net profits projected to increase significantly during the same period [4][12] - The company anticipates a recovery in 2025 after a decline in 2024 due to macroeconomic factors and increased operational costs [18][20]

Industry Insights - The third-party medical imaging service industry in China has significant potential, with a current penetration rate of only 1% compared to over 40% in the US, indicating a vast market opportunity [3][4] - AI technology is empowering the medical imaging sector through various applications, including equipment, auxiliary diagnosis, treatment support, and data quality control, which can enhance efficiency and reduce costs [3][4] - The third-party imaging centers serve as both producers of imaging data and application scenarios for AI, allowing them to generate additional revenue through licensing AI algorithms and data services [3][4] Company Overview - The company has established a one-stop ecosystem through three main business segments: imaging center services, imaging solution services, and Yimai Cloud services, which support and transform each other [3][4] - The imaging center business is the cornerstone of the company's revenue, accounting for over 60% of total income, and serves as a critical competitive advantage due to high market entry barriers [4] - The imaging solution business is rapidly growing, with a significant increase in users and high profitability potential, aiming for 30% of revenue from overseas markets within five years [4][5] - Yimai Cloud is a key component of the company's digital strategy, leveraging one of the largest and fastest-growing medical imaging databases in China to enhance data value [5] - The company plans to achieve revenues of 1.01 billion, 1.29 billion, and 1.59 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected to reach 39 million, 83 million, and 141 million yuan during the same period [5]

Core Viewpoint - Yimai Sunshine (02522) has successfully completed its first data transaction, enhancing its market value and professional capabilities in the medical imaging data sector [1] Group 1: Data Transaction - Yimai Sunshine's first batch of data transactions was completed on September 1, following the listing of its CT chest lesion annotation data on August 25 at the Shanghai Data Exchange [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] Group 2: Financial Developments - The company plans to place 35 million shares, aiming to raise approximately 562 million HKD [1] - About 40% of the raised funds will be allocated to the development of data and artificial intelligence, focusing on enhancing capabilities in medical imaging data mining, annotation, and cleaning [1] - 30% of the funds will be used for expanding the medical imaging center business and enabling solution services through self-investment or acquisitions, targeting both domestic and international markets, including Hong Kong and Singapore [1]

Core Viewpoint - The stock of Yimai Sunshine (02522) rose over 6% in early trading, reflecting positive market sentiment following the completion of its first data transaction by its subsidiary, Beijing Yimai Information [1] Group 1: Company Developments - Yimai Sunshine completed its first data transaction on September 1, with its CT chest lesion annotation data listed on the Shanghai Data Exchange on August 25 and passing compliance review by the Beijing International Big Data Exchange [1] - The company signed a tripartite cooperation contract with a data technology company and the 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 sector [1] Group 2: Financial Activities - The company announced a plan to place 35 million shares, aiming to raise approximately HKD 562 million [1] - About 40% of the raised funds will be allocated to the development of data and artificial intelligence, focusing on enhancing capabilities in medical imaging data mining, annotation, and cleaning, as well as developing an AI application platform [1] - 30% of the funds will be used for continuous expansion of the company's medical imaging center business and enabling solution business through self-investment or acquisitions, targeting both domestic and overseas markets, including Hong Kong and Singapore [1]