Core Viewpoint - The report from Tianfeng Securities projects significant revenue and profit growth for Yimai Sunshine from 2025 to 2027, highlighting its leadership in China's third-party medical imaging industry and potential as a medical data asset operator [1] Group 1: Financial Projections - Expected revenues for Yimai Sunshine are projected at 1.05 billion, 1.39 billion, and 1.68 billion yuan for 2025, 2026, and 2027, representing year-on-year growth of 38.1%, 32.2%, and 21.2% respectively [1] - Net profits are forecasted to be 25 million, 60 million, and 105 million yuan for the same years, with 2026 and 2027 showing year-on-year growth rates of 137.7% and 76.5% [1] - EBITDA is anticipated to reach 236 million, 282 million, and 341 million yuan, with year-on-year increases of 43.0%, 19.5%, and 20.9% [1] Group 2: Business Model and Market Position - Yimai Sunshine is recognized as a leading third-party medical imaging service platform in China, with a focus on imaging center services, imaging solutions, and the Yimai Cloud, which are synergistically integrated [1] - The company achieved a revenue of 467 million yuan in the first half of 2025, marking a year-on-year increase of 12.9%, with imaging solutions revenue growing by 88.9% to 161 million yuan, accounting for 34.5% of total revenue [1] - The company has established a nationwide network of imaging centers, operating 115 centers across 17 provinces as of June 30, 2025, creating multiple barriers to entry through equipment, licenses, and resources [2] Group 3: Data Assetization and AI Integration - Yimai Sunshine has accumulated a high-quality medical imaging database covering over 200 diseases and more than 10 million cases, generating 20,000 to 30,000 new structured data entries daily [3] - The company has completed the full process exploration of "data resources - data assets - data trading," with several imaging data products listed and traded on data exchanges [3] - The company has launched the MIIA model and AI-assisted diagnostic products, achieving leading results in image understanding and report generation, establishing a closed-loop ecosystem driven by data [3]