Group 1: IPO Highlights - Beijing Zhiyu Huazhang Technology Co., Ltd. (Zhiyu) officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2513," becoming the "first global large model stock" [2] - Zhiyu plans to issue 37,419,500 H-shares, with a public offering in Hong Kong receiving 1,159.46 times subscription and international offering receiving 15.28 times subscription, raising over 4.3 billion HKD at an issue price of 116.2 HKD per share [2] - Shanghai Tianshu Zhixin Semiconductor Co., Ltd. (Tianshu) also listed on January 8, 2026, under the stock code "9903," issuing 25,431,800 shares with a public offering subscription of 414.24 times and international offering of 10.68 times [5] - MiniMax Group Inc. (MiniMax) listed on January 9, 2026, under the stock code "0100," becoming the largest AI large model company by IPO scale in history [7] - Shenzhen Jingfeng Medical Technology Co., Ltd. (Jingfeng) listed on January 8, 2026, under the stock code "2675," issuing 27,722,200 H-shares with a public offering subscription of 1,091.94 times and international offering of 25.18 times [9] Group 2: Company Performance and Growth - Zhiyu has achieved a revenue growth from 0.57 million CNY in 2022 to 3.12 million CNY in 2024, with a compound annual growth rate (CAGR) of 130% [3] - Tianshu's revenue increased from 1.89 billion CNY in 2022 to 5.40 billion CNY in 2024, with a CAGR of 68.8% [6] - MiniMax's revenue grew from 3.5 million USD in 2023 to 30.5 million USD in 2024, representing a year-on-year increase of 782.2% [7] - Jingfeng's revenue for the first half of 2025 reached approximately 149 million CNY, a nearly 400% year-on-year increase [10] Group 3: Market Position and Future Outlook - Zhiyu is recognized as the largest independent large model vendor in China, with significant market advantages in the enterprise sector [4] - Tianshu's products have been deployed in over 900 instances across key sectors, indicating a strong market presence [6] - MiniMax has established a user base of over 2.12 million individuals and 130,000 enterprise clients across more than 200 countries [7] - Jingfeng's robotic surgical systems have been used in over 12,000 surgeries, indicating a growing integration into standard surgical practices [9]

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and domestic unlisted shares "full circulation" registration for Hangzhou Deshi Biotechnology Co., Ltd. [1] - Deshi Biotechnology plans to issue no more than 31.04 million overseas listed ordinary shares and will list on the Hong Kong Stock Exchange [1] - A total of 27 shareholders of the company intend to convert their combined 80.88 million domestic unlisted shares into overseas listed shares for circulation on the Hong Kong Stock Exchange [1] Group 2 - Deshi Biotechnology is a leading enterprise in the field of medical imaging AI and medical imaging equipment, with a global market presence [2] - The company has developed a diversified matrix of intelligent equipment and supporting products based on its self-developed general medical imaging base model iMedImage™, including systems for chromosome karyotype analysis and automatic cell imaging [2] - In 2024, Deshi Biotechnology achieved a market share of 30.6% in the chromosome karyotype analysis field in China, ranking first and breaking the long-standing monopoly of imported brands [2] - The company has established a customer base covering over 400 medical care centers and institutions nationwide, gaining widespread market recognition [2] - In 2025, Deshi Biotechnology was selected for the 11th batch of the "Excellent Domestic Medical Equipment Product Catalog" due to its technological innovation and clinical value [2] - The company aims to continue providing standardized intelligent imaging equipment, model-as-a-service (MaaS) cloud platforms, and localized self-training solutions to enhance the efficiency, accuracy, and accessibility of medical imaging diagnosis [2]

Core Viewpoint - The China Securities Regulatory Commission has approved the overseas listing of Hangzhou Deshi Biotechnology Co., Ltd., allowing the company to issue up to 31.04 million shares for listing on the Hong Kong Stock Exchange, while 27 shareholders will convert a total of 80.88 million domestic unlisted shares into overseas listed shares [1] Group 1: Company Overview - Deshi Biotechnology is a leading enterprise in the field of medical imaging AI and medical imaging equipment, with a global market presence [1] - The company has developed a diversified product matrix based on its self-developed general medical imaging base model, iMedImage, including systems for chromosome karyotype analysis and automatic cell imaging [1] - In 2024, Deshi Biotechnology achieved a market share of 30.6% in China's chromosome karyotype analysis sector, ranking first and breaking the long-standing monopoly of imported brands [1] Group 2: Market Position and Recognition - The company has established a customer base covering over 400 medical care centers and institutions across China, gaining widespread market recognition [1] - In 2025, Deshi Biotechnology was selected for the 11th batch of the "Excellent Domestic Medical Equipment Product Catalog" due to its technological innovation and clinical value [1] Group 3: Future Plans - The company plans to continue providing standardized intelligent imaging equipment, a Model-as-a-Service (MaaS) cloud platform, and localized self-training solutions to enhance the efficiency, accuracy, and accessibility of medical imaging diagnostics [2] - Deshi Biotechnology aims to lead the global medical imaging industry into an era of intelligence through technological innovation [2]

Core Viewpoint - The company, Deshi Biotechnology, is planning to issue up to 31.04 million shares for overseas listing on the Hong Kong Stock Exchange, while converting 80.88 million shares held by its shareholders into tradable shares [1] Group 1: Company Overview - Deshi Biotechnology focuses on the medical imaging AI industry, with its proprietary iMedImage™ model supporting 19 types of medical imaging modalities and covering over 90% of clinical medical imaging scenarios [1] - The iMedImage™ model is recognized as the world's largest general-purpose medical imaging base model and the first commercialized cross-modal medical imaging base model [1] Group 2: Financial Performance - The company has reported continuous losses, with revenues of 52.84 million yuan, 70.35 million yuan, and 111.62 million yuan for the first three quarters of 2023, 2024, and 2025 respectively, while losses were 56.12 million yuan, 43.38 million yuan, and 36.65 million yuan for the same periods [1] - Despite revenue growth, the company has accumulated losses of 136 million yuan over more than two years [1] Group 3: Revenue Structure - In 2024, the revenue structure of Deshi Biotechnology changed significantly, with technology licensing becoming a major revenue source, surpassing medical imaging software and medical devices by the first three quarters of 2025 [2] - The gross profit margins showed volatility, with gross profits of 37.50 million yuan, 46.06 million yuan, and 84.67 million yuan, and gross margins of 71.0%, 65.5%, and 75.9% for the respective years [2] Group 4: Cash Flow and Receivables - The company has consistently negative operating cash flow, with net cash flow from operating activities of -47.40 million yuan, -29.78 million yuan, and -21.55 million yuan for the first three quarters of 2023, 2024, and 2025 respectively [2] - Trade receivables increased significantly from 6.07 million yuan in 2023 to 32.12 million yuan in 2024, with average turnover days extending from 41 days to 99 days [2] Group 5: Customer Concentration - The company has a high customer concentration risk, with revenues from the top five customers accounting for 47.00%, 46.00%, and 56.00% in 2023, 2024, and 2025 respectively [2] Group 6: Shareholder Structure - Before the IPO, the founder and CEO, Song Ning, controlled 52.06% of the voting rights through various means, holding 30.04% directly and additional shares through different entities [3]

Core Viewpoint - The company, Yimai Sunshine (02522), has seen its stock price increase by over 4%, currently trading at 15.46 HKD, with a transaction volume of 51.26 million HKD, following the announcement of a significant investment in Shanghai Yinghe Medical Technology Co., Ltd. [1] Group 1: Investment and Strategic Moves - Yimai Sunshine has entered into a capital increase subscription agreement with Shanghai Yinghe Medical Technology Co., Ltd., investing nearly 100 million RMB to subscribe to the new registered capital of Yinghe Medical [1] - This investment will enhance the company's total equity stake in Yinghe Medical, aligning with its strategy in the medical imaging AI sector, which integrates medical imaging data, AI foundational models, and imaging center scenarios [1] Group 2: Achievements and Future Prospects - By the end of October 2025, a medical imaging database co-built by the three parties successfully achieved its first commercial conversion contract in a data sandbox environment, providing a large model training service valued at tens of millions of RMB [1] - This achievement signifies a substantial breakthrough for the company in the marketization and value realization of medical imaging data assets, further deepening its strategic layout in the data business sector and enhancing its comprehensive competitiveness in the medical imaging AI field [1]

Core Viewpoint - The company has entered into a capital increase agreement with Shanghai Yinghe Medical Technology Co., Ltd., investing nearly 100 million RMB to enhance its stake, reflecting a strategic move to strengthen its position in the rapidly growing medical imaging AI sector [1][2]. Group 1 - The investment aligns with the company's strategy of integrating medical imaging data, AI models, and imaging center scenarios, enhancing its long-term development in the medical imaging field [2]. - The partnership with Yinghe Medical will activate a "twin incubation" mechanism, leveraging the company's quality data resources and Yinghe's AI technology to create a beneficial interaction between information, data, and AI capabilities [2]. - The investment is expected to improve the company's competitive position in the fast-growing imaging AI market, enabling sustained business growth [2][3]. Group 2 - The investment will enhance the company's layout in the medical imaging industry chain, improving the precision and efficiency of imaging diagnostic services [3]. - By utilizing Yinghe's technological advantages, the company aims to transition towards a data-driven service model, thereby increasing its core competitiveness in the industry [2][3]. - The establishment of a "data + algorithm + scenario" closed-loop system will solidify the company's leadership position in China's medical imaging AI sector [3].

Core Insights - The company Yimai Sunshine (02522) announced the launch of the world's first AI-assisted diagnostic product, AIR, developed by its affiliated AI company, Shanghai Yinghe Medical Technology Co., Ltd. This product marks a significant advancement in medical imaging AI, transitioning from the "single disease small model" era to the "foundation model-driven" era, showcasing capabilities for comprehensive diagnosis across multiple organs and diseases [1][2] Group 1 - The AIR product focuses on chest CT scans, enabling simultaneous detection and diagnosis of all common diseases in the lungs, pleura, and mediastinum with a single scan [1] - AIR is based on the world's first cross-modal, full-process medical imaging foundation model, "Yinghe Mijia," which enhances diagnostic efficiency, precision, and seamless integration [1][2] - The launch of AIR signifies a shift from "single-point breakthroughs" to "systematic empowerment" in medical imaging AI, transforming the industry from "single disease detection" to "multi-disease collaborative analysis" [2] Group 2 - AIR serves as the first commercial outcome of the Yinghe Medical foundation model ecosystem, connecting top hospitals with grassroots medical institutions to create a positive feedback loop for data-driven model iteration and scene implementation [2] - This model is expected to significantly shorten AI product development cycles, reduce costs, and promote standardized screening, intelligent diagnosis, and inclusive services across the healthcare industry [2] - The technological innovation of "one scan, multiple disease simultaneous diagnosis" is anticipated to enhance the competitiveness and added value of the company's imaging center services [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容所產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Jiangxi Rimag Group Co., Ltd. 江西一脈陽光集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2522） 自願公告 影禾醫脈發佈全球首個基座大模型驅動的AI輔助診斷產品 本公告由江西一脈陽光集團股份有限公司（「本公司」，連同其附屬公司統稱為「本 集團」）董事（「董事」）會（「董事會」）自願作出。 董事會欣然宣佈，2025年10月16日，由本集團參股孵化的人工智能公司上海影 禾醫脈智能科技有限公司（「影禾醫脈」），正式發佈全球首個基於醫學影像基座大 模型「影禾覓芽®」研發的AIR（路徑級AI輔助診斷產品）——胸部CT平掃輔助診斷 AIR（「AIR產品」）。AIR產品標誌着醫學影像AI正式從「單病種小模型」的1.0時 代，邁入「基座大模型驅動」的2.0時代，具備全病灶、全病種、多器官協同診斷 能力，是醫學影像智能診斷領域的一項里程碑式突破。 AIR產品不僅 ...

Core Viewpoint - The company, Yipai Yangguang (02522), has announced a share placement to raise approximately HKD 562 million, with a focus on expanding its capabilities in data and artificial intelligence within the medical imaging sector [1] Group 1: Share Placement Details - Yipai Yangguang plans to place 35 million shares at a discount of about 12.53%, aiming to raise net proceeds of approximately HKD 562 million [1] - Approximately 40% of the net proceeds will be allocated to the development of data and AI capabilities, specifically in medical imaging data mining, annotation, and cleaning [1] - About 30% of the net proceeds will be used for expanding the company's medical imaging center business through self-investment or acquisitions, targeting both domestic and overseas markets, including Hong Kong and Singapore [1] Group 2: Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 467 million, a year-on-year increase of 12.89% [1] - Gross profit was reported at RMB 137 million, with a significant increase in net profit attributable to shareholders of RMB 16.44 million, reflecting a year-on-year growth of 328.65% [1] - The company anticipates that its newly established imaging center projects will gradually commence operations in the second half of 2025, coinciding with the expected recovery of national medical equipment update demands by the end of 2024 [1]

Core Viewpoint - The company, Yipai Yangguang (02522), has announced a share placement to raise approximately HKD 562 million, with a discount of about 12.53%, to fund its development in data and artificial intelligence, as well as to expand its medical imaging business [1] Group 1: Share Placement and Fund Allocation - Yipai Yangguang plans to place 35 million shares at a discount of approximately 12.53%, aiming to raise net proceeds of about HKD 562 million [1] - Approximately 40% of the net proceeds will be allocated to the development of data and AI capabilities, focusing on medical imaging data mining, annotation, and cleaning services [1] - About 30% of the net proceeds will be used for expanding the company's medical imaging center business and enabling solution services through self-investment or acquisitions, targeting both domestic and overseas markets, including Hong Kong and Singapore [1] Group 2: Financial Performance - For the six months ending June 30, 2025, the company reported revenue of RMB 467 million, representing a year-on-year increase of 12.89% [1] - Gross profit was reported at RMB 137 million, with a significant increase in net profit attributable to shareholders of RMB 16.44 million, up 328.65% year-on-year [1] - The company anticipates that its newly established imaging center projects will gradually commence operations in the second half of 2025, benefiting from the ongoing release of national medical infrastructure policies [1]