依托规模化影像中心网络，公司累积了覆盖200+病种、超千万例的高质量医学影像数据库，日均新增 结构化数据2–3 万例，并率先完成"数据资源→数据资产→数据交易"的全流程探索，多项影像数据产品 在数据交易所完成挂牌与交易、数据产品在国资平台"数据沙盒"中完成千万级数据服务收入，验证了医 疗数据资产化的商业路径。公司参股的"影禾医脉"推出全模态全流程医学影像基座大模型 MIIA，并发 布路径级AI 辅助诊断产品 AIR，在图像理解、报告生成等领域取得领先效果。依托一脉云平台，公司 形成"数据驱动模型迭代—模型优化诊断服务—服务反哺数据积累"的闭环生态，商业模式上与海外医疗 AI 领导者 Tempus AI 高度类比，有望成长为中国医疗AI 数据平台型公司。 我们预计公司2025-2027 年营业收入为10.5、13.9、16.8 亿元，同比+38.1%、+32.2%、+21.2%；净利润 为0.25、0.60、1.05 亿元，2026、2027 年同比增速为137.7%、76.5%；EBITDA 为2.36、2.82、3.41 亿 元，同比+43.0%、+19.5%、+20.9%。考虑到公司作为中国三方医学影像行 ...

天风证券（601162）指出，一脉阳光为中国领先的第三方医学影像服务平台，在影像中心服务、影像解 决方案及一脉云三大业务上形成协同，依托规模化影像中心网络，公司累积了覆盖200+病种、超千万 间的高质量医学影像数据库，日均新增结构化数据2~3万例，并率先完成"数据资源-数据资产-数据交 易"的全流程探索，多项影像数据产品在数据交易所完成挂牌与交易。数据产品在国资平台"数据沙 盒"中完成了分级数据服务收入，验证了医疗数据资产的商业路径。 消息面上，近期，公司与上海影禾医脉智能科技有限公司(影禾医脉)及其相关各方订立《增资认购协 议》。据此，该公司以总代价近亿元人民币认购影禾医脉的新增注册资本。本次交易完成后，公司于影 禾医脉的持股总权益将进一步提升。本次增资并提高参股比例，是公司落实医学影像AI三位一体(医学 影像数据+AI基座模型+影像中心场景)战略的重要举措，与长期深耕医学影像领域的发展规划高度一 致。 一脉阳光(02522)盘中涨超6%，截至发稿，涨4.18%，报17.95港元，成交额1.78亿港元。 ...

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].

天风证券（601162）发布研报称，预计一脉阳光(02522)2025-2027年营业收入为10.5、13.9、16.8亿元， 同比+38.1%、+32.2%、+21.2%;净利润为0.25、0.60、1.05亿元，2026、2027年同比增速为137.7%、 76.5%;EBITDA为2.36、2.82、3.41亿元，同比+43.0%、+19.5%、+20.9%。考虑到公司作为中国三方医 学影像行业领导者的稀缺性以及作为医疗数据资产运营商的未来发展空间，该行给予公司2026年8倍 PS，对应市值111.1亿元，折合港币为121.9亿港元(2025年11月17日汇率：1人民币约等于1.097港元)，对 应目标价30.4港元，首次覆盖，给予"买入"评级。 天风证券主要观点如下： AI+医疗驱动的第三方影像平台领导者，业绩进入修复期 重资产影像网络构筑"数据入口"，为AI与数据资产化提供稀缺底座 公司通过重资产投入建立了覆盖全国的影像中心网络，截至2025年6月30日已运营115家影像中心，覆盖 17个省份，并持有国内领先数量的第三方影像中心牌照，形成设备、牌照、医生资源和品牌等多重壁 垒。影像中心既是收入"压舱 ...

Core Viewpoint - The company, Yimai Sunshine Group, is positioned as a leader in the medical imaging sector under China's "Healthy China" strategy, benefiting from policy support and focusing on both economic efficiency and social responsibility [2][5]. Group 1: Economic Efficiency and Innovation - Yimai Sunshine has redefined the development path of third-party medical imaging centers in China through a "shared model," establishing a strong competitive moat [2]. - The company is experiencing rapid growth, with revenue and profit entering a synchronized leap phase [2]. - Yimai Sunshine leverages AI technology to create a unique technical system with independent intellectual property rights, enhancing its competitive advantage [3]. - The AI medical imaging market in China is projected to reach 6.17 billion yuan by 2025 and 13.74 billion yuan by 2030 [3]. - The company has made significant strides in medical data assetization, ensuring data accuracy and security, and promoting the marketization of medical imaging data [3][4]. Group 2: Social Value and Healthcare Improvement - Yimai Sunshine aims to address the imbalance in medical resource distribution in China, focusing on empowering both patients and healthcare institutions [7]. - The company has established over 100 imaging centers nationwide, serving more than 500 institutions and achieving an annual scanning volume of over 10 million [7]. - By providing comprehensive support to partner hospitals, Yimai Sunshine enhances their diagnostic capabilities and operational efficiency [7][8]. - The company employs a dual-driven model, focusing on both patient services and empowering medical institutions, which has proven effective in maintaining long-term partnerships [7][8]. Group 3: International Expansion - Yimai Sunshine is expanding its international presence by leveraging cost advantages in hardware, labor, and data services [9]. - The company aims to replace low-experience local information systems overseas with its established cloud and AI platforms, enhancing the quality of medical services internationally [9].

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） 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。 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「本集 團」）董事（「董事」）會（「董事會」）自願作出。 董事會欣然宣佈，2025 年 4 月 2 日，本公司的附屬公司北京一脈陽光醫學 信息技術有限公司（「北京一脈信息」）「C T胸部病變標注數據」（掛牌編號： 1571967301-YLIIIEJ5101）（「數據集」）正式通過上海數據交易所合規審核並成功 上架。這是本公司首批在上海數據交易所上架的數據集，也是繼本公司構建覆蓋 全國醫學影像數據生態鏈後，在醫療數據資產化領域的里程碑及突破，且標誌著 本公司以高質量的影像數據為紐帶，率先打通「數據生產及治理 － 算法和技術 － 場景賦能」的閉環，使醫學影像數據要素市場化進程邁入新階段，本公司也正在 逐步用 ...

Summary of Medical Data Circulation and Trading Conference Call Industry Overview - The conference call discusses the medical data industry in China, focusing on the circulation and commercialization of medical data assets, particularly in major hospitals in Beijing and other cities like Shenzhen and Shanghai [1][2]. Key Points and Arguments 1. **Expansion of Medical Data Trials**: In 2024, the Beijing Health Commission and Economic and Information Bureau will expand medical data trials to 22 major hospitals, promoting the assetization of medical data [1][2]. 2. **Challenges in Data Sharing**: Hospitals face challenges such as low levels of information technology and insufficient data demand. Solutions include improving IT infrastructure, clarifying data needs, and providing policy and financial support [1][3]. 3. **Policy as a Driving Force**: National policies are crucial for the circulation of medical data. The National Data Bureau actively promotes data sharing plans and encourages hospitals to open their data elements [1][2]. 4. **Demand for Specialized Data**: Hospitals prefer to trade representative specialized disease data, with demand typically driven by commercial value [1][4]. 5. **AI's Impact on Data Demand**: The development of AI in healthcare has significantly increased the demand for medical data, shifting focus from basic medical records to high-value data such as expert notes on complex cases [1][6]. 6. **Lack of Standard Pricing**: There is no unified pricing standard for medical data, which is usually based on asset valuation and costs associated with technical teams and data annotation [1][6]. 7. **Data Ownership Issues**: The issue of data ownership is a major barrier to commercial applications. Anonymization is key, as anonymized data can belong to hospitals, facilitating data circulation [1][12][16]. 8. **Successful Case Studies**: Successful data trading cases, such as the orthopedic data assetization by Jishuitan Hospital, demonstrate the potential for hospitals to monetize their data [2][5]. 9. **Regulatory Environment**: The regulatory environment is evolving, with Beijing providing clear guidelines for medical data transactions, encouraging innovation and pilot projects [4][21]. 10. **Collaboration Among Hospitals**: Hospitals are exploring collaborative models for data standardization and revenue sharing, which could serve as a benchmark for future projects [13][20]. Additional Important Insights - **Diverse Data Needs**: Different types of data, such as imaging and clinical data, are in demand, with top hospitals being preferred sources due to their quality and quantity of data [7][10]. - **Non-Exclusive Data Sales**: Data can be sold to multiple buyers unless there is an exclusivity agreement, which can increase the price [8]. - **Impact of Population Size**: China's large population provides a vast amount of high-quality medical data, which is advantageous for developing medical AI models [14]. - **Third-Party Collaborations**: Third-party companies can collaborate with hospitals to develop specialized AI models, provided they follow legal and compliance processes [22][23]. - **Future of Data Standardization**: Efforts are underway to standardize and connect medical data across regions, although challenges remain [11][30]. This summary encapsulates the key discussions and insights from the conference call regarding the medical data industry, highlighting the opportunities and challenges in data circulation and commercialization.