Core Viewpoint - International Medical plans to raise up to 1.008 billion yuan through a private placement of A-shares to no more than 35 specific investors, with funds allocated for smart healthcare projects, phase II of the proton therapy center, and to supplement working capital [1][2]. Group 1: Fundraising and Investment Projects - The total investment for the smart healthcare project is estimated at 751 million yuan, with 638 million yuan expected to be funded from the raised capital [1]. - The proton therapy center phase II project has a total investment of 99.9313 million yuan, with the entire amount to be funded from the raised capital [2]. - The company aims to leverage the "silver economy" and utilize idle assets for the smart healthcare project, which will enhance asset utilization [1]. Group 2: Market Demand and Strategic Positioning - The domestic cancer incidence rate has been rising, and proton therapy is becoming a key direction for high-end cancer treatment due to its precision and lower radiation to healthy tissues [2]. - There is a significant market gap for proton therapy centers in China, with only 7 operational centers by the end of 2024, and none in Northwest China, indicating a strategic opportunity for the company [2]. Group 3: Financial Health and Historical Performance - The company has experienced continuous losses from 2021 to 2024, with cumulative losses of 2.621 billion yuan, and a net loss of 294 million yuan in the first three quarters of 2025 [3]. - The company's asset-liability ratio was 67.95% at the end of 2022 and is projected to be 68.80% by September 2025, indicating a high level of financial leverage [2][3]. - Cash reserves have been declining, with a drop of 43.94% from the end of 2024 to the third quarter of 2025, highlighting liquidity concerns [3]. Group 4: Shareholder and Pledge Issues - The controlling shareholder has a high proportion of pledged shares, with 66.12% of their holdings pledged, representing 21.22% of the company's total share capital [3].