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 ...

Investment Ratings - The report provides a "Buy" rating for China Jushi (中国巨石) and United Imaging Healthcare (联影医疗), indicating expected strong performance relative to the market [17][21] - The report maintains a "Buy" rating for Baofeng Energy (宝丰能源) and Kunming Pharmaceutical (昆药集团), suggesting positive growth prospects [33][24] Core Insights - The report highlights the recovery potential of the Hong Kong stock market from the perspective of the AH premium, which has decreased significantly, indicating room for valuation recovery [5][8] - The agricultural sector is experiencing adjustments in global crop production forecasts, with increased corn and wheat production, while rice production is slightly reduced [12][14][15] - China Jushi is positioned to benefit from emerging demand in the fiberglass industry despite traditional demand weaknesses, with expected revenue growth as prices stabilize [17][19] - United Imaging Healthcare is breaking the monopoly in the medical imaging sector, with a strong domestic market share and rapid overseas expansion [21][22] Summary by Sections AH Premium Analysis - The AH premium has gone through three distinct phases since 2010, with significant events influencing its trajectory, such as the launch of the Shanghai-Hong Kong Stock Connect [5][6] - As of March 11, 2025, the AH premium rate is at 132.79, indicating a significant decline from previous highs, suggesting a potential for recovery in Hong Kong valuations [8][9] Agricultural Sector Insights - USDA's March report indicates a global corn production increase of 1.7 million tons to 1.214 billion tons for 2024/2025, driven by favorable conditions in India and other countries [12] - Global wheat production is forecasted to rise by 3.44 million tons to 797 million tons, attributed to improved weather conditions in Australia and other regions [14] - Rice production is slightly adjusted down by 10,000 tons to 533 million tons, with consumption expected to rise [15] China Jushi Overview - China Jushi is the largest fiberglass producer globally, with a comprehensive product range and a recovery in revenue expected as prices stabilize [17][19] - The company is leveraging its cost advantages and global presence to enhance competitiveness in the fiberglass market [19] United Imaging Healthcare Overview - United Imaging Healthcare is rapidly expanding its market share in medical imaging, with a diverse product portfolio and strong growth in both domestic and international markets [21][23] - The company is expected to continue its growth trajectory, driven by increasing demand for imaging services and technological advancements [22][23] Kunming Pharmaceutical Overview - Kunming Pharmaceutical is optimizing its product layout and expanding its market presence, with projected net profits increasing from 6.48 billion yuan in 2024 to 7.45 billion yuan in 2025 [24][25] - The company is focusing on innovation and international expansion to drive future growth [26] Baofeng Energy Overview - Baofeng Energy reported a revenue increase of 13.2% to 32.98 billion yuan in 2024, with net profits rising by 12.2% [33] - The company is expected to benefit from new projects in Inner Mongolia and Xinjiang, enhancing its growth potential [35]