Core Viewpoint - The company, Yimai Sunshine (02522.HK), is experiencing significant trading volume and is committed to long-term value amidst policy support for tiered medical care and AI technology reshaping the healthcare landscape [1][2]. Group 1: Company Overview - Yimai Sunshine has redefined the development path of third-party medical imaging centers in China through a "shared model" and has established a strong competitive moat [1][2]. - The company aims to have over 100 imaging centers nationwide by 2025, covering over 500 institutions and 16 provinces, with a daily addition of 20,000 to 30,000 standardized data cases [2][5]. - The company has developed a significant medical imaging database, being one of the largest in China in terms of data volume and growth rate [2][5]. Group 2: Strategic Partnerships and Innovations - Yimai Sunshine has partnered with Huawei Cloud to enhance AI imaging capabilities, launching the world's first full-modal, full-process medical imaging base model [3]. - Collaborations with various healthcare institutions aim to accelerate the commercialization of AI products and establish Yimai Sunshine as a key player in medical AI [3]. Group 3: Growth Strategies - The company has identified four core growth paths: upgrading thinking, transforming flagship centers, maintaining hospital cooperation value, and penetrating overseas markets [4]. - Yimai Sunshine is exploring new operational models for flagship imaging centers to enhance market penetration and profitability [4]. Group 4: Financial Performance - The company's gross margin increased from 35.8% for the year ending December 31, 2023, to 36.5% for the year ending December 31, 2024, driven by high-margin differentiated products and services [5]. - The company aims to add 1,000 new partners in the future through tiered services and rapid user expansion [5]. Group 5: Addressing Healthcare Challenges - Recent government policies emphasize the sharing of quality medical resources and the promotion of a distributed examination and centralized diagnosis model, which aligns with Yimai Sunshine's operational strategy [6][7]. - The company has implemented a model in Jiangxi that integrates high-end imaging equipment across various medical institutions, facilitating real-time diagnosis by city-level experts [6][7]. Group 6: Market Expansion and Future Outlook - Yimai Sunshine's acquisition of Changsha Zhongya Medical Imaging Diagnosis Co., Ltd. is a strategic move to expand its regional market and build a collaborative network with top hospitals [7]. - The company aims for geometric revenue growth in the next 3-5 years, leveraging accumulated medical imaging data to unlock commercial value [7].

Core Viewpoint - The company is undergoing a comprehensive strategic transformation from traditional imaging services to "smart imaging + data ecology + internationalization" driven by the surge in global health demand and advancements in AI and big data technologies [1] Group 1: Business Model and Services - The company has established a complete medical imaging ecosystem through three main business segments: "imaging center services + imaging solution services + Yimai Cloud services," aiding hospitals in achieving precise medical upgrades [1] - By the end of 2024, the company will operate 106 imaging centers across 16 provinces in China, forming a robust business system [1] Group 2: Collaborations and Partnerships - The company is advancing digital transformation and intelligent upgrades in the medical imaging field through deep collaborations with major firms like Huawei, signing comprehensive cooperation agreements to focus on medical imaging [2][3] - Strategic partnerships have been formed with various entities, including a collaboration with iFlytek Medical to explore joint market development and AI diagnostic model research [2][3] Group 3: Market Position and Opportunities - The Chinese medical imaging market has surpassed 100 billion, with uneven distribution of imaging resources in public hospitals, creating opportunities for the company to empower county hospitals and optimize resource utilization [4] - The company is expanding into specialized markets such as neurodegenerative diseases and early cancer screening, which are experiencing rapid growth in demand for high-precision imaging [4] Group 4: International Expansion - The company has established a solid foundation for internationalization through years of experience and brand influence in the domestic market [5] - A strategic partnership was formed with Hong Kong Medical Health to create a "central procurement + global distribution" supply chain platform, marking a significant step towards global expansion [5][6] - The company has set up an overseas division in 2024, targeting regions such as Hong Kong, Macau, Southeast Asia, the Middle East, and Africa, aiming to build a global business network [6]

在AI技术驱动下，一脉阳光的"一脉云"平台实现了影像数据的智能化应用，显著提升了诊断效率和准确 性。2025年4月份，公司旗下"CT胸部病变标注数据"成功登陆上海数据交易所，标志着其数据资产化迈 出关键一步。此外，子公司影禾医疗发布的医学影像基座模型在多项测试中表现优异(准确率超95%)， 为构建国内2.0时代的影像AI生态奠定了基础。公司还积极参与行业标准化建设，其主导的《医学影像 检查项目名称及编码标准》与国家医保局"医保影像云索引"政策高度契合，进一步巩固了行业话语权。 国际化布局，抢占全球蓝海市场。一脉阳光加速海外扩张，与医思健康(2138.HK)合作成立"一脉医思健 康科技联盟"，共同打造全球医疗科技供应链平台。目前，公司已在中国港澳地区站稳脚跟，并计划在 新加坡、马来西亚等地建立样板中心。董事长陈朝阳表示："未来五年，海外营收占比目标为30%。"这 一战略将充分利用中国医疗服务的性价比优势，实现全球化快速落地。 为支持战略实施，公司近期配股筹资1.95亿港元，资金将用于并购、海外拓展及研发。同时，一脉阳光 启动H股回购计划(上限1亿港元)，截至5月26日已回购596.38万港元，彰显管理层对长期价 ...

5月23日，一脉阳光(02522.HK) 举办了首届 2025年度投资者开放日，多家券商分析师和机构投资者与一脉阳光高管团队进行深入交流。 "铁军+数据"重构医学影像服务权力版图 过去十年，一脉阳光通过"共享模式"创新定义了中国第三方医学影像中心的发展路径，率先完成"影像中心社会化运营"的卡位，构建了深厚的护城河。当 前，中国第三方医学影像行业已迈入"青春期"高速成长阶段，收入与利润将进入同步跃升周期。 如何定义行业未来发展，通过这次投资者开放日，众多投资者有了更加清晰的理解；如何在未来的发展中保持持续的竞争力，通过这次开放日交流也让投资 者坚定了信心。 机构投资者们紧盯的，从来不是路径本身，而是这家公司总能把战略图纸变成财务报表的超能力——一脉阳光的护城河里，早已流淌着数据变现的熔金。这 或许解释了为何资本持续押注：在医学影像的牌桌上，手握重资产和数据主权的人，永远坐在庄家位置。 中国市场快速覆盖 第三方价值如何爆发式体现？ 一脉阳光用"百城千县"的重资产布局，在基层医疗荒漠上建立了以医学影像服务为核心，医学影像中心服务、医学影像解决方案服务、一脉云服务为三大主 营业务的完整服务体系。截至2025年，其全国 ...

一脉阳光是行业领先的医学影像服务供应商。截至 2024 年末，一脉阳光已 运营 106 个影像中心，覆盖全国 16 个省，是中国唯一一家为整个医学影像 产业链提供全面医学影像服务及价值的平台运营商。一脉阳光形成了"医学 影像中心服务+影像解决方案服务＋一脉云服务"三部分业务的服务能力输 出。公司通过四类影像中心提供影像检查及诊断、运营管理服务，其中区域 共享型和旗舰型中心贡献主要收入。公司计划构建多层次、全周期的医学影 像生态服务体系，锚定不同客户的差异化需求，提供远程诊断支持、信息化 流程重构、影像技术中心标准化建设等轻量化影像服务包。2024 年公司组建 了海外事业部，开启国际化业务元年。公司在医学影像信息化上已前瞻布局， 2015 年开始研发一脉云平台，2024 年参股孵化的影禾医脉正式发布全球首 个全模态全流程医学影像基座大模型，2025 年"CT 胸部病变标注数据"正 式通过上海数据交易所合规审核并成功上架，打造医学影像 AI 的完整闭环。 风险提示：放射和超声检查收费降价风险；市场竞争加剧风险；政策风险； 扩张不及预期的风险；财务风险。 投资建议：一脉阳光是国内医学影像服务龙头，扩张步伐稳健。AI ...