Group 1 - The company, Yipai Sunshine, announced a financing plan through the placement of new H shares, issuing 35,000,000 shares to raise approximately HKD 590 million, with a net amount of about HKD 560 million after expenses [1] - The placement price of the new H shares is HKD 16.76, representing a discount of approximately 12.5% compared to the previous trading day's closing price of HKD 19.16, and a discount of about 17.3% compared to the average closing price over the last five trading days [1] - The newly issued shares will account for approximately 9.6% of the existing issued share capital and approximately 8.8% of the enlarged share capital after completion [1] Group 2 - The funds raised will be allocated towards the development of data and artificial intelligence, expansion of medical imaging center operations, enabling solution services, and potential investments or establishment of an industrial incubation fund, as well as general working capital [1] - Yipai Sunshine operates as a specialized medical imaging group and imaging platform service provider, focusing on imaging center services, imaging solutions, and Yipai Cloud services [1]

自願公告 收購高脈健康股權 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，以通知本公司股東（「股東」）及本 公司的潛在投資者有關本集團的最新業務發展。 董事會欣然宣佈，於2025年6月22日，本公司全資附屬公司江西贛江新區一脈陽 光健康管理有限公司（「一脈陽光健康管理」）（作為買方）、廣東高尚健康科技集團 有限公司（「賣方I」）、廈門高尚醫學影像診斷中心有限公司（「賣方II」）及合肥高 尚醫學影像診斷中心有限公司（「賣方III」）（作為賣方，統稱為「賣方」）與廣州高 脈健康科技有限公司（「高脈健康」）訂立股權轉讓協議（「股權轉讓協議」），據此， 一脈陽光健康管理將分別向賣方I、賣方II及賣方III收購高脈健康的30.0%、20.0% 及20.0%股權（「收購事項」），總代價為人民幣54,000,000元。 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 R ...

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 收購眾雅診斷股權 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，以通知本公司股東（「股東」）及本 公司的潛在投資者有關本集團的最新業務發展。 董事會欣然宣佈，於2025年6月9日（交易時段後），本公司擁有55.0%權益的附屬 公司湖南一脈陽光醫學影像診斷中心有限公司（「湖南一脈」）（作為買方）、長沙市 眾雅健康產業集團有限公司（作為賣方，「賣方」）與長沙眾雅醫學影像診斷有限公 司（「眾雅診斷」）訂立股權轉讓協議（「股權轉讓協議」），據此，湖南一脈將向賣方 收購眾雅診斷的100.0%股權（「收購事項」），總代價為人民幣29,500,000元。 於本公告日期，湖南 ...

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]

Core Viewpoint - The company, Yipai Yangguang, is redefining the third-party medical imaging industry in China through an innovative "shared model," establishing a strong competitive moat and entering a high-growth phase with synchronized revenue and profit increases [3][11]. Group 1: Company Strategy and Operations - Yipai Yangguang has built a comprehensive service system centered on medical imaging, with over 100 imaging centers across the country, serving more than 500 institutions and achieving an annual scanning volume of tens of millions [4][5]. - The company is focusing on a "CDH model" that integrates consumer (C), doctor (D), and healthcare institution (H) services, enhancing operational efficiency and creating a health community ecosystem [6][7]. - The company is exploring new operational models for flagship imaging centers to transform perceived "loss-making strategic resources" into operational advantages [5][7]. Group 2: Market Expansion and Internationalization - Yipai Yangguang is expanding internationally, leveraging its cost-effective hardware and advanced data services to penetrate markets in Hong Kong, Macau, Southeast Asia, the Middle East, and Africa [8][10]. - The establishment of the "Yipai Medical Health Technology Alliance" with Hong Kong Medical Health aims to create a dual-engine supply chain platform for global distribution [9]. - The company is utilizing its mature data services to replace local systems in overseas markets, enhancing efficiency and reducing costs significantly [10][11]. Group 3: Future Growth and Industry Positioning - The company emphasizes the importance of data in enhancing traditional medical services, positioning itself as a leader in the evolving medical imaging landscape [11][12]. - Yipai Yangguang's strategic focus on maintaining value with existing hospital partners and leveraging standardized professional modules is expected to sustain its competitive edge [7][11]. - The company’s ability to convert strategic insights into financial performance is a key factor attracting continued investment [4][11].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a target price range of HKD 20.76 to 25.62, indicating a potential upside of 10.1% to 35.8% compared to the current stock price of HKD 18.86 [4][6]. Core Insights - The company is a leading player in the domestic medical imaging service sector, leveraging AI to enhance the value of imaging data. Despite facing revenue pressure in 2024, the long-term growth potential remains strong due to the expected expansion of third-party imaging services and the overall market growth [2][4][55]. - The company operates 106 imaging centers across 16 provinces in China, providing a comprehensive range of services that include imaging center services, imaging solution services, and cloud services [3][20][26]. - The medical imaging service market in China is projected to grow significantly, with a CAGR exceeding 30% from 2023 to 2030, driven by increasing demand and supportive policies for independent imaging centers [2][37]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenue of HKD 761 million, a decline of 18.1% year-on-year, with a net profit of -HKD 46 million, marking a shift from profit to loss [4][9][85]. - The gross margin for 2024 is projected at 36.5%, an increase of 0.7 percentage points, attributed to higher-margin differentiated imaging solutions and improved cost control [11][82]. Business Model and Strategy - The company has established a three-part service capability: imaging center services, imaging solution services, and cloud services, aiming to create a multi-layered, full-cycle medical imaging ecosystem [3][26][68]. - The company plans to expand its international business and has formed a joint venture to explore medical technology supply chain platforms [68][75]. Market Potential - The third-party medical imaging service market in China is still in its early stages, with a penetration rate of only about 1% as of 2023, compared to the more mature U.S. market [2][37][42]. - The report highlights the significant growth potential for third-party imaging centers, with the market expected to reach HKD 186 billion by 2030 [2][37]. Future Projections - Revenue forecasts for 2025 to 2027 are HKD 997 million, HKD 1.227 billion, and HKD 1.477 billion, respectively, with expected growth rates of 31.1%, 23.1%, and 20.3% [4][85]. - The company anticipates returning to profitability in 2025, with net profits projected at HKD 49 million, HKD 81 million, and HKD 113 million for the following years [4][85].