智通财经APP讯，一脉阳光(02522)发布截至2025年6月30日止六个月的中期业绩，收入4.67亿元(人民 币，下同)，同比增加12.89%;毛利1.37亿元;股东应占溢利1644.3万元，同比增加328.65%;每股基本盈利 0.046元。 在行业的周期性调整的环境下，集团主动调整业务节奏，积极推进通过投资并购、产业基金孵化等多种 举措扩大医学影像中心网络的布局与建设，集团对存量影像中心项目实施更高质量的运营管理，对新成 立的影像中心实施更精细化的建设，聚焦核心资源，强化核心造血能力。集团新设立的影像中心项目预 计在2025年下半年逐步交付投入运营。同时，随着国家医疗新基建政策红利持续释放，自2024年末国家 医疗设备更新需求逐步恢复，赋能业务收入实现爆发式增长。同时集团打造的更具有灵活性的多样化的 产品，带来客户数量的显著增加，为集团收入增长注入新的活力。 公告称，集团于报告期内的中期业绩出现同比上升，主要是由于客户数量增加带来的收入增长。集团核 心的影像中心服务收入保持相对稳定，即使在面对宏观经济放缓以及深化改革进程中秩序调整的综合影 响下仍旧较2024年下半年保持了稳定的增长。 ...

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].