Core Insights - The company is a leading third-party medical imaging service platform in China, entering a performance recovery phase with a revenue of 467 million yuan in the first half of 2025, representing a year-on-year growth of 12.9% [1] - The revenue from imaging solutions reached 161 million yuan, showing a significant increase of 88.9%, and its revenue contribution rose to 34.5% [1] - The net profit attributable to the parent company was 16 million yuan, reflecting a substantial year-on-year growth of 328.1% due to active cost control and efficiency improvements [1] Business Model and Infrastructure - The company has established a nationwide imaging center network with 115 operational centers across 17 provinces, creating multiple barriers such as equipment, licenses, and brand resources [1] - The imaging centers serve as both a revenue stabilizer and a primary production site for high-quality structured imaging data, facilitating data assetization and AI training [1] Data Assetization and AI Development - The company has accumulated a high-quality medical imaging database covering over 200 disease types and more than 10 million cases, with a daily addition of 20,000 to 30,000 structured data entries [1] - It has successfully explored the full process of "data resources → data assets → data trading," with multiple imaging data products listed and traded on data exchanges [1] - The company has launched a full-modal, full-process medical imaging foundation model (MIIA) and AI-assisted diagnostic products (AIR), achieving leading results in image understanding and report generation [1] Financial Projections - Revenue projections for 2025-2027 are 1.05 billion, 1.39 billion, and 1.68 billion yuan, with year-on-year growth rates of 38.1%, 32.2%, and 21.2% respectively [2] - Net profit estimates for the same period are 25 million, 60 million, and 105 million yuan, with significant growth rates of 137.7% and 76.5% in 2026 and 2027 [2] - The company is expected to achieve an EBITDA of 236 million, 282 million, and 341 million yuan, with year-on-year growth rates of 43.0%, 19.5%, and 20.9% [2] Valuation and Investment Rating - Given the company's leadership position in the third-party medical imaging industry and its future potential as a medical data asset operator, a target market capitalization of 11.11 billion yuan is projected, corresponding to a target price of 30.4 HKD [2]