重资产影像网络构筑"数据入口"，为AI与数据资产化提供稀缺底座 公司通过重资产投入建立了覆盖全国的影像中心网络，截至2025年6月30日已运营115家影像中心，覆盖 17个省份，并持有国内领先数量的第三方影像中心牌照，形成设备、牌照、医生资源和品牌等多重壁 垒。影像中心既是收入"压舱石"，也是高质量结构化影像数据的主要生产场景，为后续数据资产化、AI 训练和商业化落地提供稀缺底座。 数据资产化+全模态大模型，构建"数据-算法-应用"的医疗AI平台闭环 智通财经APP获悉，天风证券发布研报称，预计一脉阳光(02522)2025-2027年营业收入为10.5、13.9、 16.8亿元，同比+38.1%、+32.2%、+21.2%;净利润为0.25、0.60、1.05亿元，2026、2027年同比增速为 137.7%、76.5%;EBITDA为2.36、2.82、3.41亿元，同比+43.0%、+19.5%、+20.9%。考虑到公司作为中 国三方医学影像行业领导者的稀缺性以及作为医疗数据资产运营商的未来发展空间，该行给予公司2026 年8倍PS，对应市值111.1亿元，折合港币为121.9亿港元(2025年11月1 ...

Core Viewpoint - The company is expected to achieve steady growth in H1 2025, driven by its light-asset, modular imaging solution service model, which is anticipated to increase revenue and customer numbers [1][3] Financial Performance - In H1 2025, the company reported revenue of 467 million yuan, a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 16.44 million yuan, a year-on-year increase of 328.6% [1][2] - The adjusted EBITDA after deducting non-recurring items was 135 million yuan, reflecting an 18.7% year-on-year growth [1] Business Segmentation - Imaging center service revenue was 300 million yuan, down 6.1% year-on-year, primarily due to macroeconomic fluctuations and stricter medical industry regulations [2] - Imaging solution revenue reached 161 million yuan, up 88.9% year-on-year, attributed to a significant increase in customer numbers [2] - OneCloud service revenue was 65 million yuan, down 31.9% year-on-year, mainly due to a decrease in one-time software sales [2] Strategic Initiatives - The company has implemented a "one certificate, multiple sites" model to facilitate efficient expansion through regional shared sub-centers [2] - In June, the company completed the acquisition of 70% of Gaomai Health, enhancing its capabilities in nuclear medicine [2] - As of June 30, 2025, the company had 11 imaging centers under construction, expected to begin operations in the second half of the year [2] Market Expansion - The company has successfully adopted a light-asset modular product strategy, lowering customer entry barriers and adding 354 new clients during the reporting period [3] - The company has signed 15 project contracts in overseas markets, marking significant progress in its international expansion [3] Data and AI Development - The company is advancing its data and AI initiatives, establishing a complete "data-algorithm-scenario" ecosystem [3] - The launch of the "CT chest lesion annotation data" product on the Shanghai Data Exchange signifies a transition of data from "resource" to "asset" [3] - Strategic partnerships with industry leaders like iFlytek Medical and Huawei Cloud are being formed to develop smart medical solutions [3] Outlook - The company anticipates continued revenue improvement in H2 2025, supported by the operation of new imaging centers and the light-asset model [3] - The OneCloud platform, along with policies for imaging result recognition and cloud indexing, is expected to enhance operational efficiency and synergy [3] Profitability and Cost Management - The gross margin for H1 2025 was 29.4%, a decrease of 9.2 percentage points year-on-year, due to increased competition and regulatory changes [4] - Effective cost control measures led to a reduction in sales expenses by 18.42% and administrative expenses by 32.50% [4][5] - The net cash flow from operating activities increased by 172.6% to 93.02 million yuan, attributed to improved management of receivables [5] Profit Forecast and Valuation - Short-term revenue growth is expected to be driven by the rapid expansion of light-asset imaging solutions and new imaging centers [5] - Long-term growth is anticipated through the synergistic effects of the company's three main business segments, supported by AI technology [5] - Revenue projections for 2025-2027 are 1.005 billion, 1.241 billion, and 1.494 billion yuan, with corresponding net profit estimates of 33 million, 79 million, and 122 million yuan [5]