Group 1 - The core viewpoint of the article is that the International Medical Proton Therapy Center's Phase I project is progressing as planned and will commence operations upon obtaining the necessary administrative approvals [1] - The company will determine the specific investment progress of the Phase II project based on the actual amount raised from the current private placement [1]

Core Viewpoint - International Medical (000516.SZ) is initiating a new round of capital operations to address ongoing losses and liquidity pressures by planning a private placement of A-shares to raise up to 1.008 billion yuan [1][2][3]. Fundraising Purpose - The capital raised will primarily be allocated to three projects: approximately 638 million yuan for a smart healthcare project, about 100 million yuan for the second phase of a proton therapy center, and 270 million yuan to supplement working capital [4][5]. Financial Challenges - The company has faced a high asset-liability ratio and has reported continuous losses for seven years, with a cumulative loss of 2.621 billion yuan from 2021 to 2024. In the first three quarters of 2025, revenue decreased by 16.94%, while losses increased by 38.45% [2][7]. Capital Allocation Strategy - The allocation of funds reflects the company's attempt to balance long-term strategic investments with short-term liquidity needs. The proton therapy center is capital-intensive with a long payback period, while the smart healthcare project also requires significant upfront investment [6]. Liquidity Improvement - The 270 million yuan earmarked for working capital is crucial for meeting daily operational needs and reducing reliance on debt financing, thereby alleviating interest burdens [8]. Shareholder Concerns - The frequent and high proportion of share pledges by the controlling shareholder, Century Xinyuan, raises concerns about the company's governance and financial stability. As of May 2025, 70.10% of the shares held by the controlling shareholder were pledged, increasing to 81.45% by June [9][10]. Market Reaction - The stock price of International Medical has been on a downward trend, reaching 4.7 yuan per share as of December 4, with a total market capitalization of 10.52 billion yuan. The risks associated with share pledges and the company's financial situation are significant factors for investors [11].