Breaking the deadlock in traditional services and seizing the profit inflection point; digital intelligence transformation reshapes Yimai Sunshine’s long-term investment value.

Ask AI · How does Yimai Sunshine transform medical data into a business gold mine?

“Investor Network” Yu Ruoli

In the current healthcare market, how to leap over the long return cycle of traditional heavy-asset services and find new growth poles amid the digital wave is a common challenge faced by many medical enterprises. Recently, Yimai Sunshine (02522.HK), known as the “Number One Medical Imaging Service Stock in China,” delivered its 2025 annual report, establishing a new business model for the market.

Through this annual report, the market can not only see the continuous improvement in Yimai Sunshine’s operational quality. In 2025, Yimai Sunshine achieved a total revenue of 873 million yuan RMB, a year-on-year increase of 14.8%, and the company’s attributable net profit successfully turned profitable, reaching 3.75M yuan RMB. More importantly, Yimai Sunshine’s 2025 annual report clearly demonstrates the solid steps of a traditional medical service enterprise transforming into a “smart medical service provider.”

As a rare target in the industry, Yimai Sunshine is breaking the inherent label of “imaging center.” By deeply mining and monetizing hundreds of millions of imaging data, combined with the comprehensive rollout of a light-asset empowerment model, Yimai Sunshine is continuously expanding the business boundaries of the company and even the industry. Opening the 2025 annual report, its core data reveals a clear picture of Yimai Sunshine’s foundation. From revenue structure to moat, from data assets to AI value, the intertwining of these three dimensions sketches out the full picture of Yimai Sunshine’s business and illuminates its long-term investment value.

Value realization: Light assets and digital intelligence soar together, performance全面向上

Beyond short-term market sentiment and liquidity noise, a company’s true quality often lies in the details of financial statements. The most direct signal from Yimai Sunshine’s 2025 annual report is the establishment and release of its “profit turning point.”

On the revenue side, Yimai Sunshine achieved a total revenue of 873 million yuan RMB in 2025, up 14.8% from 761 million yuan RMB in 2024. On the profit side, the improvement is particularly significant: the company’s net loss for the year narrowed sharply by 82.2% from 58.86 million yuan RMB in 2024 to 10.51 million yuan RMB, and attributable net profit reached 3.75M yuan RMB, reversing by 108.2% year-on-year. Meanwhile, as a key indicator of the company’s core profitability, EBITDA (non-IFRS measure) reached 216 million yuan RMB, a substantial increase of 30.8% year-on-year.

This profit improvement and growth are not reliant on scale expansion alone but stem from a profound reshaping of the company’s revenue composition. After long-term layout, Yimai Sunshine has built three major business segments: “Imaging Center Services,” “Imaging Solution Services,” and “Smart Digital Services.”

Among them, Imaging Center Services is Yimai Sunshine’s core foundation, contributing revenue of 554 million yuan RMB in 2025. Despite being affected by macroeconomic factors and phased policy adjustments on imaging examination charges across many provinces, the revenue from this segment only declined slightly by 8.5% year-on-year, but the company’s strategic position as a standardized network operation and high-quality data producer remains unshaken.

In the face of pressure on imaging center services, Yimai Sunshine’s imaging solution services, a light-asset expansion flagship, experienced explosive growth in 2025. The segment achieved revenue of 293 million yuan RMB, a year-on-year increase of 93.9%. The company disassembles its core capabilities into over 30 deployable lightweight modules, significantly lowering cooperation barriers. In 2025, it added 842 new solution service clients, demonstrating its strong market penetration in imaging solutions.

As the most technologically attribute segment, Smart Digital Services reached revenue of 26.78 million yuan RMB in 2025, a dramatic increase of 458.3% from 4.76M yuan RMB in 2024. Its high gross margin of 48.8% and reusability are expected to become important profit drivers for Yimai Sunshine in the future. This leap in growth also proves that the company’s monetization capabilities in compliant medical data circulation and AI product commercialization have initially taken shape.

In 2025, Yimai Sunshine actively promoted digital system construction and refined management, effectively reducing operational losses. The increasing proportion of high-margin, light-asset businesses not only offset the industry adjustment pressures on traditional operations but also provided core momentum for sustained profit release.

Deepening “Moat”: Business model advancement and full industry chain closed-loop ecosystem

Relying on a deeply rooted, highly exclusive physical service network at the grassroots level, Yimai Sunshine has built the most solid moat in the high-barrier, heavy-asset track of medical imaging; it also maintains its leading position as a third-party medical imaging center operator.

By the end of 2025, Yimai Sunshine had established a vast network of 117 medical imaging centers across 20 provinces, autonomous regions, and municipalities in China. This network is like China’s “high-speed rail” in healthcare, precisely addressing the pain points of grassroots medical institutions: expensive equipment, few doctors, and low utilization rates.

While service network expansion proceeds steadily, in 2025, Yimai Sunshine also implemented an innovative “multi-site one-certificate” regional sharing model at the First People’s Hospital of Xiangtan, Hunan. This model uses a flagship center as a hub, radiating to counties and remote towns, not only enabling high-quality resources to sink but also demonstrating the high efficiency and replicability of its business model.

In addition to internal deepening, Yimai Sunshine’s horizontal mergers and overseas expansion accelerated in 2025. Domestically, the company acquired a 70% stake in Guangzhou Gaomai Health Technology Co., Ltd., a leading nuclear medicine imaging enterprise, strengthening its competitive edge in molecular imaging and radiopharmaceutical R&D. It also fully acquired Changsha Zhongya Medical Imaging Diagnostics Co., Ltd., strategically positioning itself in the Central China market.

In overseas markets, Yimai Sunshine has clarified its core strategic positioning to break industry cycles. In 2025, overseas revenue exceeded 23.14 million yuan RMB, achieving a leap from initial exploration to scaled development. Notably, in Malawi, Africa, the company successfully launched its first comprehensive imaging center project covering equipment supply, full-chain empowerment, AI, and an English version of PACS, marking the successful cross-border export of China’s mature medical operation model and standards.

At year-end, Yimai Sunshine also signed an acquisition agreement for 100% of Ledmar, a Turkish imaging diagnosis and medical services company, extending its business reach into Central and Eastern Europe and West Asia.

From a single equipment purchase and center construction to a “physical network + light-asset empowerment + overseas expansion” full industry chain ecosystem, Yimai Sunshine’s business model has shed the early stage of “burning money for scale” and entered a mature phase relying on scale effects and platform momentum for continuous self-sustenance.

Unlocking the “Data Element”: AI large models implementation, reshaping long-term investment value

If the nationwide imaging centers are the skeleton, then massive data and AI technology are the soul that has transformed Yimai Sunshine and reshaped the valuation logic of the capital market.

Against the macro background of the state explicitly promoting the market-oriented allocation of data elements, the asset attributes of medical data have been fully activated. Relying on the real application scenarios of over 100 imaging centers nationwide, Yimai Sunshine generates tens of thousands of standardized multimodal imaging data daily, accumulating approximately 28 million cases and 7PB of high-quality medical imaging data. This data, without doubt, is a huge “gold mine.”

In 2025, Yimai Sunshine first completed the closed loop of transforming medical data from “resource” to “asset,” with its data monetization capabilities validated by the market. Early in the year, its subsidiary completed the public listing and registration of the “Medical Imaging Smart Platform Standard Database” and “Medical Imaging Structured Data Standard Set.” Subsequently, its “CT Chest Lesion Annotation Data” was successfully listed on the Shanghai Data Exchange and received a data supply and demand certification.

In the second half, Yimai Sunshine’s data products re-entered the Beijing International Big Data Exchange, completing its first batch of data transactions in September, achieving cross-regional commercial realization. More significantly, the company cooperated with Beijing Data Pilot Zone and other institutions to provide large model training services under a compliant sandbox framework, with single-service fees reaching hundreds of millions of yuan RMB.

In terms of autonomous AI R&D and ecological collaboration, Yimai Sunshine also demonstrates strong technological strength. Its incubated AI company, Yinghe Medical, launched the world’s first full-modal, full-process medical imaging foundation large model “Yinghe Migu,” covering detection and diagnosis of over 200 common diseases across the body.

Based on the “Yinghe Migu” model, the chest CT path-level assistive diagnosis AI tool has been officially released, greatly improving doctors’ diagnostic efficiency. Additionally, Yimai Sunshine actively collaborates with tech giants like iFlytek (02506.HK), Huawei Cloud, and top medical institutions like West China Hospital of Sichuan University to build an “AI + Healthcare” industry ecosystem.

From a long-term capital market perspective, Yimai Sunshine is no longer a traditional chain physical examination or imaging agency. The data speaks loudly: in 2025, through early investments and precise positioning, the company not only owns China’s largest third-party medical imaging network but also holds millions of high-quality data assets, with core capabilities to monetize compliantly and drive AI iteration.

With the continuous rise of high-margin digital intelligence services and light-asset solutions, Yimai Sunshine’s profit turning point has been firmly established. Coupled with successful overseas breakthroughs, the company is deepening its “scenario coverage, data asset accumulation, and AI capability output” integrated system, moving toward a new stage of high-quality growth. For long-term investors, Yimai Sunshine, a leader in digital intelligence healthcare with both “infrastructure needs” and “AI growth” attributes, is accelerating its commercial value and investment potential.