Was the stock price “mistaken”? Yimai Sunshine (02522) bought back HK$200 million, and the chairman went to the market to increase his holdings

On December 8, medical imaging service and data AI service company Yimai Sunshine (02522) issued two consecutive announcements to respond positively to investors' concerns.

Faced with recent stock price fluctuations, these two action-centered announcements had no lengthy explanation; only clear measures: one was an authorization from the board of directors to use no more than HK$200 million to further repurchase the company's H shares, and the other was Chairman Chen Chaoyang's personal commitment to spend HK$600,000 on the same day to increase his holdings by 59,500 shares.

In fact, this is not the first time that a ray of sunshine has responded to market changes. Earlier on the 8th, the company issued a regular announcement stating that “daily business operations are normal and stable, core medical data and artificial intelligence strategies are progressing smoothly, and there are no important undisclosed matters.”

The pricing mechanism of the capital market is a voting machine in the short term and a weighing machine in the long term. Recently, the Hong Kong stock market, especially the growth sector, has been under multiple pressures from fluctuations in global macro-liquidity expectations, geopolitical uncertainty, and seasonal financial constraints at the end of the year. In this context, the “pendulum” of market sentiment can easily shift to the overly pessimistic side, triggering a technical sell-off in the chain, causing the stock prices of some companies to seriously break away from the “anchor” of their business development in the short term. That was the experience of a ray of sunshine.

Actions are more persuasive than words when the market is overwhelmed by noise. The response method chosen by Yimei Sunshine management is the most classic and straightforward value signal in the capital market.

The first is a company-level repurchase authorization. The board of directors approved a further repurchase of no more than 24.94 million H shares, totaling up to HK$200 million, and immediately executed the repurchase of 4.45 million shares on the day of authorization;

Second, it is an increase in the personal wealth of core management. Chen Chaoyang increased his holdings by 59,500 shares with personal capital of HK$600,000, accounting for about 0.01% of the total number of issued shares. The average increase in holdings was about HK$10.08 per share.

The “gold content” of this combo punch should not be underestimated.

Looking at the scale of the repurchase, the HK$200 million maximum repurchase plan accounts for about 4.6% of the company's current market value (based on the closing price on December 8), showing management's strong judgment that the stock price is undervalued. Judging from the timing of the increase in holdings, the chairman's choice to act at this time not only reflects confidence in the company's long-term development, but also sends a clear signal of “binding with management's interests” to the market.

Yixin's buyback increased, backed by solid operating fundamentals. According to the company's interim report, in the first half of 2025, its revenue increased 12.89% year on year, and net profit to mother increased sharply by 328.65% year on year. The core driving force is the continuous expansion of imaging solution service customers.

As a pioneer in the third-party medical imaging industry in China, in terms of business, the nationwide imaging center network built by Yimai Sunshine has covered hundreds of medical institutions, processing more than 100 million medical imaging data, creating a data asset barrier that is difficult to replicate. The AI-assisted diagnosis large model product launched this year has been tested in several top three hospitals, and the commercialization path is gradually opening up.

More importantly, the company is transforming from a traditional healthcare provider to a data and AI provider. Since 2025, the “Yinghe Bud™” medical imaging L0 pedestal model released by its subsidiary Yinghe Medical Mac has achieved the intelligence of the entire process from image collection to report generation with multi-modal data integration capabilities, and the key indicators have reached the leading international level. At the same time, the company has launched the market's first chest CT path-level assisted diagnosis AI tool (AIR) - a single-site, multi-organ, multi-disease AI killer application. Starting with “path-level assisted diagnosis”, it has solved the mismatch between past medical imaging products and clinical needs, and promoted the medical imaging AI industry from a single stage. Type of disease, single lesion The era has further moved into the 2.0 era of comprehensive diagnosis of various lesions targeting specific body parts.

In terms of realizing the value of data, the company has also achieved tens of millions of commercial revenues through “trusted data space.” In October 2025, its subsidiary, Beijing Yimai, signed a “Data Co-Construction Cooperation Agreement” with Beijing Data Pioneer Zone and Beijing International Computing Power Company. Relying on the compliance data sandbox framework, integrating data resources, compliance reviews and computing power support, they jointly constructed high-quality medical imaging data sets and carried out large-scale model training. After the cooperation agreement was signed, the medical imaging database jointly built by the three parties successfully completed its first commercial transformation within the data sandbox environment — providing large model training services to the outside world. This model highlights the new path of “state-owned asset security, data-driven, and ecological co-construction”, and provides an important practical model for medical data companies in the wave of integration of data elements and AI.

The signals sent by management through buybacks and increased holdings this time are essentially inviting the market to re-examine the true value of the company. The essence of investing is to buy a discount on a company's future free cash flow rather than chasing short-term price fluctuations. When the “voting machine” in the market temporarily fails, returning to the “weighing machine” of fundamental research is fundamental to avoiding noise and discovering value.