Recently, Jiangxi Yimai Sunshine Group Co., Ltd. (hereinafter referred to as "Yimai Sunshine") submitted a prospectus again to prepare for listing on the main board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor. According to Bedo Finance, the company has submitted the form twice in May and November 2023, but both of them have been "invalid".
According to the prospectus, Yimai Sunshine is a specialized medical group engaged in medical imaging services, engaged in the investment and operation of medical imaging centers, the development of medical imaging cloud platform technology, the cultivation of medical imaging talents, and the services of medical imaging industry chain.
Tianyancha App shows that Yimai Sunshine was established in October 2014. At present, the registered capital of the company is about 338 million yuan, the legal representative is Chen Chaoyang, shareholders include Nanchang Yimai, Wang Shihe, Gu Junjun, etc., Baidu, JD.com, Goldman Sachs, Chinese Life, Chinese People's Insurance have also participated in the investment in the company.
It is worth mentioning that Yimai Sunshine has obtained the filing notice issued by the International Cooperation Department of the China Securities Regulatory Commission in January 2024. According to the filing information, the company plans to issue no more than 97,317,500 overseas listed ordinary shares, and a total of 180 million domestic unlisted shares held by 29 shareholders will be converted into overseas listed shares, and listed and circulated on the Hong Kong Stock Exchange.
In the prospectus, citing Frost & Sullivan data, Yimai Sunshine said that in 2023, it will rank first among all third-party medical imaging center operators in China in terms of the number of medical imaging center outlets, the number of equipment, the number of registered licensed imaging doctors, the average daily number of examinations and the fees paid by patients.
In terms of revenue generated by imaging centers in 2023, Yimai Sunshine ranks second among all third-party medical imaging center operators in China. According to the same source, it is the only medical imaging platform operator and manager in China that provides diversified imaging services and value for the entire medical imaging industry chain.
In 2021, 2022 and 2023, Yimai Sunshine's revenue will be 592 million yuan, 784 million yuan and 929 million yuan respectively, gross profit will be 175 million yuan, 240 million yuan and 333 million yuan respectively, and net profit will be -382 million yuan, -15.058 million yuan and 36.574 million yuan respectively, turning losses into profits in 2023.
In 2021, 2022 and 2023, the EBITDA of Yimai Sunshine was -148 million yuan, 203 million yuan and 253 million yuan, the adjusted EBITDA was 148 million yuan, 213 million yuan and 276 million yuan, and the adjusted profit was -70.821 million yuan, -5.454 million yuan and 59.996 million yuan, respectively.
Beduo Finance understands that Yimai Sunshine's revenue is mainly contributed by imaging center services and imaging solution services. During the reporting period, the company's imaging center service revenue was 442 million yuan, 498 million yuan and 638 million yuan respectively, accounting for 74.7%, 63.4% and 68.7% respectively.
During the same period, the revenue from imaging solution services was 139 million yuan, 270 million yuan and 278 million yuan respectively, accounting for 23.5%, 34.4% and 30.0% respectively. In addition, some of the revenue of Yimai Sunshine comes from Yimai cloud services, but the proportion is about 1-3%, which has not yet been scaled.
As of December 31, 2023, Yimai Sunshine has established and managed 97 imaging centers, including 9 flagship imaging centers, 24 regional shared imaging centers, 50 specialized medical alliance imaging centers, and 14 operation and management imaging centers, covering 17 provinces, autonomous regions and municipalities directly under the central government.
In addition, Yimai Sunshine began to establish an Internet hospital in 2021, and obtained a medical institution practice license with Internet hospital qualification in 2022. As of December 31, 2023, Yimai Sunshine has 527 registered medical professionals and 266 medical professionals registered in its own imaging center.
Since its establishment, Yimai Sunshine has received multiple rounds of financing. Before this sprint listing, Yimai Sunshine has completed four rounds of financing, with a cumulative financing amount of more than 1.1 billion yuan, and investors include Goldman Sachs, OrbiMed Capital, JD Health, Baidu Capital, CICC, Chinese People's Insurance and so on.
Before the IPO, Nanchang Yimai, an employee shareholding platform of Yimai Sunshine, held about 17.46% of the shares. Among them, Chen Chaoyang, executive director and general manager of Yimai Sunshine, as the general partner, holds 4.87% of the shares through Nanchang Yimai, and Xu Ke, executive director and general director of Yimai Sunshine Imaging Hospital, holds 2.54% of the shares through Nanchang Yimai.
At the same time, the employee shareholding platform Beijing Yimai holds 2.85% of the shares, Wang Shihe holds 5.25% of the shares, Gu Junjun holds 5.25% of the shares, Goldman Sachs holds 9.12% of the shares through Beijing Goldman Sachs, Baishan Investment holds 6.52% of the shares, Beijing Ren maintains 5.70% of the shares, Tom Cat (SZ: 300459) holds 5.50% of the shares through Fenyong Technology, and JD Yingzheng holds 4.78% of the shares.
In addition, CICC, Nanjing Hi-Tech, OrbiMed and others are also shareholders of Yimai Sunshine.