Yimai Sunshine 4000-word in-depth research report

$Zhejiang Zhongcheng(002522.SZ)$Meinian Onehealth(002044.SZ) $Aier(300015.SZ) researched OneMedNet (02522.HK), with the core being the growth potential of third-party medical imaging centers and the company's "license + expert" barriers, but the stability of profitability and asset efficiency on the financial side need close attention.

🎯Core logic: The company operates independent third-party medical imaging centers, providing MRI, CT, and other examinations and diagnoses, adopting a B2B2C model (mainly serving B-end hospital referrals). Industry penetration is less than 5% (over 30% in developed countries), with high regional barriers (requiring licenses, equipment approvals over 12 months, and hospital cooperation). Demand is quasi-essential (clinically driven, with DRG/DIP promoting hospital outsourcing). Competitive barriers are scarce licenses (operating over 40 centers) and a remote reading network of over 1,000 top-tier experts.

📈Financial performance: 2024 gross margin was 36.46% (moderate), but ROE -3.34%, net margin -6.04%, revenue fell to 761 million (929 million in 2023); debt repayment ability is stable (debt-to-asset ratio 34.44%, current ratio 2.24), but free cash flow was -299 million (negative for three consecutive years), accounts receivable increased by 46% (485 million), fixed assets were 1.098 billion but turnover rate was only 0.37 times, indicating low asset efficiency.