United Imaging (688271.SS): Reassessing United Imaging’s moat; TP up to Rmb182

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United Imaging (688271.SS): Reassessing United Imaging’s moat; TP up to Rmb182

Equity Research

28 July 2026 | 5:18PM CST

United Imaging (688271.SS): Reassessing United Imaging’s moat; TP up

to Rmb182

Following recent investor discussions, we have seen growing interest in United Tianyi Yan

+86(21)2401-8609 |

Imaging Healthcare’s (“United Imaging”) broader group ecosystem, extending tianyi.yan@goldmansachs.cn

Goldman Sachs (China) Securities

beyond the company itself to other platforms under the United Imaging Group (“the Company Limited

Group”). Investor feedback has been mixed. On the positive side, the Group’s AI Ziyi Chen

platform could strengthen the company’s product competitiveness and help +852-2978-0526Goldman Sachs (Asia)| ziyi.chen@gs.comL.L.C.

maintain its technological leadership. On the other side, investors may still have some Michael Zheng

concerns around resource allocation across affiliated companies, governance +86(21)2401-8928michael.zheng@goldmansachs.cn|

boundaries, related-party transactions, and value attribution for the company’s GoldmanCompany SachsLimited(China) Securities

shareholders.

The Group’s AI platform provides equipment-native algorithms, medical foundation

models, clinical applications, and workflow tools of hospital operations. Its moat lies

in the combination of competitive product performance, a dedicated-AI software

operating model and access to the Group’s equipment platforms, clinical scenarios,

data feedback, and service network. We believe this ecosystem can accelerate

iteration and commercialization while strengthening United Imaging’s equipment

differentiation.

We believe the company can capture AI-related value through two channels: 1)

direct software revenue, and 2) higher equipment market share, with the latter