Group 1 - The core viewpoint of the article highlights the significant decline in the stock price of Furuya Medical Technology, which dropped nearly 5% after a more than 13% plunge the previous day, reflecting market concerns over its financial performance [1] - Furuya Medical Technology reported a revenue of $165 million for the first half of 2025, representing a year-on-year decrease of 1.9%, while the profit attributable to the parent company was $6.426 million, down 41.3% year-on-year [1] - The decline in revenue is primarily attributed to challenging market conditions in North America, including high interest rates and weak consumer spending, along with delays in revenue recognition due to regional tensions affecting transportation [1] Group 2 - Excluding the adverse factors in the North American market, Furuya Medical Technology achieved a 7.1% growth in international markets compared to the same period in 2024 [1] - According to Shenwan Hongyuan, the company's performance in North America was significantly impacted by high interest rates and weak consumer demand, which dragged down overall results; however, the international market benefited from a direct sales office layout [1] - The company is positioned as a leading player in the energy source medical aesthetic equipment sector, leveraging its direct sales network to strengthen its advantages in the Asia-Pacific region, with the injection filling business opening a second growth curve [1]

消息面上，复锐医疗科技日前发布2025年中期业绩，收益1.65亿美元，同比下降1.9%；母公司拥有人应 占溢利642.6万美元，同比下降41.3%。公告指出，期内集团收益同比减少，主要归因于北美市场状况充 满挑战，包括高利率及消费疲软。此外，六月因地区紧张局势令运输受限，导致收益确认略有延迟。若 不计北美市场不利因素，与2024年同期相比，复锐医疗科技国际市场实现7.1%增长。 申万宏源表示，公司北美市场受高利率及消费疲软冲击，收益下滑明显，拖累整体业绩；而北美以外国 际市场凭借直销办公室布局，实现7.1%增长。该行认为，作为能量源医美器械头部企业，公司依托直 销网络强化亚太优势，注射填充业务打开第二增长曲线。短期北美拖累不改长期逻辑，达希斐上市及联 合治疗生态放量有望驱动下半年业绩反弹。 智通财经APP获悉，复锐医疗科技(01696)再跌近5%，该股昨日重挫逾13%。截至发稿，跌4.81%，报 5.74港元，成交额1656.45万港元。 ...

Overall Performance - The company reported a revenue of 165 million USD for H1 2025, a year-on-year decrease of 2.5% [1] - The net profit attributable to the parent company was 6 million USD, down 41.3% year-on-year [1] - Gross margin stood at 60.0%, a decline of 2.4 percentage points year-on-year, while net margin was 5.4%, also down 2.4 percentage points [1] Regional Market Performance - Revenue from medical beauty products was 137.7 million USD, a decrease of 7.8% year-on-year, primarily affected by weak demand in the North American market [2] - Injection filling products generated 14.4 million USD, a significant increase of 218.1% year-on-year, driven by global direct sales and distribution networks [2] - North American revenue was 56.6 million USD, down 15.6% year-on-year, impacted by high interest rates and weak consumer spending [2] - Asia-Pacific revenue reached 65.8 million USD, up 17.6% year-on-year, benefiting from the effectiveness of the direct sales strategy [2] - European revenue was 23.8 million USD, a slight decline of 0.8% year-on-year [2] Product Development and Strategy - The company continues to optimize its product matrix, with core energy source devices like Soprano and Harmony maintaining competitiveness in hair removal and skin tightening [3] - The global first long-acting peptide-based neuromodulator Daxxify has received NMPA approval, and a sales team is being formed for its launch in China [3] - The company is advancing its pipeline with lipolytic injections completing Phase II clinical trials and other products like silk protein composite gel progressing [3] - The launch of AI-driven personalized skincare system Universkin and smart skin analysis platform Alma IQ is expected to enhance service value [3] - The company aims to leverage its direct sales network to strengthen its position in the Asia-Pacific region and open a second growth curve through injection filling business [3] - The company maintains profit forecasts, expecting net profits of 3.8 million USD, 4.6 million USD, and 5.4 million USD for 2025-2027, representing year-on-year growth of 52%, 21%, and 16% respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][27] Core Insights - The company reported its 2025 mid-year results, which met expectations, with a revenue of $165 million, a year-on-year decline of 2.5%, and a net profit of $6 million, down 41.3% year-on-year [9] - The financial forecast for the company shows expected revenue growth from $359 million in 2023 to $543 million in 2027, with a projected net profit increase from $31 million to $54 million over the same period [8][19] - The company is focusing on optimizing its product matrix and has several new products in the pipeline, including the long-acting peptide formulation Daxxify, which has received approval for the Chinese market [9] Financial Data and Profit Forecast - Revenue projections: $359 million in 2023, $349 million in 2024, $416 million in 2025E, $490 million in 2026E, and $543 million in 2027E, with growth rates of 1%, -3%, 19%, 18%, and 11% respectively [8][19] - Net profit projections: $31 million in 2023, $25 million in 2024, $38 million in 2025E, $46 million in 2026E, and $54 million in 2027E, with growth rates of -22%, -20%, 52%, 21%, and 16% respectively [8][19] - The company’s gross margin for the first half of 2025 was 60.0%, with a net margin of 5.4% [9][16]

Financial Data and Key Metrics Changes - The company reported revenue of $165.5 million for H1 2025, a decrease of approximately 1.9% compared to the previous year, primarily due to challenging market conditions such as high interest rates and weakened consumer spending in North America [8][14][18] - Gross profit margin was 60%, down 2.4 percentage points year over year, attributed to a shift in product mix towards higher-cost professional products and lower revenue contribution from North America [15][16] - Adjusted net profit was $12 million, reflecting a decline of 28.1% year over year [16] Business Line Data and Key Metrics Changes - Medical aesthetics products remained the largest revenue contributor, generating $137.7 million, or 83.2% of total revenue [16] - The injectables segment saw significant growth, increasing by 280.1% to $14.4 million, representing 8.7% of total revenue, up from 2.7% [16] Market Data and Key Metrics Changes - International sales channels grew by 7.1% year over year, with the Asia Pacific region achieving double-digit growth of 17.6%, driven by strong performance in Thailand and Korea [10][14] - The company’s direct operations worldwide provided robust market access and execution capabilities, allowing it to offset regional challenges [10] Company Strategy and Development Direction - The company is transitioning to a holistic ecosystem partner in medical aesthetics, integrating energy-based devices, injectables, and personalized skincare [4][5] - Future focus includes strengthening corporate leadership in Asia Pacific and North America, with anticipated launches of new products like Dexify in China [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in regaining momentum in regions affected by geopolitical tensions and anticipated stronger performance in H2 2025 due to increased consumer confidence and demand for recent launches [11][12] - The company plans to continue expanding its unique wellness ecosystem and deepen relationships with clinics and end consumers [12] Other Important Information - The successful North American launch of Universe Skin by Alma, an AI-assisted skincare system, is a key milestone for the company [5] - The company is preparing for the launch of Dexify, the world's first peptide-powered botulinum toxin in Mainland China, and expanding its injectable portfolio in various regions [12][15] Q&A Session Summary Question: What is the main reason for the good performance in the APAC area? - Growth in Thailand was driven by the introduction of Profilo, while Korea benefited from existing direct operations and the concept of lifting using titanium [20][22] Question: What is the proportion of direct sales in the first half of the year? - Approximately 85% of the business was from direct operations, slightly down due to a shift towards distributor fulfillment in North America [24][25] Question: What are the main reasons for the decrease in North America performance? - High interest rates and consumer spending concerns led to delays in deal closures and order processing [29][32] Question: What is the current progress of the launch of Dexify in China? - The company is advancing phase three clinical trials for Dexify and expects to launch in H2 2025, aiming for significant sales growth in the following years [55][56] Question: What are the differences among the injectable products? - The company offers a range of injectables including neotoxins, volumetric fillers, and biostimulators, each serving different clinical needs [60][62] Question: What is the guidance on revenue and net profit for 2025? - The company expects growth in both revenue and net profit in the second half of 2025, driven by new product launches and a backlog of orders [70][72]

Financial Performance - Sisram Medical's revenue decreased by 1.9% year-over-year to $165.5 million in H1 2025 [9, 71], but excluding North America, revenue grew 7.1% YoY [71] - Gross profit margin decreased by 2.4 percentage points to 60.0% [9, 71], due to product mix and decreased North America revenue [71] - Injectables revenue increased significantly by 218.1% year-over-year [9, 79], driven by geographical expansion and commercialization efforts [80] - Net profit decreased by 31.9% [70] Regional Performance - North America revenue decreased by 15.6% [10, 75] due to market headwinds [75] - APAC revenue increased by 17.6% [10, 75] due to the "Go-Direct" strategy [75] - Europe revenue declined slightly by 0.8% [75], but new EBD platforms saw notable growth [75] - Middle East and Africa revenue decreased by 9.7% [76] due to geopolitical tensions [76] Strategic Initiatives - The company is preparing for the launch of DAXXIFY in mainland China in H2 2025 [13, 45, 86] - The company is expanding global penetration of Alma Harmony, Alma IQ, and Universkin by Alma [86] - The company is driving injectables portfolio Revanesse and Profhilo growth in key markets [86] - The company is developing direct-sales offices in strategic regions [86]

Core Viewpoint - The financial report of Alma Medical Technology revealed a surprising decline in both revenue and profit, leading to a significant drop in stock price, marking the third consecutive day of decline [1][4]. Financial Performance - Revenue for the first half of 2025 was $165.5 million, a slight decrease of 1.9% year-on-year, primarily due to high interest rates in North America affecting consumer spending and geopolitical issues causing shipment delays in June [4][6]. - Net profit was $8.99 million, a substantial decline of 31.9% year-on-year, with adjusted net profit down 28.1% to $11.97 million, resulting in a net profit margin of 7.2% [4][5]. - Gross margin decreased from 62.5% in the same period last year to 60%, a drop of 2.4 percentage points [5]. Cash Flow and Liquidity - Operating cash flow showed a net outflow of $489,000, compared to a net inflow of $396,000 in the previous year, mainly due to increased working capital requirements (accounts receivable and inventory increased by approximately $30 million) [5]. - As of the end of the reporting period, cash and cash equivalents stood at $60.1 million, sufficient to cover short-term debts of $50.7 million, although liquidity is becoming tighter [5]. Business Segment Performance - The injection filling segment was a highlight, with revenue surging 218% due to the successful launch of Profhilo in Thailand and Revanesse in direct sales markets in the UK, Germany, and Australia [4][6]. - Revenue from energy source devices declined, with flagship products Harmony and Soprano series experiencing weak demand in North America, although the Asia-Pacific market continued to grow, partially offsetting the decline in Europe and the US [7]. Outlook - Despite the poor performance in the first half, the company is optimistic about the second half of 2025, expecting stronger revenue and profit driven by new orders [10][11]. - The company plans to focus on consolidating its leadership position in strategic growth regions, particularly in Asia-Pacific and North America, through direct sales expansion and targeted product launches [11].

Core Viewpoint - Furuya Medical Technology (1696.HK) experienced a significant decline of nearly 13% in intraday trading, marking its third consecutive day of decline following the release of its interim results [1] Financial Performance - For the six months ending June, the company reported revenues of $165 million, representing a year-on-year decrease of 1.9% [1] - The net profit was $6.426 million, which reflects a substantial year-on-year decline of 41.3% [1] - Earnings per share stood at 1.37 cents, and the company did not declare any dividends [1]

【财华社讯】截至发稿，复锐医疗科技(01696.HK)跌10.59%，报6.25港元。消息面上，该公司公布，截 至2025年6月30日止六个月，收益约1.65亿美元，同比下降1.9%；母公司拥有人应占溢利642.6万美元， 同比下降41.3%；基本每股盈利1.37美仙。不派中期股息。 本文源自：财华网 亚太区收益为6580万美元，同比增长17.6%。注射填充业务板块收益为1440万美元，同比增加218.1%。 经调整纯利为1200万美元，同比减少28.1%。 报告期內，毛利为9934.7万美元，同比减少5.66%。毛利率为60.0%，同比减少2.4个百分点。毛利率下 降主要是由于产品组合转变及若干高端产品部件成本上升所致。该等因素为支持多元化产品类別及地区 长期增长转型的一部分。 ...

此外，毛利率由2024年同期的62.4%减少至报告期的60.0%。减少主要归因于产品组合战略性倾向核心 专业级及精密的高端产品，该类产品因采用顶尖技术规格而导致物料成本上升，同时受北美收益占比下 降影响。 消息面上，复锐医疗科技发布2025年中期业绩，收益1.65亿美元，同比下降1.9%；母公司拥有人应占溢 利642.6万美元，同比下降41.3%；每股基本盈利1.37美仙。期内，集团收益同比减少，主要归因于北美 市场状况充满挑战，包括高利率及消费疲软。此外，六月因地区紧张局势令运输受限，导致收益确认略 有延迟。若不计北美市场不利因素，与2024年同期相比，复锐医疗科技国际市场实现7.1%增长。截至 2025年6月30日，订单储备保持稳健，较2024年同期增加数百万美元。 复锐医疗科技(01696)跌超11%，截至发稿，跌11.59%，报6.18港元，成交额1824.5万港元。 ...