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。 ...

Core Viewpoint - Furuya Medical Technology (01696) experienced a significant decline of over 11%, with a current price of HKD 6.18 and a trading volume of HKD 18.245 million following the release of its mid-year results for 2025, indicating challenges in the North American market and a decrease in profitability [1][1][1] Financial Performance - The company reported revenues of USD 165 million for the mid-year period, reflecting a year-on-year decrease of 1.9% [1] - Net profit attributable to shareholders was USD 6.426 million, down 41.3% year-on-year [1] - Basic earnings per share were USD 0.0137 [1] Market Conditions - The decline in revenue is primarily attributed to challenging conditions in the North American market, characterized by high interest rates and weak consumer demand [1] - Transportation delays due to regional tensions in June also contributed to a slight delay in revenue recognition [1] International Market Growth - 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] Order Reserves and Profitability - As of June 30, 2025, the company's order reserves remained robust, increasing by several million dollars compared to the same period in 2024 [1] - The gross profit margin decreased from 62.4% in 2024 to 60.0% in the reporting period, primarily due to a strategic shift towards core professional and high-end products, which have higher material costs due to advanced technology specifications [1][1]

智通财经APP获悉，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。 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。 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。 ...

复锐医疗科技(01696)发布截至2025年6月30日止六个月业绩，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。 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。 ...