Ge Long Hui A P P·2025-08-01 06:29Group 1 - The core viewpoint of the article highlights that Aide Biology's semi-annual report shows strong performance, demonstrating growth resilience despite challenges in the IVD industry [1] - The IVD industry is currently facing pressure on growth due to medical insurance cost control and extended hospital payment cycles [1] - Starting from 2025, the value-added tax rate on the company's reagent sales will increase from 3% to 13% [1] Group 2 - Aide Biology is a leader in tumor drug companion diagnostics, with a comprehensive range of products and multiple exclusive approvals, contributing to stable revenue performance [1] - The main revenue source is testing reagents, which generated revenue of 480 million yuan, a year-on-year increase of 7.9%, accounting for 83.4% of total revenue, with a gross margin of 90.7% [1] - Technical services and testing services generated revenues of 60 million yuan (down 5.0% year-on-year) and 30 million yuan (up 0.9% year-on-year), respectively [1] Group 3 - The company's overseas business showed stable performance, achieving revenue of 110 million yuan in the first half of 2025, a year-on-year increase of 3.7%, accounting for 18.3% of total revenue [1] - Based on the average valuation of comparable companies for 2025, the company is given a target price of 26.56 yuan, corresponding to a price-to-earnings ratio of 32 times [1] - The rating for the company is maintained at "Buy" [1]