MTM(SH:688029) Xin Lang Cai Jing·2025-08-12 00:27Performance Summary - In the first half of 2025, the company achieved revenue of 1.565 billion yuan, a year-on-year increase of 17% [1] - The net profit attributable to shareholders was 363 million yuan, also up 17% year-on-year [1] - The net profit excluding non-recurring items was 364 million yuan, reflecting a 19% year-on-year increase [1] - For Q2 alone, revenue reached 866 million yuan, marking a 21% year-on-year growth [1] - The net profit attributable to shareholders for Q2 was 202 million yuan, up 21% year-on-year [1] - The net profit excluding non-recurring items for Q2 was 203 million yuan, a 23% year-on-year increase [1] Operational Analysis - The company is advancing its internationalization strategy, with overseas revenue reaching 899 million yuan, a 44% year-on-year increase [2] - Revenue from the Americas was 341 million yuan, up 22% year-on-year, while Europe, the Middle East, and Africa saw revenue of 416 million yuan, a significant 89% increase [2] - Overseas revenue now accounts for 58% of total revenue, while domestic revenue was 656 million yuan, impacted by price reductions in certain medical consumables [2] - The company invested 88.28 million yuan in R&D, representing 5.64% of its revenue, leading to the market approval of several innovative products [2] - New products and innovative projects are progressing well, with submissions for registration underway [2] Strategic Developments - The company completed the acquisition of 51% of Spanish company Creo Medical S.L.U. in February, enhancing its presence in the European market [3] - The construction and operational preparations for the manufacturing center in Thailand are on track, with production expected to commence by the end of the year, supporting a secure global supply chain [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 675 million yuan, 825 million yuan, and 1.012 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22%, 22%, and 23% [4] - The current price corresponds to a price-to-earnings (PE) ratio of 26, 21, and 17 for the years 2025, 2026, and 2027 [4]