Core Insights - The company reported a revenue of 730 million yuan (+3.7%) and a net profit attributable to shareholders of 110 million yuan (-32.4%) for the first half of 2025, with Q2 revenue at 440 million yuan (+2.9%) and net profit at 60 million yuan (-43.8%), indicating short-term pressure from tariffs and a slowdown in order delivery [1] - The company's core businesses, home respiratory device components and cochlear implants, are expected to improve in the second half of 2025 after experiencing inventory destocking in 2023, with H1 2025 revenues of 440 million yuan and 60 million yuan, reflecting year-on-year declines of -2.8% and -7.5% respectively [1] - New business segments are entering a growth phase, particularly in blood glucose management, cardiovascular, and IVD sectors, with rapid progress in blood glucose management expected to contribute to revenue growth in 2025 [1] - A new stock incentive plan was launched in April 2025 for 304 core employees, with a target compound annual growth rate of 25% for revenue or profit from 2025 to 2027, reflecting the company's confidence in long-term stable development [2] - Revenue projections for 2025-2027 are estimated at 1.9 billion yuan, 2.4 billion yuan, and 2.9 billion yuan, with net profits of 500 million yuan, 500 million yuan, and 700 million yuan respectively, indicating a positive outlook for the company's new business segments [2]
美好医疗(301363)：订单交付受关税压制 看好25H2改善