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]
复锐医疗科技(01696.HK)：北美承压亚太增长 新品与渠道潜力待释放