Xin Lang Cai Jing·2025-09-04 21:11Core Insights - The domestic market experienced a year-on-year decline under a high base, while the second quarter revenue showed a further quarter-on-quarter increase [1] - In the first half of 2025, the company achieved operating revenue of 16.743 billion yuan (-18.5%) and a net profit attributable to the parent company of 5.069 billion yuan (-32.96%) [1] - The second quarter alone generated revenue of 8.506 billion yuan [1] Business Performance - All business segments showed varying degrees of decline, with the international revenue share increasing [1] - The in-vitro diagnostics business generated revenue of 6.423 billion yuan (-16.11%), with international in-vitro diagnostics achieving double-digit growth year-on-year [1] - The international chemiluminescence business also saw growth [1] Financial Metrics - The gross profit margin for the first half of 2025 was 61.67%, adjusted down by 2.85 percentage points [1] - Sales expense ratio was 14.48%, adjusted up by 1.92 percentage points, while management expense ratio also saw an increase [1] Investment Outlook - The domestic business is expected to reach an inflection point in the third quarter, while international business continues to show steady growth [1] - Due to the ongoing adjustment period influenced by market conditions and medical policies, the profit forecast has been revised down, with expected net profit attributable to the parent company for 2025-2027 at 11.093 billion yuan [1]