APT(SH:688617) Xin Lang Cai Jing·2025-09-10 02:37Core Insights - The company reported a strong performance in H1 2025, with revenue of 1.214 billion yuan, a year-on-year increase of 21.26%, and a net profit attributable to shareholders of 425 million yuan, up 24.11% [1][2] Business Performance - The electrophysiology segment generated revenue of 246 million yuan, growing by 9.98%, with a gross margin of 75.13% [2] - The coronary intervention segment saw revenue of 654 million yuan, an increase of 30.02%, with a gross margin of 73.87% [2] - Peripheral intervention revenue reached 213 million yuan, up 21.33%, with a gross margin of 77.15% [2] - Non-vascular intervention revenue was 23 million yuan, growing by 39.68%, with a gross margin of 61.70% [2] - The overall gross margin for Q2 2025 was 73.87%, reflecting a year-on-year increase of 0.52 percentage points, driven by factors such as increased localization of raw materials and improved production automation [2] Product and Market Development - Electrophysiology procedures showed steady growth, with nearly 8,000 procedures completed in H1 2025, including over 800 PFA pulse ablation procedures [3] - The company hosted over 80 brand promotion events across more than 20 provinces, enhancing brand recognition and market penetration [3] - Domestic revenue reached 1.07 billion yuan, a 20.93% increase, while overseas revenue was 143 million yuan, up 23.84% [4] - The overseas self-owned brand revenue grew by 34.56%, with significant performance in Europe, Russia, and Latin America [4] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.624 billion, 3.348 billion, and 4.274 billion yuan, with year-on-year growth rates of 27.0%, 27.6%, and 27.7% respectively [4] - Net profit forecasts for the same period are 883 million, 1.159 billion, and 1.500 billion yuan, with growth rates of 31.1%, 31.4%, and 29.4% respectively [4]