Lifotronic(SH:688389) Xin Lang Cai Jing·2025-09-16 00:38Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter with positive growth in both revenue and net profit [1][4]. Financial Performance - For 2025 H1, the company achieved revenue of 507 million yuan, a decrease of 14.08%, and a net profit attributable to shareholders of 122 million yuan, down 29.27% [1]. - In Q2 2025, revenue was 292 million yuan, an increase of 2.71%, and net profit attributable to shareholders was 68 million yuan, up 5.00% [1][4]. - The overall gross margin for H1 2025 was 64.7%, down 5.12 percentage points, with IVD gross margin at 67.15% and treatment and rehabilitation gross margin at 60.32% [3]. Business Segments - International business showed growth, with international revenue reaching 175 million yuan, up 9.01%, and accounting for 34.6% of total revenue [2]. - Domestic revenue was 332 million yuan, a decline of 22.74%, primarily due to policy impacts and reduced market demand [2]. - IVD business revenue was 386 million yuan, down 17.60%, while treatment and rehabilitation business revenue was 111 million yuan, down 2.37% [2]. Research and Development - The company increased R&D investment, with R&D expenses reaching 113 million yuan, up 11.77%, and R&D expense ratio rising to 22.27%, an increase of 5.15 percentage points [3]. Future Outlook - The company expects net profit attributable to shareholders for 2025-2027 to be 290 million, 340 million, and 390 million yuan, reflecting a year-on-year change of -15.4%, +15.6%, and +15.5% respectively [4]. - A target price of approximately 19 yuan is set for 2026, based on a 24 times valuation [4].