UIH(SH:688271) Xin Lang Cai Jing·2025-09-23 10:28Core Insights - The company achieved total revenue of 6.016 billion yuan in H1 2025, representing a year-on-year growth of 12.79%, with a net profit attributable to shareholders of 998 million yuan, up 5.03% year-on-year [1] - In Q2 2025, the company reported total revenue of 3.538 billion yuan, a year-on-year increase of 18.60%, and a net profit of 628 million yuan, reflecting a growth of 6.99% year-on-year [1] - The gross profit margin declined by 1.28 percentage points year-on-year in H1 2025 and by 2.41 percentage points in Q2 2025 [1] Revenue Growth - Domestic revenue in H1 2025 reached 4.873 billion yuan, growing 10.74% year-on-year, while overseas revenue was 1.142 billion yuan, up 22.48% year-on-year, accounting for 18.99% of total revenue [1] - The company’s overseas business has become a crucial engine for sustained growth despite geopolitical and tariff policy challenges [1] Profitability and Efficiency - The sales expense ratio for H1 2025 was 15.60%, while the R&D expense ratio was 12.74%, and the management expense ratio was 4.28%, indicating improved governance and operational efficiency [2] - Revenue from MR equipment reached 1.968 billion yuan, a year-on-year increase of 16.81%, with a steady rise in market share [2] - Molecular imaging products generated revenue of 841 million yuan, up 13.15% year-on-year, and CT business maintained stable growth with revenue of 1.515 billion yuan [2] Innovation and R&D - R&D investment in H1 2025 totaled 1.14 billion yuan, with the number of R&D personnel increasing to 3,391, representing over 40% of the workforce [2] - The company is focusing on next-generation platform technologies and key product breakthroughs, ensuring autonomous control and continuous innovation capabilities [2] Future Projections - Revenue projections for 2025-2027 are 11.782 billion, 14.059 billion, and 16.845 billion yuan, with year-on-year growth rates of 14.4%, 19.3%, and 19.8% respectively [2] - Net profit attributable to shareholders is expected to be 1.898 billion, 2.325 billion, and 2.843 billion yuan for the same period, with growth rates of 50.4%, 22.5%, and 22.3% respectively [2]