Group 1 - The core viewpoint of the report is that Gaoshi Medical (02407) is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.564 billion, 1.715 billion, and 1.875 billion yuan, representing year-on-year growth rates of 9.48%, 9.67%, and 9.33% respectively [1] - The net profit attributable to the parent company is forecasted to be 135 million, 180 million, and 214 million yuan for the same period, with year-on-year growth rates of 45.85%, 33.71%, and 18.99% [1] - The report maintains a "buy" rating for the company, highlighting its global "4+2" research and development layout and continuous investment in R&D [1] Group 2 - In the first half of 2025, the company achieved total operating revenue of 653 million yuan, a year-on-year increase of 1.72%, and a net profit attributable to the parent company of 38 million yuan, reflecting a year-on-year growth of 33.37% [1] - The gross profit margin increased by 1.86 percentage points [1] - Revenue from self-owned products reached 203 million yuan in the first half of 2025, a year-on-year increase of 14.04%, accounting for 31.09% of total revenue, an increase of 3.36 percentage points [1] Group 3 - The revenue from self-produced artificial crystals was 171 million yuan, with a year-on-year growth of 11.4%, driven by improved customer coverage and usage due to national procurement policies [1] - Revenue from distributed products was 327 million yuan, a year-on-year decrease of 6.81%, accounting for 50.09% of total revenue [1] - The company's technical service business also showed steady growth, with revenue of 119 million yuan in the first half of 2025, an increase of 8.26%, and accounting for 18.24% of total revenue [2] Group 4 - As of the first half of 2025, the company had a technical service team of 135 engineers, serving nearly 14,000 clients across 13 service centers in Greater China [2] - The company has a total of 252 R&D and production personnel, making up approximately 28.0% of the total workforce [2] - R&D expenditures in the first half of 2025 amounted to 43.4 million yuan, a year-on-year increase of 23.6%, representing 21.4% of self-owned product revenue [2]