NovelBeam Technology(SH:688677) Xin Lang Cai Jing·2025-10-15 08:26Core Viewpoint - The company's medical endoscope equipment business is expected to be impacted by US-China tariffs, while the maintenance services and optical products business are performing well. Looking ahead to the second half of the year, strong demand from US clients is anticipated, with overseas shipment volumes expected to continue growing due to accelerated order deliveries. Revenue in Q3 2025 is projected to grow rapidly on a low year-on-year basis, with profit growth expected to outpace revenue growth. The collaboration with US clients is likely to deepen, with ongoing development of new endoscope types and next-generation systems, alongside rapid growth in maintenance services and steady progress in new projects like the gas insufflator, which will contribute to long-term growth and performance increments [1]. Financial Performance - In the first half of 2025, the company achieved operating revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 266 million yuan, 74 million yuan, and 72 million yuan, respectively, representing year-on-year growth of 20.50%, 5.52%, and 12.07%. Basic earnings per share were 0.62 yuan per share [2]. Business Segment Analysis - In the first half of 2025, the medical endoscope equipment revenue was 172 million yuan (+11.70%), accounting for 64.86% of total revenue, with growth pressured by US tariffs. Optical products revenue was 57 million yuan (+34.62%), making up 21.63% of total revenue, with medical optical products growing by 48% due to significant increases in diagnostic analysis and oral scanning products. Maintenance services revenue reached 35 million yuan (+60.58%), driven by the continuous increase in market share of the company's products. The maintenance business's gross margin was 84%, significantly higher than other segments, indicating potential positive contributions to overall gross margin [4]. Outlook for the Second Half - The company has effectively reduced tariff impact through proactive overseas capacity layout, with most products shipped to the US now being produced and delivered from the Thailand factory. Strong demand from US clients is expected to continue, with accelerated order deliveries likely to boost overseas shipment volumes. The collaboration with US clients is deepening, with the development of next-generation endoscope systems incorporating the company's optical defogging patent technology. The company is also exploring collaborations on gas insufflators and 3D endoscope systems, with the gas insufflator project progressing rapidly towards customer testing and subsequent FDA registration [5]. Profitability and Cash Flow - The company's gross margin for the first half of 2025 was 65.84% (+1.75 percentage points), showing slight growth. The sales expense ratio was 7.48% (+2.83 percentage points), reflecting increased spending on market expansion and marketing network improvement. The management expense ratio remained stable at 10.80% (-0.11 percentage points), while the R&D expense ratio improved to 12.51% (-1.47 percentage points) due to revenue growth. The operating cash flow net amount was 81 million yuan, up 25.87% year-on-year, driven by increased sales and improved cash collection efficiency [7][6]. Long-term Growth Potential - The company is a leading upstream manufacturer of fluorescent rigid endoscopes in China. In the short to medium term, strong demand from US clients and successful production transitions at the Thailand factory are expected to support steady growth in ODM business. The ongoing deepening of collaboration with US clients, alongside rapid growth in maintenance services and new projects, will lay a foundation for long-term growth and performance increments. The company's optical technology advantages and strong vertical integration capabilities position it well for future growth through the expansion of new clients and application areas [8].