Core Insights - Aikang Medical (01789) reported a 5.60% increase in revenue to 694 million yuan and a 15.3% rise in net profit to 161 million yuan for the first half of 2025, with a "Buy" rating assigned by the research report [1] - The company is expected to achieve revenues of 1.512 billion yuan, 1.751 billion yuan, and 2.027 billion yuan from 2025 to 2027, with net profits projected at 330 million yuan, 391 million yuan, and 463 million yuan respectively [1] Group 1 - The implementation of the joint procurement policy across all provinces in the first half of 2025 has allowed the company to maintain its leading position in procurement volumes among all brands, with a 10% increase compared to the first round of procurement [1] - The company has achieved over 90% coverage of high-level hospitals, with surgical volume from these hospitals increasing by 33% year-on-year in the first half of 2025, indicating a growing clinical recognition of its products [1] - Aikang Medical is restructuring its sales team to implement a tiered hospital coverage strategy, which is expected to further enhance its market share [1] Group 2 - The company has established a core framework for personalized orthopedic services through the iCOS digital orthopedic platform, integrating existing 3D printing, biomechanics, medical-engineering interaction, and imaging digital processing platforms for comprehensive lifecycle management of personalized implants [2] - From 2022 to 2024, the company has launched or received approval for several advanced surgical systems, including the VTS visualization intelligent navigation system and knee and hip joint surgical robots, with the K3 intelligent surgical robot approved for market in the first half of 2025 [2] - The company operates under a dual-brand strategy (JRI and AK) in overseas markets, registering new products in five and four countries in 2024 and the first half of 2025 respectively, and adding 12 and 5 new distributors in the same periods, indicating a strong push for digital orthopedic solutions abroad [2]