艾德生物（300685）：利润加速增长，国际化进程持续推进

Investment Rating - The investment rating for the company is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Viewpoints - The company reported a revenue of 579 million yuan in the first half of 2025, representing a year-over-year increase of 6.69%, and a net profit attributable to the parent company of 189 million yuan, which is a year-over-year increase of 31.41% [1][3]. - The profit growth rate outpaced revenue growth, indicating enhanced profitability with a net profit margin of 32.63%, an increase of 6.14 percentage points compared to the same period last year [3]. - The company is a leader in tumor drug companion diagnostics, with a comprehensive product system covering various technology platforms [3]. - The internationalization process is ongoing, with the company generating 137 million yuan in international sales in the first half of 2025, reflecting a year-over-year increase of 5.36% [3]. Financial Performance Summary - In the first half of 2025, the company achieved a net cash flow from operating activities of 171 million yuan, a year-over-year increase of 22.59% [1]. - The revenue from testing reagents was 483 million yuan, showing a year-over-year growth of 7.93%, while the revenue from testing services was 33 million yuan, a year-over-year increase of 0.92% [3]. - The company expects revenues of 1.255 billion yuan, 1.499 billion yuan, and 1.771 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-over-year growth rates of 13.1%, 19.5%, and 18.2% [3][4]. - The projected net profit attributable to the parent company for the same years is 355 million yuan, 439 million yuan, and 535 million yuan, with year-over-year growth rates of 39.2%, 23.6%, and 22.0% [4]. Business Segmentation - The domestic sales for the first half of 2025 reached 442 million yuan, reflecting a year-over-year increase of 7.11% despite industry pressures [3]. - The company has a dedicated international business team of over 70 people, covering more than 60 countries and regions, indicating a strong commitment to expanding its global footprint [3].