鱼跃医疗（002223）：2025H1业绩符合预期，看好公司新产品和海外业务

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [2][7] Core Views - The company's H1 2025 performance met expectations, with total revenue of 4.659 billion yuan, a year-on-year increase of 8.16%, and a net profit attributable to shareholders of 1.203 billion yuan, up 7.37% year-on-year [7] - Traditional business remains stable, with significant growth in blood glucose and emergency solutions, while overseas sales are becoming a key growth driver [7] - Continuous investment in R&D and the launch of new products, including the Yuyue AI Agent application, are expected to enhance innovation and market competitiveness [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 8.730 billion yuan, with a year-on-year growth rate of 15.4% [6] - Net profit attributable to shareholders is projected to be 1.931 billion yuan for 2025, with a growth rate of 6.9% [6] - The company plans to maintain a gross margin of around 50% and aims for a return on equity (ROE) of approximately 13.9% in 2025 [6]