Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company reported a revenue of 71 million yuan for the first half of 2025, reflecting a year-on-year increase of 6.4%, while net profit decreased by 9.1% to 12 million yuan [1] - The revenue and profit figures for the first half of 2025 fell short of expectations, prompting a downward revision of profit forecasts for 2025-2027 [1][7] - The company is expected to benefit from a recovery in downstream demand starting in 2025, with a clear product strategy focused on life science instruments [7] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are revised to 187 million, 215 million, and 249 million yuan respectively, with corresponding net profit estimates of 47 million, 52 million, and 61 million yuan [1][7] - The company's gross margin for the first half of 2025 was 62.5%, a slight increase from the previous year, while net margin decreased marginally to 12.5% [7] - The company’s earnings per share are projected to be 0.51 yuan for 2025, increasing to 0.67 yuan by 2027 [1][7]
新芝生物（430685）：25H1营收稳健增长，主要下游景气度提升，关注订单兑现情况