Core Insights - The company reported a revenue of approximately 2.185 billion yuan for the first half of 2025, a year-on-year decrease of 1.18% [1] - Net profit attributable to shareholders was 771 million yuan, down 14.62% year-on-year, with a basic earnings per share of 0.9814 yuan, also a decrease of 14.62% [1] Financial Performance - Domestic revenue from main business was 1.229 billion yuan, a decline of 12.81% year-on-year, with reagent business revenue down 18.96% and instrument revenue up 18.18% [2] - Overseas revenue reached 952 million yuan, a growth of 19.57% year-on-year, driven by a 36.86% increase in reagent business due to rising instrument installation volumes [2] - The overall gross margin was 68.64%, with instrument products having a gross margin of 26.16%, down 3.66 percentage points from the previous year [2] Cost and Expenses - Financial expenses were approximately -28.9977 million yuan, an increase of 130.28% year-on-year, primarily due to fluctuations in exchange gains and losses [3] - Sales expenses were about 370 million yuan, up 10.77% year-on-year; management expenses were approximately 59.2491 million yuan, up 2.94%; and R&D expenses were around 237 million yuan, an increase of 16.07% [3] Market and Sales Strategy - The company operates a sales model combining distribution and direct sales, with over 3,400 active distributors [3] - The company aims to strengthen distributor management through strict entry controls and a mechanism for eliminating non-compliant distributors [3]