Core Viewpoint - The recent financial report of MediTech (603990) shows a significant decline in revenue but a notable increase in net profit, indicating improved profitability despite lower sales [1][4]. Financial Performance Summary - Total revenue for the first half of 2025 was 135 million yuan, a decrease of 47.24% year-on-year [1]. - Net profit attributable to shareholders was 28.33 million yuan, an increase of 137.11% year-on-year [1]. - Gross margin improved significantly to 63.69%, up 650.55% year-on-year, while net margin reached 21.99%, up 174.76% year-on-year [1]. - The total of selling, administrative, and financial expenses was 65.77 million yuan, accounting for 48.65% of revenue, down 16.3% year-on-year [1]. - Earnings per share increased to 0.09 yuan, a rise of 136.0% year-on-year [1]. Changes in Financial Items - Cash and cash equivalents decreased by 11.06% to 265 million yuan, primarily due to the completion of the sale of the photovoltaic business [3][5]. - Accounts receivable decreased by 10.41% to 191 million yuan [1]. - Interest-bearing debt decreased by 72.27% to 284 million yuan, reflecting improved cash flow after the divestiture of the photovoltaic business [1][5]. - The company reported a significant increase in investment income by 9646.46%, attributed to gains from the sale of the photovoltaic business [5]. Strategic Focus and Future Outlook - Following the divestiture of the photovoltaic business, the company is focusing on its core medical business, aiming to enhance operational stability and risk resilience [7]. - The company plans to develop its medical information technology business, emphasizing smart surgery, critical care, and regional medical collaboration [7]. - Analysts expect the company to achieve a net profit of 61 million yuan for the full year of 2025, with an average earnings per share forecast of 0.20 yuan [4].