Core Insights - The company reported stable revenue growth in H1 2025, with operating income reaching 11.507 billion yuan, a year-on-year increase of 9.12% [1] - The net profit attributable to shareholders was 2.051 billion yuan, showing a slight increase of 0.05%, while the net profit excluding non-recurring items grew by 14.30% to 2.040 billion yuan [1] - The company experienced a decline in gross margin due to rising operating costs, with a gross margin of 48.56%, down 0.88 percentage points from the previous year [1] Financial Performance - In Q2 2025, the company achieved operating income of 5.481 billion yuan, a year-on-year increase of 2.47%, but the net profit attributable to shareholders decreased by 12.97% to 1.001 billion yuan [1] - The company’s expense ratios showed a downward trend, with the sales expense ratio at 9.15%, down 1.47 percentage points, and the management expense ratio at 14.89%, down 0.04 percentage points [1] Operational Highlights - The outpatient volume increased significantly, reaching 9.2483 million visits in H1 2025, a growth of 16.47%, while the number of surgeries performed was 879,000, up 7.63% [2] - Major project revenues showed steady growth, with the refractive project contributing the highest revenue of 4.618 billion yuan, an increase of 11.14%, although the gross margin decreased by 1.07 percentage points [2] Strategic Development - The company’s "1+8+N" strategy is making substantial progress, with 355 domestic hospitals and 240 outpatient departments operational as of June 30, 2025 [3] - The company has established a global network of 169 ophthalmology centers and clinics abroad, enhancing its international brand influence through hosting significant conferences [3] Investment Outlook - Despite overall consumer pressure, the company is expected to maintain stable growth, with revenue forecasts for 2025-2027 set at 23.469 billion, 26.091 billion, and 28.468 billion yuan respectively [4] - The net profit forecasts for 2025-2026 have been adjusted to 4.059 billion and 4.591 billion yuan, reflecting a decrease in gross margins [4]

Group 1: Company Strategy and Development - The establishment of Jialong (Kaiping) Food Co., Ltd. aims to implement the company's development strategy, enhance industry layout, and expand market share, with soy sauce being the main business [1] - The company has a comprehensive internal control system to ensure the safety and integrity of cash, covering various management aspects [2] Group 2: Financial Performance - The main factors for the company's turnaround to profitability include a significant decrease in raw material prices, leading to lower sales costs and an increase in gross margin [2] - The company has implemented cost-saving measures and efficiency improvements to enhance economic benefits [2] Group 3: Marketing and Brand Development - In 2025, the company plans to expand its soy sauce business, optimize distributor structure, and enhance brand visibility through new media marketing strategies [2] - The company will focus on online channel promotion and explore new marketing avenues to increase product sales [2] Group 4: Future Business Expansion - Currently, the company's main business is focused on domestic sales, with no export operations planned yet; however, there is an intention to monitor overseas market demands for future expansion [3]