Core Insights - The company reported a revenue of approximately RMB 676.7 million for the six months ending June 30, 2025, representing a year-on-year increase of about 3.7% [1] - The net profit attributable to shareholders increased by approximately 2.1% to around RMB 238.5 million, compared to RMB 233.6 million in the same period last year, after excluding certain non-recurring items [1] - The company submitted 73 patent applications during the period, with 41 patents successfully approved, highlighting its commitment to intellectual property as a key driver of competitiveness in the medical device market [1] Financial Performance - Domestic sales increased by approximately 2.2% compared to the same period in 2024, while overseas sales grew by about 8.0%, attributed to the company's proactive overseas expansion and effective marketing strategies [1] - Non-recurring items included other income from financial assets measured at fair value of approximately RMB 9.9 million, down from RMB 32.9 million in the same period of 2024, and share-based payment expenses of approximately RMB 193.5 million, up from RMB 61.3 million in 2024 [1] Future Outlook - The company will continue to focus on international business expansion while maintaining overall operational efficiency [2] - There is a strong commitment to technological innovation, with ongoing investments in new technology development and product upgrades to meet changing market demands [2] - The company aims to maintain a prudent capital allocation strategy to ensure sustainable growth and create value for all stakeholders [2]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company has shown continuous improvement in profit margins, with a focus on international expansion performance [3][6]. - In Q1 2025, the company achieved revenue of 4.4 billion yuan, representing a year-over-year increase of 13%, and an adjusted net profit of 790 million yuan, up 41% year-over-year, with an adjusted net profit margin of 18%, an increase of 3.6 percentage points year-over-year [5][6]. Financial Performance - The core online travel platform generated revenue of 3.8 billion yuan in Q1 2025, a year-over-year increase of 18%, with an operating profit margin of 29.2%, up 6.6 percentage points year-over-year [6]. - Revenue from transportation ticketing reached 2 billion yuan, up 15% year-over-year, benefiting from increased demand and enhanced value-added services [6]. - Accommodation bookings generated 1.2 billion yuan in revenue, a 23% year-over-year increase, with international hotel night volume growing over 50% [6]. - The vacation business faced short-term revenue pressure, generating 590 million yuan, down 11.8% year-over-year, due to safety issues in Southeast Asia [6]. User Metrics - The average monthly paying user count reached 46.5 million, a 9.2% year-over-year increase, with annual paying users totaling 247 million, up 7.8% year-over-year [6]. - Over 87% of registered users reside in non-first-tier cities in China, with 68% of new paying users from these areas, reinforcing the platform's position in the mass market [6]. Future Projections - Revenue forecasts for 2025-2027 are adjusted to 19.3 billion, 22.1 billion, and 24.9 billion yuan respectively, with net profits projected at 2.7 billion, 3.0 billion, and 3.5 billion yuan [8]. - The target market capitalization for 2025 is set at 51.4 billion yuan, with a target price of 24 HKD per share [8].