麦格理发表研究报告指，新秀丽次季收入按年跌4.8%，经调整EBITDA跌18.1%，均符合该行预期。虽 然管理层预期第三季销售将有所改善，但认为消费情绪疲弱令前景仍不明朗。为应付关税影响，公司在 北美市场加价，并会根据新增关税而进一步调价。另外，公司会预先采购该市场库存，同时与供应商协 商以缓解汇率影响。中期将透过重新设计产品以控制成本。 为反映严控经营开支的成效，该行将2025至27年净利预测分别上调2.1%、3.7%及1.8%。目标价由13.3港 元上调至14港元，维持"中性"评级，认为公司下半年需求仍具挑战。 ...

Core Viewpoint - China Resources Medical expects a decline in profit attributable to shareholders by 20% to 25% for the six months ending June 30, 2025, primarily due to reduced average medical expenses under the healthcare insurance system and a gradual exit from the IOT (Investment-Operation-Transfer) business [1] Financial Summary - The profit attributable to shareholders is projected to decline by 55% to 60% when excluding a one-time gain of approximately 210 million RMB from the Yan Hua IOT agreement, which includes management fees and compensation for supply chain losses [1] - The main reason for the profit decline is the decrease in operating profit of its medical institutions due to lower average medical expenses [1] Business Strategy - The company plans to optimize its revenue structure, enhance management efficiency, and control costs in the second half of 2025 to improve operational effectiveness [1]