Core Insights - The company experienced a decline in performance in the first half of 2025, with revenue of 1.196 billion yuan (down 2.27% year-on-year) and a net profit of 143 million yuan (down 39.09% year-on-year) due to various factors including global market volatility and strategic investments [1] - The domestic market faced short-term pressure, while the overseas market showed strong performance with revenue of 427 million yuan (up 30.17% year-on-year) [1] - The life sciences segment generated revenue of 599 million yuan, with low-temperature storage business showing signs of recovery and laboratory solutions gaining market share [2] - The medical innovation segment achieved revenue of 589 million yuan, with significant growth in smart medication and blood technology, contributing to 47% of total revenue [3] Financial Performance - In H1 2025, the company's gross margin was 46.28% (down 1.99 percentage points year-on-year) and net margin was 12.31% (down 7.24 percentage points year-on-year) [1] - The company anticipates a recovery in profitability in H2 2025, supported by a 38% increase in the domestic market project pipeline and substantial growth in medical channels [1] Business Segments - The low-temperature storage business declined by 9.9% year-on-year but showed a recovery trend with a 16.73% increase compared to H2 2024 [2] - The smart medication segment grew by approximately 6% year-on-year, with expectations for high double-digit growth for the full year [3] - Blood technology revenue increased by 19% year-on-year, significantly outperforming the industry average [3] Strategic Outlook - The company is transitioning from a low-temperature storage equipment provider to a life sciences and medical innovation platform, with rapid growth in new industries [4] - Profit forecasts for 2025-2027 are maintained at 408 million, 481 million, and 562 million yuan respectively, with corresponding EPS of 1.28, 1.51, and 1.77 yuan [4]