Core Insights - The company reported a total revenue of 11.507 billion yuan for H1 2025, representing a year-on-year growth of 9.12% [1] - The net profit attributable to shareholders was 2.051 billion yuan, with a slight increase of 0.05% year-on-year [1] - The gross profit margin decreased by 0.88 percentage points [1] Revenue Breakdown - In Q2 2025, the company achieved a revenue of 5.481 billion yuan, showing a year-on-year growth of 2.47% [1] - The net profit for Q2 was 1.001 billion yuan, reflecting a decline of 12.97% year-on-year [1] - The gross profit margin for Q2 decreased by 1.40 percentage points [1] International Expansion - The company is actively expanding its overseas market presence, with a medical network established in mainland China, Hong Kong, Europe, the United States, and Southeast Asia [1] - Revenue from Europe reached 1.22 billion yuan in H1 2025, marking a significant year-on-year growth of 20%, accounting for 10.60% of total revenue [1] - Revenue from Southeast Asia was 206 million yuan, with a year-on-year increase of 9.83% [1] - As of June 2025, the company has established 169 ophthalmology centers and clinics abroad, forming a global medical service network [1] Domestic Business Performance - The domestic business showed robust growth, with the North China region generating 987 million yuan in H1 2025, a year-on-year increase of 18.38% [2] - The East China region reported revenue of 1.862 billion yuan, growing by 11.44% year-on-year, accounting for 16.18% of total revenue [2] - Specific revenue contributions include 4.618 billion yuan from refractive services (up 11.14%), 2.720 billion yuan from optical services (up 14.73%), 1.781 billion yuan from cataract services (up 2.64%), 1.031 billion yuan from anterior segment services (up 13.06%), and 785 million yuan from posterior segment services (up 9.02%) [2] Technological Advancements - The company has enhanced its clinical capabilities by introducing the new generation of Zeiss robotic femtosecond equipment VISUMAX800 and the new minimally invasive surgery SMILEpro [2] - The company also introduced the first domestically approved, second globally approved IGF-1R antibody drug [2] - In H1 2025, the outpatient volume reached 9.2483 million visits, a year-on-year increase of 16.47%, while the number of surgeries performed was 879,000, reflecting a growth of 7.63% [2] Investment Outlook - Revenue projections for 2025-2027 are 23.331 billion, 26.545 billion, and 30.128 billion yuan, with year-on-year growth rates of 11.2%, 13.8%, and 13.5% respectively [3] - Net profit attributable to shareholders is expected to be 4.070 billion, 4.847 billion, and 5.867 billion yuan for the same period, with growth rates of 14.5%, 19.1%, and 21.0% respectively [3] - The company maintains a "buy" rating [3]