Investment Rating - The investment rating for the company is "Add" (maintained) [1] Core Views - The company has expanded its sales channels and enriched its product categories, resulting in a 65% quarter-on-quarter increase in net profit attributable to the parent company in Q2 2025 [2] - In H1 2025, the company achieved revenue of 375 million yuan, a year-on-year increase of 20.77%, and a net profit of 49 million yuan, up 27.18% year-on-year [2] - The growth in performance is attributed to the company's strategic focus on diversifying product offerings and expanding sales channels amid a complex international economic environment [2][3] Financial Performance - For H1 2025, the company reported a gross profit margin of 29.01%, an increase of 1.19 percentage points year-on-year, and a net profit margin of 13.16%, up 0.65 percentage points year-on-year [2] - The company’s revenue from non-automotive products grew by 183% year-on-year in H1 2025, with significant contributions from household products [3] - The company has shifted towards self-manufacturing high-end automotive electronic products, with a notable increase in cross-border e-commerce orders [4] Revenue and Profit Forecast - The forecast for net profit attributable to the parent company has been raised to 132 million yuan, 160 million yuan, and 191 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18.00, 14.92, and 12.49 [4]

Core Insights - The company reported a revenue of 2.704 billion yuan and a net profit attributable to shareholders of 438 million yuan for the year 2024, with a 20.23% year-on-year growth in pharmaceutical industrial revenue driven by optimized marketing strategies [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 2.704 billion yuan and a net profit of 438 million yuan [1] - The pharmaceutical industrial revenue grew by 20.23% year-on-year due to enhanced marketing model adjustments [1] Group 2: Market Participation and Product Offerings - The company actively participated in national drug procurement projects, securing 14 core specifications in the third batch of national traditional Chinese medicine procurement [1] - A total of 86 products from the company were included in the latest national medical insurance directory, with 35 classified as Category A and 51 as Category B [1] Group 3: Marketing Strategy and Network Development - The company has established a nationwide marketing network covering over 6,000 medical institutions across more than 30 provinces, integrating a full-chain service system from urban public hospitals to retail terminals [3] - The marketing strategy focuses on cardiovascular and respiratory diseases while expanding into pediatric and digestive health markets, utilizing diverse sales channels and marketing strategies to drive growth [2][3] - The company emphasizes a comprehensive marketing approach with a focus on sales capability enhancement across different business units, targeting commercial sales, medical terminal markets, and retail pharmacies [3]