Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 11.507 billion RMB for H1 2025, representing a year-on-year increase of 9.12%, with a net profit of 2.051 billion RMB, showing a slight increase of 0.05% [2]. - The outpatient visits reached 9.2483 million, up 16.47% year-on-year, while the number of surgeries performed was 879,000, an increase of 7.63% [3]. - The company has expanded its domestic and international operations, with overseas revenue contributing 13.2% of total income, highlighting the effectiveness of its global strategy [3][4]. Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 5.481 billion RMB, a year-on-year increase of 2.47%, but the net profit decreased by 13% to 1.001 billion RMB [2]. Business Analysis - The refractive and optical services led the growth, with revenues of 4.618 billion RMB (up 11.14%) and 2.720 billion RMB (up 14.73%) respectively [3]. - The cataract project generated 1.781 billion RMB, reflecting a 2.64% increase, while the anterior segment project earned 1.031 billion RMB, up 13.06% [3]. Network Expansion and Efficiency - As of H1 2025, the company operates 355 domestic hospitals and 240 outpatient departments, alongside 169 overseas eye centers and clinics [4]. - The company has initiated an organizational transformation and AI integration to enhance operational efficiency, collaborating with institutions like the Chinese Academy of Sciences and Huawei Cloud [4]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is adjusted to 3.773 billion RMB, 4.197 billion RMB, and 4.644 billion RMB respectively, with expected EPS of 0.41, 0.45, and 0.50 RMB [5].