Core Viewpoint - The company reported a decline in revenue for the first half of 2025, but showed significant improvement in net profit, indicating resilience in its long-term growth despite short-term challenges [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.114 billion yuan, a year-over-year decrease of 7.90%, and a net profit of -104 million yuan, an increase of 65.28% year-over-year [1]. - In Q2 2025, the company reported revenue of 659 million yuan, a year-over-year decrease of 2.93%, and a net profit of 30 million yuan, an increase of 130.62% year-over-year [1]. Group 2: Business Segments and Market Dynamics - In H1 2025, the sequencing business generated revenue of 894 million yuan, down 12%, with instrument sales at 298 million yuan, down 23%, and reagent sales at 555 million yuan, down 6% due to geopolitical tensions and increased competition [2]. - The company sold over 700 sequencing instruments in H1 2025, marking a 60% increase, with significant growth in both research and clinical fields [2]. - Domestic market sales of sequencing instruments exceeded 600 units, an increase of 82%, despite revenue pressure from competition [3]. Group 3: R&D and Product Development - The company invested 320 million yuan in R&D in H1 2025, accounting for 29% of revenue, focusing on product upgrades and new product launches [3]. - New products include the T1+ desktop sequencer capable of producing Tb-level data in 24 hours and the AI-enabled G10-FR sequencer [3]. Group 4: Future Projections - Revenue projections for 2025-2027 are 3.585 billion yuan, 4.184 billion yuan, and 4.936 billion yuan, with year-over-year growth rates of 19.01%, 16.69%, and 17.98% respectively [4]. - Expected net profits for the same period are 29 million yuan, 104 million yuan, and 219 million yuan, with significant growth rates of 104.79%, 262.33%, and 110.26% respectively [4].