Group 1 - The 92nd China International Medical Equipment Fair (Autumn CMEF) opened on September 26, attracting nearly 3,000 companies from around 20 countries and over 120,000 professional visitors [1] - Haier Biomedical showcased over 20 innovative products and solutions across four major industries: laboratory solutions, smart medication, blood technology, and low-temperature storage [1] - The company launched the first domestically approved ultra-low temperature storage box using deep green technology and introduced a new cloud series safety cabinet to enhance laboratory work experience [1][2] Group 2 - By the first half of 2025, new industries accounted for a significant portion of Haier Biomedical's revenue, with automation, cell culture, high-speed centrifugation, and intelligent systems achieving leading positions domestically and internationally [2] - The company presented its AI technology integration with life sciences and medical innovation, including the Edmond sample management solution for high-risk samples, enhancing safety and efficiency in high-level laboratories [2] - Haier Biomedical's overseas revenue grew by over 30% year-on-year in the first half of this year, with significant market share in 25 countries for its ultra-low temperature storage boxes, drug constant temperature boxes, and solar vaccine refrigeration boxes [3]

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]

Core Viewpoint - The report outlines the progress and achievements of Qingdao Haier Biomedical Co., Ltd. in its "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative for the first half of 2025, emphasizing the company's focus on AI integration, innovation, and market expansion to enhance competitiveness and shareholder value [1]. Group 1: Development and Innovation - The company accelerated the development of new productive forces, focusing on four major industries and enhancing global market competitiveness through an upgraded "four horizontal and four vertical" open R&D innovation system [1][2]. - The AI foundation is being strengthened with a multi-layered architecture that integrates AI technology with life sciences and medical innovation, resulting in the creation of 17 specialized intelligent agents across various fields [2][3]. - R&D investment reached 160 million yuan, accounting for 13.39% of revenue, with a 6% reduction in new product development cycles and a 48% increase in the number of invention patents [3]. Group 2: Product Solutions and Market Performance - In the low-temperature storage industry, the company launched innovative solutions focusing on automation and intelligence, achieving recognition from users and implementing various automated sample storage solutions across multiple institutions [4]. - The laboratory solutions sector saw breakthroughs with AI-driven automation, significantly improving the efficiency of PBMC separation and cell culture processes [4]. - The smart medication sector introduced several automated solutions, expanding services to over 300 medical institutions and achieving breakthroughs in overseas markets [5]. - The blood technology sector developed a new disposable leukocyte-reducing blood bag and an automated blood component separation machine, enhancing operational efficiency and safety for healthcare professionals [6]. Group 3: Market Expansion - Despite a 14.64% decline in domestic revenue to 761 million yuan, the company improved its market share in low-temperature storage and established a leading position in several new product categories [6][7]. - The overseas market showed strong growth, with revenue reaching 427 million yuan, a 30.17% increase year-on-year, and a 56.67% increase in the second quarter [7][8]. - The company implemented localized strategies in overseas markets, achieving significant product certifications and establishing local operational platforms in multiple countries [8]. Group 4: Corporate Governance and Investor Relations - The company enhanced its governance structure and compliance with legal regulations, holding multiple board meetings to ensure operational transparency and fairness [9][10]. - Investor relations activities included over 60 interactions with institutional investors, enhancing communication and transparency regarding the company's long-term value [10][11]. - The company has maintained a consistent dividend policy, with a total dividend payout of 788 million yuan since its listing, and initiated a new share repurchase plan to boost investor confidence [11][12]. Group 5: Employee Engagement and Incentives - The company adopted a "user value creation" model to maximize employee value, linking core staff incentives to company performance through a stock incentive plan [14].