幸福的晚年生活。 本报记者 陆广涛 摄 本报记者 王宥力 【目标】 适当提高退休人员基本养老金，落实"两个机制"适时提高城乡居民基础养老金。实施养老机构设施改造和能力提升项目16个。实施困难老年人家庭适老化改 造不少于1500户，农村互助幸福院100个。为不少于1000名农牧区群众和城市低收入家庭老年白内障患者开展复明手术。增加普惠托育服务供给，确保全省 总托位数达到27360个，千人口托位数达到4.5个。 湟中区养老服务质量指导中心负责人表示，适老化改造不仅是民生工程，更是民心工程。适老化改造项目为辖区老人安装了护理床、防压疮垫、轮椅等护理 设施设备，感应灯具、智能晾衣架、智能门铃等智能化适老设备，衣柜、橱柜、不锈钢护栏、无障碍通道等适老化家具家装设备，有效保障了老人的人身安 全，极大提升了我区居家生活品质。 调整提高企业和机关事业单位退休人员基本养老金2%。调整提高城乡居民基本养老保险基础养老金，月人均增加25元。16个养老机构设施改造和能力提升 项目全部开工建设。完成困难老年人家庭适老化改造2056户、改扩建农村互助幸福院108个；为1000名农牧区群众和城市低收入家庭老年白内障患者开展复 明手术。全省 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing significant pressure on profitability, with a notable decline in domestic market revenue, while the overseas market expansion shows promising results [7] - The company reported a total revenue of 2.755 billion yuan in the first half of 2025, a year-on-year decrease of 14.18%, and a net profit attributable to shareholders of -30 million yuan, compared to a profit of 5 million yuan in the same period last year [7] - The company is focusing on integrating and expanding new product categories while enhancing product capabilities, aiming to improve service capabilities and iterate sales and product models during the industry downturn [7] Financial Performance Summary - Total revenue forecast for 2023A is 7.802 billion yuan, with a projected decline to 6.118 billion yuan in 2025E, followed by a recovery to 6.646 billion yuan in 2026E and 7.235 billion yuan in 2027E [1] - Net profit attributable to shareholders is expected to drop from 324.01 million yuan in 2023A to 175.23 million yuan in 2025E, before increasing to 272.03 million yuan in 2026E and 327.97 million yuan in 2027E [1] - The latest diluted EPS is projected to be 0.50 yuan per share in 2025E, with a P/E ratio of 44.79 [1] Market and Operational Insights - The company’s overseas revenue reached 477 million yuan in the first half of 2025, marking a year-on-year increase of 30.75%, indicating a growing share of overseas sales [7] - The gross margin for the first half of 2025 was 30.37%, slightly down by 0.9 percentage points year-on-year, with the company managing expenses effectively despite revenue pressures [7] - The company’s asset-liability ratio was 38.74% at the end of the first half of 2025, showing a downward trend compared to the beginning of the year [7]