Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company's domestic performance is under short-term pressure due to factors such as medical insurance cost control and intensified market competition, while its overseas business continues to grow significantly [2][4] - The company has seen a decline in its main business revenue domestically, with a 21.08% decrease to 5.42 billion yuan, while overseas revenue increased by 26.00% to 1.29 billion yuan [2] - The company is advancing its self-produced instruments and assembly lines steadily, with a total of 546 new installations domestically and 544 installations overseas in the first half of 2025 [3] - The company has launched innovative digital business initiatives, including a diabetes management platform and an intelligent clinical laboratory software system, enhancing its AI+IVD strategy [4] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 808 million yuan, a decrease of 15.79% year-on-year, and a net profit attributable to the parent company of 26.27 million yuan, down 84.82% year-on-year [1] - The company’s R&D expense ratio increased to 17.41%, reflecting a focus on innovation despite the revenue decline [3] - The financial forecast estimates operating revenues of 2.19 billion yuan, 2.58 billion yuan, and 3.05 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 564 million yuan, 580 million yuan, and 583 million yuan for the same years [4][10]