Core Insights - The company reported a revenue of 863 million yuan for the first half of 2025, representing a year-on-year decline of 8.15% [1] - The net profit attributable to shareholders was 230 million yuan, down 32.54% year-on-year, with a significant drop in net profit after excluding non-recurring gains and losses to 166 million yuan, a decrease of 48.66% [1] Revenue Breakdown - The average selling price of self-owned brand medical devices increased from 43.52 yuan to 53.37 yuan, but revenue from this category plummeted by 48.07% to 238 million yuan [1] - The average selling price of cosmetics rose from 36.29 yuan to 42.36 yuan, with revenue growth of 29.95% to 625 million yuan, although the gross margin decreased by 1.11 percentage points to 80.42% [1] Channel Performance - Online direct sales generated 536 million yuan, a year-on-year increase of 25.7%, accounting for 62.1% of total revenue, driven by rapid growth through platforms like Tmall and Douyin [1] - Online distribution revenue surged by 246% to 159 million yuan, indicating the company's accelerated expansion into e-commerce distribution networks [1] - Offline channel revenue continued to decline, with distribution income falling by 64.1% to 167 million yuan [1] Expense Analysis - Sales expenses reached 420 million yuan, a significant increase of 39.56% year-on-year, primarily for brand promotion and online traffic investment, with promotional expenses totaling 385 million yuan [2] - Despite the substantial increase in sales expenses, revenue did not see a corresponding rise, indicating pressure on profit margins due to rising customer acquisition costs [2] - The net cash flow from operating activities was 162 million yuan, a decrease of 54.69% year-on-year, mainly due to increased marketing expenditures [2]