Core Viewpoint - Company plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand recognition [2] Group 1: Company Overview - Company is a leading enterprise in personal health management, specializing in the research, production, sales, and service of medical devices [4] - As of the end of 2024, the company has 92 subsidiaries and 794 branches, establishing a comprehensive network for research, production, marketing, and service [4] - Product offerings span five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [4] Group 2: Internationalization Strategy - Company views internationalization as a key strategic direction, combining organic growth with mergers and acquisitions to enhance overseas business [4] - Significant investments are being made in overseas operations, focusing on local product development and market registration [4] - Recent acquisitions include Shanghai Huazhou and Ximaner, aimed at strengthening overseas resources and market presence [5] Group 3: Financial Performance - In 2024, the company achieved revenue of 2.983 billion yuan, a year-on-year increase of 4.53%, and a net profit of 312 million yuan, up 22.60% [8] - Overseas revenue remains small, accounting for approximately 59.15 million yuan, or 1.98% of total revenue [8] - In Q1 2025, the company experienced a decline in performance, with revenue of 738 million yuan, down 8.59%, and net profit of 91.43 million yuan, down 9.68% [8] Group 4: Product Performance - In Q2, the company reported stable overall operations with strong demand for certain products, including hearing aids and home testing kits [9] - The self-developed respiratory machine has shown outstanding performance, achieving industry-leading noise reduction [9] - The blood glucose and uric acid testing device, utilizing a unique dual-testing technology, continues to lead in its niche market [9]

Group 1: Company Performance - The overall operating status in Q2 remained stable, with strong growth in hearing aids, home testing reagents, dressings, and adult care products [2] - The self-developed ventilator achieved outstanding performance, ranking first in sales on Douyin, with industry-leading noise reduction and performance [3] - The blood glucose and uric acid integrated machine showcases a unique dual-testing technology, reducing user burden and medical costs [3] Group 2: Hong Kong Listing Rationale - The current national policy supports companies "going global," making the Hong Kong listing aligned with policy direction and beneficial for international development [4] - The Hong Kong market offers a high degree of internationalization, providing a quality financing platform for companies [4] - Establishing an H-share platform is a strategic move to enhance overseas business capabilities and improve cross-border M&A efficiency [4] Group 3: International Business Strategy - The company aims for internationalization through a combination of organic growth and acquisitions, continuously enhancing its overseas business layout [5] - Significant investments are being made in overseas markets, with local product development and registration efforts underway [5] - The company completed acquisitions of Huazhou and Ximan in the first half of the year, enhancing overseas business resources [5] Group 4: Acquisition Projects - Huazhou, established in 2002, is a leading manufacturer of pressure-sensitive adhesive products, with over 60% of its revenue from overseas [6] - Ximan, with nearly 40 years of experience, operates retail medical device centers and will help the company penetrate the Hong Kong market [7] - Future acquisitions will focus on companies that can enhance product lines or technical capabilities and those with established distribution networks or brand influence [7] Group 5: Hearing Aid Business Outlook - The hearing aid business is focused on improving operational quality and has seen some improvement in profitability [7] - The Chinese hearing aid market has significant growth potential but faces challenges such as low public awareness and usage rates [7] - The company plans to provide comprehensive services for hearing-impaired individuals, leveraging its core competitive advantage in personalized solutions [7]