Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable performance difference between domestic and overseas markets [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 2.185 billion (yoy -1.18%) and a net profit attributable to shareholders of 771 million (yoy -14.62%) [1]. - Q2 2025 revenue was 1.060 billion (yoy -10.88%), with a net profit of 334 million (yoy -30.06%) [1]. - The company's comprehensive gross margin for H1 2025 was 68.64% (yoy -4.14 percentage points) [3]. Group 2: Revenue Breakdown - In H1 2025, reagent revenue was 1.521 billion (yoy -4.40%), while instrument revenue was 660 million (yoy +7.37%) [2]. - Domestic revenue was 1.229 billion (yoy -12.81%), with domestic instrument business revenue increasing by 18.18% [2]. - Overseas revenue reached 952 million (yoy +19.57%), with reagent business revenue growing by 36.86% [2]. Group 3: Product Development and Market Position - The company has expanded its product matrix, with the X series flagship models receiving domestic product registration [3]. - The number of small molecule double antibody sandwich method reagents has increased to 14, covering various medical fields [3]. - The company’s R&D expense ratio was 10.86% (yoy +1.62%) [3]. Group 4: Future Projections - Revenue projections for 2025-2027 are 4.858 billion, 5.496 billion, and 6.348 billion, with growth rates of 7.12%, 13.12%, and 15.51% respectively [3]. - Net profit forecasts for the same period are 1.832 billion, 2.065 billion, and 2.385 billion, with growth rates of 0.17%, 12.77%, and 15.48% respectively [3]. - The current price-to-earnings ratios are projected at 25x, 22x, and 19x for 2025, 2026, and 2027 [3].

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 27 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | | | | 08 | 2025 | 年 | 月 | | 日 | | 26 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 57.70 | | | | | 一 年 内 最 低 | 最 | 高 | / | | | | | | | 97.20/49.01 | | | （元） | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 45,335.97 | | | | | 流通市值（百万元） | | | | | | | | 39,351.25 | | | | | 总股本 ...

Financial Performance - In 2024, the company achieved operating revenue of CNY 4.535 billion, a year-on-year increase of 15.41% [2] - The net profit attributable to shareholders was CNY 1.828 billion, growing by 10.57% compared to the previous year [2] - In Q1 2025, the operating revenue reached CNY 1.125 billion, reflecting a year-on-year growth of 10.12% [2] Domestic Market Insights - In 2024, the company generated CNY 2.843 billion in main business revenue domestically, marking a 9% increase [3] - A total of 1,641 automated chemiluminescence analyzers were installed in the domestic market, with large machines accounting for 75% of installations [3] - In Q1 2025, 412 automated chemiluminescence analyzers were installed, with large machines making up 76% of the total [3] International Market Performance - In 2024, the company recorded CNY 1.684 billion in main business revenue from overseas, a 28% increase [4] - The overseas reagent business revenue grew by 26% in the same year [4] - In Q1 2025, overseas main business revenue continued to grow by 27%, with reagent business revenue increasing by 40% [4] Strategic Responses to Market Changes - The company plans to embrace domestic procurement and medical insurance payment reforms actively, focusing on high-quality and cost-effective products [6] - Continuous technological innovation is emphasized to enhance product competitiveness and meet clinical demands for sensitivity and accuracy [7] - The company aims to maintain a strong presence in both domestic and international markets through a global strategy and localized marketing efforts [9] Future Outlook - The company expects to enhance its market competitiveness by leveraging its four major technology platforms and integrating instruments with reagents [8] - The overseas business is projected to maintain steady growth, with an increasing share of total revenue [10]