Financial Performance - In H1 2025, the company reported revenue of 203 million yuan, a decrease of 23.91%, and a net profit attributable to shareholders of 12.4 million yuan, down 82.82% [1] - Q2 2025 revenue was 115 million yuan, a decline of 12.27%, with a net profit of 3.67 million yuan, down 88.72% [1] - The decline in revenue was primarily due to tariff impacts on U.S. business and a slowdown in government procurement, alongside decreased demand for mosquito products in Latin America and respiratory testing in domestic markets [1] Cost and Expense Analysis - The company's expense ratios for R&D, sales, management, and financial costs were 19.67%, 9.91%, 17.46%, and -6.38% respectively, with increases of 8.31, 5.67, 5.47, and 6.29 percentage points [1] - Profit margins were more adversely affected than revenue due to increased registration fees, employee stock plan costs, and reduced financial income [1] Product Development and Innovation - The company launched several new products in H1 2025, including four new drug testing reagents and a chikungunya virus testing reagent, enhancing its product pipeline [2] - Microfluidic technology has improved device portability and adaptability, achieving laboratory-level sensitivity while reducing costs by 60% [2] - The company is focusing on the development of cardiac markers, thyroid function, and nutritional products, with multi-item testing on a single chip already achieved [2] Strategic Initiatives - The company has strategically entered the brain-computer interface market through its subsidiary, investing in a company that targets treatment for severe depression [2] - The brain-computer interface market is expected to grow significantly due to policy support and technological breakthroughs, which could enhance the company's long-term growth prospects [2] Future Projections - Revenue projections for 2025-2027 are 585 million yuan, 731 million yuan, and 890 million yuan, with net profits of 108 million yuan, 166 million yuan, and 215 million yuan respectively [3] - Corresponding P/E ratios for 2025-2027 are expected to be 54.12, 35.17, and 27.27 [3]