Core Viewpoint - The company's performance in the first half of 2025 meets expectations, with strong growth in overseas business. Looking ahead to Q3 and the second half of 2025, the company is actively expanding its overseas market, expecting foreign income to maintain rapid growth. In the domestic market, the company anticipates that the revenue growth rate will exceed that of 2024 through the synergistic development of chairside repair systems, implant business, and repair materials [1][4][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 486 million yuan, a year-on-year increase of 17.22%, and a net profit attributable to shareholders of 92 million yuan, up 19.86%. The net profit excluding non-recurring items was 84 million yuan, reflecting a growth of 9.35% [2][4]. - For Q2 2025, the company reported revenue of 280 million yuan, a year-on-year increase of 16.61% and a quarter-on-quarter increase of 36.52%. The net profit attributable to shareholders was 61 million yuan, up 13.61% year-on-year and 94.34% quarter-on-quarter [4]. Business Segments - The core business of dental repair materials showed steady growth, with revenue of 358 million yuan in the first half of 2025, a year-on-year increase of 19.19%, accounting for 73.74% of total revenue. The revenue from digital dental equipment was 96 million yuan, up 3.64% year-on-year, representing 19.80% of total revenue [5]. - The overall gross margin for the first half of 2025 was approximately 51.94%, slightly down year-on-year. The gross margin for dental repair materials was 58.20%, down 2.17 percentage points, while the gross margin for digital dental equipment was 30.50%, up 1.24 percentage points [5]. Research and Development - The company increased its R&D investment, with R&D expenses reaching 28 million yuan, a year-on-year increase of 36.12%, representing 5.82% of revenue. This increase is attributed to the hiring of additional R&D personnel and higher costs for new product registrations [6]. Strategic Outlook - The company aims to consolidate its leading position in the dental repair materials sector and build long-term competitiveness through a "materials + equipment + implants" collaborative development strategy [7][8]. - The company is enhancing its global layout, with overseas markets becoming a significant driver of revenue growth, as evidenced by a 34% year-on-year increase in foreign income in the first half of 2025 [9]. Revenue Forecast - The company forecasts revenues of 1.034 billion yuan, 1.205 billion yuan, and 1.407 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year increases of 16.4%, 16.56%, and 16.73%. The net profit attributable to shareholders is projected to be 180 million yuan, 217 million yuan, and 262 million yuan for the same years, with growth rates of 19.33%, 20.73%, and 20.78% [10].