Core Viewpoint - Lepu Medical's net profit attributable to shareholders for the first half of 2025 is 691 million yuan, a year-on-year decline of 0.91%, while Q2 net profit reached 312 million yuan, showing a year-on-year growth of 45.05% [1] Financial Performance - The company's revenue in Q2 2025 showed steady growth, with profit growth outpacing revenue growth due to improved gross margin and reduced expense ratio [1] - The cardiovascular interventional business is experiencing stable growth, and the structural heart disease segment is performing exceptionally well [1] Business Adjustments - The inventory destocking in the formulation business is nearly complete, and progress in innovative drug research and development is on track, indicating potential performance improvement in the pharmaceutical segment [1] - Given the completion of business adjustments, the company's profitability is expected to improve, leading to a maintained "buy" rating [1]