Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 292 CNY, reflecting an expected performance that exceeds the benchmark index by 10%-20% over the next six months [8][24]. Core Insights - The company reported a revenue of 16.743 billion CNY for the first half of 2025, a decrease of 18.45% year-on-year, and a net profit attributable to shareholders of 5.069 billion CNY, down 32.96% [2]. - The international market shows steady growth, with a 5.39% increase in revenue, while the domestic market is expected to improve in Q3 2025 due to the revival of bidding activities [8]. - The in-vitro diagnostics (IVD) business is accelerating its internationalization, achieving double-digit growth in international markets, despite a 16.11% decline in domestic revenue [8]. - The medical imaging segment benefits from the launch of high-end ultrasound systems, maintaining a strong market share despite overall procurement pressures in the domestic market [8]. - The life information and support business faces domestic challenges but is expected to gain momentum from the introduction of high-value consumables [8]. Financial Summary - For 2025, the company is projected to achieve a net profit of 11.79 billion CNY, reflecting a year-on-year growth of 1.0%, with further growth expected in subsequent years [4]. - The company's earnings per share (EPS) is forecasted to be 9.72 CNY in 2025, with a price-to-earnings (P/E) ratio of 25 [4]. - The total revenue is expected to grow from 36.726 billion CNY in 2024 to 49.086 billion CNY by 2027, with a compound annual growth rate (CAGR) of 14.4% [4]. Market Performance - The company’s stock price has shown fluctuations, with a 12-month high of 324.50 CNY and a low of 211.59 CNY, indicating volatility in market performance [5].