Investment Rating - The report maintains a "Recommended" rating for Haier Biomedical (688139) [1] Core Views - The company reported a 2.27% decline in revenue for H1 2025, totaling 1.196 billion yuan, and a 39.09% drop in net profit to 143 million yuan, primarily due to external factors and strategic investments [1][5] - New industries are showing growth, with their revenue share increasing to 47%, reflecting a 7.27% year-on-year growth, particularly in laboratory solutions and smart medication [5] - The overseas business is performing strongly, with a 30.17% increase in overseas revenue to 427 million yuan in H1 2025, while domestic revenue fell by 14.64% to 761 million yuan [5] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 2,284 million, 2,630 million, 3,061 million, and 3,464 million yuan respectively, with expected growth rates of 0.1%, 15.2%, 16.4%, and 13.2% [1][6] - Net profit projections for the same years are 367 million, 423 million, 508 million, and 585 million yuan, with growth rates of -9.7%, 15.4%, 20.1%, and 15.1% [1][6] - The company’s earnings per share (EPS) is projected to increase from 1.15 yuan in 2024A to 1.84 yuan in 2027E [6]

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Core Viewpoint - Haier Biomedical's performance in the first half of the year was under pressure due to external factors, new capacity ramp-up, and strategic investments, but the overall performance is expected to improve with industry recovery and accelerated innovation [1] Group 1: Financial Performance - The company's revenue and profit in the second quarter were at their lowest for the year, with expectations for improved profitability in the third and fourth quarters [1] - New industries accounted for 47% of total revenue, showing a year-on-year growth of 7.27%, with smart medication, blood technology, and laboratory solutions each contributing approximately 11%, 11%, and 17% to total revenue respectively [2] Group 2: Market Position - Haier Biomedical's plasma collection solutions have a market share exceeding 50%, and its automated medication market share ranks among the top three in the industry [2] - The company has achieved leading positions in the domestic market for total organic carbon analyzers and UV spectrophotometers, with its biological safety cabinets ranking first nationally [2] Group 3: Overseas Business - The company achieved overseas revenue of 427 million yuan, a year-on-year increase of 30.17%, with the second quarter marking the highest quarterly revenue and growth rate in 2023 [3] - Products and solutions are applied in over 150 countries, with localized operations established in 17 countries, and three low-temperature product lines leading in market share in 25 countries [3] Group 4: AI Development - The company is enhancing its AI infrastructure with a multi-layered architecture, integrating AI technology with life sciences and medical innovation [4] - A foundational AI model, "Yingkang Brain," has been developed, focusing on various industry fields, resulting in 17 specialized AI clusters [4] - The integration of AI into medical decision-making and research experiments is being realized through automated solutions and hardware systems, creating an efficient collaboration of data, devices, and scenarios [4]