Group 1: R&D Investment and Strategy - The company plans to continue increasing R&D investment, focusing on key product areas and AI strategic layout [1] - A complete R&D pipeline is in place, with budget decisions based on mid-to-long-term strategies [1] - The company has accumulated 26 years of clinical experience, aiming to develop medical-grade wearable devices [2] Group 2: Revenue Growth and Market Expansion - Future growth points include respiratory therapy, blood glucose management, POCT, home health monitoring, and emergency care, with an active expansion into overseas markets [2] - The company achieved a total revenue of CNY 75.66 billion and a net profit of CNY 18.06 billion in 2024 [8] - In Q1 2025, the company reported a revenue of CNY 24.36 billion and a net profit of CNY 6.25 billion [8] Group 3: Competitive Positioning and Market Challenges - The company faces competition from major players like Abbott in the CGM market, with a current market share that is expected to grow [11] - The overseas business has seen a 30% revenue increase, primarily driven by regions like Southeast Asia, Europe, and South America [11] - The company is monitoring the impact of high tariffs in the U.S. on its overseas business and is developing risk management strategies [11] Group 4: Brand and Market Perception - The company emphasizes the importance of brand strength, product quality, and service in enhancing its market position [4] - The company’s goodwill stands at CNY 1.107 billion, accounting for less than 7% of total assets, indicating manageable impairment risks [4] Group 5: Future Outlook and Goals - The company aims to be among the top three in the global home healthcare market, with current contributions from home customers being evaluated [3] - The company is committed to long-term strategies and organic growth, alongside potential acquisitions to drive business expansion [6] - The company acknowledges that its current P/E ratio is undervalued, which may affect market perception [10]

Group 1: Core Product Strategy - The company focuses on core product categories including hearing aids, diagnostic reagents, and respiratory devices, aiming to enhance market competitiveness through innovation and digital marketing tools [2][3] - Significant growth is expected in core products, which will drive future revenue and profit [2][3] Group 2: Financial Performance and Market Impact - In Q1 2024, the company optimized its product structure, leading to a slight revenue decline but improved operational quality [4] - The medical care and health monitoring segments showed good growth, while the respiratory support segment experienced a decline due to strategic adjustments [4] - National subsidy policies positively impacted sales for eligible products, contributing to growth [4] Group 3: Future Product Development - The company plans to launch a new generation of respiratory devices in 2025, enhancing performance and user experience [5] - AI technology will be integrated into various health monitoring products to improve precision and smart health management [6] Group 4: Medical Care Business Growth - The medical care segment is projected to grow over 8% YoY in 2024, excluding the impact of mask sales [8] - The company aims to enhance the competitiveness of core products through refined operations and channel development [8] Group 5: Hearing and Overseas Market Strategy - The hearing aid market is viewed positively, with plans to improve store profitability through cost control and management [9] - The overseas business is in a strategic cultivation phase, with good growth in foreign trade revenue and optimistic future prospects [9] Group 6: M&A Strategy - The company will focus on core business development while exploring M&A opportunities that align with its strategic direction and enhance competitive advantages [10]