Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable increase in overseas sales, particularly in high-end instruments, indicating a shift in market dynamics and potential growth opportunities in international markets [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.185 billion yuan, a year-over-year decrease of 1.18%, and a net profit of 771 million yuan, down 14.62% year-over-year. Q2 revenue was 1.060 billion yuan, reflecting a 10.88% decline, while net profit for Q2 was 334 million yuan, a decrease of 30.06% [1][2]. - The gross margin for H1 2025 was 68.44%, down 4.17 percentage points year-over-year, and the net profit margin was 35.29%, down 5.56 percentage points year-over-year. The operating expense ratio increased to 29.17%, up 2.79 percentage points year-over-year [3]. Regional Performance - Domestic revenue in H1 2025 was 1.229 billion yuan, a decrease of 12.81% year-over-year, while overseas revenue reached 952 million yuan, an increase of 19.57% year-over-year. The domestic business faced significant disruptions due to DRG and centralized procurement policies, whereas overseas sales showed robust growth [2]. Product Performance - In H1 2025, the reagent business generated revenue of 1.521 billion yuan, down 4.40% year-over-year, while the instrument business achieved 660 million yuan, up 7.37% year-over-year. The company installed 774 new units domestically and sold 1,971 units overseas, with high-end instruments accounting for 77.02% of overseas sales [2]. Research and Development - The company invested 237 million yuan in R&D during H1 2025, an increase of 16.07% year-over-year. The launch of the ultra-high-speed luminescence instrument X10, which received domestic registration in June 2025, is expected to enhance the product matrix [3]. Future Outlook - Revenue projections for 2025-2027 are 4.892 billion yuan, 5.775 billion yuan, and 6.740 billion yuan, with year-over-year growth rates of 7.87%, 18.05%, and 16.71%, respectively. Net profit forecasts for the same period are 1.779 billion yuan, 2.079 billion yuan, and 2.536 billion yuan, with growth rates of -2.72%, 16.91%, and 21.96% [4].