Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to domestic market pressures and increased competition, while overseas business showed growth potential [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 808 million yuan, a year-on-year decrease of 15.79%, and a net profit of 26 million yuan, down 84.82% year-on-year [1]. - In Q2 2025, revenue was 391 million yuan, reflecting a 26.12% year-on-year decline, with net profit at 16 million yuan, down 84.93% year-on-year [1]. - The company's main business revenue was 671 million yuan, a decrease of 14.98% year-on-year, with domestic revenue at 542 million yuan, down 21.08%, while overseas revenue grew by 26.00% to 129 million yuan [2]. Business Segments - The self-produced chemiluminescence business generated 603 million yuan in revenue, down 15.87% year-on-year, with a gross margin of 61.58% [2]. - The company installed 1,090 self-produced chemiluminescence instruments in H1 2025, with 546 units in the domestic market and 544 units overseas [3]. - The pipeline business saw a remarkable growth of 54.05%, with 57 new installations, including 11 new contracts for the self-developed iTLA Max pipeline [3]. Strategic Initiatives - The company is advancing its "AI + IVD" strategy, focusing on product transformation and upgrades based on clinical needs [4]. - In the diabetes sector, the company launched the PIFI digital platform for standardized assessment of pancreatic function, utilizing large-scale clinical data and machine learning [4]. - The company has developed an intelligent interpretation system for autoimmune diseases, achieving a recognition accuracy of 91.3% and deployed it in over 30 top-tier hospitals [4]. Investment Outlook - The company maintains a "buy" rating, with projected revenues of 1.851 billion yuan, 2.167 billion yuan, and 2.542 billion yuan for 2025-2027, reflecting a year-on-year growth of -8.0%, 17.1%, and 17.3% respectively [5]. - Expected net profits for the same period are 114 million yuan, 300 million yuan, and 415 million yuan, with corresponding EPS of 0.20, 0.53, and 0.73 yuan [5].