Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 58.85 [1][5]. Core Insights - The company's revenue, net profit attributable to the parent, and net profit excluding non-recurring items for 1H25 were RMB 46.59 billion, RMB 12.03 billion, and RMB 9.14 billion, respectively, showing year-on-year growth of +8.2%, +7.4%, and -5.2% [1]. - The overseas business is experiencing rapid growth, contributing significantly to the company's performance, with overseas revenue reaching RMB 6.07 billion, a year-on-year increase of +26.6%, accounting for 13.0% of total revenue [2]. - The core business segments are showing varied performance, with the respiratory and oxygen segment achieving revenue of RMB 16.74 billion (+1.9% YoY), and the blood glucose and POCT segment growing by +20.0% YoY [2]. - The emergency segment saw a significant revenue increase of +30.5% YoY, while the clinical instruments and rehabilitation business remained stable with a +3.3% YoY growth [3]. - The company has increased its sales expense ratio to 17.44%, reflecting ongoing investments in market expansion [4]. Financial Projections - The company forecasts net profits attributable to the parent for 2025-2027 to be RMB 19.6 billion, RMB 22.7 billion, and RMB 26.2 billion, representing year-on-year growth of +8.8%, +15.5%, and +15.3%, respectively [5]. - The projected EPS for the same period is RMB 1.96, RMB 2.26, and RMB 2.61 [5]. - The company maintains a gross margin of 50.37%, which has slightly improved by +0.30 percentage points year-on-year [4].