Core Viewpoints - The company announced that its LinX continuous glucose monitoring (CGM) system has recently received market approval in Brazil, further strengthening its international expansion strategy [1] - The CGM product is expected to continue its growth trend in the domestic market through both online and offline channels, while overseas markets show significant potential for revenue growth due to a low revenue base and increasing market share [1][3] - The company reported a net loss of only 2.29 million yuan in the first half of 2025, nearing breakeven, with expectations of achieving profitability by 2026 [1][3] Event Summary - On December 23, 2025, the company announced that its LinX CGM system received market approval in Brazil for both adults and children, enhancing its market presence in Latin America [1] Market Performance - The company reported a 218% increase in GMV during the "Double Eleven" shopping festival, with the second-generation CGM device's shipment volume increasing by 622.8% and new user numbers rising by 300% [2] - The company ranked first in sales on major e-commerce platforms, indicating effective brand promotion [2] R&D Progress - The company is making steady progress in its R&D pipeline, with clinical trials for the AiDEX CGM system for pregnant women completed and the Equil insulin pump system's clinical trial enrollment in Europe finished [2] - The company is exploring AI applications in CGM through internal team formation and collaborations with leading research institutions, aiming to innovate diabetes management [2] Revenue and Profit Outlook - The company expects continued high revenue growth in 2026, with a projected revenue of 5.31 billion yuan in 2025, representing a year-on-year growth of 53.78% [3] - The company anticipates achieving breakeven in 2025 and profitability in 2026, supported by stable gross margins and cost optimization measures [3]

Core Insights - The company reported a significant revenue increase of 63.1% in the first half of 2025, reaching RMB 245.93 million compared to RMB 150.82 million in the same period of 2024 [1] - The continuous glucose monitoring system sales contributed RMB 143.11 million, marking a 91.5% growth from RMB 74.72 million in the previous year [1] - The company's gross profit rose by 57.7% to RMB 127.04 million from RMB 80.56 million year-on-year, driven by increased sales volume and improved operational efficiency [1] Financial Performance - The net loss for the first half of 2025 was reduced to RMB 2.29 million, a 93.9% decrease from a loss of RMB 37.74 million in the same period of 2024 [1] - The improvement in financial performance is attributed to expanded sales scale and enhanced operational management [1] Product and Market Development - As of June 30, 2025, the company holds 21 medical device registrations in China and 60 overseas, with 23 products receiving EU CE marks and 1 product obtaining FDA 510(k) approval [2] - The AiDEX X continuous glucose monitoring system and Equil insulin pump system have seen deepening market penetration, with over 2,500 domestic hospital admissions [2] - International revenue reached RMB 121.29 million, a 218.0% increase from RMB 38.14 million in the previous year, supported by successful market entry in multiple countries [2] Strategic Goals - The company's long-term strategy aims to establish itself as a leading brand in diabetes treatment and monitoring devices in international markets, focusing on Europe and emerging countries [3] - The company plans to leverage its product advantages and market expansion capabilities to benefit from higher healthcare spending and insurance coverage in these regions [3]