Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated steady revenue growth in Q2 2025, with a 12.80% year-on-year increase in revenue to 224 million yuan and a significant 92.02% increase in net profit to 32.67 million yuan [1] - The international market continues to show strong growth, with key product approvals progressing steadily [3] - The company is advancing its research pipeline, with a diverse product matrix that supports long-term stable development [4] Financial Performance - In Q2 2025, the company achieved revenue of 120 million yuan, a year-on-year increase of 9.56%, and a net profit of 14.80 million yuan, up 15.22% year-on-year [1][2] - The gross margin for Q2 2025 was 59.70%, an increase of 1.78 percentage points year-on-year, driven by changes in product structure and reduced costs of new products [2] - The company’s revenue by product line for H1 2025 included catheter products generating 161 million yuan with a gross margin of 62.58%, equipment products generating 16.19 million yuan with a gross margin of 52.87%, and other products generating 45.25 million yuan with a gross margin of 55.82% [2] Revenue Forecast - The company is projected to achieve revenues of 488 million yuan, 621 million yuan, and 795 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 18.0%, 27.4%, and 27.9% [4][5] - The forecasted net profits for the same years are 84 million yuan, 129 million yuan, and 182 million yuan, with year-on-year growth rates of 60.9%, 53.9%, and 41.5% respectively [4][5] Product Development - As of H1 2025, the company has nine products in the special approval process for innovative medical devices, enhancing its product matrix [4] - Notable products include the Magbot™ catheter, which fills a technological gap in domestic magnetic-guided catheters, and the EasyEcho™ catheter, which is currently under registration with the National Medical Products Administration [4]